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April Home Prices Spike 20%, Sales Decline Sharply

April 2020 Salisbury MD Home Sales Statistics

In April 2020, the median single family home sales price in Salisbury Maryland and Wicomico County was $192,500, up 20% from the median sales price last April. There were 80 home sales, down 22% from last April. Salisbury MD real estate and homes for sale

The average time on market was 2.3 months, unchanged for home sales in the Salisbury MD area last April.

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.

Homes Sold in Wicomico County April 2020

 

Conclusions for Salisbury MD Area Home Buyers

The data for Wicomico County home sales last month are sending mixed signals to Salisbury MD area home buyers. On one hand, the recent spike in local unemployment has put some competition on the sidelines. With a significant number of sellers on edge about the impact of COVID-19 on the housing market, it’s easy for buyers to think they’ve gained an advantage.

On the other hand, many Salisbury MD homeowners wanting to sell have delayed listing their homes from March/April to May/June/July. The result has been home inventory in Wicomico County dropping off to levels not seen since 2005/2006. At the same time, months of supply has remained consistent at less than four. That means we remain in a seller’s market, at least for now and depending on price point.

 

Conclusions for Home Sellers in the Salisbury MD Area

Salisbury MD area homeowners looking to sell have an interesting opportunity in front of them. As COVID-19 restrictions begin to loosen, active buyers are wanting to view the very limited inventory. There is a window open now to beat the competition to market ahead of the expected waive of new listings in June and July. Wicomico County home buyers also have additional urgency to take advantage of near record low interest rates while they last. That said, homeowners who will soon have their properties for sale shouldn’t assume May home prices will continue the trend from April.

We have glaring reason (COVID-19) to believe the long rise in home prices that accelerated throughout 2019 and through Q1 of 2020 may be nearing an end. Accurate pricing remains the most important factor in a successful home sale with innovative marketing as the ideal compliment. Contact us for details on how we are selling our client’s homes quickly, for the greatest proceeds and with the top priority being public health.

 

May 2020 Salisbury MD Real Estate Outlook

We were spot on with our April projection for Wicomico County home sales. A rash of COVID related delays to transactions and solid buyer demand throughout the April has us thinking around 95 units will close this month. If that comes to fruition, it would put us footing similar to May of 2015 and 2016 but well off subsequent years for May in the Salisbury MD area.

*Based on information from the Coastal Association of Realtors® for the period 4/1/20 through 4/30/20

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

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