Hingham Real Estate Review and Market Insights

Third Quarter

2013

Photograph courtesy of Maryellen Jones, MJDesignStudio.net

It's Fall Foliage Season.....

Greetings all,

Welcome to Harvest Season! Hingham is an absolutely beautiful place this time of year. Personally my favorite fall activities include a walk at World's End or perhaps a boat ride around Hingham Harbor on a warm Indian Summer afternoon. If you live here, I am sure you have a favorite activity as well.

All media outlets are reporting that the "real estate market has rebounded" and I am pleased to report Hingham's transactions and sales volume are up from last year. However it does has some interesting twists as well. Read on in my Hingham Real Estate Summary for the details.

In this newsletter I have again provided "Fast Facts" below for those who prefer just the numbers. I have also added a designation to note statistics that are either more advantageous to buyers or sellers. In this issue they are predominantly advantageous to sellers. For those of you who have been reading my newsletters, you will recall that 2012 was an excellent year with significantly higher transactions and sales versus 2011. Experts predicted 2013 to be a stronger market than 2012 and so far that is accurate. I have also provided an analysis to summarize what all the statistics mean for our local real estate market.

You will notice that our inventory levels of homes on the market are down from a year ago. Currently our inventory levels are quite low and we know that buyers are looking. If you are considering selling your home, please contact me. It is still a good time to list your property for sale. It is also an excellent time to consider upgrading in this market.

Buyers- if you are looking to purchase this year it is prudent to be pre-approved for a mortgage. Kevin Byrne in our office is an extremely knowledgeable and excellent resource to assist you. For more information visit www.KevinByrne.com. Interest rates are starting to tick upward so now is the time to make a purchase and lock in a favorable rate.

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, text or click away.

Sincerely,

Pam Bates

Coldwell Banker Residential Brokerage

c: 617-240-1292

pamela.bates@nemoves.com

Just The Facts Please

Q1-3 2013 Hingham Single Family

Real Estate Fast Facts

If you are just looking for the facts, here are the

Q1-3 2013 vs Q1-3 2012 statistics

Changes Favoring Sellers

	Q1-3 2013	Q1-3 2012	% Change
Total Sales	$160,507,212	$149,389,570	7.5%
# of Homes Sold	210	197	6.6%
Days on the Market	111	126	(13.5%)
Average Sale Price	$764,320	$758,277	.8%
Average Sale Per Square Foot	$311	$297	7.1%
Sales to List Price Ratio	97%	96%	1.0%
Current Inventory	10/21/2013	10/21/2012	% Change
# of Homes on the Market	187	211	(12.8%)
Months of inventory	8.0 months	9.7 months	(22.1%)

Changes Favoring Buyers

Median Sale Price

$644,000

$660,000

(2.5%)

Source: Multiple Listing Service Property Information Network Inc.

Hingham Real Estate Q1-3 2013 Summary

The News is Almost All Good....

The results for the first three quarters of 2013 are up from a year ago in almost all categories. In Hingham single family home sales totaled over $160 million in for Q1-3 2013 versus over $149 million for the same period in 2012. This is an increase of 7.5%. For the first half of the year sales volume increased 9.1% so Q3 has not performed as well as Q1-2. During Q1-3 2013 there were 210 homes sold versus 197 during Q1-3 2012. This is an increase of 6.6%. During Q1-2 this was an increase of 8.6% so again Q3 is not performing as strong as Q1-2. In Q1-3 2013 the average days on the market was 111, a 13.5% decrease vs.126 in Q1-3 2012.

The good news is that total sales and transaction counts are up year over year, and days on market are down (both positive indicators of a real estate recovery). However the median price has gone down by 2.5% from a year ago. When reviewing sales at various price segments, it is clear that the most active range is below $700,000 More specifically the $500,000-$700,000 had the largest year-over-year growth with 60% more transactions than the previous year and a clear driver of the local real estate recovery. This growth has driven the median price from $660,000 a year ago to $644,000. Sales in the price segments above $700,000 and below $500,000 were for the most part similar year over year. Average price is up slightly but most experts suggest focusing on median price as it is not effected by a single very low or extremely high sale. I will continue to monitor this metric over the next several months to see if the median sale price rebounds.

Currently there is a 8 month inventory of homes available, which

is down from 9.7 months a year ago. In general, most metrics this quarter favor sellers, other than median sale price.

A 13-Year Perspective.....

While national sales figures show significant declines in home values, our local real estate market has held its own with slight variations in home values over the past seven years.

The Q1-3 2013 the median sale price was $644,000. Hingham during the past 12 years has ranged from $412,000 in 2000 to a high of $670,000 in 2010.

