Wicomico County/Salisbury Maryland Real Estate Market Report May 2012
We have been seeing a lot of very positive signs throughout the country of a housing market recovery. The biggest thing with real estate is that it is all relative to the local market in your area. Wicomico County is starting to see some of the same positive trends that the rest of the country is starting to see, which an improvement is! Let’s take a look at some of the May numbers which are highlighted with the graphs above.
There was an increase in total units sold in May, with 67 sold this month in Wicomico County Real Estate versus 62 last month, an increase of 8%. This month’s total units sold were higher than at this time last year, an increase of 2% versus May 2011. This is a great trend with increases in unit’s year over year, and month over month.
Versus last year, the total number of homes available this month is lower by 177 units or 21%. The total number of active inventory this May was 671 compared to 848 in May 2011. This is great news as lower inventory means less supply, which aids in getting back to a more normal market.
Months of Supply
In May, there was 10.0 months of supply available in Wicomico County, compared to 12.8 in May 2011. That is a decrease of 22% versus a year ago, again aiding the path to more of a normal market.
Days on Market
This month, the average number of days on market was 147, lower than the average last year, which was 182, a decrease of 19%, which is also a very positive sign that there are more buyers taking advantage of historically low prices and interest rates.
The snapshot of May’s numbers is extremely encouraging, as inventories are down, months of supply is down, sales are up and days on the market are down. This is a step in the right direction!
Check back next month to get an update on June’s numbers.