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in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 4 2009 October 1, 2009 – December 31, 2009

Winter ’09


in sight report Dorchester’s only neighborhood real estate report

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Why did we divide Dorchester?

Beacon Hill .

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.

Savin Hill, “Bayside” d

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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!

Melville Park, “Fields”

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Lower Mills, “Riverside”

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Milton

Franklin Park, “Parkside”


in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 4 / Winter October 1, 2009 – December 31, 2009

Dorchester Overview

Year goes out with a bang Prices Rise 26%

It’s true – the bottom of the market has come and gone. The growth in pricing and market trends we saw throughout 2009 continued this quarter.

(Comparing Quarter 1 with Quarter 4)

In fact, our Q4 data shows prices throughout Dorchester have risen 26% since Q1, which was the official bottom of the market. Why? There are a number of reasons, but we can boil them down to three major trends: Lack of supply 34% fewer homes came on the market in 2009 than did in 2008. A huge reduction in bank-owned inventory and selling up of available listings contributed to this drop.

Inventory Falls 34% (Comparing 2008 and 2009 Averages)

Homebuyer credit extension & expansion The Feds announced that the $8,000 credit for 1st time buyers will extend into late spring. But that’s not all – the program also now covers other buyers with a hefty $6,500, gratis. Low interest rates Interest rates remain in the low 5% range for a 30-year fixed note. And, efforts by industry and government have made getting loans easier on more types of properties.

Visit us: 5 Savin Hill Avenue, Dorchester MA

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Call us: 617-265-3500

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Email us: info@JustInBoston.com


in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 4 / Winter October 1, 2009 – December 31, 2009

Northeast: Dorchester “Bayside” Neighborhoods: ■ JFK/Columbia ■ Jones Hill ■ Pleasant Street ■ Polish Triangle ■ Savin Hill ■ Savin Hill ‘OTB’

Since last quarter...

-5.0%

-5.4%

Volume (38 properties sold)

Days on market (now 105)

+4.8%

+0.9%

Overall prices (now $273,082)

Single family prices (now $410,100)

+7.4%

-5.3%

Multifamily prices (now $366,750)

Condo prices (now $227,075)

Luxury returns to the “Bayside” market Properties sold We’ve seen an increase in Condos (28) activity, prices and sales Multifamily (5) over the past year – but Single fam. (5) what has surprised us in Dorchester’s “Bayside” neighborhoods is the return of luxury properties to the market. We saw buyers once again scooping up condos in the mid $300k’s and even multiple single family sales in the $600k+ range – something not seen in this market since the beginning of the slump.

Visit us: 5 Savin Hill Avenue, Dorchester MA

Overall prices

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Call us: 617-265-3500

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Email us: info@JustInBoston.com


in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 4 / Winter October 1, 2009 – December 31, 2009

Notable Sales

“The Steal”

“The Cash Cow”

Jones Hill

Pleasant Street

14 Windermere Rd.

8 Pleasant Street

Type: Single Family Bedrooms: 4 Bathrooms: 1 Size: 2,069 square feet

Type: 3 Family Bedrooms: 12 Bathrooms: 3 Size: 5,187 square feet

Price: $200,000 (48% above asking)

Price: $450,000 (14% below asking)

“The Supermodel”

“The Ritz”

Polish Triangle

Savin Hill ‘OTB’

5A Mt Vernon St.

243A Savin Hill Ave.

Type: Condominium Bedrooms: 2 Bathrooms: 1.5 Size: 1,437 square feet

Type: Single Family Bedrooms: 2 Bathrooms: 2.5 Size: 2,500 square feet

Price: $370,000 (2.4% below asking)

Price: $625,000 (9.3% below asking)

Visit us: 5 Savin Hill Avenue, Dorchester MA

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Call us: 617-265-3500

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Email us: info@JustInBoston.com


in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 4 / Winter October 1, 2009 – December 31, 2009

Central: Dorchester “Fields” Neighborhoods: ■ ■ ■ ■ ■ ■ ■ ■

Fields Corner Meeting House Hill Melville Park Clam Point Saint Marks Ashmont Ashmont Hill Carruth

Since last quarter...

