The Long & Foster Market Minute

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

Zip Code(s): 23453
Units Sold
67
Active Inventory
38
Median Sale Price
$292,500
Days On Market
16
Down -3%
Vs. Year Ago
Down -55%
Vs. Year Ago
Up 13%
Vs. Year Ago
Down -41%
Vs. Year Ago

Units Sold
The number of units sold remained stable in June, with 67 sold this month in Salem, Shipps Corner, and Landstown Real Estate. This month's total units sold was lower than at this time last year, a decrease of 15% versus June 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 47 units or 55%. The total number of active inventory this June was 38 compared to 85 in June 2020. This month's total of 38 is lower than the previous month's total supply of available inventory of 63, a decrease of 40%.

Median Sale Price
Last June, the median sale price for Salem, Shipps Corner, and Landstown Homes was $260,000. This June, the median sale price was $292,500, an increase of 13% or $32,500 compared to last year. The current median sold price is 3% higher than in May.

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


New Listings
76
Current Contracts
97
Sold Vs. List Price
102.9%
Months of Supply
0.6
Down -15%
Vs. Year Ago
Up 70%
Vs. Year Ago
Up 2.8%
Vs. Year Ago
Down -54%
Vs. Year Ago

Months of Supply
In June, there was 0.6 months of supply available in Salem, Shipps Corner, and Landstown, compared to 1.2 in June 2020. That is a decrease of 54% 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 76 homes newly listed for sale in Salem, Shipps Corner, and Landstown compared to 89 in June 2020, a decrease of 15%. There were 97 current contracts pending sale this June compared to 57 a year ago. The number of current contracts is 70% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Salem, Shipps Corner, and Landstown was 102.9% of the average list price, which is 2.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 16, lower than the average last year, which was 27, a decrease of 41%.

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.