Source: Multiple Listing Service Property Information Network, Inc

A Sampling of Hingham Home Sales Q3 2013

Address	Sale Price	Days On The Market	Price per Square Foot
421 East Street	$420,000	181	$285
17 Minuteman Road	$525,000	8	$294
42 Arnold Road	$550,000	8	$377
295 Cushing Street	$494,500	5	$310
14 Jarvis Avenue	$500,000	132	$478
15 Summit Drive	$525,000	15	$328
22 Free Street	$525,000	23	$296
290 North Street	$643,000	77	$234
90 Cross Street	$650,000	17	$290
8 Water Street	$650,000	162	$357
662 Main Street	$691,000	335	$277
17 Ocean View Dr.	$749,000	9	$309
16 Park Circle	$989,000	12	$366
103 Downer Ave	$935,000	53	$284
403 Main Street	$1,250,000	191	$377
9 Pinecrest	$1,375,000	17	$404
10 Malcolm St.	$1,335,000	59	$324
199 Downer Ave	$1,850,000	293	$505
2 Steamboat Ln	$3,725,000	41	$707

If you would like the sale price for a property not listed above,

please contact me.

Source: Multiple Listing Service Property Information Network Inc.

South Shore Single Family Market Statistics

South Shore single family statistics

January - September 2013

Town	Total Sales	% change from Q1-3 2012	Avg Days on Mkt.	# of Units Sold	Median Sale Price
Cohasset	$86,494,443	13.6%	125	91	$915,600
Duxbury	$120,751,133	23.5%	101	184	$550,000
Hingham	$160,507,212	7.5%	111	210	$644.000
Norwell	$74,658,875	37.3%	142	113	$660,698
Scituate	$90,202,375	2.0%	108	176	$512,513

All towns showed growth in sales volume and number of homes sold. All towns showed growth in median sale price, other than Hingham., which was off by 2.7%. Norwell and Duxbury showed the largest growth in the combined metrics of sales volume and median sale price. Cohasset showed the largest growth in median sale price by over 21%! What does this all mean? I am not sure at this point but I will continue monitor these trends. In general the markets that performed weakest in 2012 are performing significantly better in 2013.

Source: Multiple Listing Service Property Information Network, Inc

Gracious Custom Shingle Style Home for Sale

22 Maryknoll Drive in Hingham, MA

This beautiful home was built in 2000 with over 5600 sq. ft. of living space and is located in the premier neighborhood of Brandon Woods. It features 3.26 acres of PRIVATE, meticulously maintained grounds, a 3 car garage, spacious family room with stone fireplace, sunroom overlooking expansive deck with hot tub, sunlit kitchen with granite countertops, first floor office, mudroom, guest suite, fireplaced living room and dining room. The home includes 5 bedrooms and 4 full and 2 half baths. Basement is fully finished with media room, gym, gas fireplace, auxiliary kitchen and powder room. A very special family home!

Proudly offered at $1,775,000

Click here for further information and photographs

Please contact me if you would like to view this beautiful home. Pamela.Bates@nemoves.com, cell: 617 240-1292.

In This Issue

Just The Facts Please

Hingham Real Estate Summary

South Shore Statistics

Gracious Custom Shingle Home for Sale

Your real estate resource

Pamela Bates

Realtor- Accredited Buyer Representative, Relocation Specialist, SRES,CNS,CHMS/

Notary Public

Coldwell Banker Residential Brokerage

56 South Street

Hingham, MA 02043

c: 617 240-1292

o: 781 749-4300

fax: 781 210-0227

email: pamela.bates@nemoves.com

Visit my website

www.PamBates.com

Home Selling Insights...

Trying to sell a house this year? Consider using

Feng Shui.

The practice, which originated in China, is a very down-to-earth analysis of what does (and doesn't) make your home appealing and inviting....

Click here to 'Feng Shui' your way to successful selling

Editor's Note: If you are looking for a local Feng Shui consultant, please contact me as I have an excellent recommendation.

Is it Time to Sell?

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.

Pamela.Bates@nemoves.com

c: 617 240-1292

There is no greater compliment than the referral from your family, friends and previous clients.

Real Estate in the Media

boston.com No Relief for Home Buyers

Home sales posted their best start to the fall season since 2005, with the number of homes changing hands rising 16 percent as well in September compared to September 2012......

Click here to read the entire article

Editor's Note: Locally in Hingham, September 2013 generated 31% more transactions and 34% more in sales revenue vs. September 2012!

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 October 22, 2013 the following rates are available:

-30 year fixed: 4.125% + 0 points

-FHA 30 year fixed: 3.75% + 0 points

-30 year Jumbo fixed: 4.5% + 0 points

-15 year fixed: 3.25% + 0 points

Other rate and point options available.

Rates have been variable. Now is the time to secure that fixed interest rate loan before they continue to rise!

Kevin can be reached via email or

at 781 718-3366

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 links to community information, more client testimonials and past editions of my Hingham Real Estate Newsletter

Social Media

You can find me on Facebook at

Pamela Carney Bates

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

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