Welcome to Winter! The holidays are behind us and we have welcomed in a new year. I hope 2013 brings continued good news for the local real estate market. If you have been reading my blog this year, you know that 2012 resulted in more transactions, more sales volume and a slight increase in the median sale price as compared to a year ago. It appears our local real estate market continues to show significant signs of recovery.
I have provided an analysis to summarize what all the statistics mean to our local real estate market. In general, recently been a buyers market while the trend now it more toward a balanced market where neither buyers nor sellers are at an advantage. While the spring tends to be our busiest market, last year our spring started in January! 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.
Should 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.
Coldwell Banker Residential Brokerage Hingham
Hingham Real Estate Year End 2012 Summary
Good news for the local real estate market!
The results for 2012 are much improved over 2011. In Hingham single family home sales totaled over $195 million in 2012 versus $149 million for the same period in 2011. This is an increase of over 31%. In 2012 there were 256 homes sold versus 211 in 2011. This is an increase of 21.3%. In 2012 the average days on the market was 124 days, 6.5% less time than last year. The sales price to listing ratio is stable at 96%. Finally, the median home price of $664,500 is up by over 5.3% and the average sale per square foot of $297 is up by almost 1.4%. Currently there is an 8 month inventory of homes available, which is down from 9 months a year ago. At this point almost all the metrics favor sellers. In general, we are trending toward a more balanced market than we have seen in the past few years, favoring neither buyers nor sellers.
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.
In 2012 median sale price was $664,500- a 5.3% increase from a year ago. You can view this in a bar chart by clicking on the photograph above.
If you would like to read my entire eNewsletter about the Hingham market, click here. I welcome your questions or comments!
c: 617 240-1292