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Greetings!
Spring has started to arrive and we say good bye to the notorious winter of 2010-2011. I don't remember the last time I was quite so excited to see budding trees, green grass and spring bulbs!
Unfortunately December, January and February's snow storms had an impact on the local real estate market. It is hard to shop for a property that is covered with 2+ feet of snow and sales were down for Q1 2011 vs. 2010. However, we are hopeful we have a strong spring market as in 2010 and overall market trends are encouraging.
For this newsletter I have again provided "Fast Facts" below for those who prefer just the numbers and I have also provided an analysis as well.
There are many properties coming on the market so if you are a buyer, now is the time to be looking. Fortunately interest rates are still unusually low as you will see in the Today's Rates section. If you are a potential seller, there is still time to put your property on the market for this spring.
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,
Pam Bates
Coldwell Banker Residential Brokerage
c: 617-240-1292
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Just The Facts Please | |
Q1 2011 Hingham Real Estate Fast Facts | |
If you are just looking for the facts, here is Q1 2011
vs Q1 2010 statistics.
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Homes Sold |
Q1 2010 |
Q1 2011 |
%
Change | |
Total Sales |
20,913,805 |
17,614,622 |
(18.7%) | |
# of Homes
Sold |
32 |
26 |
(23%) | |
Days on
the Market |
119 |
194 |
63% | |
Median Sale
Price |
$522,500 |
$612,400 |
17% | |
Sales to List
Price Ratio |
94% |
94% |
-0- | |
Current
Inventory |
4/8/2010 |
4/8/2011 |
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# of Homes
on the Market |
227 |
198 |
(14.6) | |
Months of
Supply |
14 |
11 |
(27%) | |
Days on
the Market |
181 |
140 |
(29%) |
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Source: Multiple Listing Service Property Information Network, Inc |
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Hingham Real Estate Q1 2011 Summary | |
The Winter Blues
Q1 2011 results were a direct result of an unusually snowy winter, particularly during the months of January and February. In Hingham, single family home sales totaled over $20 million for Q1 2010 versus $17.6 million for the same period in 2011. This is a reduction of over 18% vs. the prior year. In 2010 there were 32 homes sold during Q1 vs 26 in 2011. This is a reduction of 23%. However, the first three months are typically the slowest months for home sales and the total number of homes we are evaluating is relatively small. In addition, in Q1 2010 there were still government home buying incentives in place which fueled some of our sales, particularly for first time home buyers.
Here is the good news: In 2011 the average days on the market showed improvement with an average of 140 days, a 29% reduction from the same period in 2010. The sales price to listing price ratio was consistent from Q1 2010 to Q1 2011 at 94%. Finally and perhaps most importantly, the median home price increased from Q1 2010 to Q1 2011 by 17.0% to $612,400!
Despite the poor sales results for the first quarter of 2011, it appears that Hingham home values have stabilized. Overall 2010 was a much improved year for Hingham real estate with total sales, median sales price and all other metrics improving over 2009. As I reported in my last three issues, typically real estate recoveries begin with improved overall sales statistics with median/average home sales price gradually increasing over time. However, the key to successfully selling a home in this market is proper pricing and broad exposure to the prospective buyer pool.
Hingham Median Home Sales Price 2000-Q1 2011
Median home sale price in Hingham during the past 10 years has ranged from $412,000 in 2000 to a high of $670,000 in 2010! Prior to 2010, the highest median home value was in 2005 at $665,000. Q1 2011 showed a 17% increase over the same period in 2010.
