Salem

Salem Q3 2017 Housing Market
The SFH market in Salem continued its steady rise in 2017, with the median price in the first 9 months increasing by 3%, while sales were down slightly from the 2016 level.
The Salem condo market has been very active for some time, and in terms of unit sales is one of the two largest in Essex County. In the first 9 months of 2017, the median price increased 12%, breaking through the $300,000 level for the first time. Sale were down 15%, reflecting the shortage of inventory.

Salem Mid-Year 2017 Review: By The Numbers
The median price of a Single Family Home (SFH) increased slightly in the first half of 2017, while sales fell back to the levels of 2014/15.
Sales of Condos were also down from the 2016 level, while the median price increased 9%, exceeding $300,000 for the first time.

Salem Q1 Housing Market Report: chronic shortage of supply

As condo sales in Salem are about double the level of Single Family Home (SFH) sales, I will start with the condo market. After holding pretty steady for the last several quarters, the median price jumped 25% in Q1 from a year ago, driven by a shift from sales under $300,000 to sales over $300,000.

Salem 2016 Housing Market by the Numbers
In 2016 the median price of a Single Family Home (SFH) rose 6% to a new record high on a 16% increase in sales, which were also a record. The median price of a condo rose 2% and is just 1% below the 2005 peak. Condo sales were also up 16% but are still below the levels of 2004/05.

Salem 2016 housing market: record prices and sales
In 2016 the median price of a Single Family Home (SFH) in Salem increased by $21,000, or 6%, to $370,000, a new record high.  Sales jumped 16% to a new high while the average number of houses for sale dropped slightly, indicating that houses sold very quickly

Salem Q3 2016 Housing Market Summary
Through the Third Quarter, the median price of a Single Family House (SFH) in Salem rose 3% to a new high of $370,000, while that for a condo rose 4% to $280,000, also a new record.

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.

Salem Mid-Year 2016 Review
Condo sales have sizzled this year, up 45% in the first half from a year ago, and up 60% over the average for the first half for the last 5 years. Current inventory represents less than 2 months of supply based on sales in the second quarter, and is about equal to the number sold in the month of June alone.

Salem Q1 2016 Housing Market by the Numbers
Sales of SFHs were up slightly from last year, but sales of condos rose sharply. The median price of a SFH was slightly lower than a year ago, while that for condos was up.

Salem 2015 Housing Market Review
Sales of SFHs were over 200 for the third consecutive year, while the median price was slightly higher at $349,000, equaling the previous peak reached in 2005.

Salem 2015 Condo Market Review

Sales of condos in Salem in 2015 jumped 22% while the median price gained 9%, although both sales and the median price remain below their 2005 peak levels. The median condo sold for 18% above its Assessed Value in 2015.

Salem 2015 Housing Market Summary
Just the numbers for both SFHs and Condos

Salem 2015 Midyear Housing Market Review
Sales and prices continued to improve in the first half of 2015

Beverly, Salem and Swampscott Housing Market First Quarter Reports
In the world of small numbers it is necessary to be cautious about drawing too many conclusions. That is why, for example, I am not including percentage changes for the tables below. The message I take from these numbers is that, in general, the market continues to progress in an orderly manner.

Salem 2014 housing market highlights
While SFH prices were almost back to their prior peak in 2014, condo prices are still 11% below that peak

Salem Third Quarter Housing Review
The closing of the Salem Power Plant and the opening of the new MBTA garage can only benefit Salem. The housing market has seen tight supply for some time. Salem remains an attractive destination, especially for the young, and the market should reflect that fact, along with the improving economy and lower mortgage rates.

Salem 2013 Housing Review and 2014 Outlook
The Single Family (SFH) market in Salem had a very good year in 2013 with total sales within 2 of the peak year of 2004, median prices rising 16% to get back to within 7% of the all-time high, and the ASR (the ratio of Assessed Value to Sales Price) dropping to below 90%.

Salem 2013 Condo Review and 2014 Outlook
Condo sales continued to recover, but the median price was down 7% from 2012 and remains 18% below the peak of 2005. A  median price decline, however, can reflect either an overall reduction of prices or a change in the mix of sales. As this report will show, it was a mix change in 2013, and, as another calculation will demonstrate, underlying prices actually increased.

Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty in Marblehead, MA.

Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty 
Affiliates LLC. Each Office Is Independently Owned and Operated.

 

 

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