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Salem MA market stats for condominium home sales as of 9/30/2010.

By
Real Estate Agent with Real Property, Inc.

Salem MA market stats for condominium home sales as of 9/30/2010 shows the median sale price stabilizing but the overall sales volume declining in year to year quarterly comparisons.

As both a residential real estate appraiser and broker in the Salem market area I enjoy crunching the numbers to keep on top of the local market trends.  Recently I've anxiously been waiting to analyze the 1st quarter data since the end of the home buyer tax incentives on 6/30/2010 for the condominium market here in Salem (zip code 01970).

According to MLSPIN in the Salem Zip Code 01970 all condominium sales are as follows:

  • July 1, 2010 to Sept. 30, 2010 - 48 sales, sale priced $40,000. to $525,000., avg. list price $233,712., avg. sale price $224,122., avg. days on market 160.33.
  • July 1, 2009 to Sept. 30, 2009 - 71 sales, sale priced $25,000. to $345,000., avg. list price $238,235., avg. sale price $227,519., avg. days on market 113.01.

After reviewing the data and comparing the 2010 to the 2009 quarters are my following observations:

  • The median condo. price in Salem rose a modest 1.33% from $226,000. to $229,000. - Good News!
  • The average list to sale price per cent ratio rose modestly from 95.5% to 95.9% - Good News!
  • The average days on market increased substantially from 113.01 days to 160.33 days - Not Good News.
  • There was an approximate 32.4% decline in sales volume from 71 sales to 48 sales - Not Good News.
  • As of 9/30/2010 there were 178 condo listings active on the market in MLSPIN or approximately 11.125 months of inventory on the market - Great News for Buyers - Not Good News for Sellers.

My observations are food for thought and discussion.  Did the end of the home buyer tax credit have an effect on the Salem condominium market?  Where is the Salem 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   

Massachusetts Certified Residential Real Estate Appraiser #1048

Comments (1)

Jim Hazell
Real Property Inc. - Marblehead, MA

John,your in depth knowledge of the market is mind boggling.You have nailed the numbers and its a lot easier to show clients the Real Truth even though they want more $$$.Keep up the great work.

Oct 05, 2010 04:59 AM