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Greetings!
Greetings All and Happy New Year! It is hard to believe the photograph above is January but New England weather can be unpredictable. Here we are in mid-January with no appreciable snow so far.
The trend we saw mid-year in 2011 continued through year end with real estate results sluggish and overall results off from a year ago. For Hingham, 2010 was a surprisingly good year and in part it may be that 2011 just could not compare. For this newsletter I have again provided "Fast Facts" below for those who prefer just the numbers and I have also provided an analysis.
I have also added a section on new developments in town. There are four and I have provided highlights and links to various websites below. New construction is a sign of confidence in the local real estate market. If you are interested in more information or buyer representation, just let me know.
In the first two weeks of January, we have seen new listings come on the market and go under agreement almost immediately. We are hopeful that is a sign of a positive 2012. There are properties coming on the market daily so if you are a buyer, keep looking. Fortunately, interest rates are still amazingly low as you will see in the Today's Rates section. If you are a potential seller, consider preparing your home for sale and listing your home before the spring market when there are buyers shopping but not a lot of inventory available.
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 |
2011 Hingham Real Estate Fast Facts
If you are just looking for the facts, here are the 2010 vs 2011 statistics.
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Homes Sold |
2010 |
2011 |
%
Change | |
Total Sales |
$167,210,666 |
$148,936,943 |
(12.2%) | |
# of Homes
Sold |
217 |
211 |
(2.8%) | |
Days on
the Market |
109 |
132 |
21.1% | |
Median Sale
Price |
$670,000 |
$631,000 |
(6.1%) | |
Sales to List
Price Ratio |
95% |
96% |
0.0% | |
Current
Inventory |
1/16/2011 |
1/16/2012 |
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# of Homes
on the Market |
144 |
172 |
20.3% | |
Months of
Supply |
5.2 months |
6.5 months |
25% | |
Days on
the Market |
193 |
192 |
0.0% |
Source: Multiple Listing Service Property Information Network Inc.
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Hingham Real Estate Year End 2011 Summary | |
Sales Results are Sluggish
Unfortunately 2011 results fell short when compared to 2010. In Hingham single family home sales totaled over $167 million in 2010 versus $149 million for the same period in 2011. This is a reduction of approximately 12.2%. In 2010 there were 217 homes versus 211 in 2011. This is a reduction of 2.8%. It is worth noting that in Q1-Q2 2010 there were still government home buying incentives in place which fueled some of our sales, particularly for first time home buyers.
In 2011 the average days on the market was 109 days which is an increase of 21% from the previous year. The sales price to listing ratio is stable at 96%. Finally, the median home price of $631,000 was off last year by 6.1%.
While 2011 results are sluggish, over time Hingham home values are continuing to hold their own. Currently there is a 6.5 month inventory available, which is typical for January. Inventory will start to increase as we approach spring. Typically real estate experts consider it to be a balanced market when there is a 6-month inventory available. At this point, the scale is still tipped in the direction of a buyer's market. While national sales figures are showing significant decline in home values, our local real estate market is holding its own with slight variations in home values over the past seven years.  The 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. 2011 posted a median sale price of $631,000.
