Homes sold in Hingham - November 2013

By
Managing Real Estate Broker with Brad MacKenzie

123 Lazell, Homes sold in Hingham November 2013In Hingham, the real estate market remains quite warm, with statistics returning to their trend levels after unusual conditions last month. Prices, both sales prices and prices paid per square foot, are up about 10% since last year at this time. Sales are steady. No home that sold was on the market for seven months, and most sold in less than five months.

Sellers took significant price concessions from their original prices to make the transactions happen, but they did happen. This is just a generalization and a guess, but it seems as though some sellers are motivated to sell now, in the winter months, and quickly and astutely realized that their "late-summer pricing" wasn't generating buyer interest.

Buyers are starting to pay more to buy in Hingham than they have been in the recent past. Last month, it seemed that buyers weren't willing to pay up, but this month's sales show that perhaps they are perceiving new value in the available homes. With many homes under agreement, sales activity has been high, and the supply of homes is tightening somewhat.

16 single-family homes sold in November

  • down from 17 last month and 20 last November
  • a list with details about each sale appears below

There are many lovely homes available in Hingham right now

 

The AVERAGE

  • SALES price was $881,000
    • up from $673,000 last month and $811,000 last November
  • LISTING price was $956,000
    • up from $705,000 last month and $850,000 last November
  • ORIGINAL price was $985,000
    • up from $743,000 last month and $875,000 last November

30 Hobart Street, Homes sold in Hingham October 2013

  • AGE is 40 years (built in 1973)

Average = total prices / number of homes



The MEDIAN

  • SALES price was $775,000
  • LISTING price was $729,000
  • ORIGINAL price was $729,000
  • ASSESSMENT was nil (new contruction)

Median = the home halfway down the list


The average

  • number of days on market was 89
    • down from 176 last month and 123 last November
  • square footage was 2,516
    • up from 2,133 last month, but down from 2,738 last November
  • price paid per square foot was $330
    • up from $314 last month and up from $298 last November
  • home sold for about 88% of its original asking price and 92% of its last listing price

99 single-family homes are on the market in Hingham today

  • That's 6 months of inventory

19 new properties came on the market in November

  • 44 properties are currently under agreement or contingent

Mortgage interest rates are trading around 4 1/2%

  • At 4.5%, the monthly payment per $100,000 of principal loan amount is $506

  

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Hingham homes sold details - November 2013


Numbers may be rounded to nearest thousand. The information contained in this report, Homes sold in Hingham - November 2013, was taken from MLS Data run on 12/04/2013 and represents all single-family home sales in Hingham from 11/01/2013 to 11/30/2013. It is deemed reliable but cannot be guaranteed. 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.

Comments (5)

Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Brad, Very good spotlight on the market. Sellers are making concessions in our market too and it has become something the buyers expect.

Dec 10, 2013 10:50 AM
Sondra Meyer:
EXP Realty, LLC - Corpus Christi, TX
See It. Experience It. Live It.

Hi Brad,

This is a very informative market report.  Your analysis was helping in highlighting some of the key points.   Lately, I've found myself very interested in the sales/list price ratios... 

Have a great week. 

Dec 10, 2013 12:03 PM
Brad MacKenzie
Brad MacKenzie - Duxbury, MA
Turning Houses into Homes on the South Shore

I wonder if the concessions are anecdotal or a sign of a new trend, Debbie. I think, however, it is more likely the former, for a reason that segues into Sondra's point.

Typically, in the last few years in my market area on the South Shore of Massachusetts, offers have come in when the list price is within about 10% of what buyers are ultimately willing to pay. Lately, buyers have only shown up with offers when the price is within about 5% of what they end up paying.

Also, the market is just too strong for buyers to insist on large discounts from list. It's only because these Hingham sellers "got real", either recognizing that they had started out overpriced or recognizing that they'd better take a good offer before winter set in, that the concessions were made.

So I think the concessions seen in Hingham this month were expedient for the current purpose, but probably not the way things are headed.

Dec 10, 2013 12:42 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Great job with your report for the town of Hingham. You report is very detailed and easy to understand, especially for buyers and sellers.

Dec 10, 2013 05:52 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Brad, thanks for the in depth  real estate market report for Hingham MA.  Certainly looks like positive movement in an upper scale area.

Dec 10, 2013 08:03 PM