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Wicomico County Home Sales Up 15% in March, Prices Rise Again

Salisbury MD Real Estate March 2020 Home Sales Report

March 2020 Salisbury MD Home Sales Statistics

In March 2020, the median single family home sales price in Salisbury Maryland and Wicomico County was $195,000, up 13% from the median sales price last March. There were 93 home sales, up 15% from last March.Salisbury MD real estate and homes for sale

The average time on market was 2.9 months, compared to 3.3 months for home sales in the Salisbury MD area last March.

Currently, there are 3.3 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 March 2020

 

Conclusions for Salisbury MD Area Home Buyers

COVID-19 has obviously dominated the headlines for several weeks now and will be the main driver for the Salisbury MD area real estate market for months to come. After mass layoffs here and throughout the country, many would be home buyers in Wicomico County have put their home search on hold. With trillions of dollars of wealth lost in the financial markets over the last month, some active cash buyers have stepped onto the sidelines until their equity positions improve.

Those still in the market with secure employment or resources have two things in their favor. First, record low mortgage rates will soften the hit on their projected payments in an environment of rising home prices. Also, the COVID-19 outbreak has some home sellers nervous about housing prices over the next 60-90 days and may be more negotiable that they would’ve been otherwise. Here are some COVID tips for local home buyers to stay safe during this unprecedented time.

 

Conclusions for Home Sellers in the Salisbury MD Area

The housing numbers for the Salisbury MD area for March are encouraging, but they also seem like ancient history with local residents focused on the next 30-120 days.  Many Wicomico County homeowners on the market now or soon will be purchased their homes after the 2008 recession and are in uncharted territory. While we’re not currently expecting anything similar to the 2008-2010 housing crash on the horizon, the fact remains that markets react to uncertainty.

Since this likely market shift is health related, our primary focus is to serve our clients in a socially responsible way with public health being the highest priority. Aside from these home seller tips, were are incorporating virtual tours and pre-screening buyers before showings are confirmed. Overlapping showings are now prohibited to maintain accepted social distancing practices.

With prospective homebuyers now spending an inordinate amount of time on phones and tablets, this makes maximum digital exposure of your home critical to a successful transaction. Contact us for details on how we are navigating the local real estate market with our lending, inspection and title partners in these uncertain times.

 

April 2020 Salisbury MD Real Estate Outlook

March home sales in Wicomico County slightly exceeded our projection, which is welcome news. For April, the margin for error is significantly larger for obvious reasons. As long as lenders and title companies remain operational, transactions will continue in the Salisbury MD area. We’re hopeful for 80+ units to close by May 1, a significant dip from over 100 April home sales seen the last three years. The elephant in the room moving forward is the employment picture and how businesses are reacting to the pandemic. Check back in with us late next week for the Q1 Housing Report.

 

*Based on information from the Coastal Association of Realtors® for the period 3/1/20 through 3/31/20

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

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