Summer, sadly, is over but the real estate market never takes a vacation. Let’s take a look at sales this past June, July and August versus the same period last year. For a look at all the data please refer to the table which you can access by clicking here.
Before we begin, why not just look at the actual number of homes sold? The answer is fairly simple. The towns we’re looking at vary widely in their population and number of properties sold during any period. Looking at the rate of change allows us to compare otherwise dissimilar communities.
We’ll begin by looking at the change in the number of single-family homes sold. The chart that you see to the right displays the change year-over-year. Norwell had the greatest growth; over 120%! In fact, in every town except Hanover in Marshfield, 2013 surpassed 2012.
How long does it take to sell a house? The average days on market report, shown below, shows us that on average it took just 36 days to sell a Braintree home this past summer. That’s nearly 1/3 as long as it took last year. The market was equally hot in Weymouth and in Hanover as well as Quincy. It took 80 or more days to sell homes in Cohasset, Hingham, Hull, Marshfield and Norwell.
Finally, let’s look at how well sellers did versus their expectations. To do this we’ll look at the average sale versus asking price in both years. In every one of our towns 2013 exceeded 2012. Not only that, sellers were able to receive 96 or more percent of their original asking price in the towns of Braintree, Hanover, Hingham, Marshfield and Weymouth. In the other towns, sellers received a still respectable 93 or 94% of the asking price.
In summary, the number of homes sold is up as well as the average sale price. Homes are selling more quickly this year and sellers are typically able to receive 95% of their asking price.
Don’t see your town? Looking for more details at a given price point? Please post a comment and I’ll run the numbers just for you. Of course, if you’re looking to buy or sell a home on the South Shore please drop me a line.