The median price of a single-family home in Salem, Massachusetts increased 19 percent in 2013 compared to 2012, according to data compiled by the Massachusetts Association of Realtors (MAR).
The median price of a single-family house in 2013 was $309,500, an increase from $260,000 in 2012. Home prices continued to rise in January 2014. In January, the median home price was $339,500 compared to $274,000 in January 2013, an increase of 23.9 percent.
Salem, MA single-family home sales increased 23.5 percent in 2013, increasing from 183 sales in 2012 to 226 home sales. Homes sales slowed in January. There were 13 home sold in January 2013 and 10 in January 2014, a 23.1 percent decline.
A lack of inventory has suppressed home sales in recent months. The inventory of homes for sale declined 7.1 percent in December 2013 followed by a 12 percent decline in inventory in January 2014. The months of single-family home supply declined 26.2 percent to 2.4 months of supply in January. The number of new listings declined 16 percent in January. There were 25 new listings put on the market in January 2013 and 21 new listings in January 2014.
There were 16 condominiums sold in Salem in January 2014 and January 2013, according to MAR data. Condo sales increased 15.8 percent in 2013. There were 322 condo sales in 2013 compared to 278 condo sales in 2012.
The median price of a condominium actually declined 3 percent in 2013, sliding from 229,950 in 2012 to $223,000; however, median condo prices spiked 31.1 percent in January 2014. The median price in January 2014 was $263,200 compared to $200,725 the previous January.
Condo inventory also declined in December and January. The number of condos on the market in December 2013 (47) declined 46.6 percent from December 2012 (88). In January, the number of condos available to home buyers dropped to 60 from 77 in January 2013, a 22.1 percent decline. There were 27 new condominium listings in January, one more than January 2013.
Single-family homes and condominiums sold faster in 2013 in Salem. The average number of days on the market for a single-family home declined 36.1 percent to 73 days from 115 days in 2012. Condos, on average, sold 25.5 percent faster in 2013 than 2012.