Source: Multiple Listing Service Property Information Network, Inc
A Sampling of Hingham Home Sales Q4 2011
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Address |
Sale Price |
Days on
the Market |
Price per
Square Foot | | | | | | | | | |
19 Kimball Beach Rd, |
$294,000 |
223 |
$249 | |
18 West Street |
$405,000 |
200 |
$326 | |
29 Rice Road |
$400,000 |
67 |
$323 | |
21 Free Street |
$485,000 |
68 |
$230 | |
3 Hawthorne |
$509,000 |
50 |
$237 | |
17 Summit Dr |
$560,000 |
48 |
$400 | |
137 Fort Hill Road |
$530,000 |
225 |
$257 | |
125 Stayner: Unit 206 |
$548,900 |
11 |
$219 | |
161 Wompatuck Rd |
$550,000 |
100 |
$310 | |
123 Stayner: Unit 205 |
$600,000 |
11 |
$255 | |
146 Fort Hill Street |
$634,000 |
113 |
$257 | |
19 Thaxter St. |
$610,000 |
77 |
$254 | |
16 Stanford Drive |
$730,000 |
531 |
$244 | |
139 HMS Whitaker:2601 |
$721,800 |
11 |
$309 | |
90 Thistle Patch Unit 90 |
$775,880 |
18 |
$464 | |
22 Harvard Drive |
$777,500 |
27 |
$345 | |
193 South Pleasant Street |
$845,000 |
109 |
$254 | |
54 High Street |
$822,000 |
53 |
$260 | |
670 Main Street |
$1,050,000 |
49 |
$362 | |
269 High Street |
$1,150,000 |
346 |
$274 | |
36 Otis Hill Road |
$1,350,000 |
106 |
$402 | |
25 Irving Street |
$1,635,000 |
35 |
$338 | |
69 Fearing Road |
$1,537,500 |
165 |
$530 |
Source: Multiple Listing Service Property Information Network Inc.
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South Shore Single Family Market Statistics | |
January - December 2011
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Town |
Total Sales |
% change
from 2010 |
Avg.
Days on
Market |
# of
Units
Sold |
Median Sale Price | |
Cohasset |
$65,181,154 |
(11.6%) |
194 |
70 |
$689,250 | |
Hingham |
$148,936,946 |
(12.2%) |
132 |
211 |
$631,000 | |
Norwell |
$54,662,339 |
(1.4%) |
184 |
92 |
$535,000 | |
Scituate |
$93,884,345 |
(9.7%) |
138 |
177 |
$466,000 |
All towns experienced a decline in total sales with Norwell less impacted than the other communities. Hingham and Cohasset posted a slight decline in median price while Scituate and Norwell posted a slight increase.
Source: Multiple Listing Service Property Information Network, Inc |
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What's New In Town | |
Hingham boasts several new developments in town, which is an encouraging sign for the local real estate market. If you are interested in finding out more about any of these communities or buyer representation, please contact me for further information and insights.
Hewitts Landing- 150 luxury waterfront townhomes built by Lennar in The Hingham Shipyard. 2 or 3 bedroom options available. Phase II under construction with prices starting in the mid $500s.
The Moorings- 92 luxury residential condominiums. Harborviews from every residence. 1,2 or 2 plus bedrooms available. Under construction now starting in the high $400s.
The Moorings Website
Weathervane at Chestnut Gardens-23 detached single family homes on Beal Street in Hingham. 3 and 4 bedroom options available with pricing starting in the upper $600s. 3 model homes open.
 Derbybrook- 20 townhomes at 304 Whiting Street. Phase I under construction. |
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Your real estate resource
Pamela Bates
Realtor SRES,CNS,CHMS/
Notary Public
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......
"I greatly appreciate the time you spent and your advice on selling my sister's house. You always kept me informed on the plans to market the property and the progress you were achieving. I was very satisfied with the rather rapid sale of the property in light of the current economic climate. It was a pleasure working with you from start to finish!"
-Frank Gendreau
There is no greater compliment than the referral from your family, friends and previous clients |
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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 1/17/12 the following rates are available:
-30 year fixed: 4.0% + 0 points
-FHA 30 year fixed 3.75% + 0 pts
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-30 year Jumbo fixed: 4.5% + 0 points
-15 year fixed: 3.25% + 0 points
WOW- once again these rates have dropped in the past 3 months.
Other rate and point options available.
It 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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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 |
Find out what is happening around town at this website and read my real estate blog!
Hingham Patch
My Personal Website
Please visit my website, www.PamBates.com for local listings and past editions of my Hingham Real Estate Newsletter
Social Media
You can find me on Facebook at PamelaBatesRealtor
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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