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Record Home Sales in October, Prices Up Again

October 2020 Salisbury MD Real Estate Sales Report

2020 Salisbury MD Home Sales Statistics

In October 2020, the median single family home sales price in the Salisbury MD area real estate market was $195,250. This was up 10% from the median sales price last October. There were 128 home sales, up 24% from last October.Salisbury MD real estate and homes for sale

The average time on market was 1.7 months, down from 2.1 months for home sales in the Salisbury MD area last October.

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 October 2020

 

Conclusions for Wicomico County Home Buyers

October set another record for home sales in Wicomico County, besting the previous mark set in 2018. A solid increase inventory coming off an all-time record quarter had Salisbury MD area homebuyers waiting in the wings. Relaxed COVID restrictions, improving unemployment and near record low mortgage rates we’re the trifecta driving demand for housing.

 

Conclusions for Home Sellers in Wicomico County

Wicomico County homeowners ready to sell took advantage of prime market conditions last month. They also bucked the trend of “waiting until spring when the buyers come back”.  Selling a Salisbury MD area home in the fall certainly has its nuances. We’re here to help with hyper local sales reports and unparalleled marketing. Walkthrough videos are now standard to reduce unnecessary showings and provide additional COVID-19 safeguards.

 

October 2020 Salisbury MD Real Estate Outlook

We nailed our October projection for Wicomico County home sales, nearly to the unit. November is off to a strong start as well and we’re confident a new record will be set for the month. That said, 115-120 homes should close by December 1 in the Salisbury MD area.

*Based on information from the Coastal Association of Realtors® for the period 10/1/20 through 10/31/20

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

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