August 2019 Salisbury MD Home Sales Statistics
In August 2019, the median single family home sales price in Salisbury Maryland and Wicomico County was $189,900, up 22% from the median sales price last August. There were 115 home sales, unchanged from last August.
The average time on market was 2.2 months, compared to 2.9 months for home sales in the Salisbury MD area last August.
Currently, there are 3.2 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
While Salisbury MD area home prices spiked in August, it remains a small sample size. As of the mid-point of 2019, home prices we’re up 8% year over year however. This cannot be attributed to a single factor but low housing inventory would top the list. As the economy has strengthened, demand for labor has pushed up wages. With more money to spend, consumers looking to take advantage of near record low interest rates have pushed demand up for housing and prices have gone up as a result.
Should the home price trajectory in Wicomico County continue through the end of the year, it would nearly double the pace of housing appreciation seen over the long term. This would be tempered by a softening in the labor market or an increase in mortgage rates. A sustained period of lower housing demand would result in home prices leveling off over time.
Conclusions for Home Sellers in the Salisbury MD Area
When viewing the most recent home sales stats for Wicomico County, area homeowners planning to sell soon may be tempted to price their property higher than true market condition parameters. As we head into fall, buyer demand is typically lower in the Salisbury MD area. Once the holidays arrive demand drops even further and overpriced homes will get few, if any showings.
The obvious solution is to price your home with both the time of year and current market conditions in mind. Contact us for a no pressure, straightforward conversation on accurate home pricing– right down to individual neighborhoods. A common theme we hear from past clients is “We sold our home quickly.”
September 2019 Salisbury MD Real Estate Outlook
August home sales in Wicomico County once again exceeded our projection with little variation in the totals over the last four years. September should prove to be very active in the Salisbury MD area as well and we expect over 100 home sales once again, possibly closing out a record breaking third quarter. The larger questions is “will home prices continue their upward trajectory?” Check back in with us in about 30 days for the answer!
*Based on information from the Coastal Association of Realtors® for the period 8/1/19 through 8/31/19
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2019