June Home Prices Up 13%

June 2019 Salisbury MD Home Sales Statistics

In June 2019, the median single family home sales price in Salisbury Maryland and Wicomico County was $170,000, up 13% from the median sales price last June. There were 85 home sales, down 9% from last June. Salisbury MD real estate and homes for sale

The average time on market was 2.2 months, compared to 2.9 months for home sales in the Salisbury MD area last June.

Currently, there are 4.5 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.

Homes Sold in Wicomico County June 2019

 

Conclusions for Salisbury MD Area Home Buyers

June home sales in the Salisbury MD area reinforced a continuing trend- that being fewer sales and higher home prices. Driven primarily by low inventory in the Wicomico County real estate market, this has been exacerbated by the recent dip in mortgage rates to near historic lows. The resulting increase in demand for homes has pushed up prices and placed many home buyers in a challenging position, especially for homes under 300K.

 

Conclusions for Home Sellers in the Salisbury MD Area

Wicomico County home owners should not be complacent with strong buyer demand. The big picture suggests a market peak in the Salisbury MD area last fall, with home sales for 2018 off 2% year over year and prices leveling as well. We’ll dissect this in greater detail in upcoming reports.

In a changing market, the home seller’s best asset is an agent with intimate knowledge of the local market, right down to individual neighborhoods which results in accurate pricing.  Innovative home marketing and many raving past clients makes for a complete resume’ and a smooth, stress free transaction. Contact us for details on how we separate ourselves from today’s transaction mills who put profits over people.

 

July 2019 Salisbury MD Real Estate Outlook

June sales numbers came in slightly below our projection but we’re confident in a solid July with home sales in the Salisbury MD area exceeding 100 units for the second time this year. The final tally will likely be well below last July’s stellar performance, meaning 8 consecutive months of year over year decreases in Wicomico County home sales.

Check back in with us over the next two weeks for the Q2 Sales Report and the Mid-Year Housing Report. Both should be very revealing to the state of the local real estate market.

*Based on information from the Coastal Association of Realtors® for the period 6/1/19 through 6/30/19

Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2019

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