South Shore Real Estate Report: December 2012

| January 22, 2013 | 1 Comment

For the 10th straight month, the South Shore recorded more homes sold than the same month a year ago. During themonth of December, the South Shore sold 384 homes. Thats a 26% increase over December of 2011.
South Shore Real Estate Report 12-2012

Number of homes sold on the South Shore in 2012:
4,299

Up 23% over 2011.

Some South Shore towns showed significant improvement in the median sale price over last december. Marshfield, Quincy, Braintree, Carver, Rockland, Hanson, Plympton & Kingston all so double digit percentage increases. Plympton and Kingston were up 35% and 39% respectively. On the downside, Hanover and Whitman recorded a 25% and 30% drops but over the median sale price for the whole South Shore was up 9% over December of 2011

Median Sale Price for all South Shore Towns in December 2012

2011 2012 Change
Abington $287,000.00 $262,500.00 -9%
Braintree $275,000.00 $315,000.00 15%
Carver $205,000.00 $238,000.00 16%
Cohasset $710,937.50 $732,500.00 3%
Duxbury $585,000.00 $537,500.00 -8%
Halifax $230,000.00 $239,500.00 4%
Hanover $420,000.00 $313,750.00 -25%
Hanson $217,000.00 $269,950.00 24%
Hingham $627,500.00 $617,000.00 -2%
Hull $285,500.00 $267,500.00 -6%
Kingston $230,000.00 $318,950.00 39%
Lakeville $356,981.50 $305,000.00 -15%
Marshfield $347,500.00 $375,000.00 8%
Milton $475,000.00 $469,212.50 -1%
Norwell $400,000.00 $416,250.00 4%
Pembroke $279,000.00 $290,000.00 4%
Plymouth $275,000.00 $255,000.00 -7%
Plympton $285,000.00 $385,000.00 35%
Quincy $295,000.00 $334,000.00 13%
Rockland $205,000.00 $251,000.00 22%
Scituate $425,000.00 $350,000.00 -18%
Weymouth $261,500.00 $271,500.00 4%
Whitman $220,000.00 $155,000.00 -30%

 

Median Sale Price across South Shore in December 2012:
$326,750

Up 9% over December 2011.

Buyers Market Vs. Sellers Market?

The Murphy TeamThe strength of a real estate market is often described in terms of “Sellers Market” or “Buyers Market.” These market conditions are determined by a simple mathematical concept called absorption rate. Absorption rate is the mathematical representation of the relationship between supply and demand. The total amount of available homes is divided by the total amount of homes sold in the previous month. 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.

Absorption rate is useful when comparing different price levels ($100k – $200k, $300k – $350k) For our purposes, we are evaluating the rate at all price levels for each South Shore town. Here’s where they stand:

South Shore Real Estate Buyers Markets

As further indication as to what the coming spring market may look like might be found in the Average Cost per Square Foot & in the Average Days on Market. Both showing positive signs for South Shore home sellers.

Average Cost Per Square Foot:
$202.03 / SF

Up 4% over December 2011.

Average Market Time:
104 Days.

Down 9% over December 2011. or approximately 10 days faster.

One Sentence Summary

Even though results from town to town are mixed, the South Shore as a whole is continuing a trend toward higher sale prices & shorter selling times and most South Shore towns should eventually report the same kind of results as the spring market evolves.
South Shore 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 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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  1. South Shore Real Estate Report for January 2013 | March 9, 2013

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