Dorchester Housing Market Update-October 2013|Cassandra Cumberlander, Remax Boston|781-269-9836

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Looking for the latest Dorchester housing market data to help you figure out if you should sell or buy?  Read on…

Single family and condominium Inventory in Dorchester is still down from September 2012, about 15.8%.  However, prices are up about 13.1%.  In September last year, we had 7.5 months of single family inventory available; September 2013 had us with 4.5 months of inventory available-a decline of 40.1%.  On average, in September 2012, homes remained on market for 90 days before a sale; September 2013 showed homes remaining on market for 22 days before a sale.  Condo inventory is down about 15.1% over September 2012, with the time on market until sale cut by nearly 50% year over year (83 days then vs 43 days now).  Prices are up 21%.

Multifamily homes remained on market for 26 days on average and received 100% of asking price in September 2013.  In September 2012, multis stayed on market for 49 days on average and sellers received 97% of asking price.  In Boston, 2 family sale prices are up 38.3% and 3 family sale prices are up 19.2% over this time last year. Inventory is down 32.5% for 2 families and 42.6% for 3 families.

 

So what does this mean to you as a seller?  Opportunity exists!  Low inventory combined with lower mortgage interest rates (which are rising but still good), still make it a great time to sell.  The buyers are still out there searching,  and a good property usually attracts multiple offers.  Will this price appreciation continue? For a while, yes, but it is difficult to predict for exactly how long, so don’t bet that waiting until next year to sell will mean more money for you.  Keep in mind that, as we approach more normal levels of housing inventory (5-6 months), the price gains will level off.  It is critical to work with a good REALTOR who is watching this progression.  And remember, if the price of your house appreciates 5%, then the price of the home that you’re looking to buy may also appreciate 5% (or maybe more, depending on that local market).

And for you buyers?  Make sure all of your i’s are dotted and t’s crossed now so that when you see the home that you want, you are ready to move forward.  With so many buyers competing for the same properties, sellers don’t have to deal with anyone who presents an offer with terms that they don’t like; the seller can just move on to one of the other offers.  Put your best foot forward at the outset, as you may only get one chance to make an offer.  The real estate professional you work with should be able to strategize with you to increase the chances of your offer being the chosen one and make sure that your interests are protected at the same time.

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Call me with questions or if you need help buying or selling in Greater Boston-781-269-9836.