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
Salem Mid-Year 2018 Housing Market Report
(Click here to download a PDF of this report)
The median price of the Single Family Homes (SFH) sold in Salem in the first half of 2018 jumped 13% to $425,500.
The median price has now exceeded $400,000 for three consecutive quarters.
SFH Sales
Sales recovered somewhat after the drop in 2017.
Sales by Price
The percentage of sales taking place below $400,000 has dropped from 57% to 37% in the last two years.
SFH For Sale
As of July 1, there were just 8 houses for sale in Salem under $400,000.
Condos
The median price increased 10% compared with 2017 to $335,000.
After some fluctuations in 2017, the quarterly median price seems to have broken solidly through $300,000.
The median price increased 10% compared with 2017 to $335,000.
Condos For Sale
As of July 1 there were just 9 condos for sale under $350,000, down from 44 in 2016 and 23 in 2017.
Summary
Salem is a city which has been attracting people for many years with the logical result being a strong housing market which this year has become “hot”. With inventory on July 1 at just 1.5 months supply for SFHs and less and 1 month for Condos (6 months’ supply is regarded as a market in equilibrium between buyers and sellers) Salem remains a strong sellers’ market.
Sagan Harborside Sotheby’s International Realty
Salem Q3 2017 Housing Market: Condo prices surging
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. (more…)
Essex County Condo Market: very little supply at lower prices
This report compares the supply of condos available for sale now compared with the last two years in Essex County overall, together with the individual markets of Salem, Beverly and Lynn, the three largest condo towns nearby. Because sales are not always reported promptly in MLS, my reports on median prices in these markets will be published next week.
Essex County
The number of condos for sale throughout the 34 cities and towns of Essex County has dropped by 25% over the last year and by one-third compared with 2015. As we shall see – and as one would expect – the drop in supply is most marked at lower prices.
Source: MLS, Oliver Reports
The number of condos for sale under $250,000 has plunged over the last two years from 280 to 179 to just 107. There has been a smaller drop in the $250-350,000 range, and above that the numbers are fairly flat.
Salem
The Salem condo market continues to be very active, while the number of condos for sale has dropped 60% over the last two years.
The story by price mirrors that of Essex County overall: a huge drop under $250,000; a large drop in the $250-350,000 range; and stable above that price. And there is activity at the higher prices: through 9 months Salem saw 101 condo sales above $350,000, yet there are currently just 12 for sale.
Beverly
The statistics for the condo market in Beverly are slewed by the 73 condos at Elliott Landing which came to the market starting in the spring of 2016. Now that these have been sold, the number of condos for sale has dropped back sharply.
Because of the impact of Elliott Landing, where condos sold for between $330,000 and $800,000, it is more relevant to compare today’s inventory with that of two years ago. We see that there are almost no condos under $250,000 and a small increase in the $250-350,000 range.
Lynn
The number of condos for sale in Lynn has also dropped sharply over the last two years.
The median price of the condos sold in Lynn has been close to – but never exceeded – $200,000. Until 2017, when the median price for the first 9 months reached $220,000. There are currently just 9 condos for sale in Lynn below $200,000 – down from 37 two years ago.
Comment
Further comment seems almost superfluous: the condo market in Essex County has been extremely active. Low supply and continued strong demand inevitably lead to higher prices. Preliminary numbers show that the median price throughout Essex County increased 10% in the first 9 months of the year. Check back for the full report next week.
If you – or somebody you know – are considering buying or selling a home and have questions about the market and/or current home prices, please contact me on 617.834.8205 or [email protected].
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Salem Mid-Year 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.
Source: Oliver Reports, MLS
Sales of Condos were also down from the 2016 level, while the median price increased 9%, exceeding $300,000 for the first time.
Source: Oliver Reports, MLS
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Are you thinking about selling? Read Which broker should I choose to sell my house?
Please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
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.
Source: MLS, Oliver Reports
Are you thinking of selling your home? If so please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer.
Not sure which broker to use to sell your home? Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
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. I shall publish a separate report on the equally buoyant condo market.
Median price*
The first chart, with the numbers below, shows the median price for the two halves of the year and for the full year.
Source: MLS, Oliver Reports
Huge jump in Mortgage Loan Limits
Home buyers in Essex County and Suffolk County received a major boost this week with the announcement that the limit for conforming mortgages was being increased by 18% from $523,250 to $598,000.
For a buyer putting down 20% the price of a home that can be financed conventionally – meaning that it can be sold to Fannie Mae or Freddie Mac – jumps by almost $100,000, from $654,063 to $747,500.
This table shows the trend in the last few years: (more…)
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.
Source: MLS, Oliver Reports; peak in bold
If you are considering selling your home please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer.
Not sure which broker to use to sell your home? Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
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. (more…)
Salem Mid-Year Review: Condo Market sizzling
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.
Median prices* have not – at least as yet – responded to this imbalance between supply and demand, with a modest increase of just under 4% in the first half to $280,000, a new record for the first half (the highest annual median price is$279,000 in 2005, so there is a good chance that 2016 will set a new record high.)
Sales of Single Family Homes (SFH) also jumped sharply, up 30% from a year ago, and almost matched the prior high. The median price of a SFH increased 6.5% to a new record of $380,000 (the highest annual median price is $349,450 in 2015, so it looks certain that 2016 will see that record well beaten.) (more…)
What’s the current supply of houses for sale locally?
This report sets out to analyze the current supply of houses for sale in Marblehead, Swampscott and Salem.
Single Family Homes (SFH)
First, let’s look at sales so far this year to May 20. The pace of sales is slower in winter so these numbers overstate the supply. Bear in mind that a market is generally regarded as being in equilibrium between buyers and sellers when there is 6 months of supply.
Next I looked at recent activity, namely the number of SFHs which had offers accepted since the beginning of April and compared that with current supply. April, May and June are generally the three largest months for accepted offers in these markets, so these numbers may slightly understate supply going forward, but they provide a stark indication of how little supply there is today, especially in Swampscott and Salem:
Source: MLS, Oliver Reports
Condos
While sales numbers for SFHs are similar for the three towns, they are very different for condos, where only Salem has a large market. Thus the supply number for Salem is more significant than for the other towns:
Turning to accepted offers since the beginning of April, the supply drops sharply in all markets. Note that in Salem there have been 47 accepted offers so far in May alone and there are just 61 for sale.
Source: MLS, Oliver Reports
Comment
This report quantifies just how short of supply the market is, especially in Swampscott and Salem. And bear in mind that these numbers are for the total market; at lower prices there is even less supply, as higher priced properties generally take longer to sell.
The supply numbers are somewhat better in Marblehead where there is some evidence that list prices of SFHs have increased this year, possibly in advance of the market.
If you are considering selling your home please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer.
Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
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