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Hingham Real Estate Review and Market Insights
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Year End 2017 |
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 The bridge at the entrance to World's End- welcome!
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 Wintertime!
Greetings all,
Welcome to winter! The record setting warm temperatures of fall 2017 are merely a memory. Many clients and friends ask me, "How is the local real estate market?" The answer to that question is GREAT! Below you will see 2017 results as well as insights and perspectives on what to expect in 2018.
Overall 2017 was another very strong year for the local real estate market. Total volume is up and Median & Average Sale Prices are way up. All great news for sellers. The only metric which slightly favors Buyers is Total Homes Sold which was down slightly. 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. There is also an analysis to summarize what all the statistics mean for our local real estate market.
Experts predict the strong local real estate market will continue in 2018. Sellers -this is a great time to consider a change. If you would like an opinion of value and a suggested home improvement list with references of reputable contractors, please let me know. I am pleased to assist you with a market evaluation for your house or help you find that special new home.
Mortgages- I have provided the latest on mortgage rates from Kevin Byrne, who is now with Blue Hills Bank. He is my 'Go To' person as he is responsive, professional, reliable and offers very competitive mortgage rate options.
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
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Just The Facts Please
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2017 Hingham Single Family
Real Estate Fast Facts
If you are just looking for the facts,
here are the
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1/1/2017- 12/31/2017 |
1/1/2016- 12/31/2016 |
% Change
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# of Homes Sold
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245
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259 |
(5.7%) |
Changes Favoring Sellers
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1/1/2017- 12/31/2017
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1/1/2016- 12/312016 |
% Change |
| Total Sales |
$234,633,539 |
$214,920,792 |
.9.2% |
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Sales to List Price Ratio
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97%
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97%
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0%
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| Average Sale Price |
$957,688 |
$829,810 |
15.4% |
| Median Sale Price |
$799,000 |
$715,000 |
11.8% |
Average Sale Per Square Foot
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$359
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$350
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5.4% |
Days to Offer
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50
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53
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(6.0%)
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Current Inventory
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1/3/2017
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# Homes on the Market
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47
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48
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(2.1%)
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| Months of Inventory |
2.3 |
2.2 |
4.6 |
Source: Multiple Listing Service Property Information Network Inc.
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Hingham Real Estate 2017 Summary
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Home Values are Increasing- Great News for Sellers!
In Hingham single family home sales totaled just over $234.6 million for 2017 versus $214.9 million for the same period in 2016, which is a 9.2% increase. During 2017 there were 245 homes sold versus 259 during the same period in 2016, with results down slightly by 5.7%. The slight decrease in total homes sold can be attributable to a lack of inventory in the below $1 million range.
Of the 245 homes sold in 2017, 169 had sale prices below $1 million. That is a decrease of 18% from 2016. In the over $1 million category, there were 76 sales in 2017 which is an increase of 29%. In 2018, we actively need more Hingham homes below $1 million to meet buyer demand.
I have started to track Days to Offer vs Days on the Market. The difference is Days to Offer measures time on the market prior to an accepted offer. Days on the Market includes time for contingencies-inspections, financing, etc. I believe Days to Offer is a better metric to measure the demand for homes on the market. In 2017 it was an average of 50 Days to Offer vs.53 Days to Offer in 2016. That is a decrease of 6.0%,
Most importantly, Median and Average Homes Sale Prices are up significantly from a year ago. Median sale price is up by 11.8% a year ago to $799,000 and the average sale price up by 15.4% to $957,688. Great news for sellers!
A 10-Year Plus Perspective.....
The 2017 median sale price is $799,000, up by almost 12% from a year ago. In
Hingham during the past 10 years the median price has ranged from $610,000 in 2009 to its current high of $799,000.
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Source: Multiple Listing Service Property Information Network, Inc
A Sampling of Hingham Home Sales
July - December 2017
Address
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Sale Price
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Days to Offer
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Price per Square Foot
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11 Planters Field Rd
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$615,000
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44
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$316
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56 Ward St
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$700,000
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8
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$374
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34 Garrison Rd
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$705,000
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74
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$406
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36 Butler Road
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$900,000
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4
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$347
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1 Seal Cove Road
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$1,450,000
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5
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$648
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19 Middle Street
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$1,392,500
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25
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$414
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15 Porters Cove Rd
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$1,550,000
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21
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$541
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229 North Street
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$2,049,000
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53
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$364
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38 Jarvis Ave
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$2,950,000
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4
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$454
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80 Fearing Road
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$2,470,000
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119
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$430
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4 Bare Cove Lane
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$6,200,000
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336
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$934
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If you would like the sale
price for a property not listed above,
Source: Multiple Listing Service Property Information Network Inc.
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| South Shore Single Family Market Statistics |
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2017 South Shore single family statistics
| Town |
Total Sales |
%chg. from 2017 |
Avg Days to Offer |
# of Units Sold |
Median Sale Price |
| Cohasset |
$155,441,236 |
8.8% |
85 |
145 |
$950,000 |
| Duxbury |
$171,661,638 |
(8.3%) |
56 |
212 |
$671,000 |
| Hingham |
$234,633,539 |
9.2% |
50 |
259 |
$799,000
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| Norwell |
$105,731,924 |
(9.2%) |
55 |
144 |
$669,000 |
| Scituate |
$201,090,156 |
19.6% |
70 |
308 |
$652,000 |
All towns showed growth in median sale price but mixed results with total sales. Cohasset, Hingham and Scituate showed sizable increases in total sales and median sale price. Duxbury and Norwell showed decreases in total sales volume but growth in median sale price. Scituate saw the most significant growth with almost 20% increase in total sales and 11% increase in median sale price. As always I will continue to monitor and report.
Source: Multiple Listing Service Property Information Network, Inc
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| Thank you, Merci, Gracias! |
The Iconic Hersey House at
229 North Street, Hingham
A big thank you for making me one of the top Hingham realtors for the past 4 years! 2017 was my best year ever with over $21 Million in local sales and a 4 year total of over $56 Million. While most of my sales were in Hingham, I also represented buyers and sellers this year in Cohasset, Norwell. Marshfield and Weymouth. If you are interested in speaking with me about purchasing or selling real estate throughout Boston's South Shore, please contact me. I am knowledgeable about all communities from Hingham to Duxbury and at all price points.
Thank you for your support and referrals. They are much appreciated!
-Pam Bates
c: 617 240-1292
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