“Another thing we have not seen in years,” Fox says, “is real appreciation. Sellers are actually making money and recouping their investments. We are seeing both a decrease in the number of condo ‘short sales’ and an increase in the median selling price. The curve has definitely shifted to the right.”
At MerryFox, 2012 saw a 65 percent increase in condominium closings and a 55 percent increase in overall sales, with price tags significantly higher than the year prior. As for 2013, should this past year be any indication, the partners are wildly optimistic.
“We attribute a lot of this to increased buyer confidence in the market. In our area and across the nation, home sales are definitely up,” Fox says. “There is also a confidence in Salem itself with the new expansion of the Peabody Essex Museum, the deepwater dock and the new power plant. This is just proof that there are great expectations for this area. It’s an exciting time to live in Salem.”
For information on buying and selling in Salem and surrounding towns, call or visit Betsy Merry and Dan Fox at MerryFox Realty, 224 Derby St., Salem; 978-740-0008.