Salem Q1 2021 Housing Market Review
1. The median price of Single Family Homes (SFH) sold in Q1 2021 increased 14.4% to $527,410, only the second time a Quarterly price has exceeded $500,000.
2. The median price of the Condos sold increased 11.7% to $405,000, breaking $400,000 for the first time, although the median price in the second half of 2020 was close – $395,000.
3. Sales of SFH were sharply lower at 30 vs 42 and compared with a 5-year average of 37. Condo sales increased to 74 from 68, slightly above the 5-year average of 70.
4. 70% of both SFHs and Condos sold in Q1 2021 received an accepted offer in 15 days or less.
For a more detailed report on the market in Q1 go to Team Harborside’s website and read: Salem Q1 Market Review (more…)
New Listings mid-week March 24
Still a small number of 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 Housing Market 2020 Review
The median Single Family Home (SFH) price in Salem in 2020 increased 13.6% to $490,000, while the median condo price was 8.5% higher at $385,000. Despite the big jump, Salem was one of only 8 of the 34 cities and towns in Essex County to have a median SFH price under $500,000 in 2020.
For a more detailed report go to Team Harborside’s website: Salem 2020 Review (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…)
Latest list of properties for sale
New listings are seeing tremendous competition, and inventory is way down compared with a year ago. Buyers need to look at the list of all available properties as sometimes properties get overlooked for no obvious reason. Here is the summary of current inventory:
How did North Shore Home Prices Perform in the last Decade?
The decade from 2010-2019 saw a remarkably consistent record of Single Family Home Price increases throughout the North Shore and Essex County.
For the purposes of comparison I have converted all prices to a base of 100 for 2009.
The first chart shows the performance of Marblehead, Swampscott, Salem, Beverly and Essex County as a whole. If you look at the numbers for 2019 you can see how consistent the performance was, with a 50% increase over the decade.
(more…)
Salem 2019 Housing Market Summary
[Click here to download a pdf of this report.]Single Family Homes (SFH)
After a 10.5% increase in 2018, the median price of SFHs sold in 2019 increased just 1.4% to a new high of $431,250. Sales increased to the second highest level recorded.
Condos
The median price of the condos increased just 1.5% in the first half (H1) but jumped 10.7% in H2 for a Year-on-Year gain of 6.2%.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Salem Q3 2019 Housing Market Summary
[Click Salem Q3 2019 Housing Market Summary to download a copy of this report.]Single Family Homes (SFH)
The median price of Single Family Homes (SFH) sold in the first 9 months of 2019 (YTD Q3) increased 1.6% to $432,5000. Sales reached a new peak – just.
Condos
The median price of the condos sold YTD increased 3% to $345,000. Sales were very similar to recent years except for 2016
NB Numbers in bold represent record levels. Sources: MLSPIN, OliverReports.com
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Salem Mid-Year 2019 Housing Market Summary
[Click here to download a copy of this report.]Single Family Homes (SFH)
The median price of Single Family Homes (SFH) sold in the first half of 2019 (H1 2019) was virtually unchanged, at $427,000 vs $425,500 in H1 2018. Sales of SFH were 98, down from 107 in H1 2018, but in line with the average of the last 5 years.
Condos
The median price of condos rose 1.5% to $340,000. Condo sales were modestly lower but also in line with the average for the last 5 years.
NB Numbers in bold represent record levels
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
Andrew.Oliver@SothebysRealty.com
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Housing Supply by Price in North Shore Towns
Conventional wisdom is that a market is in equilibrium between buyers and sellers when the current inventory represents 6 months of sales. Currently, as shown in the tables below, the overall inventory of Single Family Homes (SFH) in the 34 cities and towns of Essex County represents just 3.1 months of supply, indicating that the market still favours sellers.
But overall numbers can disguise large differences in supply at different price points. The first table shows two supply numbers: in Marblehead, Swampscott and Beverly for prices under $750,000 and for prices above that level; in Salem, Lynn and Essex County overall the numbers are for prices under $500,000 and for prices about that level.
Notice how supply increases dramatically at higher price points. The following tables for individual towns break down that supply further.
Marblehead
The market comes into equilibrium above $600,000 and favours buyers above $1.5 million. Note that generally higher priced houses take longer to sell and also often see higher sales in summer months. (more…)
Housing Inventory by Price in North Shore towns
While conventional wisdom holds that a market is in equilibrium between buyers and sellers when the current inventory represents 6 months of sales, that overall number masks major differences which occur at different price points.
The tables below show the position by price for Essex County overall and for Marblehead, Swampscott, Salem, Beverly and Lynn.
Essex County
The table below breaks down supply at different price levels for Essex County overall.This shows that the dynamic between sellers and buyers changes as prices go above $750,000.
Salem Q1 2019 Housing Market Review
[Click Salem Q1 2019 Housing Market Review to download a pdf of this report.]The median price of Single Family Homes (SFH) sold in Q1 2019 increased 4% compared with Q1 2018 to $445,500. Sales of SFH declined from 41 to 36. (more…)
Salem 2018 Housing Market By The Numbers
[Click here to download a copy of this report.]Single Family Homes (SFH)
The median price of the SFHs sold in Salem in 2018 increased by 11% to a new record $425,500. Of note was the consistency of pricing quarter by quarter. Sales were in line with the 2017 total
Condos
The median price of the Condos sold in Salem in 2018 increased by 8% to a new record $335,000. Prices were also consistent throughout the year, and sales were similar to 2017’s level.
Andrew Oliver
Realtor, Sagan Harborside
Sotheby’s International Realty
www.andrewJoliver.com
www.OliverReports.com
Tel: 617.834.8205
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Salem Q3 2018 Report: Prices Rising Strongly
(Click here to download a copy of this report.)
The median price of the 155 SFHs sold in the first 9 months of 2018 increased 11% to $425,500, a new high (numbers in bold represent highs). (more…)
Housing inventory: what a difference price makes
Yesterday’s report Housing inventory: town by town guide showed that the overall supply of Single Family Homes (SFH) in Essex County was 2.8 months, whereas a market is regarded as being in equilibrium between buyers and sellers when there is 6 months of supply.
But as this report shows, an overall figure for supply can hide enormous variations at different price points. While it is natural that because there are fewer buyers at higher price points houses at these levels take longer to sell, this report quantifies the supply at different price levels in Marblehead, Swampscott, Salem, Beverly and Lynn.
Whether you are a buyer or a seller, it is important to understand the supply today at your price point. For further information, please contact your Sagan Harborside Sotheby’s International Realty agent.
Sagan Harborside Sotheby’s International Realty
www.SaganHarborside.com
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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