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August Home Sales Down, Prices Steady

Salisbury MD Real Estate Sales Report for August 2020

August 2020 Salisbury MD Home Sales Statistics

In August 2020, the median single family home sales price in the Salisbury MD area real estate market was $185,000. This was down 1% from the median sales price last August. There were 112 home sales, down 6% from last August. Salisbury MD real estate and homes for sale

The average time on market was 1.5 months, down from 2.5 months for home sales in the Salisbury MD area last August.

Currently, there are 1.7 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 August 2020

 

Conclusions for Salisbury MD Area Home Buyers

For the first time in 18 months, Wicomico County home prices fell on a yearly basis albeit slightly. Home inventory in our area remains very thin as buyers take advantage of record low mortgage rates. With the seasonal nature of the Salisbury MD real estate market, a significant increase of new listings is highly unlikely as we move into fall.

 

Conclusions for Home Sellers in the Salisbury MD Area

Wicomico County homeowners remain in the driver’s seat with strong demand and little competition. With the new school year, some buyers may decide to wait until spring to resume their home search. Regardless of market conditions, massive online exposure of a home listing means more buyers and eventually a very satisfied client. Contact us for details on what sets us apart from the rest.

 

September 2020 Salisbury MD Real Estate Outlook

Our August projection turned out to be very close. For September, the data appears a bit fuzzier although we believe the three month streak of 100+ home sales in Wicomico County to be in jeopardy. That said, it’s our expectation around 90 units will sell in the Salisbury MD real estate market to close out a very solid third quarter.

 

*Based on information from the Coastal Association of Realtors® for the period 8/1/20 through 8/31/20

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

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