October 2019 Hull / Cohasset / Hingham Real Estate Market Update
For the Most Part… Inventory Tightened!
With October in the books, we are continuing to see the great inventory tightening of the Fall of 2019. Okay, maybe it hasn’t been “great”, but none the less… There are less homes on the market!
I am Jeff Chubb and I wanted to share with you the most recent market conditions for Cohasset, Hingham and Hull.
In October we saw inventory continue to tighten statewide as well as in the towns of Hingham and Hull. Cohasset however had a different plan in mind.
In Massachusetts as a whole, we now have inventory up 1.64% for condos year over year. This is a large swing of nearly 9% considering last month we were looking at a 10.24% increase in inventory. Meanwhile in the Single-Family market inventory continued to tighten about 3% to 12.09% less inventory on the market then this time last year.
Meanwhile sales in both the Single Family and Condo market continued to build. Sales for Single Families are now up .24% year over year to 44,170 units sold while Condo sales are down 1.64% to 17,550 sales, this however is again an improvement from the -2.47% we saw last month.
Prices in Massachusetts continue to be up with the Condo market up 4.65% year over year and the Single Family up 2.89% year over year.
Turning to the local markets, lets take a look at Hull first.
Hull continues to see inventory decrease with it now having 40 homes on the market which represents a 35.48% decrease in the amount of properties available to prospective buyers. Sales continue to be strong with a 17.80% year over year gain representing 139 closed units. This however is a pullback from the 24.24% increase that we had seen last month. A reason for this could very well be due to the limited inventory.
In Hingham we have seen inventory for single families dip 4.21% year over year with 91 homes currently for sale. Meanwhile sales in Hingham are down year over year by 10.16% with 221 homes sold in 2019. This slowdown in sales increased this month when we compare it to last months -9.29%. Home prices in Hingham however continue to be strong with a 6.51% increase in the average sales price to $1,022,501.
The town of Cohasset saw inventory grow to 14.06% with 73 homes on the market. This is compared to the 11.94% increase in inventory that we had seen last month. In the first 10 months of 2019, we have had 104 units close which represents a 4.59% pullback. With inventory up and sales down, we have seen a very slight decrease in the average sales price of -.20%.
Again, I am Jeff Chubb with the Chubb Realty Group which is brokered by eXp Realty. Should you have any questions about your market or your home, then we would love to chat. The best way to get us is at 617-480-2600 or by email at [email protected].