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May Home Prices Up 10%, Sales Plunge

May 2020 Salisbury MD Area Real Estate Report

 

May 2020 Salisbury MD Home Sales Statistics

In May 2020, the median single family home sales price in Salisbury Maryland and Wicomico County was $194,500, up 10% from the median sales price last May. There were 89 home sales, down 21% from last May. Salisbury MD real estate and homes for sale

The average time on market was 2.6 months, compared to 2.8 months for home sales in the Salisbury MD area last May.

Currently, there are 2.6 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 May 2020

 

Conclusions for Salisbury MD Area Home Buyers

Wicomico County home prices continue to push upward as very low housing stock has increased demand accordingly. Now that COVID-19 restrictions are being eased and the local economy is reopened, Salisbury MD area home buyers have made their search a priority.

This is being fueled by low interest rates and declining unemployment. A scant 2.6 months of supply has made multiple offers commonplace. We’ve responded by getting creative in locating off MLS properties for sale through our extensive network of contacts for our buyer clients with good success.

 

Conclusions for Home Sellers in the Salisbury MD Area

Salisbury MD area homeowners planning to sell this summer find themselves in a great position. Rising home prices, solid buyer demand and a lack of competition have made early 2020 the best time to sell a home in 13 years. In spite of these tailwinds, Wicomico County home sellers will still need correct pricing and comprehensive marketing to ensure a successful sale.

We will continue our listing walkthrough videos as COVID restrictions are lifted. These were initially implemented in the interest of public health. We’ve also learned is there is a significant side benefit of fewer showings before the first offer and reduced days on market. Contact us for a no hassle, no pressure conversation on the principles and practices that have earned our place among the top 1% of agents nationwide.

 

June 2020 Salisbury MD Real Estate Outlook

Our May projection for Wicomico County home sales was more of a challenge than normal and we fell short by only 6 units. With home sales last June being a bit soft, it’s still possible we’ll see our first 100 unit month this year.

This would be in spite of low home inventory levels not seen since 2006 in the Salisbury MD area. Next month we’ll be publishing several reports including the Q2 market update and the Mid-Year Housing Report. It’s an interesting time for sure for the industry!

*Based on information from the Coastal Association of Realtors® for the period 5/1/20 through 5/31/20

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

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