Norwell home sales report for June, 2013
19 single-family homes sold in Norwell in June.
The average
SALES price was $566,000
LISTING price was $580,000
ORIGINAL price was $596,000
ASSESSMENT was $535,000
- Average = total prices / number of homes
The median
SALES price was $569,000
LISTING price was $579,000
ORIGINAL price was $579,000
ASSESSMENT was $478,300
- Median = the home halfway down the list
The average number of days on market was 81
The average price paid per square foot was $241
Look how close the sales prices are to the last listing price before the sale. After an initial price adjustment of about 3%, the average home then sold for about 98% of its last asking price.
There are 71 single-family homes on the market in Hingham today. That's less than 4 months of inventory, and only 24 new properties came on the market in June. With 19 sales in June, the inventory is barely being replaced.
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 Norwell, the market is hot. Buyers are buying when the offering price is within 5% of the amount the buyers are willing to pay. However, there's a shortage of new homes for sale. Several the most desirable homes are immediately attracting multiple offers, and some homes sold immediately at or above asking price.
Sellers need to be wary of overpricing. Of the 19 houses sold last month, only four of them were on the market longer than 90 days, and ALL four of them had been on for over 200 days! Price reductions finally attracted buyers in this hot market. Sellers 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 in the Norwell area.
View all the homes for sale on the South Shore at Norwell Homes for sale.
Numbers rounded to nearest thousand. The information contained in this Norwell home sales report for June, 2013, was taken from MLS Data run on 07/03/2013 and represents all single-family sales in Norwell 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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