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Salem Housing Market 2020 Review

January 17, 2021 · by Andrew Oliver · in Latest News, Salem housing market

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.

Salem Housing Market

For a more detailed report go to Team Harborside’s website: Salem 2020 Review (more…)

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Salem 2019 Housing Market Summary

January 18, 2020 · by Andrew Oliver · in Latest News, Salem housing market
[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.
Salem Housing Market

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%.
Salem Housing Market

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

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Salem Q3 2019 Housing Market Summary

October 20, 2019 · by Andrew Oliver · in Latest News, Salem housing market
[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.
Salem Housing Market

Condos
The median price of the condos sold YTD increased 3% to $345,000. Sales were very similar to recent years except for 2016
Salem Housing Market

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

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Salem Mid-Year 2019 Housing Market Summary

July 21, 2019 · by Andrew Oliver · in Market Reports, Salem housing market
[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.

Salem Housing Market

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.
Salem Housing Market

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

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Salem Q1 2019 Housing Market Review

April 28, 2019 · by Andrew Oliver · in Market Reports, Salem housing market
[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…)

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Salem 2018 Housing Market By The Numbers

January 26, 2019 · by Andrew Oliver · in Salem housing market
[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

Salem Housing Market

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.

Salem Housing Market

 

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

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Salem Q3 2018 Report: Prices Rising Strongly

November 11, 2018 · by Andrew Oliver · in Market Reports, Salem housing market

(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…)

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Salem Mid-Year 2018 Housing Market Report

July 8, 2018 · by Andrew Oliver · in Market Reports, Salem housing market

(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.

Salem Housing Market

The median price has now exceeded $400,000 for three consecutive quarters.

Salem Housing Market

SFH Sales
Sales recovered somewhat after the drop in 2017.

Salem Housing Market

Sales by Price
The percentage of sales taking place below $400,000 has dropped from 57% to 37% in the last two years.

Salem Housing Market

SFH For Sale
As of July 1, there were just 8 houses for sale in Salem under $400,000.

Salem Housing Market

Condos
The median price increased 10% compared with 2017 to $335,000.

Salem Housing Market

After some fluctuations in 2017, the quarterly median price seems to have broken solidly through $300,000.

Salem Housing Market

The median price increased 10% compared with 2017 to $335,000.

Salem Housing Market

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.

Salem Housing Market

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

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Essex County Q1 2018 housing market: prices continue to increase

April 15, 2018 · by Andrew Oliver · in Essex County Housing News, Market Reports

The first Quarter of the year is the slowest one for sales in Essex County (weather!), typically representing about 15% of the year’s total. The smaller the number of sales the less significant is the data, so the  numbers for individual towns can and do fluctuate from quarter to quarter.

As the numbers get bigger so does the significance. In the 34 cities and towns of Essex County overall, sales of Single Family Homes (SFH) were down 4% from Q1 2017 while the median price increased 4.4%.

In the whole of Massachusetts, sales were flat and the median price increased 3%,

The table below shows the median SFH price for each town for the last three years; and the median price and sales for Q1 for 2017 and 2018. The mid-year data, which I shall publish in mid-July, will give a better feel for the market in individual cities and towns, but these numbers support the general perception that the housing market in Essex County continues to show price increases.

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Salem 2017 Housing Market Review

January 28, 2018 · by Andrew Oliver · in Market Reports

(Click here to download a copy of this report
The median price of the SFHs sold in Salem in 2017 increased 4.1% to a new high of $385,000.  Sales were down somewhat from 2016, reflecting the shortage of inventory. (Numbers in bold represent peak levels).

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OliverReports.com

The breakdown of sales by price shows a drop in sales under $400,000, a reflection of gently rising prices.

Salem Housing Market Review

OliverReports.com

Condos
The median price of the condos sold in Salem in 2017 rose 12.4% to a record $310,000, breaking through $300,000 for the first time. Shortage of inventory caused a sharp drop in sales.

Salem Housing Market Review

OliverReports.com

Salem Housing Market Review

Andrew Oliver
www.OliverReports.com
andrew.oliver@sothebysrealty.com
617.834.8205

 

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Salem Q3 2017 Housing Market: Condo prices surging

October 17, 2017 · by Andrew Oliver · in Market Reports, Salem housing market

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…)

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Salem 2016 Housing Market by the Numbers

January 18, 2017 · by Andrew Oliver · in By The Numbers Posts, Salem housing market

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.

Salem Housing Market

Source: MLS, Oliver Reports

 

Are you thinking of selling your home? If so please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com 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

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Salem 2016 Housing Market: record prices and sales

January 14, 2017 · by Andrew Oliver · in Market Reports, Salem housing market

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.

Salem Housing Market

Salem Housing Market

Source: MLS, Oliver Reports

(more…)

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Salem Q3 2016 Housing Market Summary

November 19, 2016 · by Andrew Oliver · in Market Reports, Salem housing market

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.
Salem Q3 housing market

Salem housing market

Source: MLS, Oliver Reports; peak in bold

If you are considering selling your home please contact me on 617.834.8205 or Andrew.Oliver@SothebysRealty.com 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

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Salem Mid-Year Review: Condo Market sizzling

July 16, 2016 · by Andrew Oliver · in Market Reports, Salem housing market

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…)

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