| Greetings!
Greetings to all! Spring is in the air and with it comes a much improved real estate market. You may notice that my newsletter format has changed with more information. charts and resources available with just a click of your mouse.
As you will see, the HIngham market has started to stabilize. In my opinion, all indications are for a far better real estate market if you are a seller. If you are a buyer, it may be time for you to react and get into this market.
If you have any questions about the local real estate market or would like to discuss purchasing or selling a home, I am just a phone call or a click away.
Sincerely,
Pam Bates
c 617 240-1292
|
First Quarter 2010 Summary
Market Improvement
Sales results in Q1 of 2010 showed significant improvement over the same period in 2009. Fortunately we have now seen 9 months of year-over-year increases in total home sales. In Hingham, single family home sales were just shy of $20 million during the first quarter which is up 26% from the same period in 2009. This was comprised of 31 homes sold, up 55% from Q1 2009. The average days on the market also showed improvement with an average of 122 days, a 27% reduction from the first quarter of 2009. Only one metric was not as favorable - median home price. During Q1 2010 the median home price was $520,000 a 13.5% decrease from the same period in 2009. This is most likely attributable to the homebuyer tax incentives available to first-time and some current homeowners, causing more sales in the lower end of the market. The sales price to listing price ratio has also shown an improvement with the ratio for Q1 2010 at 94%, which is a 2% increase from 2009.
The sales data is very encouraging and suggests the market is stabilizing. Typically real estate recoveries begin with improved overall sales statistics with the median/average home sales price gradually increasing over time.
Sampling of Q1 Recent Sales
|
Address |
Sales Price |
Price per Square Foot |
Days on the Market |
|
73 Hersey Street |
$397,000 |
$371 |
44 |
|
44 Smith Road |
$487,000 |
$320 |
26 |
|
2 Queen Anne La. |
$670,000 |
$259 |
109 |
|
715 Main Street |
$712,500 |
$375 |
46 |
|
18 Chamberlain R. |
$795,000 |
$285 |
143 |
|
102 East Street |
$810,000 |
$257 |
154 |
|
3 Seal Cove Road |
$845,000 |
$518 |
10 |
|
675 Main Street |
$895,000 |
$208 |
201 |
|
38 Cottage Street |
$1,000,000 |
$257 |
148 |
|
93 Main Street |
$1,350,000 |
$270 |
273 |
|
4 Pinecrest Road |
$1,375,000 |
$290 |
168 |
|
4 Jarvis Avenue |
$1,375,000 |
$342 |
300 |
|
3 Lily Pond Lane |
$1,450,000 |
$277 |
296 |
Source: Multiple Listing Service Property Information Network, Inc. |
South Shore Single Family Market Statistics
Overall results for 2009 are slightly off from 2008. However Hingham's median sales price was less effected by the market as compared to other South Shore communities.
January-December 2009
|
Town |
Median Sales
Price |
% change
from 2008 |
Average Days
on Market |
Number of
Units Sold |
|
Cohasset |
$682,500 |
(6.0%) |
209 |
74 |
|
Hingham |
$610,000 |
(3.3%) |
151 |
189 |
|
Norwell |
$515,000 |
(8.7%) |
134 |
81 |
|
Scituate |
$440,000 |
(4.3%) |
165 |
156 |
Source: Multiple Listing Service Property Information Network Inc. |
Homebuyer Tax Credits Expire April 30!
As you may know, the first time Homebuyer Tax Credit has been extended and expanded. Now both first time and current owners can qualify for a tax credit up to $8,000 should they place a property under agreement between now and April 30, 2010. In addition, income levels have been increased which should allow more buyers in this market to qualify.
|
Feature |
For First-Time Homebuyers |
For Current Qualifying Homeowners |
|
Amount of Credit |
$8,000 ($4,000) married filing separate) |
$6,500 ($3,250 married filing separate) |
|
Eligibility |
May not have had an interest in a principal residence for 3 years prior to purchase |
Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years |
|
Termination of Credit |
Purchases after April 30, 2010 |
Purchases after April 30, 2010 |
|
Binding Contract Rule |
So long as a written binding contract to purchase is in effect on April 30, 2010 the purchaser will have until June 30, 2010 to close |
So long as a written binding contract to purchase is in effect on April 30, 2010 the purchaser will have until June 30, 2010 to close |
|
Income Limits |
$125,000 - Single
$225,000 - Married
Additional $20,000 Phase Out |
$125,000 - Single
$225,000 - Married
Additional $20,000 Phase Out |
|
Limitation on Cost of Home Purchased |
$800,000 |
$800,000 |
|
Purchase Made by a Dependent
|
Ineligible
|
Ineligible
|
|
Additional Requirements |
Purchaser must attach documentation of purchase to tax return |
Purchaser must attach documentation of purchase to tax return | | |
| Your real estate resource |
|
Pamela Bates
Coldwell Banker Residential Brokerage
56 South Street
Hingham, MA 02043
c: 617 240-1292
o: 781 749-4300
vm/fax: 781 210-0227
|
| Featured Article |
As reported in
The Boston Globe 3.31.10...
February was the third straight month that median home prices have risen in the Bay State, said the Warren Group, a Boston firm that tracks local real estate activity and publishes Banker and Tradesman.
"The local housing market has definitely gained momentum in the last few months as single family home sales have risen year-over-year for eight months in a row, " Warren Group chief executive Timothy M. Warren Jr. said in a statement. "The increase in sales volume has helped fuel pretty significant gains in median prices over the last three months."
|
| Featured Article |
Time is running out on real estate tax credits! |
| Todays Rates |
| Interested in finding out about mortgage rates?
Kevin Byrne, Coldwell Banker's full-time senior mortgage specialist can recommend a mortgage plan to fulfill your needs.
As of 4/5/10 the following rates are available:
-30-year fixed: 5.0%, 0 points
-15-year fixed: 4.75%, 0 points
Other rates and point options available.
Kevin reports that rates are trending higher so now is a good time to secure that fixed, low interest rate loan!
Kevin can be reached at kevin.byrne@nemoves.com or 781 718-3366 |
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