Volume, Average Sale Price Climbing In Wicomico County

SALISBURY – Wicomico’s housing market showed signs of improvement in 2018, according to the latest data from the Coastal Association of Realtors.

In a meeting of the Wicomico County Council Tuesday, representatives from the Coastal Association of Realtors (CAR) presented the most recent trends in Wicomico County’s real estate market.

“In the last three years, we have had a higher number of units sold than in 2007,” CAR board member Austin Whitehead said. “And volume sold and average sale prices are increasing.”

Volume sold increased from $194 million in 2017 to $211 million in 2018, and the average sale price increased from $161,000 to $165,000. But Whitehead said that number falls short of the $220,000 average sale price in 2007.

“Back in 2007, a lot of the financial programs that they allowed for was a cause for a lot of those price increases,” he said.

Whitehead noted real estate trends in Salisbury were similar to those in the county. He said the average sale price increased by $4,000 while volume sold increased by nearly $18 million.

“The number of units sold and the volume sold is up,” he said. “but still a little less than in 2007.”

In Fruitland, Whitehead said the average sale price increased by $9,000 while the number of homes sold reached its highest level in recent years.

“One impressive thing about Fruitland is they have now broken over 100 homes sold within a year …,” he said. “They sold 110 in 2018. They haven’t done than in the last four years or more.”

Whitehead said Eastern Shore communities fared well last year.

“Units sold statewide is down, while we are having higher numbers of units sold,” he said. “When compared to the rest of the state, we are selling at a higher percentage than last year.”

Officials with CAR said they expect continued growth in 2019. Whitehead noted a 30-year mortgage rate has decreased to 4% and unemployment remains low.

“We hope that continues to boost consumer confidence and allows them to be able to make those home purchases,” he said.

Whitehead added local governments played a key role in home ownership.

“Locally, we are hoping to keep tax rates at current levels …,” he said. “We look to encourage development, smart growth and home ownership on the Eastern Shore.”

About The Author: Bethany Hooper

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Bethany Hooper has been with The Dispatch since 2016. She currently covers various general stories. Hooper graduated from Stephen Decatur High School in 2012 and the University of Maryland in 2016, where she completed double majors in journalism and economics.