SALEM Q3 MARKET REPORT 2019-2023
The median price of the Single Family homes sold in Salem increased 42% from $431,250 in 2019 to $611,000 in 2022, and eased back to $589,000 YTD Q3 2023. Sales dropped slightly from 2019 to 2022, but fell sharply in 2023, especially in Q3.
The median price of the Condos sold increased by 27% from $355,000 in 2019 to $450,000 in 2022, and further to $485,000 through Q3 2023. Sales started to fall in the second half of 2022 and were also down sharply in 2023.
The many attractions of Salem continue to attract buyers, especially younger buyers moving out of Boston. Perhaps surprisingly in a time when mortgage rates have more than doubled, sales have continued to be brisk, and in most months more than 60% of sales have taken place over list price.
Fluctuations in median prices can and do occur from quarter to quarter, based upon those properties which actually sell in any quarter, which is why the trend is more important than the exact numbers.
If you are thinking of selling, please contact me for a current market analysis for your property.
Go HERE to download a copy of the full report.
This report analyses the Median Price and Sales per quarter since 2019, along with the Sales by Price point, Price per Sq.Ft., and the Days properties were on the market before receiving an offer (DTO).
Median numbers are used in all calculations.
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…)
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.
Marblehead
Swampscott (more…)
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…)
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…)
Q1 2023 Market Stats
Q1 2023 Market Stats for selected towns (stats for other towns in Essex County are available on request)
Amesbury Q1
Beverly Q1
Gloucester Q1
Marblehead Q1
Salem Q1
Swampscott Q1
And these recent articles: (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.
Marblehead
12 of 19 SFH sales in October were at or over List price, with 2 sales at 35% and 36% over list:
Swampscott
5 of 10 SFH sales in October were at or over List pice
Comment
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…)
Flash First Quarter 2022 Numbers
The shortage of inventory is reflected in these Q1 numbers:
As always, small numbers need to be treated with caution. This chart shows the cyclicality of sales in New England:
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…)
Salem Mid-Year 2021 Market Report
The median price of Single Family Homes (SFH) sold in the first half of 2021 (H1 2021) rose12.9% from $472,850 to $534,000, confirming the breakout above $500,000 in H2 2020.
Sales dropped from 93 to 80 – the lowest figure since 2014 – with all the reduction in Q1.
80% of SFHs sold above list price in H1 2021, with 45% of sales (vs 8% in H1 2020) at 110% or more of list. (against 3% in H1 2020).. (more…)
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