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Wicomico County Home Sales Up 16% in January

Salisbury MD Area Real Estate Market

January 2020 Salisbury MD Home Sales Statistics

In January 2020, the median single family home sales price in Salisbury Maryland and Wicomico County was $163,000, up 12% from the median sales price last January. There were 74 home sales, up 16% from last January. Salisbury MD real estate and homes for sale

The average time on market was 2.6 months, compared to 5.1 months for home sales in the Salisbury MD area last January.

Currently, there are 4.3 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.

Homes Sold in Wicomico County January 2020

 

Conclusions for Salisbury MD Area Home Buyers

The New Year clearly started strong in the Salisbury MD area real estate market, with both sales and prices seeing significant gains on a yearly basis. Growth in home prices stayed consistent with last year as a whole. Now that mortgage rates have dropped to a three year low, the demand for housing in Wicomico County will surely go up as a result. The mild winter has been a factor in this equation as well with new inventory each week on the increase.

 

Conclusions for Home Sellers in the Salisbury MD Area

Wicomico County homeowners looking to sell in 2020 may want to consider the advantages of listing their homes now versus waiting until spring when potential competition in the neighborhood can pop up. Current strong demand, very attractive interest rates and favorable weather as mentioned above can help Salisbury MD area home sellers gain an edge in today’s market.

 

February 2020 Salisbury MD Real Estate Outlook

Our projection for January home sales in the Salisbury MD area proved to be on the money. With the seasonal nature of the Wicomico County real estate market, February typically exceeds January for home sales and we don’t see that changing in 2020. We have averaged 73 units closed in February over the last four years. Accounting for the current market conditions discussed above, we’re thinking around 85 homes will sell this month.

*Based on information from the Coastal Association of Realtors® for the period 1/1/20 through 1/31/20

Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2020

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