South Boston Market Recap January 2020

South Boston Market Recap January 2020

By: Rooney Real Estate

https://www.rooney-re.com/blog/posts/2020/02/19/south-boston-market-recap-january-2020/

However, Rooney Real Estate’s overall first-month conclusions are

that South Boston’s residential real estate has shown considerably

more energy during January 2020 – a trend that we feel began right

after Christmas. There are certain quantitative reasons we are

saying this: the weather has been measurably warmer than usual

and despite many predictions to the contrary, interest rates have

dropped significantly since last fall – from a high of about 4.65%

back then, to recent individual agreements as low as 3.45%. A drop

of over 1% is quite significant over the life of a mortgage. And

Consumer Confidence rose to 101.3 – the highest it has been since

2014.

Qualitatively, since year-end greater numbers of viewers have been

showing up at our open houses in South Boston – perhaps two or

three times as many as those who came before Christmas, and

during the fall months of 2019. And as odd as this may sound, when

the Patriots aren’t on their way to the Super Bowl, more potential

buyers spend their January weekends looking at real estate.

We are only one month into calendar 2020, so it is somewhat too

early to establish year-long trends reliably.

Under “Listing Inventory”, the number of Listing Units

stayed essentially the same, but Median Days on the

Market dropped sharply – 98 in January 2019, to 51 this

January (-48%).

The following are our specific comments, as of

January 31 this year:

Median days on the market for Listing Inventory (units

that were on the market as of January 31st, 2020)

dropped significantly to 51 days from 116 days in Dec

2019. This indicates that some absorption of older

inventory along with the addition of newer inventory (74

units).

Under Agreement (listing units that went pending) rose

from 37 last January to 51 this January (+38%) and

considerably higher than the 15 sale pending units in

December of 2019.

Inventory at 1.9 months this January, about a third of what it should be, is still very low. Even with all the

current building taking place in South Boston, the 1.9 inventory means that homes are not being put on the

market and perhaps are being rented instead. But currently approved rental unit projects will add more than

500 units to South Boston stock. What will this mean as 2020 progresses?

Below is a chart comparing the overall statistics from Jan 19' to Jan 20'. One thing to keep in mind is the fact

month to month is not the greatest comparison of market trends due to the possibility of a high-end

/ large development closing in a particular month can skew the statistics.

The following are our specific comments, as of

January 31 this year:

The Chart below contains all Single and Mulit-family

properties that closed in January 2020

Singles

Address Price Date Sqft Lot Size Bed(s) Bath(s) Parking

504 E 3rd St $1,125,000 1/23/20 1,088 1,216 2 1 None

776 E 6th St $845,000 1/23/20 1,562 1,149 3 1 None

Two-family's


16 Beckler Ave $800,000 1/24/20 1,713 1,029 4 2.5 None

The Chart below contains all Single and Mulit-family

properties that closed in January 2020

Three-family's


5 Douglass St $1,740,000 1/31/20 2,418 1,306 6 3 None

11 Carpenter St $1,050,000 1/31/20 2,208 1,730 6 3 None

174 W 7th St $925,000 1/9/20 2,202 1,187 7 3 None

The Chart below contains all Condominiums that

closed in January 2020.

Address Price Date Sold Sqft Bed(s) Bath(s) Parking Year Built /Converted

14 W Broadway #906 $1,675,000 1/15/20 1,735 2 3 1 Garage 2017

14 W Broadway #907 $1,550,000 1/3/20 1,653 2 2.5 1 Garage 2017

509 E 1st St #7 $1,250,000 1/31/20 1,600 2 2 1 Garage 2018

660 W 7th St #2 $1,120,000 1/30/20 1,668 3 3 None 2019

346-354 Congress St #613 $1,184,000 1/16/20 1,159 2 2 1 Garage 2008

287 Old Colony Ave #5 $1,180,000 1/24/20 2,000 3 2.5 1 Garage 2019

82 G St #1 $1,077,00 1/21/20 1,978 3 2.5 1 off-street 2015

545 E 3rd St #6 $1,100,0000 1/8/20 1,600 3 3 1 Garage 2019

509 E 2nd St #1 $1,100,000 1/27/20 1,685 2 2 2 Garage 2012

141 W 2nd St #206 $1,065,000 1/14/20 1,302 2 2 1 Garage 2010

537 E 1st St #4 $1,045,000 1/17/20 1,358 2 2 1 Garage 2013

225 Dorchester St #14 $1,025,000 1/10/20 2,011 2 2 2 Garage 2016

9 W Broadway #107 $923,000 1/22/20 1,498 2 2 1 Garage 2004

901 E Broadway #1 $890,000 1/14/20 1,410 2 2 2 Garage 2015


287 Old Colony Ave #3 $829,000 1/23/20 1,207 2 2 1 Garage 2019

287 Old Colony Ave #1 $799,000 1/17/20 1,226 2 2 1 Garage 2019

527 E Broadway #203 $795,000 1/24/20 1,153 2 2 1 Garage 2019

The Chart below contains all Condominiums that

closed in January 2020.

772 E 6th St #2 $789,000 1/16/20 1,035 2 1 None 2019


204 N St #2 $729,000 1/28/20 1,002 2 2 None 2008

5 Mohawk St #3 $700,000 1/31/20 1,034 2 2 None 2015

774 E 7th St #2 $690,000 1/3/20 974 2 2 None

287 Old Colony Ave #2 $679,000 1/21/20 849 2 2 1 Garage 2019

180 Gold St #5 $665,000 1/21/20 819 2 1 1 Tandem 2013

29 Vinton St #6 $665,000 1/30/20 1,209 2 2 1 off-street 2004

146 M St #1 $660,000 1/16/20 796 2 2 None 2019

315 W 3rd St #2 $628,000 1/31/20 965 2 1 None 2011

486 E 3rd St #12 $559,000 1/29/20 902 2 1 1 off-street 1993

34 Mitchell St #2 $577,500 1/21/20 708 2 12 Garage

(tandem)

2005

772 E 6th St #1 $575,000 1/6/20 883 1 1 None 2019

175 W 7th St #2 $575,000 1/3/20 754 2 1 None 2017

350 W 4th St #410 $560,00 1/17/20 753 2 1 1 off-street 1987

271 K St #3 $486,000 1/23/20 1,288 3 2 None 2000

17 Lennon Ct #17 $438,000 1/10/20 780 2 1 Common 1978

21 Wormwood St #306 $329,000 1/6/20 630 1 1 None 1999

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