Hingham Real Estate Review and Market Insights First Quarter 2013

Greetings, it is finally Spring!

We are ready for some warm weather after a long, cold winter which affected the local real estate sales for the beginning of this year. It is hard to purchase a home when you can't see the yard underneath all the snow! Sales and transactions are down from a year ago but local and national experts predict a strong real estate market in 2013. Keep in mind that only about 10% of the annual transactions are conducted during Q1. This means that the rest of this year should be active with sales.

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 are predicting 2013 should be a stronger market than 2012. 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 immediately. Now is a great time to list your property for sale.

 
Sincerely,

Pam Bates

Coldwell Banker ResidentialBrokerage

c: 617-240-1292

pamela.bates@nemoves.com 

We Need Spring!


Hingham Real Estate Q1 2013 Summary 

The results for Q1 2013 are off from a year ago. However only 10% of annual sales are transacted during the first quarter of the year which can make the results misleading. In significant single family home sales totaled
over $24 million in for Q1 2013 versus over $27 million for the same period in
2012. This is a decrease of 14.8%. During Q1 2013 there were 34 homes sold
versus 36 during Q1 2013. This is a decrease of 5.8% but in fact only 2 homes.

In Q1 2013 the average days on the market was 167 days, 25.3% increase from
last year. The sales price to listing ratio is stable at 95%. Finally, the
median home price of $600,000 is off from a year ago and the average sale per
square foot of $287 is off by 2.7%.

Currently there is a 9.5 month inventory of homes available, which is down from 12.8 months a year ago. In general, most metrics this quarter favor buyers, other than the inventory of
homes for sale.

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. You can see the Hingham median sale price in chart form by clicking on the media attached to this article.

The Q1 2013 the median sale price was $600,000. In 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

If you would like to read my entire Hingham Real Estate Newsletter, click here and you will be directed to it. There are local articles on the real estate market, further trends and analysis as well as information on our local
community.

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