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

By
Managing Real Estate Broker with Brad MacKenzie

Home sales report for June, 2013

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

CHiNS sales June 2013

90 single-family homes sold in Cohasset, Hingham, Norwell and Scituate in June.

The average LISTING price was $735,000.

The average SALES price was $710,000.
    - Average = total prices / number of homes

The median listing price was $599,000.

The median sales price was $600,000.
    - Median = the home halfway down the list

The average number of days on market was 103.

The average price paid per square foot was $289.

Look how close the sales prices are to the last listing price before the sale. Properly priced homes are selling for about 97% of their average asking price.

There are 434 single-family homes on the market in the four CHiNS towns today. That's a fairly good number of homes for sale. There's now less than 5 months of inventory, although 116 new properties came on the market in June. With 90 sales in June, that means there's more inventory now than there was at the beginning of the month.

The big news last month was the spike in mortgage interest rates. Instead of thinking that rates are "in the 3 percent range", we are suddenly talking about rates in the 4 1/2 percent range. That increases the monthly cost of a mortgage by 5-10%, and decreases buyers' purchasing power by about the same amount. Instead of being able to borrow $380,000, for example, the same monthly mortgage payment only gets you a $348,000 mortgage. That's a loss of purchasing power of $32,000.

In the four CHiNS towns, buyers are finding great homes at very good prices, though they have to move quickly: there are many multiple offer situations and many homes are selling in the first few days after they go 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 to arrange a private showing of any home for sale on the South Shore.

View all the homes for sale on the South Shore at South Shore Homes for sale.

 

Numbers rounded to nearest thousand. The information contained in this CHiNS home sales report for June, 2013, was taken from MLS Data run on 07/03/2013 and represents all single-family sales in the four CHiNS towns from 06/01/2013 to 06/30/2013. It is deemed reliable but cannot be guaranteed. If you, as a seller or as a buyer, are currently under a written contract to use another broker exclusively then please disregard this notice.  It is not our intention to solicit other real estate broker’s clients. We are happy to work with them and cooperate fully. ©2013 Coldwell Banker Real Estate LLC. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Employer. Equal Housing Opportunity. Owned and operated by NRT, LLC.

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