Salisbury MD Real Estate Sales Report for December 2020
December 2020 Salisbury MD Home Sales Statistics
In December 2020, the median single family home sales price in the Salisbury MD area real estate market was $196,000. This was up 6% from the median sales price last December. There were 140 home sales, up 46% from last December.
The average time on market was 1.6 months, down from 2.4 months for home sales in the Salisbury MD area last December.
Currently, there are 1.4 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 Wicomico County Home Buyers
Another month, another record in the Salisbury MD real estate market. Wicomico County home sales smashed through our December projection and easily set a new mark for the month. It will also go down as the third best in history and nearly matched the runner up of July 2019. Mortgage rates are continuing to bottom out, throwing fuel on an already red hot local housing market. Predictably, the result was another push on home prices and thin inventory.
Conclusions for Home Sellers in Wicomico County
Home sellers in the Salisbury MD real estate market certainly enjoyed the benefits of strong buyer demand in December. (higher prices and fewer days on market) Recent comments by the Fed indicate mortgage rates will remain through 2021 and possibly beyond. If that proves accurate, unemployment and consumer sentiment will largely be the determining factors in the direction the Wicomico County housing market will go in the near term.
January 2021 Salisbury MD Real Estate Outlook
January may go down as the eighth consecutive month with 100 plus home sales in Wicomico County. A significant number of sellers are taking advantage of current market conditions and listing their homes now rather than wait until spring as has traditionally been done. Active buyers eager to lock in on recent mortgage rate dips have been ready with escrow checks and loan pre-approvals in hand. We’re expecting a record January as a result with around 100 units closed. In the next two weeks, we’ll publish the Q4 Housing Report and 2020 Year in Review for Salisbury MD real estate.
*Based on information from the Coastal Association of Realtors® for the period 12/1/20 through 12/31/20
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2021