Real estate transactions in Salem followed a statewide trend last month, with a year-over-year increase in both single-family home and condo sales over August of 2011, according to data released by the Warren Group.
According to the Warren Group, a Boston-based company that tracks real estate transactions in New England, August marked the seventh straight month in which both home and condo sales posted an increase over the year before.
The 18 homes sold in Salem last month more than doubled the city's total for August of last year, when seven sales were closed. Year-to-date sales are up more than 50 percent, with 116 homes sold so far in 2012, as opposed to 77 in the first eight months of last year.
Timothy M. Warren Jr., CEO of the Warren Group, says the rise in sales is an indicator of good things to come.
"One more month of strong home sales confirm speculation that the housing market recovery is underway," he said in a statement.
The median price of homes sold in Salem last month was up by more than $20,000 from a year earlier to $269,000, but fell below the state average of $310,000.
For the first eight months of this year, the average home price in Salem has dropped overall from the same time last year. At $238,500, it remains well below the year-to-date state average of $290,000.
Condo sales spiked by more than 60 percent, from 22 sales in August of 2011 to 37 last month, but the average price remained relatively flat compared with the same time last year at $255,000.
Year-to-date sales are up from 138 in the first eight months of last year, to 176 this year, with a $10,000 increase in average price from $220,000 to $230,000.
Ryan Mooney can be reached at firstname.lastname@example.org. Follow him on Twitter @mooney_ryan.