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Fourth Quarter Home Sales Spike 30%, Prices Up

Salisbury MD Real Estate Q4 2020 Sales Report

Q4 2020 Housing Statistics                  

For the period of October 1 through December 31, 2020 in Salisbury MD area real estate, there were 375 settlements on single family housing units, Salisbury MD Real Estate and Homes for Saleup 30% from this time last year. The median sales price was $195,000, up 10% over the same period.

Foreclosure and short sale properties accounted for 4% of single family home sales in the fourth quarter of 2020. This was down from 12% during the same period in 2019. *

 

Takeaways for Salisbury MD Area Home Buyers

A record month for home sales in October a near record November and a record December pushed Q4 just behind Q3 2020 as the best quarters in history. The previous runner up for quarterly home sales in Wicomico County was Q2 of 2005. Historically low mortgage rates have poured gas on already high demand for housing in the Salisbury MD area. This has created an inevitable squeeze on inventory while pushing up home prices.

 

Takeaways for Salisbury MD Area Home Sellers

Of particular note to Wicomico County homeowners is the low percentage of distressed property sales in Q4. Pre- COVID, strong economic growth, full employment and rising home prices helped Salisbury MD area homeowners in their equity positions. Distressed property sales are one of the key indicators of the health of any housing market. The 4% figure posted in Q4 was very impressive.

 

What Lies Ahead for the Wicomico County Real Estate Market?

In spite of record Wicomico County home sales in the latter half of 2020, our expectations for January through March are a bit more tempered. That said, around 225 units should close in the Salisbury MD area by April 1. If accurate, it will put us in line with Q1 of last year and a bit ahead of Q1 in 2019. We’ll go into greater detail on this in the 2020 Year in Review scheduled to be published late next week. Check back in with us then!

 

*Based on information from the Coastal Association of Realtors® for the period 10/1/20 through 12/31/20

Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2021

 

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