Greetings!
Fall is in the air and with it news of continued stability in the local real estate market. As you will see, the Hingham market is gradually improving and all indications are for 2010 to show marked improvement over 2009. If you are a buyer, now is still a good time to enter the market and there are some excellent values. However, remember you are not the only buyer looking! If homes are properly priced, they will sell. Educate yourself on the market so you will know when a property is a good value. Interests rates are at all time lows as you will see in the Today's Rates section. If you are a potential seller, now might be the right time-particularly if your housing needs have changed since you made your last move.
As always 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,
Pamela BatesColdwell Banker Residential Brokeragec: 617-240-1292
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Hingham Q1-Q3 2010 Summary
Continued Improvement
Sales results during the first 9 months of 2010 showed significant improvement over the same period in 2009. In Hingham, single family home sales were over $128 million during the first three quarters of 2010 which is up over 30% from the same period in 2009. This consisted of 166 homes sold, up 20% from 2009. The average days on the market also showed improvement with an average of 109 days, a 26% reduction from the same period in 2009. The sales price to listing price ratio has also improved to 96%, meaning that buyers' and sellers' perspective of value is closer now than in the past. Finally and perhaps most importantly, median home price increased by 9.1% to $660,000. This was fueled by a median price of over $703,000 during Q3 of this year.
Despite the negative growth statistics communicated both nationally and locally, Hingham's home values are starting to rebound. As I reported in last quarter's newsletter, typically real estate recoveries begin with improved overall sales statistics with median/average home sales price gradually increasing over time. However, to fully understand the market one needs to evaluate it by price segment. For example, homes under the median price of $660,000 are typically selling significantly faster than those at the higher price points. One area of the market which has consistently commanded a premium is waterfront and waterview homes. At all price points those homes are in demand by buyers and sell relatively quickly if they are properly priced.
Hingham Median Home Sales Price 2000-2010 Median home sale price in Hingham during the past 10 years has ranged from $412,000 in 2000 to a high of $665,000 in 2005. The current median home sales price for Q1-3 2010 is $660,000 - close to the high in 2005! Q1-3 2010 showed 9.1% growth in median home sales price over the same period in 2009.
Source: Multiple Listing Service Property Information Network, Inc
A Sampling of Hingham Home Sales Q3 2010
|
Address |
Sale Price |
Days on the Market |
Cost per Square Foot | |
4 Sycamore Lane |
$457,500 |
37 |
$363 | |
10 Burr Road |
$475,000 |
55 |
$323 | |
8 Sanborn Road |
$545,000 |
34 |
$380 | |
33 Thompson Avenue |
$650,000 |
39 |
$367 | |
29 South Pleasant St |
$598,000 |
35 |
$304 | |
60 Colonial Road |
$582,500 |
35 |
$330 | |
100 Hersey Street |
$665,000 |
27 |
$302 | |
24 Winfield Road |
$719,000 |
15 |
$330 | |
19 Smith Road |
$890,000 |
51 |
$246 | |
81 Summer Street |
$900,000 |
80 |
$293 | |
20 Governor Long Rd. |
$920,000 |
372 |
$390 | |
11 Hersey Street |
$950,000 |
129 |
$249 | |
170 North Street |
$950,000 |
321 |
$231 | |
27 Elm Street |
$990,000 |
128 |
$324 | |
15 Isaac Sprague Dr. |
$1,005,000 |
173 |
$246 | |
59 School Street |
$1,100,000 |
14 |
$532 | |
205 Otis Street |
$1,200,000 |
145 |
$500 | |
4 Raynor Drive |
$1,370,000 |
100 |
$392 | |
5 Rosewood Lane |
$1,425,000 |
60 |
$289 | |
37 Otis Hill Rd. |
$1,575,000 |
278 |
$191 | |
158 Downer Avenue |
$1,650,000 |
59 |
$473 | |
240 Main Street |
$1,885,000 |
40 |
$314 | |
11 Howard Road |
$2,770,000 |
431 |
$591 |
If you would like information on a specific property not listed, please contact me.
Source: Multiple Listing Service Property Information Network, Inc. |
South Shore Single Family
Market Statistics
South Shore single family statistics
January - September 2010
|
Town |
Median Sales
Price |
% change
from 2009 |
Avg. Days
on Market |
# of
Units Sold | |
Cohasset |
$760,000 |
19.3% |
163 |
72 | |
Hingham |
$660,000 |
9.1% |
109 |
166 | |
Norwell |
$527,000 |
(8.5%) |
157 |
71 | |
Scituate |
$460,000 |
4.6% |
139 |
147 |
The Hingham and Cohasset markets continue to improve significantly from 2009 to 2010. Norwell and Scituate markets are little slower to rebound.
Source: Multiple Listing Service Property Information Network, Inc. |
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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
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| Featured Article | |
Home Improvements- A good investment? | |
Are you contemplating a home improvement project? Now may be an excellent time to take on a project in your home. Often contractors are looking for work which means better values for you the consumer!
Certainly most of us want to improve our homes to make them more enjoyable for ourselves or our family. However, from a resale standpoint, here are typical return on investment figures for home improvement projects:
- New flooring -134%
- New Heating system 100% and or/ air conditioning system -75%
- New deck addition- 85%
- Minor kitchen remodel-83%
- Window replacement -80%
- Major kitchen remodel-78%
- Add bathroom- 92%
- Add family room-68%
- Remodel bathroom-77%
- Basement remodel-75%
If you would like names of local architects, contractors or subcontractors, please email or call me. I would be pleased to assist with a recommendation. |
| Today's 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 10.12.2010 the following rates are available:
-30 year fixed: 4.0% +
0 points
-30 year Jumbo fixed: 5.0% + 0 points
-15 year fixed: 3.625% + 0 points WOW!
Other rate and point options available.
Kevin reports that rates continue at their unprecedented lows so NOW is an excellent time to secure that fixed, low interest rate loan!
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