Salisbury MD Area Home Sales in 2019
In 2019, there were 1176 home sales in the Salisbury MD area, a decrease of 4% from 2018. The median sales price was $175,000, up 12% over the same period along with a 14% decrease in inventory. Wicomico County had the highest rate of price appreciation in Maryland last year.
The average time on market for properties sold in the Salisbury MD area last year was 2.6 months. Foreclosures and short sale properties accounted for 10% of residential sales in 2019, down from 17% in 2018. The median sales price of a home in Wicomico County has gone up 25% since 2014.*
Salisbury MD Area Home Buyers in 2019
The most glaring statistic Salisbury MD area homebuyers should pay attention to would be the sharp increase in the median sales price of a home in 2019. Their saving grace is rates on home loans are now a full point lower than they were this time last year. While mortgage rates didn’t follow the trajectory conventional wisdom predicted for 2019, homebuyers should consider themselves very fortunate from an affordability standpoint.
The challenge? Consistently low home inventory continues to frustrate those in the market. After all, low home inventory in Wicomico County has been the primary driver of price increases to start with. Even a moderate push in interest rates in 2020 would price plenty of buyers out of the market.
Salisbury MD Area Home Sellers in 2019
Salisbury MD area homeowners planning to sell in 2020 are in their equity best position since 2006. With less than 4 months of inventory and Wicomico County homes selling in less than three months on average, the spike in prices last year brings even more confidence.
Regardless of market conditions, accurate pricing is the most important piece of a successful home sale. While April remains the overall best month to list a home for sale, current inventory is so low that a seller who lists before the traditional sales season of spring may enjoy a distinct advantage.
What Can the Salisbury MD Area Housing Market Expect in 2020?
Our projection for total home sales in Wicomico County for 2019 was right on the money. Where we did miss the mark was on home prices, which blew past our expectation of an increase of 3%. For 2020, a strong economy with rising wages will mean high demand for housing. This means a lack of inventory will remain a central theme in the New Year in the Salisbury MD area.
That said, overall sales may back off an additional 2-4%, or about 1120 units. On the pricing side, we’re expecting an increase of 4-6%. Fed policy, tensions with Iran, the impeachment battle in D.C. and November’s general election are just a few factors that can shape the local housing market in the next 12 months.
*Based on information from the Coastal Association of Realtors® for the period 1/1/19 through 12/31/19
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2020