South Shore Real Estate Market Report – October 2012

| November 28, 2012 | 1 Comment

The total number of Single family homes sold throughout the South Shore during the month of October was 329 homes. This continues a slide in activity during the fall versus the peak of spring and summer. A recent article by the Warren Group, showed a 21% increase in the number of single family home transactions that closed during this October over October of 2011. However, the South Shore* only saw a slight increase in homes sold totaling a 6% increase over last year.

South Shore Real Estate Report

You may notice that this chart is inconsistent with the charts we’ve shown in previous months. This is due to a reduction in the number of towns we use for South Shore real estate data. We’ve decided to only include towns along the coast and along route 3 to plymouth with the addition of Milton, Whitman & Hanson which we consider part of the South Shore. The following table shows all of the towns we used for south shore real estate data and the number of single family homes sold in October of 2012.

Town Number of Homes Sold
Plymouth 51
Weymouth 37
Quincy 27
Braintree 24
Hingham 21
Scituate 16
Carver 14
Abington 13
Halifax 11
Marshfield 11
Duxbury 10
Hanover 10
Milton 10
Pembroke 10
Rockland 9
Whitman 9
Hull 8
Kingston 8
Lakeville 8
Norwell 8
Hanson 7
Cohasset 6
Plympton 1

 
 
Median Home Prices
Another recent article from the Massachusetts Association of Realtors (MAR), reported an increase of 4.4% in MEDIAN SALE PRICE of all single family homes sold across the state over October of 2011. The South Shore however, recorded practically no change (0.16% increase) from October of last year. MAR reported a median home price of $287,000. The South Shore showed a median sale price of $311,000, or $24,000 over the states median.

Sellers Market or Buyers Market?

The South Shore as a whole is currently in a balanced market with an absorption rate of 5.9 months.

Even though the activity is slowing from this summers highs, the South Shore real estate market is in good shape. A key factor in determining the state of the South Shore market is ABSORPTION RATE. The Absorption rate looks at the total amount 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 “Sellers” Market exists when the Absorption Rate is between 1 and 4 months.
A “Buyers” Market exists when the Absorption Rate is over 7 months.

The South Shore as a whole is currently in a balanced market with an absorption rate of 5.9 months which is slightly better than the state average of 6.7 months as reported by MAR. Of course the rate varies from town to town which you can see here.

South Shore Absorption Rate

MARKET TIME
Homes sold in October sat on the market an average of 95 Days which is a 15% improvement from October of 2011 which showed an average od 110 Days. MAR reports a statewide average of 102 Days. So South Shore homes are selling 1 week faster than the state average.

Average market time for South Shore homes for sale

how long will it take to sell my home

One Sentence Summary
Reports from statewide real estate data show positive improvement in both activity and in home prices, however, all real estate is local and the South Shore as a whole has yet to see a substantial uptick in home prices.

*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 here.

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.

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Category: Real Estate Statistics

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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.

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