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% from this time last year. The median sales price was $190,000, up 12% over the same period.
Takeaways for Salisbury MD Area Home Buyers
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.
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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