Grand Gables Realty Group, Inc. Recaps Sales in the Massachusetts South Shore Real Estate Market - Homes Selling At or Above $1 Million.
Posted by David Drinkwater of Grand Gables Realty Group, Inc.
For the first six months of 2016, the Massachusetts South Shore Region has experienced an increase of 31% in the number of residential units (single family and condominium sales) selling at or above $1 Million as compared with the same period in 2015. The eleven communities that comprises the South Shore region includes the towns of Cohasset, Duxbury, Hanover, Hingham, Hull, Kingston, Marshfield, Norwell, Pembroke, Plymouth and Scituate and collectively are “home” to approximately 200,000 residents.
For single family homes, the million dollar plus sales in the first half of 2016 (104 units) averaged $1,452,850 which is approximately 4% higher than the average sale price of $1,396,320 during the first six months in 2015 (77 units). The average size of these homes has remained relatively unchanged between these two years – 4,209 sq ft in 2016 versus 4,226 sq ft in 2015. The number of days on market has dropped in 2016 by 3 percent to 167 days from 173 days in 2015. For the first six months of 2016, the highest sale posted was $4,800,000 and is located in Duxbury – this sale is 50% higher than the highest sale posted in the first half of 2015 at $3,200,000, which is located in Cohasset.
For condominium residences, the statistics show a slight decline in the averages. The million dollar plus sales in the first half of 2016 (7 units) averaged $1,270,081 which is approximately 16% lower than the average sale price of $1,468,253 during the first six months in 2015 (8 units). However, part of this decline can be explained in the decline in the average size – a decrease of 5% from 3,819 sq ft in 2015 to 3,644 sq ft in 2016. The number of days on market has increased by 28% in 2016 with an average of 144 days in 2015 to an average of 200 days in 2016. For the first six months of 2016, the highest sale posted was $1,575,000 and is located in Hingham – this sale is 20% lower than the highest sale posted in the first half of 2015 at $1,888,830, which is also located in Hingham.
Luxury Real Estate affiliate, Grand Gables Realty Group, Inc. brokered the South Shore region’s highest condominium sale of 2016 – the sale of 43 Clubhouse Drive in Hingham’s Black Rock Country Club community – bucking the trends and closing at the full listing price of $1,575,000 – from list date to close, the sale took 36 days.