-30.0%

–17.9%

Volume (35 properties sold)

Days on market (now 92)

-6.7%

-1.5%

Overall prices (now $226,903)

Single family prices (now $322,625)

+25.9%

-17.7%

Multifamily prices (now $324,438)

Condo prices (now $145,532)

Prices fall as single families stay off the market After four quarters of consecutive growth, the “Fields” neighborhoods were the only part of Dorchester in Q4 to see prices drop.

Properties sold Condos (19) Multifamily (8) Single fam. (8)

This was not due to a lack of demand – it was due to a lack of supply – 50% fewer single and multifamily homes sold. Since condos cost less, they kept the average low. Sellers are anticipating a strong spring market, and we saw many pull their homes off the market with plans to relist during the spring season.

Visit us: 5 Savin Hill Avenue, Dorchester MA

Overall prices

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Call us: 617-265-3500

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Email us: info@JustInBoston.com


in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 4 / Winter October 1, 2009 – December 31, 2009

Notable Sales

“The Steal”

“The Cash Cow”

Meeting House Hill

Fields Corner

56 Percival Street

8 Leslie Street

Type: Condominium Bedrooms: 2 Bathrooms: 1 Size: 1,008 square feet

Type: 3 Family Bedrooms: 6 Bathrooms: 3 Size: 4,053 square feet

Price: $69,900 (at asking)

Price: $305,000 (18.7% below asking)

“The Supermodel”

“The Ritz”

Melville Park

Ashmont Hill

37 Allston Street

37 Ashmont Street

Type: Single Family Bedrooms: 5 Bathrooms: 1.5 Size: 2,000 square feet

Type: Single Family Bedrooms: 5 Bathrooms: 1.5 Size: 2,700 square feet

Price: $395,000 (1.3% below asking)

Price: $408,000 (2.3% above asking)

Visit us: 5 Savin Hill Avenue, Dorchester MA

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Call us: 617-265-3500

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Email us: info@JustInBoston.com


in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 4 / Winter October 1, 2009 – December 31, 2009

Southeast: Dorchester “Riverside” Neighborhoods: ■ Lower Mills ■ Port Norfolk ■ Adams Village ■ Cedar Grove ■ Neponset ■ Popes Hill ■ Saint Brendan’s

Since last quarter...

+13.0% –25.8% Volume (34 properties sold)

Days on market (now 132)

Dorchester’s hottest market Properties sold Typically, it’s the northeastern “Bayside” neighborhoods are Dorchester’s highest valued – but not in Quarter 4 of 2009.

Condos (17) Multifamily (13) Single fam. (4)

That title now goes to the southeastern “Riverside” neighborhoods. With four straight quaters of price increases, 13 multifamily sales, and a sprinkling of higher-priced single-family homes, “Riverside” is Dorchester’s pricing king. The lead is very narrow and not likely to last, but it’s nice to be king – even for a quarter!

Overall prices

+2.0%

+13.4%

Overall prices (now $277,163)

Single family prices (now $359,750)

-9.0%

-13.3%

Multifamily prices (now $361,838)

Condo prices (now $192,979)

Visit us: 5 Savin Hill Avenue, Dorchester MA

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Call us: 617-265-3500

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Email us: info@JustInBoston.com


in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 4 / Winter October 1, 2009 – December 31, 2009

Notable Sales

“The Steal”

“The Cash Cow”

Adams Village

Popes Hill

546 Ashmont Street

34 Train Street

Type: Condominium Bedrooms: 1 Bathrooms: 1 Size: 733 square feet

Type: 3 Family Bedrooms: 5 Bathrooms: 3 Size: 2,255 square feet

Price: $60,000 (3.1% below asking)

Price: $277,500 (4.3% below asking)

“The Ritz”

