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SBOL_10_13_2022

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THE PRINT EDITION

THURSDAY OCTOBER 13, 2022

VOLUME XIX- ISSUE 74

South Boston Real Estate Market Recap Year-to-Date Transactions Down but Prices Hold Steady By Ginger DeShaney

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he third quarter of 2022 held some local real e st ate ma rket su r prise s. “Some things even surprised me,” said long-time South Boston realtor Jackie Rooney. “The big change is the number of sales is down 30%.” But the bigger surprise is that prices held through the year’s first three quarters, although many of these transactions went under agreement when the rates were lower (from November 2021 through March 2022). At the end of the third quarter in 2021 (year to date through Sept. 30), there were 756 transactions; this year, that number is 531. “Some of it is due to the interest rate, and maybe people

were reluctant to sell,” said Rooney, broker/owner of Rooney Real Estate. Even if some homeowners prefer to sell, will they give up a 2.75 percent interest rate to pay 6.25 percent? Rooney asked. “There’s some of that in play,” he said. But the COVID-19 pandemic was also a factor. “I think last year was a historic year in sales,” Rooney said. He had several listings he was expecting in 2020 that got pushed into 2021 when the pandemic shut everything down. “So I’m assuming if I had some, everyone else did, too. And I think that’s why in 2021 the number of transactions was so high.” Of the 571 transactions in 2022, 448, or 84 percent, are condos. The median sales price for condos is up 6 percent; the median sales price per square foot is up 6.5 percent. The median sales price for a condo as of Sept. 30, 2022, is $816,250, up Continued on Page 3

Celebrating Colin McGrath

The McGrath Family Cut the Ribbon at the new playground on East 4th Street. New Playground at South Boston Catholic Academy Early Childhood Center

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ou will notice a new playground at the former St. Brigid Convent lawn on East 4th Street. In Cooperation with Colin’s Joy Project this playground will

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be a welcome addition to the new Early Childhood Center at South Boston Catholic Academy. Colin was enrolled in the Early Childhood Program before his unexpected death in the summer of 2018. In his memory, this playground will keep Colin’s spirit of joy and laughter alive in Continued on Page 12

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