in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 1 2010 January 1st – April 1st
Trescott Street, Dorchester “Bayside”
in sight report Dorchester’s only neighborhood real estate report
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Dorchester is almost as big as the South End, Back Bay, Financial District, and South Boston combined.
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It’s so big that sales trends can differ wildly from one part of it to another. That’s why we broke Dorchester into four sections. This way, the data reflects more accurate sales trends.
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Since the sections we created don’t have official names, we gave each its own nickname. Let us know what you think of our unofficial choices!
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Franklin Park, “Parkside”
in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 1 2010 January 1st – April 1st
Dorchester Overview
Tax credit calms market as sellers return A brisk early winter gave way to a slower than usual late winter.
Prices up 13.8% (Comparing Quarter 1 ’09 with Quarter 1 ’10)
Why? Though Dorchester prices are still up 13.8% year over year, we saw a quarterly decrease in volume and prices as inventory increased and tax credit hopeful buyers were given 5 more months 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.
Inventory jumps 58% (Comparing Quarter 4 ’09 with Quarter 1 ’10)
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.
The new Just in Boston Properties
in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 1 2010 January 1st – April 1st
Northeast: Dorchester “Bayside” Neighborhoods: ■ JFK/Columbia ■ Jones Hill ■ Pleasant Street ■ Polish Triangle ■ Savin Hill ■ Savin Hill ‘OTB’
Since last quarter...
Condo sales brisk as multis take a tumble Properties sold With just a handful of single family and multifamily homes sold (most in the lower range) prices were pushed 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.
–15.8% +32.4% Volume (32 properties sold)
Days on market (now 139)
–12.2% –20.8% Overall prices (now $242,613)
Single family prices (now $325,000)
–28.2%
+2.9%
Multifamily prices (now $282,750)
Condo prices (now $233,615)
Overall prices
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Condos (27) Multifamily (4) Single fam. (1)
in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 1 2010 January 1st – April 1st
Notable Sales
JFK/Columbia
JFK/Columbia
15 Locust Street
944 Dorchester Ave (DNA Lofts)
Type: Foreclosed 2 family Bedrooms: 2 Bathrooms: 2 Size: 1,008 square feet
Type: Condominium Bedrooms: Loft Bathrooms: 1 Size: 983 square feet
Price: $156,000 (46.2% above asking)
Price: $250,000 (3.5% below asking)
Jones Hill
Savin Hill ‘OTB’
62 Sawyer Ave. #3
201 Savin Hill Ave. #2
Type: Short sold condominium Bedrooms: 2 Bathrooms: 2 Size: 1,260 square feet
Type: Condominium Bedrooms: 2 Bathrooms: 2 Size: 2,000 square feet
Price: $330,000 (10.6% below asking)
Price: $539,000 (asking price)
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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 1 2010 January 1st – April 1st
Central: Dorchester “Fields” Neighborhoods: ■ ■ ■ ■ ■ ■ ■ ■
Fields Corner Meeting House Hill Melville Park Clam Point Saint Marks Ashmont Ashmont Hill Carruth
Since last quarter...
+2.9%
+23.9%
Volume (36 properties sold)
Days on market (now 114)
+3.2%
–13.0%
Overall prices (now $234,134)
Single family prices (now $280,767)
+8.6%
+11.5%
Multifamily prices (now $352,300)
Condo prices (now $162,291)
Prices rise despite underpriced foreclosures The neighborhoods in Properties sold Dorchester “Fields” were Condos (19) the only ones to see an Multifamily (8) actual increase over last Single fam. (9) quarter, 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.
Overall prices
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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 1 2010 January 1st – April 1st
Notable Sales
Meeting House Hill
Fields Corner
69 Adams Street #1
8 Leslie Street
Type: Foreclosed condominium Bedrooms: 2 Bathrooms: 1 Size: 1,500 square feet
Type: Forclosed 4 family Bedrooms: 10 Bathrooms: 4 Size: 4,010 square feet
Price: $78,000 (1% above asking)
Price: $325,000 (25% above asking)
Melville Park
Ashmont Hill
37 Allston Street
100-102 Alban Street
Type: Foreclosed condominium Bedrooms: 6 Bathrooms: 2 Size: 2,488 square feet
Type: 2 family Bedrooms: 5 Bathrooms: 3 Size: 3,456 square feet
Price: $240,000 (asking price)
Price: $489,000 (2% below asking)
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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 1 2010 January 1st – April 1st
Southeast: Dorchester “Riverside” Neighborhoods: ■ Lower Mills ■ Port Norfolk ■ Adams Village ■ Cedar Grove ■ Neponset ■ Popes Hill ■ Saint Brendan’s
Since last quarter...
