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Salem, MA Home Prices Jump Double Digits First Half of 2018

Aug 24, 2018 8:12:35 AM

The median price of a single-family home, as well as a condominium, in Salem, Massachusetts increased double digits from January through June, according to data compiled by the Massachusetts Association of Realtors.

couple_key_moving_inMedian home prices spiked 13.1 percent to $424,240 compared to $375,000 during the first half of 2017. Homebuyers paid on average 99.7 percent of the original list price for single-family houses through June.

In June, the median price increased 8.7 percent to $462,000 compared to $425,000 in June 2017. On average, homebuyers paid 101.3 percent of the original list price in June.

Single-family home sales increased 23 percent during the first six months of 2018 to 107 closed sales compared to 87 houses sold during the same timeframe in 2017. Home sales skyrocketed in June to 29 from 19 sold in June 2017.

Unlike many other cities and towns, single-family home inventory increased in Salem in June. There were 24 homes on the market in June 2017 compared to 31 available houses in June 2018, a 29.2 percent increase. Despite the increase in inventory, there was only 1.5 months supply of inventory in June. About six months of real estate inventory is considered a balanced market between home buyers and home sellers. New listings of single-family homes dropped nearly 30 percent in June.

The median condominium price in Salem jumped 16 percent in June to $341,000 compared to $294,000 in June 2017. The median condo price was $240,000 five years ago in June 2013. On average, homebuyers paid 100.7 percent of the original list price in June.

Through June condo prices rose 10.3 percent to $332,000 compared to $301,000 during the first half of 2017. Homebuyers paid on average 100.5 percent of the original list price from January through June.

There were five more condo units closed in June (46) than June 2017 (41). Through June there were 189 condominiums sold compared to 178 in the first six months of 2017.

Available condominiums for sale in June plunged 40.5 percent to only 25, and the number of months supply of inventory in June fell 38.5 percent to less than one month (0.8). Condo inventory likely will remain tight in the near future. New listings declined 11.4 percent in June.

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Topics: Real Estate Market, Community Information, Massachusetts Home Prices, Massachusetts Association of Realtors, Salem MA

    

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