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South Boston Market Recap March 2020

For the March recap, we will, again, only review condominiums as the sample sizes for single-family’s and multi-family’s are too small to gather any trends. In our quarterly report, we will include singles and multis. Also, in the interest of disclosure, the source of our data was from MLS.

 

Although the Covid-19 state of emergencies were in place for the second half of March, surprisingly, the front-line data, i.e. current listings, pending sales and days on the market, showed very little drop off from the February, 2020 numbers and the year over year numbers from March, 2019.

 

There were 44 condominiums that closed (real buyers) in March, an increase of 82.6% from the 23 in February, and an increase of 20% from March, 2019. This increase shows how strong the real estate market was in January and February before the virus. Keep in mind, that there’s a 45-60 day lag time from offer to closing. We do anticipate the April closing numbers to drop-off a bit due to Covid-19 as closing dates are getting extended, and the number of accepted offers in March was down 7.4% from February. We expect to see the real effect of the virus in the May & June data.

 

We listed our specific comments for March, 2020, below each graph.

As we mentioned in the introduction, the number of closed transactions in March (44) was an increase of 82.6% from February. The median sales price was $848,500 and the median living space was 1,143 square feet.

 

The overall median price per square foot for the 44 closed transactions in March was $766 and the median living area for those sales was 1,143 SF. This graph shows the median price per square foot for each price band. This graph will have more meaning in a half-year or yearly recap when the graph will resemble a reverse step graph.

 

The median living area for the 44 sales in March was 1,143 SF. This graph breaks down the median living area for each price band. I’ll put more stock in this graph in the quarterly or yearly reports when the sample sizes are larger.

 

There were 50 units that went under agreement in March, a decrease of 7.5% from the 54 in February. This is one of the frontline indicators that we will be watching closely in April and May.

 

Days on Market (DOM) is a measurement of the age of a listing(s) in MLS and can be used a gauge to test the relative strength and direction a market. The overall DOM in March (46), decreased from 57 in February. The graph shows the DOM for each price band.

 

The number of active listings decreased from 87 in February to 80 in March, an 8% drop-off. We suspect that this was due to both absorption and sellers declining to list their properties during the pandemic.

 

The overall month's supply for condos decreased from 1.8 to 1.65 as the the current listings decreased by 8%. As we have mentioned previously, a healthy inventory for most markets is 4-6 month's supply.

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    South Boston Market Recap - February 2020

     

    As we did in the January recap, we will focus on the condominium sales and listing data as the sample sizes for both single-family and multi-family are too small to gather any trends. Also, the source of the data was exclusively from MLS, which we find to be more comprehensive, especially on the listing side, and timely as we can complete these monthly reports in the first week of the following month.

    Please note that the Covid-19 state of emergencies had not taken place in February, so the virus had little effect on the real estate market in February. We certainly anticipate the virus effect in the March and April Recaps. 

    Our overall conclusion for February 2020 is that the South Boston residential real estate market was heating up and had a considerable amount of energy and activity that is reflected in the Sale Pending, Days on Market, and Current Listings graphs below. Although both the number sales and the median sale price was down from January 2020 and down year over year from February 2019, both lagging indicators, all other indicators were trending up.

    We listed our specific comments, as of February 29th, below each graph.

     

     

    The term Real Buyers means sold units or closed transactions. The amount of sold condominiums in February (23) was similar to January's number (24). This was expected as the activity level did not pick up until the first week in January . This increase in activity, given the 45-60 day lag-time from offer to closing, will be reflected in the March Real Buyer numbers.

     

     

    Here’s another graph that’s interesting but don’t put much stock in It. It will have more value when the quarterly and yearly numbers are input. The median price for all sales (23) is February was $755,000.

     

    I hesitated using this graph for the monthly recap because the sample sizes across each price band are too small. Typically, units that have a smaller living area fetch more per square foot than larger units.  In other words, it's easier to sell a 500 SF unit for $500K ($1,000 per SF) than sell a 2,500 SF unit for  $2,500,000 ($1,000 per SF). It is challenging, but not impossible, to sustain a very high price per square over very large units. This graph will have more meaning in a half-year or a yearly recap. The price per SF changes for each square footed range and location in the building.

     

    The median living area graph refers to closed sales. As you can see, two of the price bands had no sales in February.

     

     

    The number of Sale Pending units increased sharply in February (54) as compared to the 35 in January, 2020 , a 54% increase and a 170% increase from February of 2019. Again, this was expected as activity levels (showings and open attendance) jumped significantly in early January.

     

     

    Days on Market (DOM) is a measurement of the age of the listing in MLS and can be used as a gauge to test relative strength and direction of a market. In our market, DOM tends to increase after July and decrease after the holidays in January. The DOM for February is quite low especially for the lower price bands. This was expected as the inventory is very low. (See Month's Supply graph and the Current Listings graph)

     

     

    The 87 Condominiums that are on the market represent 1.8 month's inventory based on the condominium absorption rate over the previous 12 months. Note that half the current listings (43) are asking above a 1 million, 5 of which are asking above 2 million dollars. These listings are all in 02127 as the SB Seaport inventory was not included in this market recap...Things have certainly changed around here!

     

     

     

    Month's Supply is based on the number of current listings, for each price band, divided by the average monthly absorption from the previous 12 months for each respective price band. The overall Month's supply is 1.8 months and is considered to be low for our industry as a healthy, stable market has 4-6 months inventory.