A bump in the road Properties sold After four straight quaters Condos (16) of growth, the “Riverside” Multifamily (6) neighborhoods fell back to Single fam. (6) lower than expected price averages 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 families flew off the shelf.
–17.6% +24.5% Volume (28 properties sold)
Days on market (now 122)
Overall prices
–15.0% +17.1% Overall prices (now $235,586)
Single family prices (now $298,167)
–9.4%
–8.0%
Multifamily prices (now $328,000)
Condo prices (now $177,463)
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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 1 2010 January 1st – April 1st
Notable Sales
Adams Village
Neponset
80 Beaumont Street #106
92-92A Oakton Avenue
Type: Foreclosed condominium Bedrooms: 2 Bathrooms: 1 Size: 840 square feet
Type: 3 family Bedrooms: 5 Bathrooms: 3 Size: 2,601 square feet
Price: $130,000 (4% above asking)
Price: $416,000 (.5% above asking)
Adams Village
Lower Mills
49-51 Chelmsford Street
1241 Adams Street #103
Type: 2 family Bedrooms: 6 Bathrooms: 2 Size: 2,440 square feet
Type: Condominium Bedrooms: 2 Bathrooms: 2 Size: 1,152 square feet
Price: $379,000 (5% below asking)
Price: $290,000 (9.1% below asking)
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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 1 2010 January 1st – April 1st
West: Dorchester “Parkside” Neighborhoods: ■ Franklin Park ■ Upham’s Corner ■ Dudley
Turn down the volume We last reported a huge increase in volume for this neighborhood – but no longer.
Properties sold Condos (40) Multifamily (77) Single fam. (23)
■ Bowdoin/Geneva ■ Codman Square ■ Codman Hill
Since last quarter...
–33.6%
–28.9%
Volume (93 properties sold)
Days on market (now 113)
With inventory increasing, investors and homebuyers have 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.
Overall prices
–15.1% –39.6% Overall prices (now $173,062)
Single family prices (now $129,695)
–1.7%
–21.9%
Multifamily prices (now $252,645)
Condo prices (now $74,378)
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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 1 2010 January 1st – April 1st
Notable Sales
Bowdoin/Geneva
Dudley
21 Bodwell Street
141-143 Howard Avenue
Type: Single family Bedrooms: 5 Bathrooms: 1.5 Size: 2,501 square feet Price: $153,000 (13% above asking)
Type: 3 family Bedrooms: 8 Bathrooms: 3 Size: 2,840 square feet
Bowdoin/Geneva
Upham’s Corner
356 Harvard Street #1
178-180 Magnolia Street
Type: Condominium Bedrooms: 2 Bathrooms: 1 Size: 1,152 square feet
Type: 2 family Bedrooms: 6 Bathrooms: 4.5 Size: 3,229 square feet
Price: $53,000 (3.5% below asking)
Price: $430,000 (2.1% below asking)
Price: $195,000 (22% below asking)
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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 1 2010 January 1st – April 1st
Creating Dorchester’s first neighborhood market report
Justin Green Owner & Broker
As Dorchester’s #1 selling broker since the year 2000 (according to MLS data), I know the Dorchester market. I know that Dorchester isn’t one neighborhood – it’s many different neighborhoods with different sales trends.
Most people don’t like pouring over and examining numbers until the wee hours of the night. But I do!
Therefore, we created Dorchester’s first neighborhood-by-neighborhood sales database dating back to 2000, that we update and report on each quarter.
I have put those skills to use – building a proprietary database comprised of every Dorchester home sale since the year 2000.
With this we can offer our clients knowledge and insight that no other firm can provide.
I was once responsible for analyzing raw data at a Fortune 500 company to uncover the sales trends within.
Nadine Fallon
Want to compare Melville Park to Jones Hill for single family sales over the last nine years – or anything in between? With our database, we can do that!
General Manager & Agent
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