Salem, Massachusetts Real Estate Market Report (10/31/09)

The Salem MA real estate market offers a wide selection of affordable homes and condominiums continues to be very active with the lower prices, interest rates and tax credit incentives.  The Salem condominium market is very active with 21 units under contract, 107 active listings and 214 units sold year to date.  The average sales price is $226,645 and the average list price of available units is at $249,607.  Single family home average list price is higher at $428,588.  The average sales price of homes sold in Salem, MA in 2009 is down -5% to $301,214 and there are 51 homes available for sale.  Visit Salem MA homes for sale to view all real estate available for sale through the MA MLS.

The number of homes sold in 2009 increased from 125 in 2008 to 151 in 2009 with slightly lower prices.  MLS statistics show 51 homes on the market between $99,900 and $1,800,000 with an average list price of $428,588.  Only 6 homes are under contract and these homes have been on the market for 86 days.  Home buyers are focusing on the low end of the market where there are few listings.

The Salem condominium market reports 214 units sold in 2009 which is down slightly from the 229 condos sold in 2008.  Average sales prices have fallen -9% to $226,645 and statistics show a 127 days on market and a sales-price-to-list ratio of 96%.  There are 107 units on the market between $79,900 and $499,000 with a days-on-market of 136.  21 units are pending at an average asking price of $247,333 which will continue to support yearly sales averages once they close.