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Alex Wiedmann, Home Owner in Salem, MA

what is the average change in sale prices of condos in Salem from May 2010 to the present?

Asked by Alex Wiedmann, Salem, MA Thu Jan 24, 2013

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Answers

6
2010 (1/29/2010 - 1/29/2011):
Total Condo's sold: 241
Median Price: $228,000

2012 (last year):
Total Condo's Sold: 281
Median Price: $228,000

Territory.com
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0 votes Thank Flag Link Tue Jan 29, 2013
Condos react last to a good market and first to a bad one.
I would contact a local real estate professional to provide specific info on your property.


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0 votes Thank Flag Link Tue Jan 29, 2013
Avg homes prices, single family & condo homes, was approximately $220k in 2010. Current Average Sales price is approximately $240K. Prices are still flutuating between a 3 to 5% increase since 2010.
If your thinking of selling it's a good time. If your thinking of buying a condo, there are still plenty of foreclosures available at very reasonable prices.
Let me know if you have additional questions/concerns regarding the Salem market that I may assist you with.
Loraine J Arrigo
C & L Arrigo Realtors
978-745-7300
0 votes Thank Flag Link Fri Jan 25, 2013
Mike Giles is correct. Condos in the Vinnin Square area are not selling for what they did in 2010. The only way to know for sure is with a current appraisal or market analysis. You can see all condos that are on the market or sold in Vinnin Square at: http://www.afhomesearch.com/searches/2226729
0 votes Thank Flag Link Thu Jan 24, 2013
Hi Alex,
Based on the activity in your complex, if you are asking "can I get what I paid for this unit", the answer is no. If you would like my opinion on pricing to help you decide if now is the time to sell, let me know. 978-808-8134

Mike Giles
0 votes Thank Flag Link Thu Jan 24, 2013
Alex,

The average condo sale in the first 5 months of 2010 was $234,817.
The average condo sale in the last 5 months (8/2012-1/2013) was $239,997.

With that said, it doesn't tell you anything about the value of an individual unit because it is not comparing apples to apples. There may have been more distressed properties sold during one period than another, or maybe more smaller or larger or newer units sold in one particular period. That is why most of the real estate market stats you see thrown around out there are almost useless. You have to compare apples to apples.

In January of 2010 there were 141 condos on the market compared to 87 today. Less inventory plus the greater demand that there is today over 2010 means higher prices. Anything in the downtown area goes under agreement quickly.

I hope that help a little bit. If you want to know what a particular condo unit is worth, contact a Realtor who specializes in condos.

Here is a link to the stats for 2010 and 2012:
http://www.witchcityhomes.com/temp/market-stats.html
0 votes Thank Flag Link Thu Jan 24, 2013
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