Neighbor News
South Shore Home Buyers Are Driven By Access to Amenities, Modern Finishes
New luxury market real estate data shows that South Shore appeals to buyers of all ages
Recently, RE/MAX INTEGRA, New England announced the findings of its 2017 Luxury Market Report that pinpoints high-growth regions and identifies pricing and volume trends in local luxury real estate markets. A prominent theme in this year’s report is that young (Millennial and Gen-X) luxury home buyers desire modest yet modern homes with equal proximity to both town center amenities and nature.
However, nearly every buyer type is coming to the South Shore for its access to amenities like the beaches and public transit.
Find out what's happening in Hinghamfor free with the latest updates from Patch.
“The South Shore has a home for first time homebuyers, move-up buyers, down-sizers and luxury buyers alike,” says Mike Guimares, RE/MAX INTEGRA broker on the South Shore. “Our diverse real estate offerings bring in buyers who desire the ocean access, varied lifestyle options, and deep history of the region.”
Key data points from the report show that:
Find out what's happening in Hinghamfor free with the latest updates from Patch.
- Duxbury continues to be a highly desirable locale for first-time luxury home buyers; in fact, there were 68% more single-family luxury homes sold vs. same time last year
- Hingham single-family luxury home sales declined while luxury condo sales remained stagnant, yet the average number of days on market for a luxury condo in Hingham decreased from 133 to 68
- Cohasset luxury single-family sales increased by 26%; average price dropped by 9%
- Marshfield single-family luxury home sales jumped 166%
- Scituate showed strong growth with a 40% increase in luxury, single-family homes and a 9% avg. price increase
Over in Cape Cod, epically low levels of inventory coupled with cash buyers make the area a perennially competitive market for luxury properties; Wellfleet sales increased 225 percent; Bourne luxury home sales increased 200 percent.
All report data was sourced from Multiple Listing Service data aggregators, Nielsen demographics data, and RE/MAX agents and brokers. The data was compiled based on the definition of a luxury home, being those sold at a price point of over $900,000. 2017 data is defined as the last twelve months, encompassing May 1, 2016 to April 30, 2017 and 2016 data is defined as the previous twelve months, encompassing May 1, 2015 to April 30, 2016.
Download the full report here.
