Single Family Homes (SFH)
The median price of the SFHs sold in Salem in the 9 months of 2021 (YTD Q3 2021) increased 14.7% to $562,000 on the lowest sales number since 2012.
As the percentage of sales over $600,000 increased from 20% YTD in 2020 to 39% in 2021, so the median price moved closer to $600,000.
81% of SFH sales took place over list price (vs 68% YTD in 2020), with 39% of all sales (compared with 14% in 2020) at 110% or more of list
The median price of the Condos sold in Salem YTD 2021 increased 12.0% to $420,000. As the share of sales over $400,000 increased from 42% YTD in 2020 to 60% in 2021, so the median price moved from under to over $400,000.
68% of sales in 2021 were over list (vs 50% in 2020) with 15% at 110% or more (vs 5% in 2020)
In the first 9 months of the year the median price of SFHs sold in Essex County increased 14.1% to $607,500, while the median Condo price increased 10.2% to $385,000.
The median SFH price in Essex County declined from Q2 to Q3 (but not in Swampscott), while the median Condo price increased slightly. While quarter to quarter fluctuations are common, these numbers confirm the anecdotal reports that the frenetic activity earlier in the year eased somewhat in Q3.
After a short rally above 3% early in the year, the national average cost of a 30-year Fixed-Rate Mortgage (FRM) quickly dropped back below 3% before rallying back to 3% in October.
Source: MLSPIN, OliverReportsMA.com
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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 Andrew.Oliver@SothebysRealty.com.
“If you’re interested in Marblehead, you have to visit the blog of Mr. Andrew Oliver, author and curator of Oliver Reports . He’s assembled the most comprehensive analysis of Essex County we know of with market data and trends going back decades. It’s a great starting point for those looking in the towns of Marblehead, Sale, Beverly, Lynn and Swampscott.”
Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
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Naples, Bonita Springs and Fort Myers