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Market Conditions in Salem : Real Estate Advice

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Activity 3
Tue Jan 29, 2013
Jim Armstrong answered:
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
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Fri Jan 11, 2013
Louis Wolfson answered:
Depends on your reason for buying - to live in and enjoy or as an investment?

Investments are always a good time to buy, but you must know that the income will support the debt, expenses, reserve and provide a cash flow.

Homes rise and fall based on many factors, also salem has some very nice areas and others that are not as nice. Best to have an agent in the market that can guide you properly.
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Tue Jul 22, 2008
Michael Giles answered:
Hi Kevin,
It's hard to say with out seeing the property what it would sell for in today's market. Two units in the 4 building have tried unsuccessfully to sell recently. 4B is currently on at $239k.

You are fortunate to be in a strong finacial position and need to understand that any loss you take now will be made up in the equity of your next home as the market turns back around. Make your decision on your current lifestyle needs.
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