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.

Open Houses in Dorchester Massachusetts September 14-15 2013

Cassandra Cumberlander, Remax Boston, 781-269-9836

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Looking to buy a home in Dorchester, Massachusetts? As of today, there are 171 homes on the market. 34 of them are having open houses this weekend-7 single family homes, 6 multifamily homes, and 21 condos. With prices ranging from $139,850 to $875,000, there’s something for just about every budget.  Read on, or watch the video below.

One single family new to market today is 26 Barrington Road in Dorchester(MLS#: 71582763), an 8 room, 4 bed, 1 bath colonial with a 2 car garage near Ashmont station listed at $489,900. This home rests on an 8544sq ft corner lot, boasts professional landscaping and an open layout. Updated kitchen features granite counters and large picture window offering abundant natural light. Sliders off dining room lead to large deck perfect for entertaining or relaxing. Top-level bedroom features two oversized skylights. Modern tiled bathroom with laundry. Gleaming hardwood floors. Newer heating system. Fully fenced back yard. Open House Sunday, September 15 from 2:30 to 4:00 PM.  Listing information provided courtesy of RE/MAX Leading Edge via MLSPIN.

In the market for a large multifamily near Upham’s Corner? Go see 29 Virginia St in Dorchester (MLS # 71581710), listed for $410,000. This property has been on the market for just 2 days, and has had the same owner for over 30 years. Some of the features include original period detail, high ceilings, beautiful woodwork. Main house first flr features 2 fireplaces, formal dining room and living room, butler’s kitchen, and adjacent private terrace, plus a fully renovated full bath. Second floor has 4 large bedrooms, each w/ massive closets, 1.5 bathrooms, front and rear decks. Top floor features huge game room, another full bath and gorgeous sunlit space perfect for an art/yoga studio. Private entrance attached apartment features french doors, 1 bedroom/1 bath, galley kitchen with separate dining area. Open house Sunday, September 15, 2013 from 1:30 to 3:00 PM. Listing information provided courtesy of Gibson Sotheby’s International Realty via MLSPIN.

With many great condos on the market, it’s tough to select just one. Take a look at 4 Nonquit St Unit 4 in Dorchester (MLS # 71572522). This new construction townhome is on a dead end street and listed for $359,900. 3 levels, 3-4 bedrooms, 2.5 baths, gourmet kitchen, master bedroom with en suite bath, home office or 4th bedroom, loads of closet space, deck, hardwood floors on 2 levels, central air, huge walk out basement that has great expansion possibilities, parking & so much more. Open House Sunday, September 15, 1:00 to 3:00 PM.  Listing information provided courtesy of Discover Properties via MLSPIN.

All in all, a great weekend to buy a home.  Enjoy!

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