Eric Frost
Coldwell Banker Realty

*Market trends have moved to the Blog section of website*

 

7/1/2019

Market Update Duxbury

We are half way through 2019... Taking a look at the MLS data for Duxbury Single-Family Homes, it has been a Stable Market overall during the last year in terms of Median Sale Price. The Median Sale Price over the last 6 months is equivalent to the Median Sale Price for the prior 7-12 months. However, the last 3 months (Spring) did show a decrease from the prior 4-6 months (winter season). That being said, many spring pending sales have not closed yet, and it's not a trend as of yet. Supply and Demand are in balance. The current absorption rate is 5 ½ months. Sales activity over the last year has been mostly stable with a decline during the winter season (prior 4-6 month time frame), which is typical. The Median Days on Market for sales during the last 3 months was 1 month (29 days), and the List to Sale Price ratio was 99%. Overall, a very healthy market.

 

3/4/2017

January 2017 Market Update for South Shore

Closed sales for Single Family Homes were down slightly by 1.8% vs. last January (2016). Pending sales, however, were up by 12.4% this year. Median Sale Price was up 10.6% this year ($395,000 vs. $357,000 last year). Of note, Inventory is down this year vs. last by 32.3%. Months of Supply is 1.9 months, which is low. Sellers have an excellent opportunity to enter the market under these conditions as there is less competition (Seller’s Market) plus prices have increased overall since 2012.

Remember, market conditions could change quickly, especially when home prices are very dependent on mortgage interest rates (which have risen slightly since last fall).   If you would like to discuss a specific town or property, please contact me.

*Towns included as South Shore: Abington, Braintree, Bridgewater, Carver, Cohasset, Duxbury, East Bridgewater, Halifax, Hanover, Hanson, Hingham, Holbrook, Hull, Kingston, Marshfield, Norwell, Pembroke, Plymouth, Plympton, Quincy, Rockland, Scituate, Weymouth, and Whitman. Market Data was obtained from MAR and PASS Realtor Associations using MLS data.

 

South Shore Market Update for April 2016  (posted on 5/31/2016)


Pending Single Family home sales were up 4.8% compared to April 2015. Closed sales were up 41.3%! Overall, Median Sale Price was up 8.3% vs. April 2015 ($360,000 April 2015 and $390,000 April 2016). Housing supply (inventory of homes) continues to be low. Inventory of homes for sale is down 14.7% vs. last year. Months of inventory is down 24.3% (4.1 months supply in April 2015 vs. 3.1 months supply in April 2016). New listings overall were down 10.6% this April. Year to date: Median Sale Price is up 4.7% vs. this time last year. Pending sales are up 26% and Closed sales are up 28%. New listings overall year to date are up 15.2% however.

The market continues to cruise along! This provides potential sellers with a terrific opportunity to sell: rising prices since 2012, lower inventory and typically just over 3 months for selling time horizon.

 

South Shore Market Update for March 2016


Pending Single Family home sales were up 49.1% during March of 2016 vs. March of 2015. Closed sales were up 17.9%. Median Sale Price was also up 7.7% vs. last year. There is a lot of Buyer Demand right now, and inventory continues to decline vs. last year: Inventory of Homes this March vs. last March is down 14.2%. Months of Inventory (Absorption Rate) was also down to 2.7 months of inventory vs. 3.4 months last year. This reflects a shortage of housing/listings in March which indicates a Seller’s Market. However, New Listings in March were up 30.7% compared to last March, so perhaps this will start to balance things off a bit moving forward if sales cannot keep pace. Average Days on Market were down 4.4% to 115 days vs. last year in March. Properties that are priced competitively are selling within weeks.

Condo Median Prices were up 8.7% in March vs. last year. Closed Sales were up 42% and Months of Inventory dropped 31.8% to 2.2 months. If you have a condo and you are looking to sell, this is as a good a time as any to enter the market. New Listings were up 6.6% vs. last year.

The market continues to be hot! Buyers need to use caution as prices rise. You do not want to over-pay with a small down payment and find yourself underwater in a couple of years if there is a pull-back in prices. Remember, market conditions could change quickly, especially when home prices are very dependent on mortgage interest rates (which have been at historic lows since around 2008). If you would like to discuss a specific town or property, please contact me.

South Shore real estate trends

Market Data was obtained from MAR and PASS Realtor Associations using MLS data.

 

4/1/2016

South Shore Market Update for Februrary 2016

There was a 78.3% increase in pending sales this February vs. last February (2015). Of course last February we were at a near stand-still due to snow storm after snow storm and no melting! Actual closed sales were up 9.7%. Median Sale Prices rose 8.5% this February vs. last February. Median Sale Prices are up 7.3% Year to Date vs. last year at this time. Low inventory continues as the # of homes for sale is 18.4% below last February. Absorption rate is under 3 months (2.5 months supply of inventory) which indicates a shortage of housing. This makes it an excellent time to list your home for sale, and homes that are priced right and marketed correctly are selling fast! We did see New Listings rise 70.9% this February vs. last, so this could help stabilize supply and demand.

It remains an excellent time to sell after many years of market values increasing, shortage of inventory, and ultra-low interest rates which are supporting high market prices.

Turning to the condo market: Median Sale Prices rose 9.7% this February vs. February of 2015. Pending and closed sales are both up double digit percentages, and inventory is down 27.2% vs last year. Year to Date has seen a drop of 4.2% in Median Sale Price, which could suggest a slight softening in the market. We will see if this trend continues…

If you’re interested in discussing your specific town and property, please give me an email and we can set up time to chat. Enjoy your Spring 2016!

