Weymouth Real Estate Showing Positive Signs.

| July 24, 2012 | 0 Comments

Weymouth Town Seal Since the town of Weymouth had an impressive June 2012 where it had the 2nd most active month of all towns on the south shore; we thought it would be helpful to dive deeper into the Weymouth real estate market at the mid point of 2012. For anyone looking to buy or sell a home in weymouth, you may want arm yourself with some valuable information.

 

Important Note: We only looked at single family homes in Weymouth up to June 30, 2012. Condo’s and Multi-Family homes were a part of this data.

The Basics

Number of single family homes sold in Weymouth in 2012: 196 (as of June 30, 2012)
Weymouth Real Estate Homes Sold 2012 YTD

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Weymouth recorded 45 more transactions in 2012 versus 2011

Weymouth Real Estate Homes Sold 2011 v 2012

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Median Sale Price

The median sale price of single family homes sold in Weymouth in all of 2012 is $275,000(as of June 30, 2012). Up approximately $7,500 from 2011.
Weymouth Median sale price 2012
Weymouth Median Sale Price 2012 vs 2011

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Weymouth Homes For Sale Under Median Sale Price

Sales Price versus Original Asking Price

The Sales Price to Original List Price is one of our favorite statistics. It has the ability to show you exactly what buyers can expect to face (on average) when it comes to negotiating a purchase price. Higher percentages means that sellers are pricing their homes appropriately and are getting close to asking price on the homes. Lower percentages means that sellers have not acknowledged current market conditions or they think that they can fool a buyer into paying more for their home. Most Realtors are good at understanding market conditions so if you’re looking to sell your home, listen to what price point Realtors suggest you should list your home at. When your original list price is too high, your home will stay on the market longer and price drops are inevitable. Often those price drops will yield a lower sales price than if you had priced it lower / more accurately to start with.
Weymouth sale price versus list price

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Its interesting to see that as the spring market progressed, the percentage of the original asking price increased to respectable levels. This can be the result of a couple of factors: 1. educated sellers listing correctly in the spring. 2. Increased competition among buyers looking to take advantage of low rates and bottom of the market home values. It also suggests that the homes sold in the winter months were priced too high to begin with and were forced to sit through the winter market when demand is lower.

Days on Market

84: Average Days on Market For Single Family Homes Sold in June 2012
Just as percentage of asking prices rose in the spring market, market time decreased. Another sign of a healthy real estate market with motivated buyers and sellers understanding market conditions.
Market Time for Weymouth Homes For Sale

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Newest Home For Sale in Weymouth (under $500k)

Absorption Rate

7.03 Months: Supply of unsold homes in Weymouth.
The strength of a real estate market is often described in terms of “Sellers Market” or “Buyers Market.” These market conditions are determined by a 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 over a previous time period. 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.

Weymouth is slightly about 7 months but is close enough to be considered a “Balanced Market”


Weymouth Absorption Rate July 2012

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So in summary, the Weymouth real estate market  has the following things going for it:

  1. Very Active Market
  2. Decreasing market time
  3. Increase in Median sales price
  4. Sales Prices close to Original Asking Price

Want to know what your home is worth?

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

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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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