Salisbury MD Real Estate Q1 2021 Sales Report
Q1 2021 Housing Statistics
For the period of January 1 through March 31, 2021 in Salisbury MD area real estate, there were 302 settlements on single
family housing units, up 30% from this time last year. The median sales price was $200,000, up 12% over the same period.
Foreclosure and short sale properties accounted for 4% of single family home sales in the first quarter of 2021. This was down from 8% during the same period in 2020. *
Takeaways for Salisbury MD Area Home Buyers
No surprise, but another Wicomico County home sales record fell in Q1. The previous mark was Q1 of 2007. The blistering pace of home sales has continued through three consecutive quarters with no signs of letting up. Even with mortgage rates at 12 month highs, demand for housing in the Salisbury MD area has pushed inventory to all-time lows.
Takeaways for Salisbury MD Area Home Sellers
It’s very possible Salisbury MD area homeowners looking to move will not see better market conditions for several years or even longer. Wicomico County home prices have now exceeded previous highs seen in 2006-2007. However, this time the surge is backed by market fundamentals. Borrowers today are much more thoroughly vetted and a higher percentage of properties sold are for primary residences versus the “boom” years.
More buyers are paying cash (or large down payments) for their new homes (with appraisal waivers) than ever. These properties become the comparables used in a Comparative Market Analysis for the next home up for sale in the neighborhood. This is one of the primary drivers of the local housing market over the last few years and a by-product of supply and demand.
What Lies Ahead for the Wicomico County Real Estate Market?
Lacking conclusive data, our Q1 projection fell well short. While we don’t anticipate a record setting Q2 (2005), runner-up position (set in 2006) is a good possibility. Interest rates should stay stable (in the low 3’s) for the period and strong buyer demand is a certainty through mid-year.
*Based on information from the Coastal Association of Realtors® for the period 1/1/21 through 3/31/21
Information compiled by Vision Realty Group is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2021
We worked with Dale from Vision Realty Group of Salisbury for over a year from basic planning and share ideas to completing improvements, getting on the market and completing a sale. I can honestly say, from first hand experience in dealing with this team that I have no doubt whatsoever we chose the best representation available. They are professional, determined, focused and experienced. We are truly grateful for their efforts in every way. Vision Realty Group is the ONLY way to go whether you are buying for selling !!!!
Glad we got it done Dave! Happy we made a new friend in the process.
I am a widow and novice home seller. Dale and Jackie King lead me through the home selling process with patience and proficiency, responding promptly to all my inquiries. Inspections called for minor repairs, which Jackie helped me set up and complete with two very competent contractors. My home sold very quickly and smoothly. I am very happy that I chose Dale and Jackie to sell my home and I highly recommend them.
It was a pleasure serving you Kathleen!
I absolutely hit the jackpot when I met Dale + Jackie King. I met him in January to view a house in close proximity of my families homes. I was certain I wanted to buy in Somerset County but with the craziness of the housing market was unsure of what I would find. Dale was so patient with me, sending me lots of amazing homes as they came on the market. He got to know what I wanted better than I even knew what I wanted. The minute I walked into a house with him, he could tell if it was going to be a yes or no. He’s that good! He also knows the area so well. I love how he doesn’t beat around the bush like a lot of brokers. He’s a straight shooter, totally honest and transparent, hard-working and understanding. When I found the house of my dreams in March, he was so incredibly helpful negotiating the price, helping with the inspection/other negotiations/coordinating with vendors/lawyers etc. He went above and beyond what a broker would normally do. I feel like I got the best house my money could possibly buy for me. Thank you Dale and Jackie for making my dream home possible and for making the process so easy for me!😀
Dale and Jackie King worked diligently and independently in selling my grandfathers home. I ended the home selling process with two realtors before I found them. I never met Dale and Jackie King in person because I live in Georgia , however they went above and beyond in selling the home in Salisbury for us. They worked hand in hand with the mortgage company in getting a short sale process started and approved. It was a long process that they handled with patience and efficiency. I pretty much stayed out of the entire process which made everything run smoothly and elevated my burden. Dale set-up contractors for minor repairs, trash removal and much more. I strongly recommend Dale King to anyone looking for a competent realtor who gives 150%, he really works for his clients. If you’re looking for a realtor who will have your front and back from beginning to the end of the home selling or buying process Dale King is the person to call!
THANK YOU Tenisha!
Dale helped me sell my house in Salisbury and then buy a house in Sussex County. The whole Vision Realty team was a pleasure to work with. Friendly, competent, professional and responsive. I highly recommend Dale and the team for anyone in the area!
Much appreciated Rich!