The current median home price in Scituate is $599,900 vs. $599,000 for 2018. Year to date listings have increased 25% while homes sold are down 10%. Although supply has increased from 2.7 months to 5.25 months, the market is still defined as a seller’s market. Days on market are down from last year by 12 days and days to offer are down slightly which speaks to continued demand.
The sweet spot for sale price in Scituate is between $500,000 and $600,000; it is within this price range that you have the largest pool of buyers. Days on market are down by 22 days, which indicates there is a lack of inventory in this price range. The average median and sold price between $500 and $600,000 is approximately $560,000 and supply is just over two months. The average square footage of homes sold in this price range are 1750 square feet resulting in a square footage price of $330.00.
Last year there was the threat of rising interest rates so consumers felt the need to buy before the end of the year. This year, rates are low and may even fall again, so we are not seeing the same urgency from buyers in this regard. Although low interest rates help affordability, price remains an important factor. It's our belief that the Scituate market should continue on this strong trend for at least the remainder of the year.
