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.

Median Price
The two tables show quarterly prices since 2011 and the YTD figures for each year:

Source: MLS, Oliver Reports

Condo Sales
Sales through three Quarters are up 19% from a year ago and are within a whisked of the record of 357 in 2005.

Condos For Sale
Meanwhile, the supply of condos for sale was pretty steady from 2013 to 2015, but this year has seen a dramatic drop.

Source: MLS, Oliver Reports

Comment
Clearly, the condo market in Salem is booming, with strong sales restricted only by shrinking supply.
Desirable location = strong demand; add shrinking supply and the outlook is for continued price increases.

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