Real Estate Trends – Hingham, Massachusetts (Condos)

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward.

Today we are highlighting the Condo market in Hingham, MA in Plymouth County

 Old Ship Church Higham MA - Hingham Massachusetts Real Estate

Market Trends in Hingham, MA – December 2014 and 2015:

The Hingham, MA condo market has fallen off since last year.   The average prices were both down while the median prices were down significantly as well.  The days on market also appear to be up, but that may be deceiving.  Inventory was up a lot going from 8 sales in December of 2014 to 12 in December 2015. 

Average Listing Prices:

We will first start off by looking at the average listing price.  For condos in Hingham, MA the average listing price in December 2014 was $815,100.  This was down to $745,567 in December 2015.  This gives a decent decrease of 8.53% year over year. 

Looking at the median prices we see that it was higher in 2014 and just a touch lower than the average in 2015.  For December of 2014 the median listing price for Hingham, MA condos was $942,000 and in December 2015 it was $744,000 which now gives a much bigger decrease of 21.02%. 

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for a condo in Hingham, MA in December of 2014 was $836,577 and in December 2015 that was down to $710,833.  That gives a much larger 15.03% decrease relative to the average list price. 

We see a slightly different pattern with the median sale prices as we did for the listing prices.  In this case it was still much higher in 2014 but this time was also noticeably bigger in 2015 as well.  For December of 2014 the median sales price for Hingham, MA condos was $935,850 and in December 2015 it was $731,500 giving another larger decrease of 21.84%. 

This month prices are down significantly for condos in Hingham, MA compared to last year.  Since medians are generally preferred over averages and sales are more important than listing prices we are not going to give much weight to the relatively small decrease in the average list price.  Since both medians are almost the same we would conclude that prices seem to be down over 20% for Hingham, MA condos in December.

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a property to sell in the current market.  For condos in Hingham, MA the average days on market in December of 2014 were 83.50 and the average days on market for December 2015 were 106.33 for a pretty good 27.34% increase. 

However, as we have seen many times before in our previous posts for AbingtonBedfordSeekonk, BelmontTopsfieldCanton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton, Wrentham, Stoneham, Dedham, Nashua, NH, Tewksbury, Brockton (Multifamily), Lowell (Multifamily), Acton, Foxboro, Pembroke, Chelmsford, BeverlyFramingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury, Acton #2 , Taunton (Condos), Tyngsborough, Milton, Salem, NH, Boston’s Hyde Park, Boston’s West Roxbury , Somerville, Canton #3, Pelham, NH, Westford, Plymouth (Condos), Boston’s Jamaica Plain , Halifax,Braintree (Condos), Newton (Multifamily), Plainville ,Boxford, Wayland , West Bridgewater, East Bridgewater, Marlborough (Condos), Natick (Condos), Gloucester, (Condos), Melrose (Condos),Norton (Condos), Newburyport, Atkinson, NH, Fairhaven, Lexington, Arlington (Condos), Salisbury, Weston, Groton, Wellesley, Littleton, Lowell (Condos) #2, East Boston (Condos), Dedham #3, Hanover, Canton (Condos), Belmont #2 and Seabrook, NH outliers in the data can really skew these numbers.  This again is the case for Hingham, MA condos in December.  In this instance there was a very high days on market place in the data for both years.

In 2014 there was a property with 234 days on market; this was a bit more than the next 2 properties combined and over 35% of the total days on market for all 8 Properties.  When removed the new calculation for the remaining 7 properties gives an average days on market of 62.00. 

In 2015 there was a property with 440 days on market; this was almost as much as the next 3 properties combined and over 34% of the total days on market for all 12 Properties.  When removed the new calculation for the remaining 11 properties gives an average days on market of 75.91. 

Using the adjusted numbers we now get a marginally smaller increase of 22.44%.  This does not change the conclusion of the days on market being up a modest amount as the adjustments for both years basically canceled each other out in terms of the percentage change.    

Hingham, Mass Summary:

The Hingham, Massachusetts condo real estate market is down a bit since last year.  The average prices were down and median prices were down substantially more.  The days on market are also up some as a further indication of a weaker market compared to this month last year.

In summary if you are looking to sell a condo in Hingham, MA now you should expect to get a lot less for it than you would have gotten last year.  You should also expect it to take a little more time to sell compared to last year as well. 

 

Do you need to sell your Hingham, Massachusetts condo fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: OldShipChurchView via Wikipedia)

 

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