Salisbury MD Real Estate Sales Report for August 2022
August 2022 Salisbury MD Home Sales Statistics
In August 2022, the median single family home sales price in the Salisbury MD area real estate market was $270,000. This was up 16% from the median sales price last August. There were 113 home sales, down 19% from the same month last year.
The average time on market was 22 days, down from 30 days in August 2021.
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
The trend of higher home prices and fewer sales is continuing. High consumer inflation and mortgage rates in the 6% range are putting a damper on housing demand in Wicomico County. A market of 400 square miles will take time for this to transfer to prices. This would explain what appears to be a dichotomy. Inventory has remained consistent over since spring at the 1-2 month level. In short, fewer homes are coming on the market with fewer buyers pursuing them.
Conclusions for Home Sellers in Wicomico County
In spite a 19% drop in year over year home sales, August proved to be on par with the average seen for the month from 2015-2020. However, the median sales price matched the all-time record set in April. With the market shift, accurate home pricing will be a critical component to a successful home sale with maximum proceeds. Simply put, the days of listing a home as a “fishing expedition” are behind us.
September 2022 Salisbury MD Real Estate Outlook
August homes sales came in better than expected for the Salisbury MD area real estate market. In September, we believe around 100 units will close. If this come to fruition, it would a 3-4 year low for the month. Prices should come in higher on a yearly basis. In the upcoming Q3 Housing Report, we’ll take a “deep dive” on the state of the local market YTD to put things in better context. Stay tuned!
*Based on information from the Coastal Association of Realtors® for the period 8/1/22 through 8/30/22
Information compiled by Vision Realty Group is deemed to be reliable, but is not guaranteed. © BRIGHT MLS Copyright 2022