South Shore Real Estate Market Report – September 2012

| October 27, 2012 | 0 Comments

Single Family transactions for the South Shore real estate market cooled off from the torrid pace set during the summer months. Despite performance climbing to 739 transactions in August, September recorded only 490- exactly the same number of transactions recorded in September 2011.
South Shore Homes Sold in September 2012

Quincy, Weymouth & Plymouth recorded the highest number of home sales with 53, 42 & 41 homes sold respectively.
Top Home Selling South Shore Towns in September 2012

There are some bright points to September’s performance. Despite the decrease in the total number of transactions, home prices are trending higher this year than they were in 2011. In September 2011 the average home price of our selected South Shore towns dropped by nearly $20,000. In 2012 however, prices have only dropped approximately $1,000 to an average price of $361,000
Average Sale price of South Shore homes.

Another indication that home prices are trending upward is the percentage of the original asking price paid by South Shore home buyers at closing. We call it the Original Price to Sale Price Ratio (OP:SP). Across the South Shore as a whole, homes buyers and sellers have agreed on prices that average approximately 93% of the original asking price. This is up from 88% at the start of the year. While this can be a sign of buyers willing to pay closer to asking, it is also an indication of sellers more realistically marketing their homes. Some towns performed better in this category than others. Milton recorded 99% OP:SP in September which is the highest of any South Shore town. Carver, on the other end of the spectrum, recorded only 76% OPSP- well below the South Shore average.

South Shore Sale Price vs List Price Percentage

Homes sold in September also sold faster than they did last month. The average market time across the South Shore was 88 Days, which is down from 93 days last month. Once again Milton performed the best result in this category as well. The average home in Milton sold in just over 1 month (36 Days). Cohasset homes recorded an average of 171 days on market or just under 6 Months. Here are the best and worst performers for market time during the month of September.

How fast South Shore homes sell.

SEPTEMBER TOP PERFORMER: MILTON, MA

Average Sale Price: $557,000
Number of Transactions: 11
Market Time: 36 Days
Sale Price to Original List Price: 99%

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.

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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