Luxury Homes For Sale and Sold on the South Shore - January 2014

The luxury homes sector is up 26% year-over-year, based on the number of sales and, in January 2014, sales over $1.25 million doubled to 6 from last January's three.

The most significant transaction was 5 Bare Cove Lane, Hingham, which had been on the market for a year and a half. Originally priced for $10.8 million, it sold for $7.15 million.

Square footage, average sales prices and price per square foot were all continue to log very healthy, robust numbers, both year-over-year and in January. The sector is healthy and attractive to buyers. 

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 towns include Cohasset, Duxbury, Hingham, Kingston, Marshfield, Norwell, Pembroke, Plymouth and Scituate.

6 luxury homes sold on the South Shore in January

• 5 sold in December
• 3 sold last January
  • A detailed list of January sales appears below

• 97, including one auction, sold in 2013
  • 77 sold in 2012 - so this sector is up 26% year-over-year

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 $2.73 million
  • up from $2.55 million in December and $1.45 million last January
  • the average South Shore luxury home sales price for all of 2013 was $1.82 million
• LISTING price was $3.02 million
  • up from $2.70 million in December and $1.55 million last January
  • the average for all of 2013 was $1.95 million
• ORIGINAL price was $3.69 million
  • up from $2.95 million in December and $1.59 million last January
  • the average for all of 2013 was $2.05 million
• AGE was 44 years (built in 1970)

Average = total prices / number of homes

The MEDIAN

• SALE price was $2.20 million
• LISTING price was $2.90 million
• ORIGINAL price was $3.1 million
• ASSESSMENT was $1.59 million

Median = the home halfway down the list

The average

• number of days on market was 243
  • up from 157 last month and 216 last January
  • the average for all of 2013 was 142 days
• square footage was 5,078

• up from 4,859 last month but down from 5,261 last January
• the average for all of 2013 was 4,545 square feet

• price paid per square foot was $567
  • up from $468 last month and $277 last January
  • the average for all of 2013 was $410 per square foot
• luxury home sold for about 74% of its original asking price and 82% 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 73 luxury homes on the market on the South Shore today

• That's 13 months of inventory at last month's slow sales pace
  

9 new properties came on the market in January

• 13 properties are under agreement

Mortgage interest rates are trading around 4 1/4%

• 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

I love Turning Houses into Homes by helping people like you sell and buy homes on the South Shore

Click on a town name to see all the homes for sale in
Duxbury, Cohasset, Hingham, Kingston, Marshfield, Norwell, Pembroke, Plymouth and Scituate

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Call or text (339) 832-8487 or write me to sell your home, or to see any home for sale on the South Shore

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Luxury Homes for sale on the South Shore

Numbers may be rounded. The information contained in this report, Luxury Homes For Sale and Sold on the South Shore - January 2014, was taken from MLS Data run on 2/6/2014 and represents all single-family home sales in nine South Shore towns with sales prices at or above $1.25 million from 1/1/2014 to 1/31/2014 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. ©2014 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.