Post on 20-Mar-2016
description
Issue: Quarter 1 2010January 1st – April 1st
Trescott Street, Dorchester “Bayside”
in sight reportDorchester’s only neighborhood real estate report
Why did we divideDorchester?Dorchester is almost as big as theSouth End, Back Bay, Financial District,and South Boston combined.
It’s so big that sales trends can differwildly from one part of it to another.
That’s why we broke Dorchester intofour sections. This way, the data reflects more accurate sales trends.
Since the sections we created don’thave official names, we gave each itsown nickname. Let us know what youthink of our unofficial choices!
Southe
ast:
“Rive
rside
”
Centra
l:
“Fiel
ds”
Wes
t:
“Par
kside
”
Northea
st:
“Bay
side”
Savin Hill, “Bayside”
Melville Park, “Fields”
Lower Mills, “Riverside”
Franklin Park, “Parkside”
in sight reportDorchester’s only neighborhood real estate report
S. En
d
S. B
oston
Matt
apan
Jamaic
a Plai
n
Milton
Quincy
B. Bay
Beacon Hill
E. BostonN. End
Hyde P
ark
Fin. D
ist.
Issue: Quarter 1 2010January 1st – April 1st
Dorchester Overview
Tax credit calms market as sellers return
A brisk early winter gave way to a slower thanusual late winter.
Why?
Though Dorchester prices are still up 13.8% year over year, we saw a quarterly decrease involume and prices as inventory increased andtax credit hopeful buyers were given 5 moremonths to shop.
Here’s how it breaks down.
Increased supply
Buyers were back in the game this fall, but sellers were still sitting it out – until now.
In fact, 58% more units came on the market this quarter as sellers tried to catch up with buyer demand.
Homebuyer credit extension
Free from the pressure to buy on deadline, buyers who missed their chance at bat in the fall were relieved as the tax credit extension gave them more time – until April 30th to find a place and until June 30th to close.
The season
With most purchases closing in 60 days or so, Q1 data represents units that went under contract during the holidays and in the dead of winter – always the slowest time for house hunting.
Prices up 13.8%
Inventory jumps 58%
(Comparing Quarter 1 ’09 with Quarter 1 ’10)
(Comparing Quarter 4 ’09 with Quarter 1 ’10)
The new Just in Boston Properties
in sight reportDorchester’s only neighborhood real estate report
With just a handful of singlefamily and multifamilyhomes sold (most in thelower range) prices werepushed down, even as condos continued their climb.
We saw buyers once again scooping up condos in the mid $500’s – something not seen for years.
in sight reportDorchester’s only neighborhood real estate report
Issue: Quarter 1 2010January 1st – April 1st
Northeast: Dorchester “Bayside”
Since last quarter...
Condo sales briskas multis take a tumble
Neighborhoods:
■ JFK/Columbia
■ Jones Hill
■ Pleasant Street
■ Polish Triangle
■ Savin Hill
■ Savin Hill ‘OTB’
Condos (27)Multifamily (4)Single fam. (1)
Overall prices–20.8%Single family prices(now $325,000)
+2.9%Condo prices
(now $233,615)
–28.2%Multifamily prices(now $282,750)
–15.8%Volume
(32 properties sold)
–12.2%Overall prices
(now $242,613)
+32.4%Days on market
(now 139)
Properties sold
The new Just in Boston Properties
Visit us: InRealtyInc.com Call us: 617-265-3500
JFK/Columbia15 Locust Street
Type: Foreclosed 2 familyBedrooms: 2Bathrooms: 2Size: 1,008 square feet
Price: $156,000 (46.2% above asking)
JFK/Columbia944 Dorchester Ave (DNA Lofts)
Type: CondominiumBedrooms: LoftBathrooms: 1Size: 983 square feet
Price: $250,000 (3.5% below asking)
Jones Hill62 Sawyer Ave. #3
Type: Short sold condominiumBedrooms: 2Bathrooms: 2Size: 1,260 square feet
Price: $330,000 (10.6% below asking)
Savin Hill ‘OTB’201 Savin Hill Ave. #2
Type: CondominiumBedrooms: 2Bathrooms: 2Size: 2,000 square feet
Price: $539,000 (asking price)
Notable Sales
Issue: Quarter 1 2010January 1st – April 1st
The new Just in Boston Properties
Visit us: InRealtyInc.com Call us: 617-265-3500
in sight reportDorchester’s only neighborhood real estate report
in sight reportDorchester’s only neighborhood real estate report
Issue: Quarter 1 2010January 1st – April 1st
Central: Dorchester “Fields”
Overall prices–13.0%Single family prices(now $280,767)
+11.5%Condo prices
(now $162,291)
+8.6%Multifamily prices(now $352,300)
+2.9%Volume
(36 properties sold)
+3.2%Overall prices
(now $234,134)
+23.9%Days on market
(now 114)
Since last quarter...
The neighborhoods inDorchester “Fields” werethe only ones to see an actual increase over lastquarter, despite some incredible steals like those on the following page.
Only one more unit sold this quarter than did the last,keeping volume fairly steady.
