June 2020 Salisbury MD Real Estate Sales Report
June 2020 Salisbury MD Home Sales Statistics
In June 2020, the median single family home sales price in Salisbury Maryland and Wicomico County was $187,500, up 10% from the median sales price last June. There were 126 home sales, up 38% from last June.
The average time on market was 2.4 months, compared to 2.0 months for home sales in the Salisbury MD area last June.
Currently, there are 1.8 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
The pent-up demand we knew was present in the Salisbury MD area real estate market exploded in June. Wicomico County home buyers shrugged off COVID-19 and showed us the third best month for home sales sales since June of 2006. Last month’s home sales total was a tie for the second highest since May of 2017.
With housing inventory now under 2 months, local home buyers must be quick to view homes for sale and prompt in their decision making. As the economy reopens, more buyers are entering the market eager to take advantage of record low interest rates.
Conclusions for Home Sellers in the Salisbury MD Area
Our conservative outlook for Q2 (some might say “pessimistic”) proved to be unfounded. Near record home sales demonstrated the underlying strength of the Wicomico County real estate market. As home inventory has shrunk in the Salisbury MD area, buyer demand stayed unexpectedly strong. This leads to the inevitable result of rising prices.
Wicomico County homeowners planning to sell this summer have all the advantages right now. As always, accurate pricing and comprehensive marketing (including virtual tours) will be critical for a successful home sale with the highest proceeds. Contact us for a no hype, no pressure discussion on why we stand out from the herd in the Salisbury MD area.
July 2020 Salisbury MD Real Estate Outlook
The spigot being wide open in the Salisbury MD area real estate market, we’re going out on a limb thinking July may be a near record month. We’re expecting next month to be eclipsed only by July 2019. That said, 135-140 units closed is a possibility and making for a strong start to the third quarter. Over the next two weeks, stay tuned the Q2 Sales Report and Mid-Year Housing Update. Early research has revealed some very interesting data!
*Based on information from the Coastal Association of Realtors® for the period 6/1/20 through 6/30/20
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2020