Home Sales Down 8% in Q2, Prices Up

Q2 2019 Housing Statistics for the Salisbury MD Area                  

For the period of April 1 through June 30, 2019, there were 296 settlements on single family housing units in the Salisbury MD area and Wicomico Salisbury MD Real Estate and Homes for SaleCounty, down 8% from this time last year.

The median sales price was $170,000, up 6% over the same period. Q2 home inventory in the Salisbury MD area year over year was up 8%.

Foreclosure and short sale properties accounted for 10% of single family home sales in the second quarter of 2019, down from 15% during the same period in 2018. *

 

Takeaways for Salisbury MD Area Home Buyers

Q2 housing stats for Wicomico County are a mixed bag for Salisbury MD area home buyers. On one hand, it’s easy to think fewer sales would mean homeowners would be more flexible during negotiations. The reality is the drop in sales is more reflective of overall low home inventory, not low buyer demand. The evidence of this lies in rising home prices both this past quarter and also in Q1 along with Q4 of 2018.

The good news for buyers is mortgage rates have pushed back down to near historic lows, which will fuel further demand. With record low unemployment, rising home prices are being partially offset in healthy wage gains. The biggest challenge for today’s home buyer is finding the right home and dealing with multiple offers, especially in the 150K to 200K price range where many first time buyers are looking.

 

 

Takeaways for Salisbury MD Area Home Sellers

Wicomico County home sales have dropped for 8 consecutive months year over year, with the median sales price up for 7 of those 8 months. Many Salisbury MD area homeowners are would be first time sellers who have never seen a market with declining sales after enjoying the six year run of 2011-2017 and its associated positive equity.

Whether a seller has been in their for 5 years or 50, accurate pricing and strong marketing are the two key factors (in that order) for a successful transaction. Contact us for a no pressure consultation on how we consistently sell our client’s homes for more money in less time.

 

 

What Lies Ahead for the Salisbury MD Area Real Estate Market?

Wicomico County home sales slightly exceeded our projection of 275 units closed in Q2. With strong sales expected in July when looking at units closed and pending thus far, we’re bullish on around 310 homes selling in the Salisbury MD area by the time Q3 wraps up at the end of September. This has been the standard for the third quarter of each year for 2015-2018 so it shouldn’t be surprise if it happens again. Check back in with us next week for the Mid-Year Housing Report.

*Based on information from the Coastal Association of Realtors® for the period 4/1/19 through 6/30/19

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

 

Leave a Reply

Your email address will not be published. Required fields are marked *