July 2019 Salisbury MD Home Sales Statistics
In July 2019, the median single family home sales price in Salisbury Maryland and Wicomico County was $184,700, up 7% from the median sales price last July. There were 138 home sales, up 13% from last July.
The average time on market was 2.6 months, compared to 2.1 months for home sales in the Salisbury MD area last July.
Currently, there are 2.8 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 Salisbury MD Area Home Buyers
After a significant amount of home inventory came on the market in May and June, Salisbury MD area home buyers unleashed their pent-up demand and posted an all-time high for home sales in the month of July, second only to June of 2006 for the all-time record! Coupled with falling interest rates, Wicomico County home buyers didn’t hold back with the increase in available properties.
Conclusions for Home Sellers in the Salisbury MD Area
Wicomico County homeowners looking to sell in the short term have reason to be confident when reviewing the July home sales statistics for the Salisbury MD area. This may be tempered by the fact that home sales in August and especially September tend to be significantly lower than in the preceding two months.
Many buyers have a goal each spring to complete their home purchase and move in before summer vacations, the start of the school year, or both. With reduced demand now, (partially offset by less new inventory) sellers entering the market will benefit from hyperlocal market knowledge, even narrowed down to individual neighborhoods. Properties still sell in the fall, but there is much more to it than a sign in the yard. Contact us to determine your home’s value during this transitional time of the year.
August 2019 Salisbury MD Real Estate Outlook
We’re expecting around 100 units to close this month in Wicomico County after underestimating July’s performance by nearly 20%. If this proves correct, that would calculate out to a five year low for the month if the final number comes in under 110 homes sold. It’s not a “hangover” from the party in July but the simple reality of not enough new inventory coming on to replace what was sold, coupled with the lower buyer demand typical for this time of year.
*Based on information from the Coastal Association of Realtors® for the period 7/1/19 through 7/31/19
Information compiled by Esham Real Estate, Inc. is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2019