December 2019 Salisbury MD Home Sales Statistics
In December 2019, the median single family home sales price in Salisbury Maryland and Wicomico County was $176,000, up 10% from the median sales price last December. There were 88 home sales, unchanged from last December.
The average time on market was 2.2 months, compared to 2.7 months for home sales in the Salisbury MD area last December.
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
With the exception of February, area home prices were up year over year in each month of 2019. While buyer activity normally drops of in the wintertime, it has been offset by very low inventory with only around 300 units for sale in Wicomico County. That said, well priced and desirable homes are regularly seeing multiple offers shortly after being listed for sale. The upside for Salisbury MD area homebuyers is mortgage rates remain unexpectedly low and near historic levels.
Conclusions for Home Sellers in the Salisbury MD Area
In low inventory real estate markets like Wicomico County, the “sales season” will likely start early in 2020. While April is traditionally the best month to list a home for sale, knowledgeable homeowners understand current demand. They’re also seeking an edge over other would be home sellers. Contact us for a no hype, straightforward conversation on how we can position your home sale for maximum return and minimal days on market. Our past clients are backing up our claims!
January 2020 Salisbury MD Real Estate Outlook
The Salisbury MD area real estate market generally sees its lowest home sales in January. With current home inventory levels near 14 year lows, this will not change. After nailing December’s projection, we’re fairly confident around 70 units will close in Wicomico County before the calendar flips to February. This would be close to the average for home sales in January over the last five years. Check back in with us over the next two weeks for the Q4 Housing Report and 2019 Year in Review. We’ll have some surprising statistics to share!
*Based on information from the Coastal Association of Realtors® for the period 12/1/19 through 12/31/19
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2020