Dorchester MA Real Estate Market InSight Report Winter 2011

in sight DorchesterDorchester’s only neighborhood real estate report

WINTER 2011

Cushing Avenue, Jones Hill, “Bayside”

Southeast:

“Rive

rside”

Central:

“Fields”

West:

“Park

side”

Northeast:

“Bays

ide”

Savin Hill, “Bayside”

Melville Park, “Fields”

Lower Mills, “Riverside”

Franklin Park, “Parkside”

S. End

S. Boston

Matta

pan

Jamaica Plain

Milton

Quincy

B. Bay

Beacon Hill

E. BostonN. End

Hyde P

ark

Fin. Dist.


Why did we divideDorchester?

Dorchester is almost as big as theSouth End, Back Bay, Financial District,and South Boston combined.

It’s so big that sales trends can differwildly from one part of it to another.

That’s why we broke Dorchester intofour sections. This way, the data reflectsmore accurate sales trends.

Our proprietary Intra-market Reporting looks inside each market to discover the nano-trends that escapebroader analysis.

Dorchester Overview

The waiting is the hardest part

Even as overall prices rose, the total number ofsales in Dorchester this quarter dropped significantly as buyers waited to make their move.

In fact, even as overall prices rose 11.5%, thenumber of sales was 30.4% lower than in Q4 ’09.

Why?

Tax credits expired

A squall of activity in the first half of last year was spurred by buyer tax credits of as much as $8,000.

But once those credits expired, the storm subsided. It seems most of those who planned to buy last year bought before this deadline, leaving the market to languish in a buyer-drought.

Stale inventory

When the dust settled after the first half of the year, much of the most desirable inventory had been purchased.

What was left was either flawed or too overpriced to be purchased during the rush, and quickly became stale as buyers waited in the wings for news that would motivate them to act.

Market uncertainty

The later part of 2010 brought uncertainty with the economy and buyers waiting to see the outcome of an election and for news of potentially large tax increases, leaving many to wait a little longer to make their move.

Prices rise

# of sales drop

Prices rose 11.5% from Q4 ’09 to Q4 ’10

30.4% fewer sales over Q4 ‘10


WINTER 2011

Prices in “Bayide” this quarter followed the greater Dorchester trend and climbed by nearly 11%, even as sellers had to wait considerably longer to find a buyer.

Single family prices dipped as the small handful of those that sold were all on the less-expensive sideof the wide-ranging pricing spectrum of this propertytype.

But perhaps the biggest news came from the condosector where we saw several sales in the $400s.

Northeast: Dorchester “Bayside”

Hurry up and waitNeighborhoods:

� JFK/Columbia

� Jones Hill

� Pleasant Street

� Polish Triangle

� Savin Hill

� Savin Hill ‘OTB’

Condos (25)Multifamily (10)Single fam. (3)

Overall prices

–25.3%Single family prices

(now $306,667)

+16.1%Condo prices

(now $263,822)

+5.6%Multifamily prices(now $387,400)

no change# of sales

(38 properties sold)

+10.7%Overall prices

(now $302,357)

+39.0%Days on market

(now 146)

Properties sold

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WINTER 2011

Change from same quarter previous year

Jones Hill40 Upham Avenue

Type: Single familyBedrooms: 3Bathrooms: 1.5Size: 1,383 square feet

Price: $280,000 (6.4% below asking)

Polish Triangle28 Mount Vernon #6

Type: CondominiumBedrooms: 2Bathrooms: 2Size: 1,782 square feet


Pleasant Street19 Pleasant Street

Type: MultifamilyBedrooms: 3Bathrooms: 3Size: 3,957 square feet

Price: $475,000 (3% below asking)

Jones Hill97 Sawyer Avenue

Type: Single familyBedrooms: 4Bathrooms: 2Size: 2,500 square feet


Notable Sales



Central: Dorchester “Fields”

Overall prices–23.1%

Single family prices(now $248,400)

+30.5%Condo prices

(now $189,922)


no changeVolume



(now $259,058)

+58.8%Days on market

(now146)

In Dorchester “Fields” we saw sellers waiting almost 60% longer to find a buyer this quarter, evenas prices rose higher thanthe Dorchester average.

Condo prices rose considerably despite several distressed sales.

Multifamily prices were buoyed by a single sale in ClamPoint in the $800s, noted on the next page.

