in sight Dorchester Dorchester’s only neighborhood real estate report
FALL 2010
Mill Street, “Clam Point”
in sight Dorchester Dorchester’s only neighborhood real estate report N
Why did we divide Dorchester?
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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.
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Our proprietary Intra-market Reporting looks inside each market to discover the nano-trends that escape broader analysis.
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Melville Park, “Fields”
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Lower Mills, “Riverside”
Quincy Milton
Franklin Park, “Parkside”
in sight Dorchester Dorchester’s only neighborhood real estate report
FALL 2010 Dorchester Overview
Bye-bye Buyers Even as overall prices rose, the total number of sales in Dorchester this quarter plummeted to an 8-year low.
Prices steady Prices rose 3.7% from Q3 ’09 to Q3 ’10 $300k
In fact, the number of sales was 19% lower than Q3 ‘09 and 20% lower than the 8-year average.
$265k
Why? $230k
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.
$195k
$160k
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.
Reporting on sales from April 1st – June 30th
"Bayside"
"Fields"
"Riverside"
# of sales drop 19% fewer sales over Q3 ‘09
"Parkside"
in sight Dorchester Dorchester’s only neighborhood real estate report
FALL 2010
Northeast: Dorchester “Bayside” Neighborhoods:
Where have all the listings gone?
JFK/Columbia Jones Hill Pleasant Street Polish Triangle Savin Hill Savin Hill ‘OTB’
Change over Q3 last year
–32.5%
–22.4%
# of sales (27 properties sold)
Days on market (now 133)
+3.6%
–20.4%
Overall prices (now $270,236)
Single family prices (now $323,500)
Properties sold With the well of inventory Condos (19) all but dried up by thirsty Multifamily (6) buyers last quarter, the Single fam. (2) areas in “Bayside” saw a larger reduction in the number of sales than any other area in Dorchester. Despite this drop in volume, multifamily prices rose for the second quarter in a row – they are now a whopping 54% higher than in Q1 – a signal that investors and owner occupiers are returning to the market.
Overall prices
+18.6% –11.3% Multifamily prices (now $435,063)
Condo prices (now $212,579)
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Notable Sales
JFK/Columbia
Savin Hill
950 Dorchester Avenue #201
83 Saxton Street
Type: Loft condominium Bedrooms: 0 Bathrooms: 1 Size: 1,266 square feet
Type: 3 family Bedrooms: 6 Bathrooms: 3 Size: 3,453 square feet
Price: $345,000 (6.6% below asking)
Price: $450,000 (7.2% above asking)
Jones Hill
Savin Hill “OTB”
64 Downer Ave #3
193 Grampian Way
Type: Condominium Bedrooms: 2 Bathrooms: 1 Size: 1,000 square feet
Type: 2 family Bedrooms: 5 Bathrooms: 2 Size: 2,398 square feet
Price: $174,000 (.5% below asking)
Price: $474,375 (3.5% below asking)
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Reporting on sales from April 1st – June 30th
in sight Dorchester Dorchester’s only neighborhood real estate report
FALL 2010
Central: Dorchester “Fields” Neighborhoods: Fields Corner Meeting House Hill Melville Park Clam Point Saint Marks Ashmont Ashmont Hill Carruth
Change over Q3 last year
–11.8%
no change
Volume (45 properties sold)
Days on market (112)
+1.3%
+14.5%
Overall prices (now $246,351)
Single family prices (now $375,056)
+11.3%
+5.4%
Multifamily prices (now $286,750)
Condo prices (now $186,262)
Steady as she goes Dorchester “Fields” enjoyed welcomed stability this quarter as prices rose modestly and volume decreased only slightly.
Properties sold Condos (35) Multifamily (14) Single fam. (11)
Condo buyers picked up a few choice bargins even as the overall average condo price was held aloft by some high 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.
