May 2019 Salisbury MD Home Sales Statistics
In May 2019, the median single family home sales price in Salisbury Maryland and Wicomico County was $175,000, up 1% from the median sales price last May. There were 103 home sales, down 12% from last May.
The average time on market was 3 months, compared to 2.3 months for home sales in the Salisbury MD area last May.
Currently, there are 3.7 months of supply of homes in Wicomico County.* This is determined by how many homes are available divided by how many homes sold the previous month.
Conclusions for Salisbury MD Area Home Buyers
Homebuyers shopping in the Salisbury MD area real estate market continue to struggle with low inventory, especially in the 150K to 250K price range. We are now at “peak selling season”, meaning buyer demand is at its highest at this time of year. This has been coupled with mortgage rates falling to 16 month lows and resulted in the highest home sales totals seen in Wicomico County this year.
Conclusions for Home Sellers in the Salisbury MD Area
May marked the sixth consecutive month of year over year home sales declines in Wicomico County, a scenario we prognosticated last fall. The flattening of the median sales price is consistent with what we’ve seen year to date (up 3%) and also in line with 2018 as a whole. We remain convinced that the Salisbury MD area real estate market reached its peak for the cycle in the second half of last year.
Area homeowners have no need to panic however as the peak has been round and not jagged. That said, the days of “list and forget” are behind us for the most part. Today’s agent must possess intimate knowledge of local market trends and employ cutting edge marketing for each listing in order to see a successful outcome. Contact us for details on how we set ourselves apart from the rest.
June 2019 Salisbury MD Real Estate Outlook
We nailed our prediction for the first month of 100 plus home sales in 2019 and expect to see June somewhere close to 100 sales as we reach the mid-point of the year and close out the second quarter. Check back in with us in 30-40 days for reports on both.
*Based on information from the Coastal Association of Realtors® for the period 5/1/19 through 5/31/19
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2019