South Shore Real Estate Market Report – November 2012

| December 27, 2012 | 1 Comment

As the real estate market continues to rebound across the country, the South Shore continues to show improvement, but with some mixed results. The most obvious positive sign is in the number of homes sold during the month of November. The South Shore continued to show healthy gains over the same month a year ago. A total* of 380 single family homes were sold during November-110 more than in November of 2011, a 29% improvement. The fall of 2011 showed a very steady downward slide in activity from August through November, and even though the fall of 2012 is producing less activity than the summer highs (which is to be expected), the fact that more homes were sold in November over October is a very healthy sign for South Shore real estate owners. Typically as we approach the holidays, home buying activity slows, but an uptick in November might be an indication that the winter may not be as dormant as in years past.

South Shore Real Estate Report

As usual Plymouth, Quincy & Weymouth recorded the highest number of transactions; however Cohasset, Hanson, Marshfield, & Whitman all showed a 50% improvement over last year’s numbers.

;

Weymouth Real Estate

South Shore Real Estate

South Shore Murphy Team
In addition to activity and quantity, South Shore homes are selling faster than they were a year ago. The South Shore as a whole is showing an average market time of about 99 days, a 12% improvement over last November. The town of Plympton recorded an average market time of just 13 days. (although there were only two homes sold during November). In addition to Plympton, Rockland, Hull and Braintree also topped the list with the shortest average market time.

South Shore Real Estate

Although the South Shore is selling more homes and selling them faster, home values aren’t necessarily rebounding yet. The results vary from town to town and from month to month, but during November the South Shore recorded a median home price of $326,000- a 2.3% decline from the same month a year ago, but still up $15,000 from October. The towns that saw the largest rise in median home prices were Hull, Cohasset, Hingham, Kingston, Carver & Milton. Conversely, Whitman, Pembroke, Lakeville Hanover all saw over 15% declines in median home prices from last November 2011.

South Shore Median Home Price

Another way to analyze the direction in which home prices are going is to look at the Absorption Rate of each town. The Absorption Rate is the total number of available homes on the market divided by the total amount of homes that sold in previous months. The resulting number represents the number of months it would take to sell the entire inventory of homes.

A Balanced or “Normal” Market exists when the Absorption Rate is between 5-7 months.
A “Seller’s” Market exists when the Absorption Rate is between 1 and 4 months.
A “Buyer’s” Market exists when the Absorption Rate is over 7 months.

As a whole, the South Shore continues to be in a balanced market with an Absorption Rate of 5.3 months. However, the number of towns that have turned into “seller’s markets” from last months report has grown from 3 towns to 8. Weymouth, Quincy, Braintree, Abington, Hanover, Milton, Hull & Marshfield all show Absorption Rates below 5 months. Also, the number of towns that can still be considered “buyer’s markets” has dropped to just 5 from the 8 listed last month.

South Shore Seller's Market

<;p>;<;span style=”color: #629632; font-size: 125%;”>;<;strong>;One Sentence Summary: <;/strong>;<;/span>;<;/p>;If the current trends continue, the South Shore could turn into a seller’s market by the end of the year, which will result in higher home prices and more desperate buyers.

The Murphy Team*Disclosures:

All information collected from MLSPIN and reflects only transactions that were listed on Multiple Listing Service. Private sale transactions are not included in this data.

Data only represents single family homes. Condominiums & Multi-Family properties are not included in this data.

The South Shore towns are defined as the towns listed <;a href=”http://simplysouthshore.com/simply-south-shore-towns/” title=”The South Shore Towns” target=”_blank”>;here<;/a>;.

All information is presumed reliable but is not guaranteed, and should be independently verified. The information provided in this report is provided for personal use only and may not be copied or distributed.

Tags:

Category: Real Estate Statistics

About the Author ()

The S3 Team was created by a group of local real estate agents, designers and business partners from Massachusetts South Shore. Trying to tell the story of the South Shore community and striving to connect the world to all the amazing things that make the South Shore great.

Comments (1)

Trackback URL | Comments RSS Feed

Sites That Link to this Post

  1. South Shore Real Estate Report for January 2013 | March 9, 2013

Leave a Reply

Your email address will not be published. Required fields are marked *