Salem 2022 Housing Market Review

Single Family Homes (SFH)

The SFH Median Price increased 9% in 2022. Sales were higher than in 2021, but otherwise were the lowest since 2012.

The share of sales over $600,000 increased from 40% in 2021 to 56% in 2022, driving the median price for the year to over $600,000. There were 11 sales over $1 million in 2022, up from 6 in 2021.

Condos (more…)

Marblehead, Swampscott October sales still mostly above List Price

With all the chatter about home prices nationally declining or about to decline, October sales in Marblehead and Swampscott seem to be saying NIMBY – not here please.

12 of 19 SFH sales in October were at or over List price, with 2 sales at 35% and 36% over list:

5 of 10 SFH sales in October were at or over List pice

While sales continue to be strong – and often strongly above list price – it is interesting to note that 8 of the 19 SFHs currently available for sale in Marblehead have had price reductions, while 4 of the 11 in Swampscott have also seen price cuts – or “adjustments’ or “improvements” as we like to call them.
Notably also, the inventory of SFHs for sale in Essex County has not seen the usual seasonal decline so far, an indication perhaps of the consequences of the doubling in mortgage rates this year, with buyers reluctant to pay the much higher rates – and sellers reluctant to move and surrender their low-rate mortgage.
As we approach Thanksgiving and the holiday season, I suspect both buyers and sellers – unless their need is urgent – may decide to focus on planning time with their families and friends – and then take another look at the housing market in 2023. (more…)

Salem Q3 2022 Report: Median Single Family price breaks through $600,000

The median price of the Single Family Homes (SFH) sold in Salem reached $600,000 or more in each of the first three quarters of 2022, and increased 10% to $617,500 in the first 9 months (YTD Q3) The median condo price increased 7% YTD Q3 to $450,000.

Single Family Homes (SFH)
The median price of the SFHs sold in Salem in the first 9 months of 2022 (YTD Q3 2022) increased 10% to $617,500 on sales exactly in line with the 3-year average.

As the percentage of sales over $600,000 increased from 39% YTD in 2021 to 58% YTD in 2022, so the median price moved from under to over $600,000. Sales over $1 million YTD increased from 5 to 11. (more…)

Summer 2022 Market Review

Click on Summer Market Review to read the market review for the first 6 months of 2022,

This reports covers all 34 cities and towns in Essex County, with more detailed reviews of Beverly, Gloucester, Manchester-by-the-Sea, Marblehead, Rockport, Salem and Swampscott

And these recent articles: (more…)

Fall Market Report

Sagan Harborside has published my  Fall Market Report this week. The report includes stats on every city and town in Essex County, with more detailed analysis of the markets in Marblehead, Swampscott, Salem, Beverly, Gloucester, Nahant, Manchester-by-the-Sea and Rockport.

Here are the highlights: (more…)

New Listings mid-week March 24

Still a small number of new listings:
New Listings

Click on these links for details:
Marblehead New Listings
Swampscott New Listings
Salem New Listings
Beverly New Listings
Lynn New Listings

These tables show that inventory is greatly reduced from a year ago, when levels were already low: (more…)

Salem Q3 Housing Market Report

[Click here to download a copy of this report]

Single Family Homes (SFH)
The median price of SFHs sold in the first 9 months of 2020 (YTD Q3) jumped 13.3% to $490,000. Sales eased a little from last year’s record level, and the median Days to Offer (DTO) was just 7 days. (more…)