CHiNS home sales report May, 2013 (Cohasset Hingham Norwell Scituate)

Managing Real Estate Broker with Brad MacKenzie

Home sales report for May, 2013

for the towns of Cohasset, Hingham, Norwell and Scituate (CHiNS)

CHiNS sales May 2013

55 single-family homes sold in Cohasset, Hingham, Norwell and Scituate in May. 

The average LISTING price was $774,000. 
     (Average: total prices / number of homes)

The median listing price was $615,000.
     (Median: the home halfway down the list)

The average SALES price was $741,000.

The median sales price was $608,000.

The average number of days on market was 119.

The average price paid per square foot was $269.

There are 391 single-family homes on the market in the CHiNS towns today. That's about 7 months of inventory, but 118 new properties came on the market in May. With 55 sales in May, that means there's more inventory now than there was at the beginning of of the month.

For the past six months, major metropolitan real estate markets have been very active, with large increases in the number of sales, and many homes selling for more than their asking price after receiving multiple offers. Why? Buyers, including many investors, are coming back into the market at a time when interest rates are at historic lows and there just haven't been a whole lot of sellers. 

In many parts of the country, however, outside of major metropolitan areas, sales haven't necessarily increased. Nor have prices accelerated upward. And now, the mere mention that the Federal Reserve might slow their purchases of mortgages -- at some time in the future -- sent interest rates spiking higher. 

In the four CHiNS towns, south of Boston, what this all boils down to is a continuing opportunity for buyers to find very nice homes at very attractive prices and low monthly mortgage costs, even though there has been competition and multiple offer situations for many of the most attractive homes on the market.

Sellers, on the other hand, can readily sell their home now as long as the price gives buyers a good value compared to similar homes already on the market.

Contact me to sell your home or arrange a private showing of any home for sale on the South Shore of Massachusetts.

View all the homes for sale in Cohasset, Hingham, Norwell and Scituate at South Shore Homes for sale.

Comments (6)

Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Thank you for the market report.  I am sure that the consumers like it.

Jun 01, 2013 10:32 AM
Brad MacKenzie
Brad MacKenzie - Duxbury, MA
Turning Houses into Homes on the South Shore

Thanks, Elite!

Jun 01, 2013 10:44 AM
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Great market information for your area...I love Hingham especially...sharing what the consumer needs to make qualified decisions...hope they call you Brad!

Jun 01, 2013 09:20 PM
Brad MacKenzie
Brad MacKenzie - Duxbury, MA
Turning Houses into Homes on the South Shore

Thanks, Ginny!

Jun 01, 2013 10:40 PM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Brad -- it sounds as if sellers better be well-priced, well-presented and well-prepared as buyers have lots of opportunities in your area.   

Jun 02, 2013 12:25 AM
Brad MacKenzie
Brad MacKenzie - Duxbury, MA
Turning Houses into Homes on the South Shore

They do, Michael, and yet, well-priced homes are flying off the shelves, so to speak.

Jun 23, 2013 12:27 PM