Hingham Real Estate Review and Market Insights

Year End 2017

The bridge at the entrance to World's End- welcome!
                                     

  Wintertime!
 
Greetings all,
 
Welcome to winter!  The record setting warm temperatures of fall 2017 are merely a memory. Many clients and friends ask me, "How is the local real estate market?" The answer to that question is GREAT! Below you will see 2017 results as well as  insights and perspectives on what to expect in 2018. 
 
Overall 2017 was another very strong year for the local real estate market.  Total volume is up and  Median & Average Sale Prices are way up.  All great news for sellers.  The only metric which slightly favors Buyers is Total Homes Sold which was down slightly.  In this newsletter I have again provided "Fast Facts" below for those who prefer just the numbers. I have also added a designation to note statistics that are either more advantageous to buyers or sellers.  There is also an analysis to summarize what all the statistics mean for our local real estate market. 

Experts predict the strong local real estate market will continue in 2018.  Sellers -this is a great time to consider a change If you would like an opinion of value and a suggested home improvement list with references of reputable contractors, please let me know.  I am pleased to assist you with a market evaluation for your house or help you find that special new home
 
Mortgages- I have provided the latest on mortgage rates from Kevin Byrne, who is now with Blue Hills Bank.  He is my 'Go To' person as he is responsive, professional, reliable and offers very competitive mortgage rate options.   

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
 
Just The Facts Please 
numbers-toy.jpg  
 
2017 Hingham Single Family
Real Estate Fast Facts   
  If you are just looking for the facts, here are the
   2017 vs. 2016 statistics
   
Changes Favoring Buyers
 

1/1/2017-

12/31/2017

1/1/2016-

12/31/2016 

% Change
# of Homes Sold
245
259 (5.7%)

 

Changes Favoring Sellers

 

 

1/1/2017-

12/31/2017
 

1/1/2016-

12/312016

% Change

Total Sales $234,633,539 $214,920,792 .9.2%
Sales to List Price Ratio
97%
97%
0%
Average Sale Price $957,688 $829,810 15.4%
Median Sale Price $799,000 $715,000 11.8%
Average Sale Per Square Foot
$359
$350
5.4%
Days to Offer
50
53
(6.0%)


 

Current Inventory
1/3/2018
1/3/2017
%
 Change
# Homes on the Market
47
48
(2.1%)

Months of Inventory

2.3

2.2

4.6

 

Source: Multiple Listing Service Property Information Network Inc.  

Hingham Real Estate 2017 Summary
 
 Home Values are Increasing- Great News for Sellers!

In Hingham single family home sales totaled just over $234.6 million for 2017 versus $214.9 million for the same period in 2016, which is a 9.2% increase. During  2017 there were 245 homes sold versus 259 during the same period in 2016, with results down slightly by 5.7%. The slight decrease in total homes sold can be attributable to a lack of inventory in the below $1 million range.  
 
Of the 245 homes sold in 2017, 169 had sale prices below $1 million.  That is a decrease of 18% from 2016.  In the over $1 million category, there were 76 sales in 2017 which is an increase of 29%.  In 2018, we actively need more Hingham homes below $1 million to meet buyer demand.
 
I have started to track Days to Offer vs Days on the Market. The difference is Days to Offer measures time on the market prior to an accepted offer.  Days on the Market includes time for contingencies-inspections, financing, etc. I believe Days to Offer is a better metric to measure the demand for homes on the market.  In 2017 it was an average of 50 Days to Offer vs.53 Days to Offer in 2016.  That is a decrease of 6.0%, 
 

Most importantly, Median and Average Homes Sale Prices are up significantly from a year ago.  Median sale price is up by 11.8% a year ago to $799,000 and the average sale price up by 15.4% to $957,688.   Great news for sellers!

 

A 10-Year Plus Perspective.....
 
The 2017 median sale price is $799,000, up by almost 12% from a year ago.  In  Hingham during the past 10 years the median price has ranged from $610,000 in 2009 to its current high of $799,000. 
 
 
 .
   Source:  Multiple Listing Service Property Information Network, Inc
  
A Sampling of Hingham Home Sales
July - December  2017

Address
Sale Price
Days to Offer
Price per Square Foot
11 Planters Field Rd
$615,000
44
$316
56 Ward St
$700,000
8
$374
34 Garrison Rd
$705,000
74
$406
36 Butler Road
$900,000
4
$347
1 Seal Cove Road
$1,450,000
5
$648
19 Middle Street
$1,392,500
25
$414
15 Porters Cove Rd
$1,550,000
21
$541
229 North Street
$2,049,000
53
$364
38 Jarvis Ave
$2,950,000
4
$454
80 Fearing Road
$2,470,000
119
$430
4 Bare Cove Lane
$6,200,000
336
$934
 
If you would like the sale  price for a property not listed above,
please contact me.