Prices rise despite underpriced foreclosures
Neighborhoods:
■ Fields Corner■ Meeting House Hill■ Melville Park■ Clam Point■ Saint Marks■ Ashmont■ Ashmont Hill■ Carruth
Condos (19)Multifamily (8)Single fam. (9)
Properties sold
The new Just in Boston Properties
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Meeting House Hill69 Adams Street #1
Type: Foreclosed condominiumBedrooms: 2Bathrooms: 1Size: 1,500 square feet
Price: $78,000 (1% above asking)
Fields Corner8 Leslie Street
Type: Forclosed 4 familyBedrooms: 10Bathrooms: 4Size: 4,010 square feet
Price: $325,000 (25% above asking)
Melville Park37 Allston Street
Type: Foreclosed condominiumBedrooms: 6Bathrooms: 2Size: 2,488 square feet
Price: $240,000 (asking price)
Ashmont Hill100-102 Alban Street
Type: 2 familyBedrooms: 5Bathrooms: 3Size: 3,456 square feet
Price: $489,000 (2% below asking)
Issue: Quarter 1 2010January 1st – April 1st
Notable Sales
in sight reportDorchester’s only neighborhood real estate report
The new Just in Boston Properties
Visit us: InRealtyInc.com Call us: 617-265-3500
in sight reportDorchester’s only neighborhood real estate report
Issue: Quarter 1 2010January 1st – April 1st
Southeast: Dorchester “Riverside”
Overall prices
+17.1%Single family prices(now $298,167)
–8.0%Condo prices
(now $177,463)
–9.4%Multifamily prices(now $328,000)
–17.6%Volume
(28 properties sold)
–15.0%Overall prices
(now $235,586)
+24.5%Days on market
(now 122)
Since last quarter...
Neighborhoods:
■ Lower Mills
■ Port Norfolk
■ Adams Village
■ Cedar Grove
■ Neponset
■ Popes Hill
■ Saint Brendan’s
After four straight quatersof growth, the “Riverside”neighborhoods fell back tolower than expected priceaverages as volume fell and properties took longer to sell.
Still, unlike all other areas of Dorchester this quarter,“Riverside” saw single family prices increase considerably as several higher priced single familiesflew off the shelf.
A bump in the road
Condos (16)Multifamily (6)Single fam. (6)
Properties sold
The new Just in Boston Properties
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Adams Village49-51 Chelmsford Street
Type: 2 familyBedrooms: 6Bathrooms: 2Size: 2,440 square feet
Price: $379,000 (5% below asking)
Lower Mills1241 Adams Street #103
Type: CondominiumBedrooms: 2Bathrooms: 2Size: 1,152 square feet
Price: $290,000 (9.1% below asking)
Adams Village80 Beaumont Street #106
Type: Foreclosed condominiumBedrooms: 2Bathrooms: 1Size: 840 square feet
Price: $130,000 (4% above asking)
Neponset92-92A Oakton Avenue
Type: 3 familyBedrooms: 5Bathrooms: 3Size: 2,601 square feet
Price: $416,000 (.5% above asking)
Issue: Quarter 1 2010January 1st – April 1st
Notable Sales
in sight reportDorchester’s only neighborhood real estate report
The new Just in Boston Properties
Visit us: InRealtyInc.com Call us: 617-265-3500
in sight reportDorchester’s only neighborhood real estate report
Issue: Quarter 1 2010January 1st – April 1st
West: Dorchester “Parkside”
Overall prices
–39.6%Single family prices(now $129,695)
–21.9%Condo prices
(now $74,378)
–1.7%Multifamily prices(now $252,645)
–33.6%Volume
(93 properties sold)
–15.1%Overall prices
(now $173,062)
–28.9%Days on market
(now 113)
Since last quarter...
Neighborhoods:
■ Franklin Park
■ Upham’s Corner
■ Dudley
■ Bowdoin/Geneva
■ Codman Square
■ Codman Hill
We last reported a huge increase in volume for thisneighborhood – but nolonger.
With inventory increasing, investors and homebuyershave stepped back, feeling less pressure to act.
Most notable was a big drop in the single family market, as foreclosed homes were unloaded by their insitutional owners for bargain prices.
Turn down the volume
Condos (40)Multifamily (77)Single fam. (23)
Properties sold
The new Just in Boston Properties
Visit us: InRealtyInc.com Call us: 617-265-3500
Upham’s Corner178-180 Magnolia Street
Type: 2 familyBedrooms: 6Bathrooms: 4.5Size: 3,229 square feet
Price: $430,000 (2.1% below asking)
Dudley141-143 Howard Avenue
Type: 3 familyBedrooms: 8Bathrooms: 3Size: 2,840 square feet
Price: $195,000 (22% below asking)
Bowdoin/Geneva356 Harvard Street #1
Type: CondominiumBedrooms: 2Bathrooms: 1Size: 1,152 square feet
Price: $53,000 (3.5% below asking)
Bowdoin/Geneva21 Bodwell Street
Type: Single familyBedrooms: 5Bathrooms: 1.5Size: 2,501 square feetPrice: $153,000 (13% above asking)
in sight reportDorchester’s only neighborhood real estate report
Issue: Quarter 1 2010January 1st – April 1st
Notable Sales
The new Just in Boston Properties
Visit us: InRealtyInc.com Call us: 617-265-3500
in sight reportDorchester’s only neighborhood real estate report
Issue: Quarter 1 2010January 1st – April 1st
Most people don’t like pouring overand examining numbers until thewee hours of the night. But I do!
I was once responsible for analyzingraw data at a Fortune 500 company touncover the sales trends within.
I have put those skills to use – building a proprietary databasecomprised of every Dorchester homesale since the year 2000.
Want to compare Melville Park toJones Hill for single family sales overthe last nine years – or anything inbetween? With our database, we cando that!
Creating Dorchester’s first neighborhood market report
Justin GreenOwner & Broker
Nadine FallonGeneral Manager
& Agent
As Dorchester’s #1 selling brokersince the year 2000 (according toMLS data), I know the Dorchestermarket. I know that Dorchester isn’tone neighborhood – it’s many different neighborhoods with different sales trends.
Therefore, we created Dorchester’sfirst neighborhood-by-neighborhoodsales database dating back to 2000,that we update and report on each quarter.
With this we can offer our clients knowledge and insight that no otherfirm can provide.
Meet the team – InRealtyInc.com
Visit us: InRealtyInc.com Call us: 617-265-3500
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