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.
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