Wicomico County housing report August 2009/2010

    It seems as though every time you turn on the news or open the paper there is some big news story as to how bad the housing market is doing. Granted there are some regions in the United States that have been hit extremely hard, locally in the Salisbury/Wicomico County area, the numbers tell a different story. The Salisbury area as a whole did have some major appreciation, but not as much as some other comparable markets, so the downside has not been as much as comparable markets. Although we are still out of what is considered a normal market, our numbers have actually improved in the last year while a vast majority of the nation’s numbers have declined!
    Looking at the numbers year to date will probably be quite surprising to most, as it doesn’t support the “doom and gloom” you hear on TV every day. From last year the amount of contracts we have received in the market is up 9.7% and the amount of settlements is up 14.3%. Those are some very encouraging numbers. Another very good statistic is that our days on market have gone done significantly. The average DOM has been cut to 103 as compared to 180, and the median is 66 compared to 120. That is a huge difference compared to last year. These are true signs that the consumers is realizing at this historically low interest rates, and home prices, now is the time to buy. Perception is not always reality and that is the case in our particular area, where our market in the last year has actually improved!! Just wanted to give everyone the update.

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