Salem Q3 condo market: booming sales, shrinking supply

While the median price of a Salem condo was flat in Q3 and up 3% YTD through the first three quarters of the year, the story of the year to date is one of sales up 19% while supply is down by more than one-third from a year ago.

Median Price
The two tables show quarterly prices since 2011 and the YTD figures for each year:

Salem Condo

Salem condo market

Source: MLS, Oliver Reports

Condo Sales
Sales through three Quarters are up 19% from a year ago and are within a whisked of the record of 357 in 2005.
Salem condo market

Condos For Sale
Meanwhile, the supply of condos for sale was pretty steady from 2013 to 2015, but this year has seen a dramatic drop.

Salem condo market

Source: MLS, Oliver Reports

Comment
Clearly, the condo market in Salem is booming, with strong sales restricted only by shrinking supply.
Desirable location = strong demand; add shrinking supply and the outlook is for continued price increases.

If you are considering selling your home please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com for a free market analysis and explanation of the outstanding marketing program I offer.

Not sure which broker to use to sell your home? Read  Which broker should I choose to sell my house?

If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated

@OliverReports

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