There are a couple of North Shore brokers who are regulars on Trulia Voices who will certainly be answering soon. Your best bet is to hook-up with one of them and have them come take a look. Seek out a neighborhood expert to get the best advice on potential current market value for your home.
Keep in mind, if you're buying again in this market, you will probably "make up the difference" of anything you might lose on your sale.
178 properties sold
Median Price: $287,500
3/27/2011 - 3/27/2012
141 properties sold
Median Price: $256,000
Median price is down about 11% and the number of properties sold is down around 21%
It's tough to say without seeing the property but I think Jim is right on. The biggest thing that moves any home in this market is motivation. How badly do you want to get out and why? If you can afford it and don't need to leave, I would say ride it out. Only you know the answers.
Just out of curiosity are you related to Danny,Dave,Lisa and Susan Morrissey?
The market for condos in Salem is still pretty good, so that works in your favor. Unfortunately it take a lot longer to sell a condo now that it did back in 2005, with an average market time or 136 days compared with 67 days back then. The prices have dropped somewhat also - 2005 was the height of the market. Since 2005, prices have dropped by almost 10% for 5 room, 2 bedroom condos like yours. Prices are expected to continue to soften in the next year. So you could expect to sell your condo in this market for around $240,000 - if you find the right buyer.
The good news - if you are going to sell your condo, now is the time. Spring is here, and it is busy (at least for us).
We're available if you would like to talk.