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in sight Dorchester Dorchester’s only neighborhood real estate report

SUMMER 2010

Dorchester Beach Festival, Savin Hill, Dorchester “Bayside”


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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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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Melville Park, “Fields”

W “P es ar t: ks id e” C “F ent ie ra ld l: s”

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Lower Mills, “Riverside”

Quincy Milton

Franklin Park, “Parkside”


in sight Dorchester Dorchester’s only neighborhood real estate report Issue: Quarter 2, 2010 April 1st – June 30th

Dorchester Overview

Tax credit? Yes, please! The home-ownership bandwagon rode it’s way through Dorchester – and buyers jumped on in droves.

Prices up 22.6% Comparing Q2 ‘10 to Q2 ‘09

In fact, 22.5% more properties sold and prices sprang up 22.6% over the same quarter last year. What caused this sudden flash of activity? Several factors – here’s how it breaks down. The tax credit ticking clock Buyers, it seems, work well under pressure. “Find it before April 30th and close before June 30th”, said Uncle Sam, dangling up to $7,500 in the balance. And so it was. Buyers, given a hard and fast deadline, scrambled to get their papers in on time to scoop up substantial tax credits. The pressure was too much for some lenders who struggled to get loans approved ahead of the deadline. Interest rate bait Who would have thought rates could get any lower? And, yet, they did. 30 year fixed rates in the 4%’s and adjustable rates in the 3%’s were the candy for a buyer’s sweet tooth. Where my “dogs” at? Tax credits and low interest rates played the biggest part. But, so did the noticeable drop in inventory and sales of the “dogs” of the market – inexpensive, distressed, run-down foreclosure and short sales.

# of sales up 22.5% Comparing Q2 ‘10 to Q2 ‘09


in sight Dorchester Dorchester’s only neighborhood real estate report Issue: Quarter 2, 2010 April 1st – June 30th

Northeast: Dorchester “Bayside” Neighborhoods:

Multifam‘ glam

JFK/Columbia Jones Hill Pleasant Street Polish Triangle Savin Hill Savin Hill ‘OTB’

Since last quarter...

+9.7%

–22.4%

Volume (36 properties sold)

Days on market (now 108)

+14.9%

+7.5%

Overall prices (now $278,715)

Single family prices (now $349,250)

+30.7%

–.04%

Multifamily prices (now $369,682)

Condo prices (now $232,713)

Properties sold Last quarter in “Bayside” multifamily prices fell.

Condos (24) Multifamily (9) Single fam. (4)

But, what goes down must come up. Multifamily prices this quarter were bouyed by the sale of some larger, “turn-key” condition buildings. Condo prices were extremely stable as we saw buyers scooping up much of the available inventory in time to take advantage of expiring tax credits.

Overall prices

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in sight Dorchester Dorchester’s only neighborhood real estate report Issue: Quarter 2, 2010 April 1st – June 30th

Notable Sales

Pleasant Street

Jones Hill

38 Pleasant Street #6

10 Everett Avenue

Type: Condominium Bedrooms: 2 Bathrooms: 1 Size: 993 square feet

Type: 4 family Bedrooms: 11 Bathrooms: 4 Size: 942 square feet

Price: $220,000 (11.6% below asking)

Price: $530,000 (7.8% below asking)

Jones Hill

Savin Hill ‘OTB’

40 Cushing Avenue #6

174 Grampian Way #1

Type: Condominium Bedrooms: 2 Bathrooms: 1 Size: 1,285 square feet

Type: Foreclosed condominium Bedrooms: 2 Bathrooms: 1 Size: 1,083 square feet

Price: $298,500 (3.4% below asking)

Price: $145,000 (9.4% below asking)

Visit us: InRealtyInc.com Call us: 617-265-3500


in sight Dorchester Dorchester’s only neighborhood real estate report Issue: Quarter 2, 2010 April 1st – June 30th

Central: Dorchester “Fields” Neighborhoods: Fields Corner Meeting House Hill Melville Park Clam Point Saint Marks Ashmont Ashmont Hill Carruth

Hungry hungry homebuyers Buyers hopped aboard the home-ownership express as it chugged through “Fields” with promises of tax credits.

Properties sold Condos (35) Multifamily (14) Single fam. (11)

The increased demand resulted in nearly 2 times the number of sales and listings spending 1/3 less time on market.

Since last quarter...

+72.2% –30.7% Volume (62 properties sold)

Days on market (now 79)

Condo and single family prices got fattest in the feast as posh pads got eaten up by hungry buyers.

