Dorchester Real Estate Market Report
description
Transcript of Dorchester Real Estate Market Report
in sight DorchesterDorchester’s only neighborhood real estate report
FALL 2010
Mill Street, “Clam Point”
Southeast:
“Rive
rside”
Central:
“Fields”
West:
“Park
side”
Northeast:
“Bays
ide”
Savin Hill, “Bayside”
Melville Park, “Fields”
Lower Mills, “Riverside”
Franklin Park, “Parkside”
S. End
S. Boston
Matta
pan
Jamaica Plain
Milton
Quincy
B. Bay
Beacon Hill
E. BostonN. End
Hyde P
ark
Fin. Dist.
in sight DorchesterDorchester’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 reflectsmore accurate sales trends.
Our proprietary Intra-market Reporting looks inside each market to discover the nano-trends that escapebroader analysis.
Dorchester Overview
Bye-bye BuyersEven as overall prices rose, the total number ofsales in Dorchester this quarter plummeted to an 8-year low.
In fact, the number of sales was 19% lower thanQ3 ‘09 and 20% lower than the 8-year average.
Why?
Tax credits expired
As much as $8,000 in tax credits for buyers spurred a squal of activity in the first half of the year.
But once those credits expired on June 30th, the storm subsided. Those who planned to buy this year, it seems, bought before this deadline, leaving the market to languish in a buyer-drought.
Economic Uncertainty
Interest rates are at their lowest level since Eisenhower was president. Despite this incentive, the U.S. economy continues to be marred by record unemployment as employers wait for things to pick up and next year’s tax rates to be determined before they start hiring.
Potential buyers who are employed worry about job security, and purchasing is simply not an option for the unemployed.
Many potential buyers are waiting to see how it all shakes out before becoming homeowners with 30 years of mortage payments ahead of them.
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"Bayside" "Fields" "Riverside" "Parkside"
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"Bayside" "Fields" "Riverside" "Parkside"
Prices steady
# of sales drop
Prices rose 3.7% from Q3 ’09 to Q3 ’10
19% fewer sales over Q3 ‘09
in sight DorchesterDorchester’s only neighborhood real estate report
Reporting on sales from April 1st – June 30th
FALL 2010
With the well of inventory all but dried up by thirsty buyers last quarter, theareas in “Bayside” saw alarger reduction in the number of sales than anyother area in Dorchester.
Despite this drop in volume, multifamily prices rosefor the second quarter in a row – they are now awhopping 54% higher than in Q1 – a signal that investors and owner occupiers are returning to the market.
Northeast: Dorchester “Bayside”
Change over Q3 last year
Where have all the listings gone?Neighborhoods:
� JFK/Columbia
� Jones Hill
� Pleasant Street
� Polish Triangle
� Savin Hill
� Savin Hill ‘OTB’
Condos (19)Multifamily (6)Single fam. (2)
Overall prices
–20.4%Single family prices
(now $323,500)
–11.3%Condo prices
(now $212,579)
+18.6%Multifamily prices(now $435,063)
–32.5%# of sales
(27 properties sold)
+3.6%Overall prices
(now $270,236)
–22.4%Days on market
(now 133)
Properties sold
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in sight DorchesterDorchester’s only neighborhood real estate report
FALL 2010
JFK/Columbia950 Dorchester Avenue #201
Type: Loft condominiumBedrooms: 0Bathrooms: 1Size: 1,266 square feet
Price: $345,000 (6.6% below asking)
Savin Hill83 Saxton Street
Type: 3 familyBedrooms: 6Bathrooms: 3Size: 3,453 square feet
Price: $450,000 (7.2% above asking)
Jones Hill64 Downer Ave #3
Type: CondominiumBedrooms: 2Bathrooms: 1Size: 1,000 square feet
Price: $174,000 (.5% below asking)
Savin Hill “OTB”193 Grampian Way
Type: 2 familyBedrooms: 5Bathrooms: 2Size: 2,398 square feet
Price: $474,375 (3.5% below asking)
Notable Sales
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in sight DorchesterDorchester’s only neighborhood real estate report
Reporting on sales from April 1st – June 30th
Central: Dorchester “Fields”
Overall prices+14.5%Single family prices
(now $375,056)
+5.4%Condo prices
(now $186,262)
+11.3%Multifamily prices(now $286,750)
–11.8%Volume
(45 properties sold)
+1.3%Overall prices
(now $246,351)
no changeDays on market
(112)
Change over Q3 last year
Dorchester “Fields” enjoyed welcomed stability this quarter asprices rose modestly andvolume decreased onlyslightly.
Condo buyers picked up a few choice bargins even asthe overall average condo price was held aloft by somehigh end sales.
The single family market, too, saw sales in the high end as several homes in Melville Park sold for prices as high as $650,000.
