2022 Year End

Hingham Real Estate Review

and Market Insights

Worlds End in winter. Beautiful any time of year.

2022 was a year of two markets.....

Hello Pamela,


Welcome to 2023! I hope you were able to spend time with friends and family during the holidays.


2022- I describe the 2022 Hingham real estate market as one of two distinct markets- the first half was decidedly favoring sellers. However by June, mortgage interest rates went up precipitously and the market slowed. Buyer's purchasing power was compromised and demand stalled. The rapid growth of the past two years came to an abrupt halt.


The number of homes sold in 2022 is off by 19.4% and total sales volume is off by 12.5%. This is the first time I have seen such a slow down of the Hingham market since I started producing this newsletter over 15 years ago. However, Hingham home values are up still up by 11.1% from a year ago and now the median sale price is $1,250,000. The median price has grown by over 50% during the past 3 years and that rate is unsustainable. A more balanced market is preferred and that is where we are headed.


Inventory- Over the past few years we have had a lack of inventory to meet demand. While our inventory levels are still relatively low, currently there are 100% more homes on the market vs a year ago. That is telling. A balanced market has 4-6 months of inventory on the market. Right now we have less than 1 month's supply but that is expected to improve as we head into the spring market.


Interest Rates- Interest rates have increased over the past 6 months. See the latest rates below, provided by Kevin Byrne of Movement Mortgage. He is my "Go To" person as he is responsive, professional, reliable and offers very competitive mortgage rate options. While rates have increased, if you have a long view of the market, these interest rates are still competitive and there is hope they will go down over the next several months.


2023- Forecasters predict a more balanced market for 2023. If you live locally and are thinking about making a change, let's chat. NOW is a great time to think about selling. Home prices are still high and there is demand from Hingham buyers. We need homes to sell!



A Favorite Local Business- I have also included a new section featuring a local business. This month I have highlighted The Daily Press Juice Bar in Cohasset. They have many healthy food options for those (like me) who may be trying to lighten up their food consumption after the holidays.


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 Realty

Hingham, MA



P.S. If you or a friend/family member is thinking of purchasing or selling real estate in another market, please reach out to me. I can provide you with a referral to a qualified Coldwell Banker agent wherever in the world!

Boston's South Shore Real Estate Resource


Pamela Bates 

Realtor

Relocation Specialist

Notary Public 


Coldwell Banker President's Elite

Top 3% of Coldwell Banker associates internationally

2017-2021


Thank you for your continuous support!


My Agent Video
If you would like to learn more about my approach to representing successfully buyers and sellers on Boston's South Shore, click on the arrow above.
Looking for Homes to Sell!

2023 is still a great time to sell!

Despite an adjustment in the local real estate market, sale prices are still historically high and inventory is low.

I would be pleased to meet with you, listen to your objectives and design a personalized plan to successfully sell your home in 2023! Now is the time to plan. Let's chat soon~

Market News

2022 Hingham Single Family Statistics

During the first half of 2022, most statistics were favoring sellers. However, by June the market slowed and the final results reflect a year that is neither a buyers nor sellers market. Number of homes sold and total sales are off from 2021 but the median and average sale prices are still up from the previous year.


Current inventory is still low, although higher than a year ago.

Source for all data: Multiple Listing Service Property Information Network, Inc

Hingham Median Sale Price

Hingham's median sale price for 2022 is $1,250,000. That is up by 11.1 % from 2021 and over 50% from 2019.

2022 South Shore Single Family Market Statistics

Total sales and number of homes sold are consistently down in all communities. However the median sale price has increased in all towns.

Client Feedback

SOLD:

36 High Street,

Hingham


"As repeat clients we would definitely recommend Pam to anyone looking in Hingham and the South Shore market! She knows the market inside and out and is truly committed to achieving the best outcome for her clients."

-Peter and Hillary Mahoney

PURCHASED:

20 Governor Long Rd,

Hingham


"Pam is OUTSTANDING! a real trooper, I must have looked at 75 houses by the time we found the right one. Pam was always looking out for us, never a doubt! I generally think real estate agents are a necessary evil to fill out the paperwork! I don't think that anymore, Pam was the most valuable resource I had while trying to find this house. She was great!"

-Clayton and Nathalie English


Can I assist you in achieving your real estate goals in 2023? 😊

Today's Rates

Kevin Byrne now of Movement Mortgage

can recommend a mortgage plan to fulfill your needs.

As of 1/4/23 the following rates are available:


30 Yr Fixed – 6.125 + 0 pts

30 Yr FHA – 6.25% + 0 pts

30 Yr Jumbo – 5.75% + 0 pts

15 Yr Fixed - 5.75% + 0 pts

7/1 ARM – 5.5%+ 0 pts

 

Rates have increased from 6 months ago.

Other rate and point options available.

  

 Contact Kevin for any of your mortgage questions.  

  

e: kevin.byrne@movement.com

c: 781 718-3366 

w: www.KevinByrne.com

Interesting News Articles For You





Is The housing market in a bubble?



Dear home buyers, breathe a sign of relief in 2023


2023 Real Estate Predictions for The Boston area market

A Favorite Local Business

After the holidays, many of us try to improve our health by exercising more and eating healthier. I highly recommend The Daily Press Juice Bar in Cohasset . They have delicious juices, smoothies, grain bowls, sandwiches and salads for breakfast and lunch. My favorite is the Farmer's Daughter sandwich. Let me know if you have a favorite! Cheers.

56 South St
Hingham, MA 02043

M: 617-240-1292
Send Pamela A Message
Linkedin  Instagram  Facebook  

Winter sunrise over Hingham Harbor- stunning!