2014 Proves Banner Year for Southie Real Estate Did you sell a property in South Boston this year? Congratulations! You certainly picked the right year to sell as a lack of available properties in South Boston has continued to contribute to record sale prices in 2014. According to the latest Town Stats figures published by The Warren Group, South Boston properties are hotter than ever. From January-October 2014, the median sale price of single families was $540,500 – up almost 6% from last year’s record numbers. Condos saw an ever bigger jump in 2014, selling for a median price of $481,000 – an 8% jump from last year. Meanwhile, multiunit properties are selling for staggering amounts. Median sale prices for
2 Bedroom Penthouse at 178 Dorchester St Sold for $568,000 in March 2014 South Boston two families are up to $581,477 while three families are selling for $919,112 – representing percentage increases of 19% and 36% respectively from the same time period in 2013. “They can’t build units fast enough”, said Jackie Rooney of South
Boston’s Rooney Real Estate. “The demand is still greater than the supply, the market is still strong with rates hovering around 4% and sale prices are only going up.” Despite the jump in sale prices, overall sales are actually down in South Boston. Overall
single family sales took a 3.6% dip from last year while condos similarly took a 2.5% hit. Two family sales have fallen a precipitous 33% since last year while three family sales are down 5.7% from 2013. This trend looks set to continue as there are only a total 3 single families, 53 condos and 3 multifamily properties currently on the market in South Boston as of December 15. “This is definitely a seller’s market”, said Rooney. “Real estate experts estimate that a healthy buyer’s market should have at least 3 months of available inventory. Right now, in South Boston, we’re only seeing two and a half weeks’ worth of inventory on the market”.
Information taken from MLS (Multiple Listing Service), The Warren Group and Rooney Real Estate
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CALL JACKIE ROONEY SOUTH BOSTON’S PREMIER LISTING AGENT FOR A FREE MARKET ANALYSIS
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