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Home Sales Spike in November, Prices Rise

Salisbury MD Real Estate Sales Report for November 2020

2020 Salisbury MD Home Sales Statistics

In November 2020, the median single family home sales price in the Salisbury MD area real estate market was $190,000. This was up 9% from theSalisbury MD real estate and homes for sale median sales price last November. There were 107 home sales, up 20% from last November.

The average time on market was 1.4 months, up from 1.2 months for home sales in the Salisbury MD area last November.

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 November 2020

 

Conclusions for Wicomico County Home Buyers

November home sales in Wicomico County will go down as the best for the month since 2005, falling just shy of the record mark of 108 units. The momentum from the stellar Q3 in the Salisbury MD area housing market is now poised to carry through the end of the year. Interest rates remain at record lows and continued low inventory remains the biggest obstacle for today’s home buyer.

 

Conclusions for Home Sellers in Wicomico County

In a “normal” year, we’d now be looking at a seasonal slowdown in the Salisbury MD real estate market. But like everything else in 2020, it simply hasn’t been normal. Six consecutive months with 100 plus home sales hasn’t happened since 2017. It also hasn’t occurred this late in the year since the last market peak of 2005. Would be home sellers in Wicomico County are experiencing prime market conditions for sure.

 

December 2020 Salisbury MD Real Estate Outlook

Wicomico County home sales fell short of our November projection, but still put up some great numbers. Salisbury MD area home prices have gone up every month on a yearly basis in 2020, with the exception of August which was nearly unchanged. We’re thinking just over 100 homes will sell before New Year rings in, closing out what should be a record Q4.

*Based on information from the Coastal Association of Realtors® for the period 11/1/20 through 11/30/20

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

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