Hingham's February Real Estate Trends
It's March and there are finally some signs of Spring between the warmth and the dare I say it...inventory!
February felt like a very busy month in Hingham real estate with a lot of frenzy over limited inventory. While inventory this month was essentially in line with inventory at this time last year (22 homes verses 24 last year), new listing activity is lower than last year- 29 listings taken YTD verses 41 at this point last year. For this reason, buyers are competing over a smaller pool of new properties which might be fueling some of the frenzy. 44 Gilford, 9 Mast Hill, 22 Del Prete and 21 S Bradford are all examples of recent listings that had multiple offers and went over ask. This competition is also helping to drive up median sale price which continues to climb to $1,550,000 - up 11% from last year at $1,396,000.
Days on market for sold homes tightened to 41 (from 46 last year) and the median number of days to offer dropped to 27 suggesting that new homes that are coming to market and priced right are moving quickly!
With mortgage rates below 6% and the spring market starting to build momentum, I think we're in for an active few months! If you're considering a move, curious about your home's value or just want to understand what these numbers mean for your neighborhood or buying process, I'm always happy to chat!
