Saturday, February 16, 2013
Salem MA Real Estate Market Update
February 16, 2013 - Like most other cities and towns on the north shore of Massachusetts, Salem's real estate market is strong with the average single family home selling for 10.8% higher today than it did a year ago. The average single family home price that sold during the last 6 months was $297,006.
Though not as strong as the single family homes, condominiums in Salem have seen a 22% increase in the number of units sold and only a 2% increase in price. The reason may be a lack of inventory for potential condo buyers to choose from. Last year there were 112 condos on the market, while currently there are only 87. In a "normal" market there should be around 130-150 units for sale during this time of year.
Overall, the demand for homes is greater than the number of homes that are for sale in Salem, and has been for at least a year. If this continues I would be surprised to see this change from a neutral market to a seller's market as home buyers try to cash in on the low mortgage interest rates and before they are priced out of the market. - Jim Armstrong