Wait a little longerNeighborhoods:

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


Properties sold



WINTER 2011


Clam Point29 Mill Street

Type: MultifamilyBedrooms: 5Bathrooms: 2.5Size: 5,076 square feet


Meeting House Hill67 Church Street #2

Type: Condominium short saleBedrooms: 2Bathrooms: 2.5Size: 1,184 square feet

Price: $230,000 (asking price)

Carruth18 Weyanoke Street

Type: Single familyBedrooms: 3Bathrooms: 2Size: 1,250 square feet


Fields Corner60R Gibson Street #A1

Type: Foreclosed condominiumBedrooms: 2Bathrooms: 1Size: 820 square feet


Notable Sales



Southeast: Dorchester “Riverside”

Overall prices–24.6%

Single family prices(now $271,100)

+0.1%Condo prices

(now $194,960)


–11.8%Volume


+0.9%Overall prices

(now $279,753)

–9.1%Days on market

(now 120)

Neighborhoods:

� Lower Mills

� Port Norfolk

� Adams Village

� Cedar Grove

� Neponset

� Popes Hill

� Saint Brendan’s

“Riverside” was the onlyarea where overall priceswere virtually the same asthey were in Q4 last year.

Why?

A larger number of single family sales at prices lowerthan the usual average pushed the overall averagedown.

Condo prices were even despite a few sales in the mid$300s.

Steady rockin’


Properties sold



WINTER 2011


Saint Brendan’s41 Saint Gregory Street

Type: Single family foreclosureBedrooms: 3Bathrooms: 1Size: 1,200 square feet

Price: $182,500 (1.4% above asking)

Lower Mills572 Freeport Street #301

Type: CondominiumBedrooms: 2Bathrooms: 2.5Size: 2,111 square feet


Popes Hill26 Train Street

Type: Single familyBedrooms: 3Bathrooms: 1.5Size: 1,403 square feet


Neponset24 Coffey Street

Type: Single familyBedrooms: 3Bathrooms: 1Size: 942 square feet


Notable Sales



West: Dorchester “Parkside”

Overall prices

+3.5%Single family prices

(now $187,542)

–8.3%Condo prices

(now $80,500)


–50.8%Volume



(now $213,542)

–22.4%Days on market

(now 121)

Neighborhoods:

� Franklin Park� Upham’s Corner� Dudley� Bowdoin/Geneva� Codman Square� Codman Hill� Blue Hill Avenue� Morton Street

“Parkside” this quarter sawonly half the number ofsales as the same time lastyear.

What happened?

The shocking drop in the number of sales in “Parkside”comes from the sharp decline in the number of available foreclosures for purchase.

Overall prices rose with the decline in distressed sales.

Bye bye volume


Properties sold



WINTER 2011


Blue Hill Avenue60 Topliff Street

Type: 3 FamilyBedrooms: 7Bathrooms: 3Size: 3,532 square feet


Bowdoin/Geneva62 Bloomfield Street

Type: 2 FamilyBedrooms: 6Bathrooms: 2Size: 2,536 square feet


Blue Hill Avenue166 Woodrow Avenue

Type: 3 Family foreclosureBedrooms: 11Bathrooms: 3Size: 4,442 square feet


Upham’s Corner22 Batchelder Street

Type: CondominiumBedrooms: 2Bathrooms: 1.5Size: 1,000 square feet

Price: $152,900 (2% above asking)

Notable Sales



Please recycle.


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Justin GreenOwner & Broker

Justin is Dorchester’s #1agent in dollar volumesince 2000. Knowing thatDorchester is not oneneighborhood but a collection of many, Justin co-developed the InSight Report so that In Realty could provide itsclients with knowledgethat no other firm can.

Meet our Intra-market Reporting team

Chris PoulosDirector of Boston Sales

Chris is Dorchester’s #1agent in the number ofproperties sold since2000. With this experi-ence, he now leads others as our Director ofBoston Sales, overseeingour expansion into theSouth End and South Boston markets in addition to representinghis Dorchester clients.

Nadine FallonGeneral Manager

Prior to her real estate career, Nadineanalyzed raw data at aFortune 500 firm to uncover and reportsales trends. Today, sheuses her statisticalskills to maintain ourIntra-market databasefor sales throughoutGreater Boston.

Meet the entire team – InRealtyInc.com


Ed DesiletsJP Sales Manager

Dave GaviglioSales & Rentals

Jamie IacoiSales & Rentals

Brian LeveroneDirector of Property

Management

Mike PanagakoMarketing Director

TJ GalanosRentals

Eric GaudetRentals

John KinneySales & Rentals

WINTER 2011

Documents

Dorchester MA Real Estate Market InSight Report Winter 2011