Salisbury MD Real Estate February 2020 Home Sales Report
February 2020 Salisbury MD Home Sales Statistics
In February 2020, the median single family home sales price in Salisbury Maryland and Wicomico County was $180,000, up 46% from the median sales price last February. There were 67 home sales, up 5% from last February.
The average time on market was 2.6 months, compared to 2.9 months for home sales in the Salisbury MD area last February.
Currently, there are 4.4 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
Tight home inventory weighed down the Salisbury MD real estate market in February while interest rates at 8 year lows threw more gas on the fire on the demand side. The result? Home prices pushing up nearly 50% on a yearly basis. Obviously one month is a small sample size but it does continue the trend we’ve watched over the last few years. Right now, home inventory in Wicomico County is at less than 300 units across all price points. This is not nearly enough to satisfy buyer demand, especially with lower borrowing costs pushing up their purchasing power.
Conclusions for Home Sellers in the Salisbury MD Area
Salisbury MD area homeowners about list their properties hold most of the cards. Depending on the price of the home, multiple offers are now commonplace throughout Wicomico County. A comprehensive marketing plan will only the up the ante but the coming wave of inventory in the next 90 days means walking a tightrope to a degree. Contact us with questions on how we consistently sell our client’s homes for more money in less time.
March 2020 Salisbury MD Real Estate Outlook
We missed the mark on our February home sales projection for the Salisbury MD area. For March, there will be more guesswork involved. “COVID 19” and “Coronavirus” are the words on most everyone’s lips these days. While the health risks are low overall to U.S. citizens, COVID-19 has already created significant ripple effects throughout the U.S. economy.
As a result, financial markets are in upheaval along with significant fluctuations in mortgage rates (which remain low). How this will affect the local real estate market remains to be seen. All that said, we’re thinking around 80-85 units will sell in Wicomico County before Q1 draws to a close.
*Based on information from the Coastal Association of Realtors® for the period 2/1/20 through 2/29/20
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2020