Overall prices

+14.5% +20.2% Overall prices (now $268,041)

Single family prices (now $337,455)

–3.8%

+32.5%

Multifamily prices (now $338,921)

Condo prices (now $215,075)

Visit us: InRealtyInc.com Call us: 617-265-3500


in sight Dorchester Dorchester’s only neighborhood real estate report Issue: Quarter 2, 2010 April 1st – June 30th

Notable Sales

Melville Park

Meeting House Hill

28 Waldeck Street

71 Church Street #3

Type: Single family Bedrooms: 4 Bathrooms: 3 Size: 2,435 square feet

Type: Condominium Bedrooms: 2 Bathrooms: 2 Size: 1,150 square feet

Price: $445,000 (10.8% below asking)

Price: $263,000 (.04% below asking)

Carruth

Fields Corner

77 Bushnell Street

377 Adams Street #1

Type: Single Family Bedrooms: 5 Bathrooms: 1.5 Size: 1,921 square feet

Type: Condominium Bedrooms: 4 Bathrooms: 2.5 Size: 2,446 square feet

Price: $240,000 (asking price)

Price: $360,000 (2.4% below asking)

Visit us: InRealtyInc.com Call us: 617-265-3500


in sight Dorchester Dorchester’s only neighborhood real estate report Issue: Quarter 2, 2010 April 1st – June 30th

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

Since last quarter...

+75.0% –11.5% Volume (49 properties sold)

We have liftoff Properties sold After a bit of turbulence in the air last quarter, “Riverside” has rocketed to the top of pricing in Dorchester.

We saw incredible growth in condo prices as luxury units in Cedar Grove and Lower Mills sold in large number. With prices shooting up past those in all other areas of Dorchester, “Riverside” is the new star this quarter.

Days on market (now 108)

Overall prices

+21.2%

+3.3%

Overall prices (now $285,465)

Single family prices (now $308,167)

+6.3%

+42.2%

Multifamily prices (now $348,692)

Condo prices (now $252,439)

Condos (28) Multifamily (13) Single fam. (9)

Visit us: InRealtyInc.com Call us: 617-265-3500


in sight Dorchester Dorchester’s only neighborhood real estate report Issue: Quarter 2, 2010 April 1st – June 30th

Notable Sales

Cedar Grove

Lower Mills

429 Gallivan Boulevard

1241-1251 Adams Street #F613

Type: Condominium Bedrooms: 3 Bathrooms: 2.5 Size: 1,550 square feet

Type: Condominium Bedrooms: 2 Bathrooms: 2 Size: 1,522 square feet

Price: $374,000 (2.3% below asking)

Price: $372,000 (2.8% above asking)

Neponset

Lower Mills

11 O’Donnell Square #2

8 Butler St.

Type: Condominium Bedrooms: 2 Bathrooms: 1 Size: 1,020 square feet

Type: Single family Bedrooms: 4 Bathrooms: 1 Size: 1,723 square feet

Price: $255,000 (5.2% below asking)

Price: $388,000 (2.8% below asking)

Visit us: InRealtyInc.com Call us: 617-265-3500


in sight Dorchester Dorchester’s only neighborhood real estate report Issue: Quarter 2, 2010 April 1st – June 30th

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

Since last quarter...

-26.4%

+27.4%

Volume (103 properties sold)

Days on market (now 144)

Single family frenzy Single family home prices nearly doubling in a few months?

Properties sold

Condos selling 55% higher? A 25% drop in volume? What going on? Simple – together, a marked drop in foreclosure sales and a rise in the number of new construction condos and higher-end single families have jolted the “Parkside” market to life.

Overall prices

+23.3% +68.2% Overall prices (now $213,354)

+5.6% Multifamily prices (now $266,712)

Condos (32) Multifamily (57) Single fam. (14)

Single family prices (now $218,108)

+55.0% Condo prices (now $115,341)

Visit us: InRealtyInc.com Call us: 617-265-3500


in sight Dorchester Dorchester’s only neighborhood real estate report Issue: Quarter 2, 2010 April 1st – June 30th

Notable Sales

Morton Street

Upham’s Corner

102 Lark Drive #102

56 Monadnock Street

Type: Condominium Bedrooms: 3 Bathrooms: 2.5 Size: 1,505 square feet Price: $299,500 (11.7% below asking)

Type: Single family Bedrooms: 4 Bathrooms: 3.5 Size: 2,246 square feet

Codman Hill

Morton Street

356 Harvard Street #1

591 Morton Street #207

Type: Condominium Bedrooms: 2 Bathrooms: 1 Size: 1,152 square feet

Type: Single family Bedrooms: 3 Bathrooms: 2.5 Size: 1,552 square feet

Price: $53,000 (3.5% below asking)

Price: $299,000 (.03% below asking)

Visit us: InRealtyInc.com Call us: 617-265-3500

Price: $420,000 (at asking)


in sight Dorchester Dorchester’s only neighborhood real estate report Issue: Quarter 2, 2010 April 1st – June 30th

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 that no other firm can.

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 Chris Poulos Boston markets in Director of Boston Sales addition to representing his Dorchester clients.

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Dorchester | South End | South Boston | Jamaica Plain | Roslindale | Representing all of Greater Boston

Meet the entire team – InRealtyInc.com

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Sales & Rentals

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Dorchester Real Estate Market InSight Report Q2 2010 OLD  

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 d...

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