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July Home Prices Up, Sales Dip

July 2020 Salisbury MD Real Estate Statistics

In July 2020, the median single family home sales price in the Salisbury MD area real estate market was $193,500. This was up 5% from the median sales price last July. There were 138 home sales, down 5% from last July.  Salisbury MD real estate and homes for sale

The average time on market was 2.5 months, unchanged for home sales in the Salisbury MD area last July.

Currently, there are 1.5 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 July 2020

 

Conclusions for Salisbury MD Area Home Buyers

In many ways, July home sales in the Salisbury MD real estate market mirrored last month. Buyers looking to take advantage of record low mortgage rates were pursuing a small number of available properties. The result of these market conditions was a push on prices and something we’ve grown accustomed to. Home sales last month in Wicomico County produced the third highest total in history- behind only June 2006 and July 2019.

 

Conclusions for Home Sellers in the Salisbury MD Area

Wicomico County homeowners thinking of selling soon have tailwinds at their backs. With little competition and plenty of anxious buyers, now is the best time to be a seller we’ve seen in 13 years. That said, maximum exposure (including virtual tours) of a Salisbury MD area home’s listing increases the likelihood of multiple offers and higher proceeds. Contacting us for details is a great decision towards a smooth and profitable transaction.

 

August 2020 Salisbury MD Real Estate Outlook

After nailing our projection for July, we’re confident for a strong August and expecting around 120 units will close by month’s end. If correct, this will put us on par for August over the last four years. The bigger question will be if we’ll see another year over year price increase and by how much. Check back in with us in 4 weeks for the answer. Nobody researches the Salisbury MD area real estate market like we do.

*Based on information from the Coastal Association of Realtors® for the period 7/1/20 through 7/31/20

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

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