September Home Prices Up 19%, Sales Increase

September 2019 Salisbury MD Home Sales Statistics

In September 2019, the median single family home sales price in Salisbury Maryland and Wicomico County was $190,000, up 19% from the median sales price last September. There were 109 home sales, up 11% from last September.  Salisbury MD real estate and homes for sale

The average time on market was 2.4 months, compared to 2.7 months for home sales in the Salisbury MD area last September.

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.

Homes Sold in Wicomico County September 2019

 

Conclusions for Salisbury MD Area Home Buyers

As of September 30th, Wicomico County home prices were up 13% on a yearly basis while sales were down 3% over the same period. These statistics are a classic example of supply and demand in action. A lack of housing supply in the Salisbury MD area over the last few years and strong buyer demand has depressed sales slightly while pushing up home prices significantly. We first brought this up last October as prior to that both sales and prices had increased annually since 2015.

 

Conclusions for Home Sellers in the Salisbury MD Area

Home sellers in the Salisbury MD area have benefited the most in 2019 with such a significant increase in prices. An improving economy and few distressed properties for sale to weigh on home prices are the two primary drivers of this trend, coupled with consistently low inventory levels.

In a hot real estate market like Wicomico County, many homeowners think they can choose an agent who will “list and forget” and simply sit back and wait for a buyer. This type of thinking can be dangerous (and expensive) for two reasons. First, accurate pricing of a home is critical regardless of market conditions. Secondly, the fall market is not the same as the spring market! Contact us to see how we’ve separated ourselves from “average” agents.

 

October 2019 Salisbury MD Real Estate Outlook

The Salisbury MD area real estate market has seen 100+ home sales in 4 of the last 5 months, a dramatic reversal from the first third of 2019. October has a reasonable chance of achieving the same thing with close to 100 sales expected this month. Stay tuned for the Q3 Home Sales Report which should be published next week. Preliminary research suggests some records may fall!

*Based on information from the Coastal Association of Realtors® for the period 9/1/19 through 9/30/19

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

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