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Home Sales Set All-Time Record in Third Quarter

Salisbury MD Real Estate Q3 2020 Sales Report


Q3 2020 Housing Statistics                 

For the period of July 1 through September 30, 2020 in Salisbury MD area real estate, there were 385 settlements on single family housing units, up Salisbury MD Real Estate and Homes for Sale2% from this time last year. The median sales price was $197,000, up 7% over the same period.

Foreclosure and short sale properties accounted for 7% of single family home sales in the second quarter of 2020. This was down from 8% during the same period in 2019. *


Takeaways for Salisbury MD Area Home Buyers

The Salisbury MD area real estate market continues to impress. A stellar Q3 of 2019 was outdone both in sales and significantly in home prices. The last three months significantly outperformed our projection made in Q2 with most of the credit going to a record September. The average time on market continues to drop as buyers are taking advantage of record low interest rates. This has pushed up demand for housing in Wicomico County.


Takeaways for Salisbury MD Area Home Sellers

Home sellers in Wicomico County are facing the best market conditions in 14 years. Year to date, housing prices are up 9% versus 2019 and sales up 3% in the Salisbury MD area. With the seasonal nature of the local housing market, selling a home in the fall is different animal for sure. At any time of year, walkthrough videos are now a standard feature within our comprehensive marketing package that has no equal.


What Lies Ahead for the Wicomico County Real Estate Market?

The upcoming general election, conflicting employment and economic reports and COVID-19 are just a few of the variables in play to make an accurate Q4 projection all but impossible. Early data does suggest that the record fourth quarter from 2005 may fall by New Year’s Day of 2021. That year in the Salisbury MD real estate market, 310 units sold September-December. Check back in with us after the holidays to find out!

*Based on information from the Coastal Association of Realtors® for the period 9/1/20 through 12/31/20

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

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