South Boston Market Recap January 2020 By: Rooney Real Estate

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 2020Singles

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

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

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 2020Three-family's

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

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 /Converted14 W Broadway #906 $1,675,000 1/15/20 1,735 2 3 1 Garage 201714 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 2018660 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 2008287 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 2015545 E 3rd St #6 $1,100,0000 1/8/20 1,600 3 3 1 Garage 2019509 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 2010537 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 20169 W Broadway #107 $923,000 1/22/20 1,498 2 2 1 Garage 2004901 E Broadway #1 $890,000 1/14/20 1,410 2 2 2 Garage 2015

170 W Broadway #308 $865,000 1/6/20 1,045 2 2 1 Garage 2017287 Old Colony Ave #3 $829,000 1/23/20 1,207 2 2 1 Garage 2019287 Old Colony Ave #1 $799,000 1/17/20 1,226 2 2 1 Garage 2019527 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 20199 W Broadway #206 $775,000 1/31/20 1,129 1 2 1 Garage 2004

204 N St #2 $729,000 1/28/20 1,002 2 2 None 20085 Mohawk St #3 $700,000 1/31/20 1,034 2 2 None 2015774 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 2019180 Gold St #5 $665,000 1/21/20 819 2 1 1 Tandem 201329 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 2019315 W 3rd St #2 $628,000 1/31/20 965 2 1 None 2011486 E 3rd St #12 $559,000 1/29/20 902 2 1 1 off-street 199334 Mitchell St #2 $577,500 1/21/20 708 2 1 2 Garage

(tandem)2005

 772 E 6th St #1 $575,000 1/6/20 883 1 1 None 2019175 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 1987271 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 197821 Wormwood St #306 $329,000 1/6/20 630 1 1 None 1999

      

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