Third Quarter Home Prices Up 16%, Sales Hit Record High

Q3 2019 Housing Statistics for the Salisbury MD Area                  

For the period of July 1 through September 30, 2019, there were 372 settlements on single family housing units in the Salisbury MD area and Salisbury MD Real Estate and Homes for SaleWicomico County, up 11% from this time last year.

The median sales price was $185,000, up 16% over the same period. Q3 home inventory in the Salisbury MD area year over year was down 3%.

Foreclosure and short sale properties accounted for 6% of single family home sales in the third quarter of 2019, down from 14% during the same period in 2018. *

 

Takeaways for Salisbury MD Area Home Buyers

The Salisbury MD area real estate market came on strong after a lackluster Q2. Buyer demand over the last few years coupled with low housing inventory finally caused the “dam to burst”, resulting in the big push on home prices. Multiple offers on homes were commonplace throughout the summer and some would be buyers have been priced out of the market.

The good news? Mortgage rates dipped to near 50 year lows and remained stable throughout the quarter. With a strong rental market in Wicomico County, buying remains an attractive option.

 

Takeaways for Salisbury MD Area Home Sellers

The first half of 2019 showed a reduction in home sales for each month on a yearly basis in Wicomico County. The third quarter demonstrated a dramatic reversal and went down as the best Q3 ever in the Salisbury MD area, eclipsing 2005.

Many homeowners with no plans to sell soon are unaware of the amount of equity they have and its potential uses. Others planning to sell soon are being pleasantly surprised to hear what their property may sell for. Of particular note is the dearth of distressed properties on the market, with transfers of short sales and foreclosures at less than half of what they were only a year ago.

 

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

The third quarter of 2019 exceeded our projection for Wicomico County home sales by 50 plus units. Other than typical seasonal trends, we see no reason the strong momentum the local real estate market is experiencing won’t continue through year’s end.  That said, roughly 280 units should close in the Salisbury MD area before a new decade dawns. Check back in with us after the holidays for the Q4 Housing Report and 2019 Year in Review.

 

*Based on information from the Coastal Association of Realtors® for the period 7/1/19 through 9/30/19

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

Leave a Reply

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