Homes sold in Hingham - December 2013

Hingham cleared out the inventory in December! Most of the homes that had been contingent or under agreement in the prior month were sold, only four homes came on the market, and 19 homes sold in December. With just four sales above $1 million, the averages are down a bit, but homes are selling very fast and for most of their asking prices.

Contrast this with the market last month, during which sellers took significant price concessions to make the transactions happen. Sellers this month didn't make significant concessions, so these homes were priced properly from the beginning. Sellers whose homes have been on the market for more than 60 days should be asking themselves some questions about their pricing strategy.

For all of 2013, the median price per square foot paid for a Hingham home is essentially unchanged from 2012 at $312.

After averaging out the monthly variations, buyers are still paying about what they have been willing to pay for a Hingham home for the past couple of years. Until some more properties come on the market, though, they won't have much time to decide: sales activity has been high, and the supply of homes is tight.

19 single-family homes sold in December

• up from 16 last month and 18 last December
• a list with details about each sale appears below
• 262 homes sold in all of 2013

The current list of homes for sale in Hingham can be found at Hingham homes for sale

The AVERAGE

• SALES price was $795,000
  • down from $881,000 last month and $828,000 last December
  • the average for all of 2013 was $768,000

• LISTING price was $813,000
  • down from $956,000 last month and $852,000 last December
  • the average for all of 2013 was $798,000

• ORIGINAL price was $831,000
  • down from $985,000 last month and $883,000 last December
  • the average for all of 2013 was $823,000

• AGE is 76 years (built in 1937)

Average = total prices / number of homes

The MEDIAN

• SALES price was $735,000
• LISTING price was $765,000
• ORIGINAL price was $765,000
• ASSESSMENT was $727,000

Median = the home halfway down the list

The average

• number of days on market was 54
  • down from 89 last month and 123 last December
  • the average for all of 2013 was 89
• square footage was 2,627
  • up from 2,516 last month and 2,565 last December
  • the average for all of 2013 was 2,437
• price paid per square foot was $312
  • down from $330 last month, but up from $293 last December
  • the average for all of 2013 was $313
• home sold for about 96% of its original asking price and 98% of its last listing price
  • the average for all of 2013 was 93% of the original price and 97% of the last price

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

• That's 4 months of inventory, and the supply has been falling

4 new properties came on the market in December

• 7 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
• 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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Numbers may be rounded. The information contained in this report, Homes sold in Hingham - December 2013, was taken from MLS Data run on 1/04/2014 and represents all single-family home sales in Hingham from 12/01/2013 to 12/31/2013 or the relevant time period for the data shown. 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.