Dorchester Real Estate Market Report

in sight DorchesterDorchester’s only neighborhood real estate report

FALL 2010

Mill Street, “Clam Point”

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

Bye-bye BuyersEven as overall prices rose, the total number ofsales in Dorchester this quarter plummeted to an 8-year low.

In fact, the number of sales was 19% lower thanQ3 ‘09 and 20% lower than the 8-year average.

Why?

Tax credits expired

As much as $8,000 in tax credits for buyers spurred a squal of activity in the first half of the year.

But once those credits expired on June 30th, the storm subsided. Those who planned to buy this year, it seems, bought before this deadline, leaving the market to languish in a buyer-drought.

Economic Uncertainty

Interest rates are at their lowest level since Eisenhower was president. Despite this incentive, the U.S. economy continues to be marred by record unemployment as employers wait for things to pick up and next year’s tax rates to be determined before they start hiring.

Potential buyers who are employed worry about job security, and purchasing is simply not an option for the unemployed.

Many potential buyers are waiting to see how it all shakes out before becoming homeowners with 30 years of mortage payments ahead of them.

$300k

$265k

$300k

$230k

$265k

$300k

$230k

$265k

$300k

$195k

$230k

$265k

$300k

$160k

$195k

$230k

$265k

$300k

$160k

$195k

$230k

$265k

$300k

"Bayside" "Fields" "Riverside" "Parkside"

$160k

$195k

$230k

$265k

$300k

"Bayside" "Fields" "Riverside" "Parkside"

Prices steady

# of sales drop

Prices rose 3.7% from Q3 ’09 to Q3 ’10

19% fewer sales over Q3 ‘09


Reporting on sales from April 1st – June 30th

FALL 2010

With the well of inventory all but dried up by thirsty buyers last quarter, theareas in “Bayside” saw alarger reduction in the number of sales than anyother area in Dorchester.

Despite this drop in volume, multifamily prices rosefor the second quarter in a row – they are now awhopping 54% higher than in Q1 – a signal that investors and owner occupiers are returning to the market.

Northeast: Dorchester “Bayside”

Change over Q3 last year

Where have all the listings gone?Neighborhoods:

� JFK/Columbia

� Jones Hill

� Pleasant Street

� Polish Triangle

� Savin Hill

� Savin Hill ‘OTB’

Condos (19)Multifamily (6)Single fam. (2)

Overall prices

–20.4%Single family prices

(now $323,500)

–11.3%Condo prices

(now $212,579)

+18.6%Multifamily prices(now $435,063)

–32.5%# of sales

(27 properties sold)

+3.6%Overall prices

(now $270,236)

–22.4%Days on market

(now 133)

Properties sold

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FALL 2010

JFK/Columbia950 Dorchester Avenue #201

Type: Loft condominiumBedrooms: 0Bathrooms: 1Size: 1,266 square feet

Price: $345,000 (6.6% below asking)

Savin Hill83 Saxton Street

Type: 3 familyBedrooms: 6Bathrooms: 3Size: 3,453 square feet

Price: $450,000 (7.2% above asking)

Jones Hill64 Downer Ave #3

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

Price: $174,000 (.5% below asking)

Savin Hill “OTB”193 Grampian Way



Notable Sales




Central: Dorchester “Fields”

Overall prices+14.5%Single family prices

(now $375,056)

+5.4%Condo prices

(now $186,262)


–11.8%Volume


+1.3%Overall prices

(now $246,351)

no changeDays on market

(112)


Dorchester “Fields” enjoyed welcomed stability this quarter asprices rose modestly andvolume decreased onlyslightly.

Condo buyers picked up a few choice bargins even asthe overall average condo price was held aloft by somehigh end sales.

The single family market, too, saw sales in the high end as several homes in Melville Park sold for prices as high as $650,000.

Steady as she goesNeighborhoods:

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


Properties sold



FALL 2010

Melville Park4 Hooper Street

Type: Single familyBedrooms: 6Bathrooms: 3.5Size: 3,299 square feet


Meeting House Hill56 Percival Street #1


Price: $200,000 (2% above asking)

Clam Point15 Mill Street

Type: Townhouse condominiumBedrooms: 4Bathrooms: 2.5Size: 2,588 square feet


Saint Marks80 Florida Street #4

Type: Short sale condonminiumBedrooms: 2Bathrooms: 1Size: 895 square feet


Notable Sales




Southeast: Dorchester “Riverside”

Overall prices–12.8%

Single family prices(now $276,625)

+8.6%Condo prices

(now $241,914)

–15.0%Multifamily prices(now $338,250)

–26.7%Volume


–2.0%Overall prices

(now $266,286)

–26.7%Days on market

(now 123)


Neighborhoods:

� Lower Mills

� Port Norfolk

� Adams Village

� Cedar Grove

� Neponset

� Popes Hill

� Saint Brendan’s

“Riverside” was the onlyarea to see a drop in overall prices both sincethe last quarter and fromQ3 last year.

Why?

Far fewer homes sold this quarter and those that didwere more modestly priced.

Despite the overall drop, condo prices were buoyed bysales of higher-end units in Lower Mills and Neponset.

Pulling back


Properties sold



FALL 2010

Neponset35 Coffey Street #6



Lower Mills1241 Adams Street #F312


Price: $369,999 (asking price)

Saint Brendan’s1 Hilltop Street



Neponset11 O’Donnell Square #1



Notable Sales




West: Dorchester “Parkside”

Overall prices

–7.2%Single family prices

(now $195,225)

–8.7%Condo prices

(now $80,232)


–17.7%Volume


+6.7%Overall prices

(now $197,117)

+12.2%Days on market

(now 137)


Neighborhoods:

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

Prices in the areas thatmake up “Parkside” are stillhigher than their yearly low,but lower than their yearlyhigh.

The market in these areas is heavily influenced by distressed sales. Foreclosures and short sales sell forless than market sales.

This quarter we saw more of these transactions thanlast quarter, but not as many as in the past year.

Mixed bag


Properties sold



FALL 2010

Blue Hill Avenue400-402 Blue Hill Avenue #2

Type: Affordable condominiumBedrooms: 2Bathrooms: 1.5Size: 1,030

Price: $143,000 (asking price)

Codman Hill48-50 Codman Hill Avenue



Codman Square39 Rosedale Street



Franklin Park9 Snowden Way


Price: $ (485,000 1.1% 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 Reportdatabase for salesthroughout GreaterBoston.

Meet the entire team – InRealtyInc.com

FALL 2010


Chris PoulosDirector of

Boston Sales

Dave GaviglioSales & Rentals

Jamie IacoiSales & Rentals

Brian LeveroneDirector of Property

Management

Mike PanagakoMarketing Director

TJ GalanosRentals

Eric GaudetRentals

John KinneySales & Rentals

Documents

Dorchester Real Estate Market Report