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Home Prices Up 12% in Second Quarter

Salisbury MD Real Estate Q2 2020 Sales Report

 

Q2 2020 Housing Statistics                 

For the period of April 1 through June 30, 2020 in Salisbury MD area real estate, there were 296 settlements on single family housing units, down 3%Salisbury MD Real Estate and Homes for Sale from this time last year. The median sales price was $190,000, up 12% over the same period.

Foreclosure and short sale properties accounted for 10% of single family home sales in the second quarter of 2020, down from 11% during the same period in 2019. *

Takeaways for Salisbury MD Area Home Buyers

Salisbury MD area home buyers were out in force the last three months. The resilience of the local real estate market continued to impress in Q2 after a fairly soft first quarter.

Rising prices, near record low interest rates and tight home inventory created strong demand in spite of COVID-19. Year to date, home price appreciation in Wicomico County has exceeded that of last year, which was the highest of any county in Maryland.

 

Takeaways for Salisbury MD Area Home Sellers

Salisbury MD area homeowners thinking of selling are doing so at the single best time in the last 13 years. Home prices have been up for 16 consecutive months on a yearly basis with little sign of a slowdown. Most of the credit goes to a very strong June after COVID delayed home sales in April and May.

Originally implemented as a public safety measure, virtual tours (not slideshows) are now a standard part of our marketing of listings. The result has been fewer showings and more offers! A massive digital footprint has these properties in front of a maximum number of prospective buyers at no additional cost to the client. Contact us for details on how to become a raving fan after a successful home sale.

 

What Lies Ahead for the Wicomico County Real Estate Market?

We missed the sales mark by over 20% in our Q1 projection after overestimating the impact of COVID-19.  It was a pleasant surprise to see the dramatic turnaround from Q1 to Q2, however. This demonstrates the underlying strength of the Salisbury MD area real estate market which began to turn around in earnest in 2013.

Strong employment numbers and recovering financial markets have us bullish for the third quarter of 2020. That said, home sales approaching the monster Q3 of 2019 in Wicomico County is highly unlikely. A very respectable 320 units closing from July-September is a distinct possibility. Check back in with us next week for the Mid-Year Housing Report.

*Based on information from the Coastal Association of Realtors® for the period 4/1/20 through 6/30/20

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

 

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