Steady as she goesNeighborhoods:
� Fields Corner� Meeting House Hill� Melville Park� Clam Point� Saint Marks� Ashmont� Ashmont Hill� Carruth
Condos (35)Multifamily (14)Single fam. (11)
Properties sold
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in sight DorchesterDorchester’s only neighborhood real estate report
FALL 2010
Melville Park4 Hooper Street
Type: Single familyBedrooms: 6Bathrooms: 3.5Size: 3,299 square feet
Price: $650,000 (3.7% below asking)
Meeting House Hill56 Percival Street #1
Type: CondominiumBedrooms: 2Bathrooms: 1Size: 1,008 square feet
Price: $200,000 (2% above asking)
Clam Point15 Mill Street
Type: Townhouse condominiumBedrooms: 4Bathrooms: 2.5Size: 2,588 square feet
Price: $430,000 (4.3% below asking)
Saint Marks80 Florida Street #4
Type: Short sale condonminiumBedrooms: 2Bathrooms: 1Size: 895 square feet
Price: $174,000 (2.9% below asking)
Notable Sales
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in sight DorchesterDorchester’s only neighborhood real estate report
Reporting on sales from April 1st – June 30th
Southeast: Dorchester “Riverside”
Overall prices–12.8%
Single family prices(now $276,625)
+8.6%Condo prices
(now $241,914)
–15.0%Multifamily prices(now $338,250)
–26.7%Volume
(22 properties sold)
–2.0%Overall prices
(now $266,286)
–26.7%Days on market
(now 123)
Change over Q3 last year
Neighborhoods:
� Lower Mills
� Port Norfolk
� Adams Village
� Cedar Grove
� Neponset
� Popes Hill
� Saint Brendan’s
“Riverside” was the onlyarea to see a drop in overall prices both sincethe last quarter and fromQ3 last year.
Why?
Far fewer homes sold this quarter and those that didwere more modestly priced.
Despite the overall drop, condo prices were buoyed bysales of higher-end units in Lower Mills and Neponset.
Pulling back
Condos (28)Multifamily (13)Single fam. (9)
Properties sold
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in sight DorchesterDorchester’s only neighborhood real estate report
FALL 2010
Neponset35 Coffey Street #6
Type: CondominiumBedrooms: 2Bathrooms: 2Size: 1,400 square feet
Price: $320,000 (5.6% below asking)
Lower Mills1241 Adams Street #F312
Type: CondominiumBedrooms: 2Bathrooms: 2Size: 1,441 square feet
Price: $369,999 (asking price)
Saint Brendan’s1 Hilltop Street
Type: Single familyBedrooms: 3Bathrooms: 1.5Size: 1,344 square feet
Price: $307,000 (5.5% below asking)
Neponset11 O’Donnell Square #1
Type: CondominiumBedrooms: 2Bathrooms: 1Size: 1,020 square feet
Price: $237,000 (3.3% below asking)
Notable Sales
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in sight DorchesterDorchester’s only neighborhood real estate report
Reporting on sales from April 1st – June 30th
West: Dorchester “Parkside”
Overall prices
–7.2%Single family prices
(now $195,225)
–8.7%Condo prices
(now $80,232)
+16.8%Multifamily prices(now $277,327)
–17.7%Volume
(86 properties sold)
+6.7%Overall prices
(now $197,117)
+12.2%Days on market
(now 137)
Change over Q3 last year
Neighborhoods:
� Franklin Park� Upham’s Corner� Dudley� Bowdoin/Geneva� Codman Square� Codman Hill� Blue Hill Avenue� Morton Street
Prices in the areas thatmake up “Parkside” are stillhigher than their yearly low,but lower than their yearlyhigh.
The market in these areas is heavily influenced by distressed sales. Foreclosures and short sales sell forless than market sales.
This quarter we saw more of these transactions thanlast quarter, but not as many as in the past year.
Mixed bag
Condos (32)Multifamily (57)Single fam. (14)
Properties sold
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in sight DorchesterDorchester’s only neighborhood real estate report
FALL 2010
Blue Hill Avenue400-402 Blue Hill Avenue #2
Type: Affordable condominiumBedrooms: 2Bathrooms: 1.5Size: 1,030
Price: $143,000 (asking price)
Codman Hill48-50 Codman Hill Avenue
Type: 2 familyBedrooms: 5Bathrooms: 4Size: 2,915 square feet
Price: $350,000 (5.2% below asking)
Codman Square39 Rosedale Street
Type: Single familyBedrooms: 4Bathrooms: 2.5Size: 2,440 square feet
Price: $135,000 (15.6% below asking)
Franklin Park9 Snowden Way
Type: Single familyBedrooms: 3Bathrooms: 2.5Size: 2,170 square feet
Price: $ (485,000 1.1% above asking)
Notable Sales
Visit us: InRealtyInc.com Call us: 617-265-3500
in sight DorchesterDorchester’s only neighborhood real estate report
Reporting on sales from April 1st – June 30th
Please recycle.
Visit us: InRealtyInc.com Call us: 617-265-3500
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Justin GreenOwner & Broker
Justin is Dorchester’s #1agent in dollar volumesince 2000. Knowing thatDorchester is not oneneighborhood but a collection of many, Justin co-developed the InSight Report so that In Realty could provide itsclients with knowledgethat no other firm can.
Meet our Intra-market Reporting team
Chris PoulosDirector of Boston Sales
Chris is Dorchester’s #1agent in the number ofproperties sold since2000. With this experi-ence, he now leads others as our Director ofBoston Sales, overseeingour expansion into theSouth End and South Boston markets in addition to representinghis Dorchester clients.
Nadine FallonGeneral Manager
Prior to her real estate career, Nadineanalyzed raw data at aFortune 500 firm to uncover and reportsales trends. Today, sheuses her statisticalskills to maintain ourIntra-market Reportdatabase for salesthroughout GreaterBoston.
Meet the entire team – InRealtyInc.com
FALL 2010
in sight DorchesterDorchester’s only neighborhood real estate report
Chris PoulosDirector of
Boston Sales
Dave GaviglioSales & Rentals
Jamie IacoiSales & Rentals
Brian LeveroneDirector of Property
Management
Mike PanagakoMarketing Director
TJ GalanosRentals
Eric GaudetRentals
John KinneySales & Rentals