The Long & Foster Market Minute

Focus On: Salem and Catawba Housing Market March 2021

Zip Code(s): 24153 and 24070
Units Sold
38
Active Inventory
30
Median Sale Price
$251,000
Days On Market
47
Up 6%
Vs. Year Ago
Down -70%
Vs. Year Ago
Up
Vs. Year Ago
Down -10%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 38 sold this month in Salem and Catawba Real Estate versus 29 last month, an increase of 31%. This month's total units sold was higher than at this time last year, an increase of 6% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 69 units or 70%. The total number of active inventory this March was 30 compared to 99 in March 2020. This month's total of 30 is lower than the previous month's total supply of available inventory of 41, a decrease of 27%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last March, the median sale price for Salem and Catawba Homes was $175,750. This March, the median sale price was $251,000, an increase of $75,250 compared to last year. The current median sold price is higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
45
Current Contracts
46
Sold Vs. List Price
99.0%
Months of Supply
0.8
Down -13%
Vs. Year Ago
Up 31%
Vs. Year Ago
Up 0.7%
Vs. Year Ago
Down -71%
Vs. Year Ago

Months of Supply
In March, there was 0.8 months of supply available in Salem and Catawba, compared to 2.8 in March 2020. That is a decrease of 71% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 45 homes newly listed for sale in Salem and Catawba compared to 52 in March 2020, a decrease of 13%. There were 46 current contracts pending sale this March compared to 35 a year ago. The number of current contracts is 31% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Salem and Catawba was 99.0% of the average list price, which is 0.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 47, lower than the average last year, which was 52, a decrease of 10%.

The Long & Foster Market Minute Salem and Catawba are defined as properties listed in zip code/s 24153 and 24070.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by Information included in this report is based on data supplied by the Roanoke Valley Association of REALTORS (RVAR) and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace as some brokerages choose not to provide transaction information. This may result in an understatement of completed sales and available listings. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of RVAR or Long & Foster Real Estate, Inc. or Long & Foster Real Estate, Inc.