Our local market expert for Essex County, realtor Jim Armstrong, reports that activity has increased in the 1st quarter of 2008.

Multi-family homes and condos have become more affordable, with the median sold price dropping 9 percent for homes and 11 percent for condos from 2006 prices.

Single family homes in Salem have kept more value, with the median price only dropping 4.6 percent in '07.

Armstrong reports that, in general, Salem real estate has held its value better than many surrounding communities.

And the future looks bright for buyers, says Armstrong, who predicts a further softening of prices in 2008.

The spring market looks to be very busy, with homebuyers coming out to grab up the good deals on bank-owned property.

And Armstrong says that with its waterfront location, vibrant downtown, active arts community and short commute to Boston, Salem home sales will continue to do well.

Published: February 15, 2008

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