Salisbury MD Real Estate Sales Report for September 2020
September 2020 Home Sales Statistics
In September 2020, the median single family home sales price in the Salisbury MD area real estate market was $210,000. This was up 11% from the median sales price last September. There were 129 home sales, up 12% from last September.
The average time on market was 2.2 months, down from 2.4 months for home sales in the Salisbury MD area last September.
Currently, there are 1.6 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
August home prices in Wicomico County proved to be a “one-off”, meaning that year over year housing price increases have become all but a given anymore. Last month, the median sales price of a Salisbury MD area home broke the 200K threshold.
This beat the previous record of 205K for the month, set in September of 2007. On top of that, Wicomico home sales also set an all-time record for September. The previous mark was set in 2005. One bright spot to offset the run-up in home prices is record low mortgage rates.
Conclusions for Home Sellers in the Salisbury MD Area
With home inventory hovering at around 200 units in Wicomico County, would be sellers have plenty to cheer about. Record low interest rates and a slowly recovering economy from the COVID induced recession have fueled demand for homes in the Salisbury MD real estate market.
In any market conditions, accurate pricing and innovative marketing (including walkthrough videos) remain the lynchpins to a successful home sale. Contact us for a confidential discussion of your real estate needs.
October 2020 Salisbury MD Real Estate Outlook
We were obviously well off with our September sales projection. The qualifier was some of the data we review didn’t provide a clear picture and yet monthly records were set. For October, we’re a bit more bullish leading to the expectation of 115-120 home sales will close in the Salisbury MD real estate market. Should this come to fruition, we would be in record territory once again. Check back in with us next week for the Q3 Housing Report for Wicomico County, where we’ll reveal yet another surprising sales record!
*Based on information from the Coastal Association of Realtors® for the period 9/1/20 through 9/30/20
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2020