2023 Summer

Hingham Real Estate Review

and Market Insights

Worlds End in Summer, beautiful on land and sea

What a difference a year makes...

Hello Pamela,


Summer greetings! I hope you are able to spend time with family and friends during this delightful time of the year.


2023- So far this year has been a slow start with one of the quietest spring markets. The issue? Low inventory, fueled in part by higher mortgage interest rates which started during the summer of 2022. Sellers are reluctant to transition from a low interest rate loan to a higher rate. Lenders these days are quoted as saying, " Marry the house. Date the rate.". Meaning: You can likely refinance when rates moderate.


The number of homes sold the first half of 2023 is off by 53% and total sales volume is off by 56%. 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. The median price grew 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. That trend continues. Currently inventory is off by 42% from a year ago. A balanced market has 4-6 months of inventory on the market. Right now we have 2 month's supply.


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 included one of my favorite local businesses, Hornstra Farms in Norwell. They have an amazing ice cream stand this time of year and also a farm store with dairy and prepared foods. Remember July 16 is National Ice Cream Day!



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!


Have you checked out my new website, www.PamBates.com?

There is great information about various South Shore communities, selling and buying tips/tricks and more. Of course you can search for your next home as well!

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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 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

Q1-2 2023 Hingham Single Family Statistics

A year ago, most of the statistics favored sellers. The market has dramatically shifted and now most metrics favor buyers. However, the lack of inventory has still made it challenging for buyers to secure homes. Bidding wars still exist, particularly on homes less than $2M.

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

Hingham Median Sale Price

Hingham's median sale price is currently $1,267,500. That is slightly off from a year ago when it was $1,300,000.

Q1-2 2023 South Shore Single Family Market Statistics

Towns with the highest sale prices have shown the greatest declines, namely Hingham and Cohasset. The only town where there has been in a growth in sales is Marshfield which has the lowest median sale price of $745,750.

Client Feedback

SOLD:

32 Old County,

Hingham

"Pam was a superior real estate agent. She was professional, worked hard, took care of endless details, and was a pleasure to deal with. You would do well to have her serve as your agent."

-Paul and Janet Cappers

PURCHASED:

220 Hillcrest Rd, Marshfield

"We loved working with you Pam! We are so grateful for your guidance and all the hard work you've done to sell our home AND assist us in finding a home that fulfills our dreams. Your knowledge and expertise made the process easier and helped us feel confident in our buying decision. We really appreciate you going the extra mile for us and making it happen!"

-Bill and Robin Nickerson

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 7/6/23 the following rates are available:


30 Yr Fixed – 7.125% + 0 pts

30 Yr FHA – 7.5% + 0 pts

30 Yr Jumbo – 6.75% + 0 pts

15 Yr Fixed - 6.75% + 0 pts

7/1 ARM – 6.5%+ 0 pts


Rates have increased from 6 months ago.

Other rate and point options available.

  

 Contact Kevin for any of your mortgage questions.  

  

e: [email protected]

c: 781 718-3366 

w: www.KevinByrne.com

Interesting News Articles For You

When will home prices be affordable again?

Here' how the Greater Boston housing market fared in April 2023

boston globe

Here's where Mass home prices are hot and not

A Favorite Local Business

In honor of National Ice Cream day on July 16, I am featuring Hornstra Farms in Norwell. They produce absolutely delicious ice cream. In addition, there is a farm stand for dairy and prepared foods and they also offer dairy delivery. Run by the Hornstra family, it's a great place to visit any day of the year!

56 South St
Hingham, MA 02043

M: 617-240-1292
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Summer sunset looking toward Boston- stunning!