Source:  Multiple Listing Service Property Information Network Inc.  
South Shore Single Family Market Statistics
 
 
  

2017 South Shore single family statistics  

Town

Total Sales

%chg.

from 

 2017 

Avg

Days

to

Offer

# of

Units

Sold

Median Sale Price

Cohasset

 

$155,441,236 

8.8%

85

145

$950,000

Duxbury

 

$171,661,638

(8.3%)

56

212 

$671,000

Hingham

$234,633,539

9.2%

50

259

$799,000
 

Norwell

 

$105,731,924 

(9.2%)

55

144

$669,000

Scituate

 

$201,090,156

19.6%

70

308 

$652,000 

 

All towns showed growth in median sale price but mixed results with total sales.  Cohasset, Hingham and Scituate showed sizable increases in total sales and median sale price.  Duxbury and Norwell showed decreases in total sales volume but growth in median sale price.  Scituate saw the most significant growth with almost 20% increase in total sales and 11% increase in median sale price.   As always I will continue to monitor and report.  

 

Source: Multiple Listing Service Property Information Network, Inc

  Thank you, Merci, Gracias!
   
The Iconic Hersey House at
229 North Street, Hingham
 
   A big thank you for making me one of the top Hingham realtors for the past 4 years! 2017 was my best year ever with over $21 Million in local sales and a 4 year total of over $56 Million.  While most of my sales were in Hingham,  I also represented buyers and sellers this year in Cohasset, Norwell. Marshfield and Weymouth. If you are interested in speaking with me about purchasing or selling real estate throughout Boston's South Shore, please contact me. I am knowledgeable about all communities from Hingham to Duxbury and at all price points. 
 
Thank you for your support and referrals.  They are much appreciated!
 
-Pam Bates
c: 617 240-1292

 
 
 
 
 
 
 
 
 
 
 
  
In This Issue
Just The Facts Please
Hingham Real Estate Summary
South Shore Statistics
Thank you, Merci, Gracias!



Your real estate resource  
Pamela Bates 
Realtor- Certified Relocation Specialist, ABR, SRES,CNS,CHMS/
Notary Public 
 
Top 10 Hingham agents 2014-2017
International Diamond Society
2014 & 2016
International President's Circle 2015
International President's Elite 2017
(Top 2% of Coldwell Banker associates internationally)
 
  Coldwell Banker 
Residential Brokerage
 56 South Street
 Hingham, MA 02043
c: 617 240-1292

 

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Client Feedback

PURCHASED 
191 Downer Avenue, Hingham
A stunning Crow Point waterfront home
 
"We have bought and sold with Pam several times, which is testament alone to her abilities and professionalism. She has a strong command of the market, particularly with regards to waterfront properties (which carry their own unique issues) and the various amenities of the town (schools, commute, family neighborhoods, etc).  Her support doesn't end at closing, either, as she "checks in" on various open issues well after the deal, further highlighting her 'client first' perspective."
- Mike and Allie Christopher
 
SOLD
 15 Porters Cove Road, Hingham
1.5 acre waterfront property in
desirable World's End
 
"Simply the BEST. We had our home listed the previous year with someone else. It was night & day. Pam made it happen within a month. Had some difficult moments (caused by me). She was very patient & extremely professional. If my other properties were in Hingham, I would list every one with Pam. She knows how to make it happen."
-John and Anna Kurian 


There is no greater compliment than the referral from your family, friends and previous clients
.

Looking for Homes! 
house-front-sm.jpg   
We have  very little inventory and buyers shopping!  That means it is a great time to SELL.  

I would be pleased to meet with you, listen to your objectives and design a personalized plan to successfully sell your home this year.  
I will provide you with a Complimentary Market Analysis.  Likewise, if you know of someone who might be interested in making a change, I welcome all referrals. 

If you are contemplating a move out of this area, I can also provide you with a  referral to a knowledgeable Coldwell Banker relocation expert in the market of your relocation.  Let's talk~

c: 617 240-1292

Real Estate in the Media
 
hingham  
Why we love Hingham.....
 
 
 
 
 In case you are wondering......
 

How Home Appraisals Work

 

Today's Rates

mortgage rate
Interested in finding out about mortgage rates?

 
Kevin Byrne of Blue Hills Bank can recommend a mortgage plan to fulfill your needs.
As of  January 10, 2018 the following rates are available:

30 Yr - 3.875% + 0 pts
30 Yr FHA - 3.5% + 0 pts
30 Yr Jumbo - 4.25% + 0 pts
15 Yr Fixed - 3.375% + 0 pts
7/1 ARM  - 3.625% + 0 pts

Rates have gone up slightly from 6 months ago!
Other rate and point options available.
  
 Contact Kevin for any of your mortgage questions.  
  
 Kevin can be reached via at KByrne@BlueHillsBank.com or
c:  781 718-3366  

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