Luxury Homes Sold on the South Shore - December 2013

The luxury sector represents the top 10% of homes by price in the South Shore Massachusetts real estate market: homes with a sales price of $1.25 million or more.

The luxury homes sector is up 26% year-over-year, based on the number of sales.

While the low number of sales is typical of this time of year, the anomalous characteristics of any single sale can have an exaggerated effect on the averages, rendering the monthly comparison with the longer term less useful.

In particular, one $6.75 million sale pulled up the averages for the other four sales, which were all between $1 and $2 million.

Nevertheless square footage, average sales prices and price per square foot were all above the 2013 average in December, which supports my sense that the sector is healthy and attractive to buyers. 

5 luxury homes sold on the South Shore in December

• 10 sold in November
• 7 sold last December
• 97, including one auction, sold in 2013
  • 77 sold in 2012 - so this sector is up 26% year-over-year
• A detailed list appears below

A remarkable selection of luxury homes are available on the South Shore right now

• The listings can be found at Luxury Homes for sale on the South Shore

 The AVERAGE

• SALE price was $2.55 million
  • up from $2.11 million in November and $1.79 million last December
  • the average South Shore luxury home sales price for all of 2013 was $1.82 million
• LISTING price was $2.70 million
  • up from $2.35 million in November and $1.87 million last December
  • the average for all of 2013 was $1.95 million
• ORIGINAL price was $2.95 million
  • up from $2.46 million in November and $1.97 million last December
  • the average for all of 2013 was $2.05 million
• AGE was 91 years (built in 1922)

Average = total prices / number of homes

The MEDIAN

• SALE price was $1.43 million
• LISTING price was $1.60 million
• ORIGINAL price was $2.4 million
• ASSESSMENT was $1.52 million

Median = the home halfway down the list

The average

• number of days on market was 157
  • up from 71 last month and 62 last December
  • the average for all of 2013 was 142 days
• square footage was 4,859
  • up from 4,796 last month and 3,716 last December
  • the average for all of 2013 was 4,545 square feet
• price paid per square foot was $468
  • up from $466 last month, but down from $492 last December
  • the average for all of 2013 was $410 per square foot
• luxury home sold for about 87% of its original asking price and 92% of its last listing price
• the average for all of 2013 was 89% of original asking price and 95% of the last listing price

There are 70 luxury homes on the market on the South Shore today

• That's 14 months of inventory at last month's slow sales pace
  

1 new property came on the market in December

• 14 properties are under agreement

Mortgage interest rates are trading around 4 1/2%

• At 4.5%, the monthly payment per $100,000 of principal loan amount is $506
• At 5.0%, the payment would be $536
• At 5.5%, the payment would be $568
  • If interest rates rise 1.0% this year, 30-year mortgages would cost 12% more

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 Luxury Homes for sale on the South Shore

Numbers may be rounded. The information contained in this report, Luxury Homes sold on the South Shore - December 2013, was taken from MLS Data run on 1/03/2014 and represents all single-family home sales in nine South Shore towns with sales prices at or above $1.25 million from 12/1/2013 to 12/31/2013 or the relevant period for the data presented. 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.