The Long & Foster Market Minute

Focus On: Salem, Shipps Corner, and Landstown Housing Market March 2021

Zip Code(s): 23453
Units Sold
64
Active Inventory
30
Median Sale Price
$245,250
Days On Market
19
Up 33%
Vs. Year Ago
Down -66%
Vs. Year Ago
Down -5%
Vs. Year Ago
Down -21%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 64 sold this month in Salem, Shipps Corner, and Landstown Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 59 units or 66%. The total number of active inventory this March was 30 compared to 89 in March 2020. This month's total of 30 is lower than the previous month's total supply of available inventory of 44, a decrease of 32%.

Median Sale Price
Last March, the median sale price for Salem, Shipps Corner, and Landstown Homes was $257,500. This March, the median sale price was $245,250, a decrease of 5% or $12,250 compared to last year. The current median sold price is 16% lower 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
70
Current Contracts
79
Sold Vs. List Price
102.3%
Months of Supply
0.5
Up 15%
Vs. Year Ago
Up 61%
Vs. Year Ago
Up 2.3%
Vs. Year Ago
Down -75%
Vs. Year Ago

Months of Supply
In March, there was 0.5 months of supply available in Salem, Shipps Corner, and Landstown, compared to 1.9 in March 2020. That is a decrease of 75% 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 70 homes newly listed for sale in Salem, Shipps Corner, and Landstown compared to 61 in March 2020, an increase of 15%. There were 79 current contracts pending sale this March compared to 49 a year ago. The number of current contracts is 61% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Salem, Shipps Corner, and Landstown was 102.3% of the average list price, which is 2.3% higher than at this time last year.

Days on Market
This month, the average number of days on market was 19, lower than the average last year, which was 24, a decrease of 21%.

The Long & Foster Market Minute Salem, Shipps Corner, and Landstown are defined as properties listed in zip code/s 23453.
*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 REIN and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of REIN or Long & Foster Real Estate, Inc.