“The Supermodel” Popes Hill

Port Norfolk

41 Rosemont Street

10 Port Norfolk Street

Type: Condominium Bedrooms: 2 Bathrooms: 1 Size: 970 square feet

Type: Single Family Bedrooms: 5 Bathrooms: 3.5 Size: 3,200 square feet

Price: $234,500 (4.3% below asking)

Price: $550,000 (6% below asking)

Visit us: 5 Savin Hill Avenue, Dorchester MA

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Call us: 617-265-3500

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Email us: info@JustInBoston.com


in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 4 / Winter October 1, 2009 – December 31, 2009

West: Dorchester “Parkside” Neighborhoods: ■ Franklin Park ■ Upham’s Corner ■ Dudley ■ Bowdoin/Geneva ■ Codman Square ■ Codman Hill

Since last quarter...

+28.4%

+1.9%

Volume (140 properties sold)

Days on market (now 156)

Turn up the volume! Properties sold With buyers racing to scoop up some Condos (40) Multifamily (77) incredible investment Single fam. (23) deals, we saw a dramatic increase in the volume of sales in the fourth quarter. A whopping 28.4% more sales were completed than in the previous quarter. Investors and homebuyers who had been watching on the sidelines for prices to level out have now stepped back to the plate. But, with this increase in demand and sales volume lowering supply, there’s only one place for prices to go – up! Get ‘em while they’re hot.

Overall prices

+12.9%

–9.4%

Overall prices (now $184,695)

Single family prices (now $181,188)

+13.3%

+1.2%

Multifamily prices (now $237,594)

Condo prices (now $87,803)

Visit us: 5 Savin Hill Avenue, Dorchester MA

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Call us: 617-265-3500

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Email us: info@JustInBoston.com


in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 4 / Winter October 1, 2009 – December 31, 2009

Notable Sales

“The Steal”

“The Cash Cow”

The Steal

The Cash Cow

Codman Hill – 828 Washington St.

Franklin Park – 119 Harrishof St.

Type: 3 Family Bedrooms: 9 Bathrooms: 3 Size: 3,369 square feet Price: $149,000 (3.8% below asking)

Type: 3 Family Bedrooms: 11 Bathrooms: 3 Size: 4,536 square feet Price: $190,000 (6% above asking)

“The Supermodel”

“The Ritz”

The Supermodel

The Ritz

Upham’s Corner – 17 Sayward St.

Codman Square – 487 Talbot Ave.

Type: Single Family Bedrooms: 9 Bathrooms: 3 Size: 4,157 square feet

Type: 6 Family Bedrooms: 12 Bathrooms: 6 Size: 8,037 square feet

Price: $260,000 (18% above asking)

Price: $750,000 (15.7% below asking)

Visit us: 5 Savin Hill Avenue, Dorchester MA

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Call us: 617-265-3500

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Email us: info@JustInBoston.com


in sight report Dorchester’s only neighborhood real estate report Issue: Quarter 4 / Winter October 1, 2009 – December 31, 2009

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 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!

Unfortunately, Dorchester’s sales have only ever been examined as one market because no other data was available. Until now.

I have put those skills to use – building a proprietary database comprised of every Dorchester home sale since the year 2000.

We have created Dorchester’s first neighborhood-by-neighborhood sales database dating back to 2000, that we update and report on each quarter.

I was once responsible for analyzing raw data at a Fortune 500 company to uncover the sales trends within.

Nadine Fallon General Manager & Agent

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!

With this we can offer our clients knowledge and insight that no other firm can provide.

Visit us: 5 Savin Hill Avenue, Dorchester MA

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Call us: 617-265-3500

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Email us: info@JustInBoston.com

We’re growing! Meet the entire in team online at JustInBoston.com

Dave Gaviglio Colleen Godfrey Eric Gaudet Martin Hansberry Lauren McNeil Brian Leverone John Keith Agent Agent Agent Agent Property Manager Agent & South Agent & Agent End Specialist

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Dorchester Real Estate InSight Report Q4 2009