 

 

3/8/2016

South Shore Market Update for January 2016

A mild winter has led to more sales activity this year vs. last.  January 2016 closed sales are up 25.8% compared to January 2015 (and the snow started later in the month in 2015).  Median Sale prices in January 2016 are up 7.8% compared to last January.  Despite New Listings being up 10.7% this January vs. last, the Inventory of Homes for Sale is still down 20% compared to last year.  This is due to a shortage of Total current listings as the Months Supply of Inventory (Absorption Rate) is only 2.6 months (down from 3.5 last January). 

Again, with Median sale prices increasing overall the last few years, and with inventory and rates still low, plus strong demand, this is an excellent time to sell.  Also, combine that with the Spring-like-weather and early spring fever in the air, more buyers may be out early this year taking in the nice weather and shopping for a new place to live.

*Towns included as South Shore: Abington, Braintree, Bridgewater, Carver, Cohasset, Duxbury, East Bridgewater, Halifax, Hanover, Hanson, Hingham, Holbrook, Hull, Kingston, Marshfield, Norwell, Pembroke, Plymouth, Plympton, Quincy, Rockland, Scituate, Weymouth, and Whitman.  Market Data was obtained from MAR and PASS Realtor Associations using MLS data. 

 

1/29/2016

South Shore Market update for December 2015:

Perhaps from the mild weather in December and low inventory, the South Shore single family home market saw an increase in Pending sales in December 2015 vs. December 2014 (+18.6%).  Closed sales increased by 4.2% during these time frame (360 sales in Dec. 2014 and 375 sales in Dec. 2015).  Overall for 2015, Pending Sales were up 9.1% and Closed Sales were up 4.2%. 

As for the Median Sale Prices:

There was a 3.8% increase in Median Sales Price from December 2015 vs. December 2014.  Overall for 2015, Median Sale Prices in the South Shore for single family homes were up 4% compared to 2014 ($390,000 in 2015; $375,000 in 2014).  Condominiums increased by 15.6% overall in 2015 vs. 2014 (Median Value).   Closed condo sales were up 35.6% in 2015 vs. 2014. 

Supply has not been able to keep up with demand: December saw an increase in sales activity in the single family and condo markets, plus a decrease in inventory (-22.3% for single family homes; and -28.3% of inventory for condos).  This low supply has helped to keep median sale prices rising.

Overall in the South Shore, Median Sale Prices for single family homes and condos are at or above 2008 levels before they declined steeply into 2009-2010, where they remained until 2013.  Again, with the recent rate hike by the Fed, plus lower inventories and 3 year highs in median prices, this could be an excellent time to sell.  Buyers should be more cautious.

This is an overall big picture of the South Shore.  Please keep in mind all towns and all properties are unique and different and may or may not follow similar trends.

South Shore Massachusetts real estate prices

*Towns included as South Shore: Abington, Braintree, Bridgewater, Carver, Cohasset, Duxbury, East Bridgewater, Halifax, Hanover, Hanson, Hingham, Holbrook, Hull, Kingston, Marshfield, Norwell, Pembroke, Plymouth, Plympton, Quincy, Rockland, Scituate, Weymouth, and Whitman.  Market Data was obtained from MAR and PASS Realtor Associations using MLS data. 

Tags: Real Estate Trends South Shore; Plymouth MA real estate trends; Kingston, MA real estate trends; Duxbury, MA real estate trends; Carver, MA real estate trends; Pembroke, MA real estate trends, Massachusetts Real Estate Trends; Buy Sell South Shore

 

 

12/29/2015

South Shore Market update for November 2015:

The South Shore* single family home market saw a significant increase in Pending sales in November 2015 vs. November 2014 (+35.8%).  Closed sales in both time frames were the same (321 sales for both Nov. 2014 and 2015).  Overall year to date, Pending Sales are up 10.3% and Closed Sales are up 4.1%.  As for the Median Sale Prices: There was an 8% increase in Median Sales Price from November 2015 vs. November 2014.  Overall year to date, Median Sale Prices in the South Shore are up 4% compared to this time last year ($390,000 in 2015; $375,000 in 2014). 

Overall, Median Sale Prices are approaching a 2008 level before they declined steeply into 2010, where they remained until 2013.  With the recent rate hike by the Fed, this could be an excellent time to sell.  Buyers should be more cautious.

*Towns included as South Shore MA: Abington, Braintree, Bridgewater, Carver, Cohasset, Duxbury, East Bridgewater, Halifax, Hanover, Hanson, Hingham, Holbrook, Hull, Kingston, Marshfield, Norwell, Pembroke, Plymouth, Plympton, Quincy, Rockland, Scituate, Weymouth, and Whitman, Massachusetts.  Figures were obtained from MAR and PASS Realtor Associations. Tags: Plymouth MA real estate; Kingston, MA real estate; Duxbury, MA real estate; Carver, MA real estate; Pembroke, MA real estate, Massachusetts Real Estate Trends;

 

12/4/2015

Plymouth Market Update: 

Per market data from PASS (Plymouth and South Shore Association of Realtors) using MLS data, closed sales were up 9.1 % in October 2015 vs. October 2014.   Year to date, the increase in sales activity is up 4.3% (higher buyer activity/Demand).    Median sales price in October 2015 vs. October 2014 was up 7.8%.  Overall year to date, the Median Sale Price is up 4.3% compared to last year (due to higher demand).  Most other South Shore towns have followed similar patterns, with just a few dropping off in either category.

Tags: Real Estate Trends South Shore; Plymouth MA real estate trends; Kingston, MA real estate trends; Duxbury, MA real estate trends; Carver, MA real estate trends; Pembroke, MA real estate trends, Massachusetts Real Estate Trends; Buy Sell South Shore