insight Dorchester

Transcription

insight Dorchester

in sight Dorchester
Dorchester’s only neighborhood real estate report
WINTER 2011
Cushing Avenue, Jones Hill, “Bayside”
in sight Dorchester
N
Why did we divide
Dorchester?
E. Boston
.E
nd
Beacon Hill
.
st
Di
.
Fin
y
Ba
B.
Dorchester is almost as big as the
South End, Back Bay, Financial District,
and South Boston combined.
It’s so big that sales trends can differ
wildly from one part of it to another.
Savin Hill, “Bayside”
That’s why we broke Dorchester into
four sections. This way, the data reflects
more accurate sales trends.
S.
S
o
.B
on
st
N
“ B or t
ay h e
s i as
de t
” :
Our proprietary Intra-market
Reporting looks inside each market to
discover the nano-trends that escape
broader analysis.
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ai
Pl
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“R out
ive he
r s as
id t:
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de
Hy
r
Pa
k
Melville Park, “Fields”
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“P es
ar t:
ks
id
e”
C
“F ent
ie ra
ld l:
s”
ca
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a
J
d
En
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a
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Lower Mills, “Riverside”
Quincy
Milton
Franklin Park, “Parkside”
in sight Dorchester
WINTER 2011
Dorchester Overview
The waiting is the hardest part
Even as overall prices rose, the total number of
sales in Dorchester this quarter dropped
significantly as buyers waited to make their move.
Prices rise
Prices rose 11.5% from Q4 ’09 to Q4 ’10
In fact, even as overall prices rose 11.5%, the
number of sales was 30.4% lower than in Q4 ’09.
Why?
Tax credits expired
A squall of activity in the first half of last year
was spurred by buyer tax credits of as much
as $8,000.
But once those credits expired, the storm
subsided. It seems most of those who
planned to buy last year bought before this
deadline, leaving the market to languish in
a buyer-drought.
Stale inventory
When the dust settled after the first half of the
year, much of the most desirable inventory
had been purchased.
What was left was either flawed or too
overpriced to be purchased during the rush,
and quickly became stale as buyers waited in
the wings for news that would motivate them
to act.
Market uncertainty
The later part of 2010 brought uncertainty with
the economy and buyers waiting to see the
outcome of an election and for news of
potentially large tax increases, leaving many
to wait a little longer to make their move.
# of sales drop
30.4% fewer sales over Q4 ‘10
in sight Dorchester
WINTER 2011
Northeast: Dorchester “Bayside”
Neighborhoods:
JFK/Columbia
Jones Hill
Pleasant Street
Polish Triangle
Savin Hill
Savin Hill ‘OTB’
Change from same quarter previous year
no change
+39.0%
# of sales
(38 properties sold)
Days on market
(now 146)
Hurry up and wait
Prices in “Bayide” this
Properties sold
quarter followed the
Condos (25)
greater Dorchester
Multifamily (10)
Single fam. (3)
trend and climbed by
nearly 11%, even as sellers
had to wait considerably longer to find a buyer.
Single family prices dipped as the small handful
of those that sold were all on the less-expensive side
of the wide-ranging pricing spectrum of this property
type.
But perhaps the biggest news came from the condo
sector where we saw several sales in the $400s.
Overall prices
+10.7% –25.3%
Overall prices
(now $302,357)
Single family prices
(now $306,667)
+5.6%
+16.1%
Multifamily prices
(now $387,400)
Condo prices
(now $263,822)
Visit us: InRealtyInc.com
Call us: 617-265-3500
in sight Dorchester
Notable Sales
Jones Hill
Polish Triangle
40 Upham Avenue
28 Mount Vernon #6
Type: Single family
Bedrooms: 3
Bathrooms: 1.5
Size: 1,383 square feet
Type: Condominium
Bedrooms: 2
Bathrooms: 2
Price: $280,000 (6.4% below asking)
Pleasant Street
Jones Hill
19 Pleasant Street
97 Sawyer Avenue
Type: Multifamily
Bedrooms: 3
Bathrooms: 3
Type: Single family
Bedrooms: 4
Bathrooms: 2
Price: $475,000 (3% below asking)
Call us: 617-265-3500
in sight Dorchester
WINTER 2011
Central: Dorchester “Fields”
Neighborhoods:
Fields Corner
Meeting House Hill
Melville Park
Clam Point
Saint Marks
Ashmont
Ashmont Hill
Carruth
Wait a little longer
In Dorchester “Fields”
we saw sellers waiting
almost 60% longer to find
a buyer this quarter, even
as prices rose higher than
the Dorchester average.
Properties sold
Condos (19)
Multifamily (11)
Single fam. (5)
Condo prices rose considerably despite several
distressed sales.
no change
+58.8%
Volume
Days on market
(now146)
Multifamily prices were buoyed by a single sale in Clam
Point in the $800s, noted on the next page.
Overall prices
+14.2% –23.1%
