Dorchester Real Estate Market InSight Report Quarter 2010-1

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”


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.


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


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.



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


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


Savin Hill ‘OTB’201 Savin Hill Ave. #2

Type: CondominiumBedrooms: 2Bathrooms: 2Size: 2,000 square feet

Price: $539,000 (asking price)

Notable Sales







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


+3.2%Overall prices

(now $234,134)


(now 114)


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


Properties sold



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


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)


Notable Sales






Southeast: Dorchester “Riverside”

Overall prices

+17.1%Single family prices(now $298,167)

–8.0%Condo prices

(now $177,463)


–17.6%Volume



(now $235,586)


(now 122)


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


Properties sold



Adams Village49-51 Chelmsford Street



Lower Mills1241 Adams Street #103



Adams Village80 Beaumont Street #106

Type: Foreclosed condominiumBedrooms: 2Bathrooms: 1Size: 840 square feet


Neponset92-92A Oakton Avenue


Price: $416,000 (.5% above asking)


Notable Sales






West: Dorchester “Parkside”

Overall prices

–39.6%Single family prices(now $129,695)

–21.9%Condo prices

(now $74,378)


–33.6%Volume



(now $173,062)

–28.9%Days on market

(now 113)


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


Properties sold



Upham’s Corner178-180 Magnolia Street

Type: 2 familyBedrooms: 6Bathrooms: 4.5Size: 3,229 square feet


Dudley141-143 Howard Avenue



Bowdoin/Geneva356 Harvard Street #1



Bowdoin/Geneva21 Bodwell Street

Type: Single familyBedrooms: 5Bathrooms: 1.5Size: 2,501 square feetPrice: $153,000 (13% above asking)



Notable Sales





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


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Dorchester Real Estate Market InSight Report Quarter 2010-1

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