Salem Q1 2024 Market Summary

The median price of the SFHs sold in Salem in Q1 reached another new high – but the number of sales is usually the lowest of the year and, therefore, the median price is not necessarily an indicator of where median prices will end for the whole year.

The median price of the Condos sold was a little lower than last year, while sales were in line.

The median Price per Sq.Ft. can fluctuate Quarter to Quarter. Sales continued at a brisk pace, reflecting both the shortage of supply and the continuing demand.
(DTO- Days To Offer – the number of before an accepted offer is received.)

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Most Sales Still Over List Price

Sales in September in Marblehead, Swampscott and Salem continued to be mostly over List Price:

And read these recent articles:
Most Sales Still Over List Price
Core Inflation Prices Barely Budged in August
October Inventory shows Sharp Jump from September</a.
Credit Score Change Could Help Millions of Buyers
August Sales still mostly over List Price
2023 Sales Continue Strongly over List Price (more…)

August Sales still mostly over List Price

In August 60% of sales in Marblehead, 70% of Swampscott sales and 68% of Salem sales, were over List Price.



2023 Sales Continue Strongly over List Price

The chart and table below show how the percentage of sales (of SFHs and Condos) dropped in the last few months of 2022 and early months of 2023, befre recovering strongly from the spring of 2023 onwards.

Note that the actual numbers in some months are quite small which can lead to fluctuations – but the overall message is clear: most properties continue to sell over list price.

And these recent articles:
August Sales still mostly over List Price
2023 Sales Continue Strongly over List Price
No signs of improvement in September Housing Inventory (more…)

Salem Mid-year 2023 Market Stats

And these recent articles: (more…)

Bidding Wars return to the North Shore

One of the features of the housing market boom of 2020-2022 was the very high number of sales above list price, an indication that there were multiple offers resulting in bidding wars.
And a logical consequence of the market returning to more normal conditions would be to expect a decline in bidding wars, leading to fewer sales taking place above list price.
Has this actually happened?
Let’s look at the sales in last 12 months in Marblehead, Swampscott and Salem. Here is the chart: (more…)

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…)