November 2019 Salisbury MD Home Sales Statistics
In November 2019, the median single family home sales price in Salisbury Maryland and Wicomico County was $176,400, up 10% from the median sales price last November. There were 86 home sales, down 17% from last November.
The average time on market was 2.6 months, compared to 3.5 months for home sales in the Salisbury MD area last November.
Currently, there are 3.7 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
Lower inventory levels are one factor in the dip in home sales in Wicomico County last month while another is the calendar. This didn’t come as a surprise after a strong November 2018 and having nailed our projection of 80-85 transactions. For 10 out of 11 months in 2019, year over year home prices were up in the Salisbury MD area, so home buyers currently in the market can expect to pay more for their new home. The good news is mortgage rates are nearly a full point lower than this time last year. Lower interest rates combined with a strong economy are the main drivers of the run up in home prices, something today’s buyer can expect to continue into early next year.
Conclusions for Home Sellers in the Salisbury MD Area
Salisbury MD area homeowners with properties on the market now or soon will be have reason to smile. On the other hand, overconfidence can lead to disappointment if the seasonality of the Wicomico County housing market isn’t well understood. Expert guidance is needed in navigating a home sale during winter, from accurate pricing to homebuyer mindset. Contact us for details on how we’ve achieved reaching the top 1% of agents nationwide for numbers of transactions. Who you do business with matters!
December 2019 Salisbury MD Real Estate Outlook
December home sales in the Salisbury MD area historically mirror those in November. We don’t see this changing much this year with 80-85 units expected to close in Wicomico County, with prices likely up yet again. Check back in with us throughout January for the Q4 Housing Report and 2019 Year in Review. Merry Christmas to each of our faithful readers and past, current and future clients!
*Based on information from the Coastal Association of Realtors® for the period 11/1/19 through 11/30/19
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2019