Source: Multiple Listing Service Property Information Network, Inc
A Sampling of Hingham Home Sales Q1 2011
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Address |
Sale Price |
Days on
the Market |
Cost per
Square Foot | |
1108 Main Street |
$475,000 |
548 |
$190 | |
5 Bradley Park Drive |
$560,000 |
96 |
$316 | |
16 Andrews Isle |
$655,000 |
147 |
$288 | |
2 Home Meadows |
$675,000 |
369 |
$325 | |
7 Captain Thomson |
$857,000 |
82 |
$351 | |
5 Stevens Way |
$900,000 |
278 |
$289 | |
4 Grenadier Road |
$997,000 |
25 |
$253 | |
9 Isaac Sprague Drive |
$1,080,000 |
15 |
$298 | |
187 HMS Halsted Drive |
$1,081,000 |
103 |
$416 | |
45 Lincoln Street |
$1,155,000 |
208 |
$330 | |
17 Maryknoll Dr |
$1,200,000 |
306 |
$270 | |
5 Osprey Way |
$1,316,100 |
328 |
$598 | |
2 Sayles Road |
$1,724,500 |
223 |
$276 |
If you would like information on a property that is not listed, please contact me.
Source: Multiple Listing Service Property Information Network Inc.
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| South Shore Single Family Market Statistics | |
Q1 2010 vs Q1 2011
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Town |
Median
Sales Price |
% change
from 2010 |
Avg.
Days on
Market |
# of
Units
Sold | |
Cohasset |
$880,000 |
42.2% |
305 |
11 | |
Hingham |
$612,500 |
17% |
194 |
26 | |
Norwell |
$383,000 |
(4.9%) |
188 |
17 | |
Scituate |
$420,000 |
(6.6%) |
144 |
25 |
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Cohasset's median price and days on the market were significantly influenced by a home selling for $2,500,000 in 449 days. Cohasset and Hingham are showing growth in median price while Norwell and Scituate are lagging slightly behind in this metric.
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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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Comments from a Recent Client..... |
"Pam was a true pleasure to work with, and went well above and beyond the call of duty in looking after our interests. From search to offer to negotiation to acceptance to inspection to closing, she vastly exceeded even our highest expectations of what a real estate agent should be.
We are extremely grateful to her, and we would recommend her proudly and without hesitation to anyone looking to buy a home in the South Shore / Hingham area."
- Fred and Lindsay Bierwirth
Referrals always welcome and appreciated! |
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Did you hear the good news?
Boston Magazine rated Hingham as one the top communities for "Trading Up".
The article boasts, "Hingham-nothing else says, 'suburban oasis' quite as elegantly."
I couldn't agree more!
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What is my House Worth? |
If you are interested in finding out the value of your home, I can provide you with a Complimentary Market Analysis. Likewise, if you know of someone who might be interested in making a change, I welcome all referrals.
If you are contemplating a move out of this area, I can also provide you with a referral to a knowledgeable Coldwell Banker relocation expert in the market of your relocation.
Pam Bates
c: 617 240-1292
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Useful Resources
My New Website
Please visit my website, www.PamBates.com, for local listings as well as community news and information
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Social Media
You can find me on Facebook at PamelaBatesRealtor
'Like' my page during April and your name will be in a raffle for a $100 gift card to Square Cafe in Hingham!
As well as on LinkedIn
And Twitter as well!
Other Resources
Have you visited New England's #1 real estate website? Click below for Coldwell Banker's regional website, NewEnglandMoves.com
NewEnglandMoves.com
Mortgage Calculator
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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 4/11/11 the following rates are available:
-30 year fixed: 5% + 0 points -30 year Jumbo fixed: 5.625% + 0 points
-15 year fixed: 4.25% + 0 points
Other rate and point options available.
Kevin reports that rates are starting to increase so NOW is an excellent time to secure that fixed, low interest rate loan! Kevin can be reached via email or at 781 718-3366
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Thinking of becoming a Realtor?
I would be pleased to speak with you about working for Coldwell Banker, the #1 real estate office in Hingham, New England and The United States!
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"Pam was a true pleasure to work with, and went well above and beyond the call of duty in looking after our interests. From search to offer to negotiation to acceptance to inspection to closing, she vastly exceeded even our highest expectations of what a real estate agent should be.