Overall prices
(now $259,058)
(now $248,400)
+18.1% +30.5%
Multifamily prices
(now $383,318)
Condo prices
(now $189,922)
Call us: 617-265-3500
in sight Dorchester
Notable Sales
Clam Point
Meeting House Hill
29 Mill Street
67 Church Street #2
Type: Multifamily
Bedrooms: 5
Bathrooms: 2.5
Type: Condominium short sale
Bedrooms: 2
Bathrooms: 2.5
Price: $230,000 (asking price)
Carruth
Fields Corner
18 Weyanoke Street
60R Gibson Street #A1
Type: Single family
Bedrooms: 3
Bathrooms: 2
Type: Foreclosed condominium
Bedrooms: 2
Bathrooms: 1
Size: 820 square feet
Call us: 617-265-3500
in sight Dorchester
WINTER 2011
Southeast: Dorchester “Riverside”
Neighborhoods:
Lower Mills
Port Norfolk
Adams Village
Cedar Grove
Steady rockin’
Properties sold
“Riverside” was the only
area where overall prices
were virtually the same as
they were in Q4 last year.
Condos (10)
Multifamily (10)
Single fam. (10)
Neponset
Popes Hill
Saint Brendan’s
–11.8%
–9.1%
Volume
Days on market
(now 120)
Why?
A larger number of single family sales at prices lower
than the usual average pushed the overall average
down.
Condo prices were even despite a few sales in the mid
$300s.
Overall prices
+0.9%
–24.6%
Overall prices
(now $279,753)
(now $271,100)
+3.1%
+0.1%
Multifamily prices
(now $373,200)
Condo prices
(now $194,960)
Call us: 617-265-3500
in sight Dorchester
Notable Sales
Popes Hill
Neponset
26 Train Street
24 Coffey Street
Type: Single family
Bedrooms: 3
Bathrooms: 1.5
Type: Single family
Bedrooms: 3
Bathrooms: 1
Size: 942 square feet
Saint Brendan’s
Lower Mills
41 Saint Gregory Street
572 Freeport Street #301
Type: Single family foreclosure
Bedrooms: 3
Bathrooms: 1
Type: Condominium
Bedrooms: 2
Bathrooms: 2.5
Price: $182,500 (1.4% above asking)
Call us: 617-265-3500
in sight Dorchester
WINTER 2011
West: Dorchester “Parkside”
Neighborhoods:
Franklin Park
Upham’s Corner
Dudley
Bowdoin/Geneva
Codman Square
Codman Hill
Blue Hill Avenue
Morton Street
–50.8%
–22.4%
Volume
Days on market
(now 121)
+15.6%
+3.5%
Overall prices
(now $213,542)
(now $187,542)
+6.2%
Multifamily prices
(now $252,410)
Bye bye volume
“Parkside” this quarter saw
only half the number of
sales as the same time last
year.
Properties sold
Condos (32)
Multifamily (57)
Single fam. (14)
What happened?
The shocking drop in the number of sales in “Parkside”
comes from the sharp decline in the number of
available foreclosures for purchase.
Overall prices rose with the decline in distressed sales.
Overall prices
–8.3%
Condo prices
(now $80,500)
Call us: 617-265-3500
in sight Dorchester
Notable Sales
Upham’s Corner
Bowdoin/Geneva
22 Batchelder Street
62 Bloomfield Street
Type: Condominium
Bedrooms: 2
Bathrooms: 1.5
Type: 2 Family
Bedrooms: 6
Bathrooms: 2
Price: $152,900 (2% above asking)
Blue Hill Avenue
Blue Hill Avenue
166 Woodrow Avenue
60 Topliff Street
Type: 3 Family foreclosure
Bedrooms: 11
Bathrooms: 3
Type: 3 Family
Bedrooms: 7
Bathrooms: 3
Call us: 617-265-3500
in sight Dorchester
WINTER 2011
Meet our Intra-market Reporting team
Justin Green
Owner & Broker
Justin is Dorchester’s #1
agent in dollar volume
since 2000. Knowing that
Dorchester is not one
neighborhood but a
collection of many,
Justin co-developed the
InSight Report so that
In Realty could provide its
clients with knowledge
Chris Poulos
that no other firm can.
Director of Boston Sales
Prior to her real
estate career, Nadine
analyzed raw data at a
Fortune 500 firm to
uncover and report
sales trends. Today, she
uses her statistical
skills to maintain our
Intra-market database
Nadine Fallon for sales throughout
General Manager Greater Boston.
Chris is Dorchester’s #1
agent in the number of
properties sold since
2000. With this experience, he now leads
others as our Director of
Boston Sales, overseeing
our expansion into the
South End and South
Boston markets in
addition to representing
his Dorchester clients.
More For Sellers
More For Buyers
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statistics
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options
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listings
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Call us: 617-265-3500
Please recycle.
Dorchester | South End | South Boston | Jamaica Plain | Roslindale | Representing all of Greater Boston
Meet the entire team – InRealtyInc.com
Ed Desilets
Dave Gaviglio
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JP Sales Manager
Sales & Rentals
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Management
Rentals
Mike Panagako Eric Gaudet
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Marketing Director
Sales & Rentals
Rentals

insight Dorchester

Transcription

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