Salem MA market stats for single family home sales as of 9/30/2010 show good and not good news in year to year quarterly comparisons.
As a residential real estate appraiser and broker in the Salem market area I love to crunch the numbers to keep abreast of our market trends. I've anxiously been waiting to analyze the 1st quarter market data since the end of the home buyer tax incentives for the single family home market here in Salem (zip code 01970).
According to MLSPIN in the Salem Zip Code 01970 all single family sales are as follows:
- July 1, 2010 to Sept. 30, 2010 - 31 sales, sale priced $74,000. to $836,500., avg. list price $369,739., avg. sale price $353,226., avg. days on market 112.35.
- July 1, 2009 to Sept. 30, 2009 - 61 sales, sale priced $85,000. to $825,000., avg. list price $317,820., avg. sale price $308,580., avg. days on market 75.44.
After reviewing the data and comparing the 2010 to the 2009 quarters are my following observations:
- The median single family sale price in Salem increased approximately 19.65% from $285,000. to $341,000. - Very Good News!
- The average list to sale price per cent ratio declined from 97.09% to 95.53% - So-So News.
- The average days on market increased by 36.91 days - Over 1 month longer, Not Good News!
- There was an approximate 49.2% decline in sales volume from 61 sales to 31 sales - Not Good News!
- As of 9/30/2010 there were 106 single family listings active on the market in MLSPIN or approximately 10.26 months of inventory on the market - Not Good News!
My observations are food for thought and discussion. Did the end of the home buyer tax credit have an effect on the Salem single family home market? Where is the Salem single family home market trending? Time will tell.
John R. Crosby, Realtor - Real Property, Inc. - Marblehead, MA 01945 - www.RealProInc.com - John@RealProInc.com - 781-639-1155
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