Overall prices
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in sight Dorchester Dorchester’s only neighborhood real estate report
Notable Sales
Melville Park
Meeting House Hill
4 Hooper Street
56 Percival Street #1
Type: Single family Bedrooms: 6 Bathrooms: 3.5 Size: 3,299 square feet
Type: Condominium Bedrooms: 2 Bathrooms: 1 Size: 1,008 square feet
Price: $650,000 (3.7% below asking)
Price: $200,000 (2% above asking)
Clam Point
Saint Marks
15 Mill Street
80 Florida Street #4
Type: Townhouse condominium Bedrooms: 4 Bathrooms: 2.5 Size: 2,588 square feet
Type: Short sale condonminium Bedrooms: 2 Bathrooms: 1 Size: 895 square feet
Price: $430,000 (4.3% below asking)
Price: $174,000 (2.9% below asking)
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Reporting on sales from April 1st – June 30th
in sight Dorchester Dorchester’s only neighborhood real estate report
FALL 2010
Southeast: Dorchester “Riverside” Neighborhoods: Lower Mills Port Norfolk Adams Village Cedar Grove Neponset
Pulling back Properties sold “Riverside” was the only area to see a drop in overall prices both since the last quarter and from Q3 last year.
Condos (28) Multifamily (13) Single fam. (9)
Popes Hill Saint Brendan’s
Change over Q3 last year
–26.7%
–26.7%
Volume (22 properties sold)
Days on market (now 123)
Why? Far fewer homes sold this quarter and those that did were more modestly priced. Despite the overall drop, condo prices were buoyed by sales of higher-end units in Lower Mills and Neponset.
Overall prices
–2.0%
–12.8%
Overall prices (now $266,286)
Single family prices (now $276,625)
–15.0%
+8.6%
Multifamily prices (now $338,250)
Condo prices (now $241,914)
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in sight Dorchester Dorchester’s only neighborhood real estate report
Notable Sales
Saint Brendan’s
Neponset
1 Hilltop Street
11 O’Donnell Square #1
Type: Single family Bedrooms: 3 Bathrooms: 1.5 Size: 1,344 square feet
Type: Condominium Bedrooms: 2 Bathrooms: 1 Size: 1,020 square feet
Price: $307,000 (5.5% below asking)
Price: $237,000 (3.3% below asking)
Neponset
Lower Mills
35 Coffey Street #6
1241 Adams Street #F312
Type: Condominium Bedrooms: 2 Bathrooms: 2 Size: 1,400 square feet
Type: Condominium Bedrooms: 2 Bathrooms: 2 Size: 1,441 square feet
Price: $320,000 (5.6% below asking)
Price: $369,999 (asking price)
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Reporting on sales from April 1st – June 30th
in sight Dorchester Dorchester’s only neighborhood real estate report
FALL 2010
West: Dorchester “Parkside” Neighborhoods: Franklin Park Upham’s Corner Dudley Bowdoin/Geneva Codman Square Codman Hill Blue Hill Avenue Morton Street
Change over Q3 last year
–17.7% +12.2% Volume (86 properties sold)
Days on market (now 137)
+6.7%
–7.2%
Overall prices (now $197,117)
Single family prices (now $195,225)
+16.8% Multifamily prices (now $277,327)
Mixed bag Prices in the areas that make up “Parkside” are still higher than their yearly low, but lower than their yearly high.
Properties sold Condos (32) Multifamily (57) Single fam. (14)
The market in these areas is heavily influenced by distressed sales. Foreclosures and short sales sell for less than market sales. This quarter we saw more of these transactions than last quarter, but not as many as in the past year.
Overall prices
–8.7% Condo prices (now $80,232)
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Notable Sales
Franklin Park
Codman Hill
9 Snowden Way
48-50 Codman Hill Avenue
Type: Single family Bedrooms: 3 Bathrooms: 2.5 Size: 2,170 square feet
Type: 2 family Bedrooms: 5 Bathrooms: 4 Size: 2,915 square feet
Price: $ (485,000 1.1% above asking)
Price: $350,000 (5.2% below asking)
Codman Square
Blue Hill Avenue
39 Rosedale Street
400-402 Blue Hill Avenue #2
Type: Single family Bedrooms: 4 Bathrooms: 2.5 Size: 2,440 square feet
Type: Affordable condominium Bedrooms: 2 Bathrooms: 1.5 Size: 1,030
Price: $135,000 (15.6% below asking)
Price: $143,000 (asking price)
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Reporting on sales from April 1st – June 30th
in sight Dorchester Dorchester’s only neighborhood real estate report
FALL 2010 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 Report Nadine Fallon database for sales General Manager throughout 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.
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