October Home Prices Up 15%

October 2019 Salisbury MD Home Sales Statistics

In October 2019, the median single family home sales price in Salisbury Maryland and Wicomico County was $177,800, up 15% from the median sales price last October. There were 102 home sales, down 15% from last October.Salisbury MD real estate and homes for sale

The average time on market was 2.0 months, compared to 2.6 months for home sales in the Salisbury MD area last October.

Currently, there are 3.4 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

A familiar theme continues for Salisbury MD area home buyers, that being higher prices fueled by increased demand while low home inventory reduces overall sales. The good news? Mortgage rates remain very attractive and some buyers have dropped out of the market, resolving to resume their home search in the spring. We have several ways of dealing with the dilemmas frustrated home buyers in Wicomico County are experiencing. Contact us for details.

 

Conclusions for Home Sellers in the Salisbury MD Area

The fourth quarter certainly saw a strong start for home sellers in Wicomico County after a record Q3. What homeowners with properties still on the market may not be aware of are seasonal trends in the Salisbury MD area. On one hand, fewer would be sellers list their homes in the fall versus spring and summer, meaning less competition. On the other hand, fewer buyers are looking now as mentioned above and negating the potential advantage of fewer competing properties. It takes a different skillset for an agent to sell a home in the fall, as many past clients would attest.

 

November 2019 Salisbury MD Real Estate Outlook

After nailing our projection for October, the Wicomico County housing market has seen home sales eclipse 100 units for five out of the last six months. Early research suggests some cooling off which is typical for this time year. That said, we’re expecting around 80-85 homes to sell in the Salisbury MD area before Thanksgiving weekend.

 

*Based on information from the Coastal Association of Realtors® for the period 10/1/19 through 10/31/19

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

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