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Wicomico Home Sales Decline in January, Prices Stabilize

               Salisbury MD Real Estate Sales Report for January 2023

 

January 2022 Salisbury MD Home Sales Statistics

In January 2023, the median single-family home sales price in the Salisbury MD area real estate market was $221,000. This was down 4% from the median sales price last January. There were 68Salisbury MD real estate and homes for sale home sales, down 28% from the same month last year.

The average time on market was 1.4 months, up from 1.3 months in January 2022.

Currently, there are 2.0 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.

Homes Sold in Wicomico County January 2023

 

Conclusions for Wicomico County Home Buyers

For the second consecutive month, the median price of a home sold in Wicomico County was down on a yearly basis. Mortgage rates dropping into the low 6% percent range is more good news. The flip side is home inventory remains at a record low. As spring approaches, new inventory will pick but that’s also a time when many buyers enter (or re-enter) the market. While many thought multiple offers on a home were a thing of the past, they are becoming more prevalent in 2023.

 

Conclusions for Home Sellers in Wicomico County

Wicomico County homeowners looking to sell soon should be optimistic even though the market peaked sales-wise last April, while area home prices peaked in November. What they shouldn’t expect, however, is a return to inspection and appraisal waivers, appraisal gap addendums, etc.

The combination of near-record prices for homes and mortgage rates nearly doubling in 2022 has pushed many potential buyers out of the market. This has brought some balance to the local housing market and the white-hot intensity of 2021 is now the rear-view mirror. All that said, accurately priced homes in desirable locations will continue to sell in a matter of weeks, at least in the short term.

 

January 2023 Salisbury MD Real Estate Outlook

We’re projecting around 60 homes will close in the Salisbury MD area by month’s end. If this proves correct, it will be the lowest February total for home sales since 2015. The demand is there but the inventory simply isn’t as discussed above. We went into greater detail on the tight home inventory issue in both the 2022 Year in Review and the Q3 Housing Report.

 

*Based on information from the Coastal Association of Realtors® for the period 1/1/23 through 1/31/23

Information compiled by Vision Realty Group is deemed to be reliable but is not guaranteed. © BRIGHT MLS Copyright 2023

 

 

 

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