     

     

       ALTHOUGH INFORMATION IN THIS REPORT WAS GATHERED FROM SOURCES DEEMED TO BE RELIABLE, NO REPRESENTATION OR WARRANTY IS MADE AS TO THE ACCURACY OR COMPLETENESS OF ANY INFORMATION CONTAINED HEREIN. THUS, PROSPECTIVE PURCHASERS SHOULD INDEPENDENTLY VERIFY ALL INFORMATION. FURTHER, THIS PACKAGE IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, PRIOR SALE, LEASE OR WITHDRAWAL FROM SALE WITHOUT NOTICE. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY.

     

     

     

     

     

     

     

     

     

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      Seaport (02210) Real Estate Transactions Jan 2020

      There was 38 Transactions in the 02110 zip code in January of 2020, only 5 of which were not in Echelon. The average sale price of these Condos was $1,645,107.

       Echelon is the new luxury development in the Seaport District. The project is divided into 2 buildings. 

      133 SEAPORT

      Live large. A flagship address offering 255 condominium residences with Boston Harbor and Seaport park views, generous private stepped terraces, grand and elegant interiors, and extensive outdoor amenities including a waterfall pool, lounge and dining areas.

      135 SEAPORT

      Live modern. Contemporary and cool, 135 Seaport offers 192 condominium residences with Harbor and wrap-around city and sunset views to the west. The expansive fifth-floor terrace offers a grand outdoor pool, sun cabanas, outdoor dining and lounge areas.

      for more information about Echelon visit https://echelonseaport.com/

       

       

      Address

      Price

      Date

      Sqft

      Bed(s)

      Bath(s)

      Parking

      Year Built/ Converted

      133 Seaport Blvd #2112

      $4,650,000

      1/24/20

      1,962

      3

      3.5

      2 Garage

      2019

      133 Seaport Blvd #1918

      $4,381,800

      1/30/20

      1,878

      3

      3.5

      2 Garage

      2019

      133 Seaport Blvd #1820

      $3,625,000

      1/28/20

      1,615

      2

      2.5

      2 Garage

      2019

      133 Seaport Blvd #1908

      $2,895,000

      1/16/20

      1,571

      2

      2.5

      2 Garage

      2019

      133 Seaport Blvd #1022

      $2,417,000

      1/24/20

      1,297

      2

      2.5

      2 Garage

      2019

      133 Seaport Blvd #1208

      $2,327,000

      1/6/20

      1,496

      2

      2.5

      1 Garage

      2019

      133 Seaport Blvd #1620

      $2,295,000

      1/21/20

      1,266

      2

      2.5

      2 Garage

      2019

      133 Seaport Blvd #808

      $2,283,500

      1/7/20

      1,496

      2

      2.5

      1 Garage

      2019

      133 Seaport Blvd #1818

      $2,100,000

      1/21/20

      1,266

      2

      2

      1 Garage

      2019

      133 Seaport Blvd #523

      $1,995,000

      1/9/20

      1,249

      2

      2

      1 Garage

      2019

      133 Seaport Blvd #1723

      $1,971,300

      1/2/20

      1,203

      2

      2

      1 Garage

      2019

      133 Seaport Blvd #1623

      $1,950,000

      1/15/20

      1,249

      2

      2

      1 Garage

      2019

      133 Seaport Blvd #818

      $1,878,000

      1/31/20

      1,266

      2

      2.5

      1 Garage

      2019

      133 Seaport Blvd #923

      $1,818,400

      1/22/20

      1,249

      2

      2

      1 Garage

      2019

      133 Seaport Blvd #902

      1,767,000

      1/30/20

      1,075

      2

      2

      1 Garage

      2019

      133 Seaport Blvd #1216

      $1,450,000

      1/6/20

      845

      1

      1

      1 Garage

      2019

      133 Seaport Blvd #2010

      $1,425,000

      1/29/20

      789

      1

      1.5

      1 Garage

      2019

      133 Seaport Blvd #1010

      $1,361,155

      1/28/20

      789

      1

      1

      1 Garage

      2019

      346-354 Congress St #613

      $1,357,000

      1/16/20

      1,159

      2

      2

      None

      2008

      15 Sleeper St #302

      $1,350,000

      1/31/20

      1,430

      2

      1

      None

      2015

      133 Seaport Blvd #1710

      $1,350,000

      1/31/20

      777

      1

      1.5

      1 Garage

      2019

      133 Seaport Blvd #1016

      $1,322,100

      1/24/20

      845

      1

      1

      1 Garage

      2019

      133 Seaport Blvd #2012

      $1,298,250

      1/17/20

      700

      1

      1

      1 Garage

      2019

      133 Seaport Blvd #1512

      $1,180,000

      1/8/20

      700

      1

      1

      1 Garage

      2019

      33 Sleeper St #306

      $1,135,000

      1/31/20

      1,599

      2

      2

      None

      1982

      133 Seaport Blvd #1119

      $1,101,000

      1/6/20

      651

      1

      1

      1 Garage

      2019

      133 Seaport Blvd #1101

      $1,100,700

      1/28/20

      667

      1

      1

      1 Garage

      2019

      133 Seaport Blvd #915

      $1,095,000

      1/31/20

      800

      1

      1

      1 Garage

      2019

      133 Seaport Blvd #1007

      $1,083,900

      1/7/20

      696

      1

      1

      1 Garage

      2019

      500 Atlantic Ave #17s

      $1,060,000

      1/30/20

      864

      1

      1.5

      1 Garage

      2006

      133 Seaport Blvd #715

      $1,054,700

      1/9/20

      803

      1

      1

      1 Garage

      2019

      133 Seaport Blvd #1019

      $1,048,700

      1/21/20

      651

      1

      1

      1 Garage

      2019

      133 Seaport Blvd #1001

      $913,000

      1/16/20

      667

      1

      1

      1 Garage

      2019

      133 Seaport Blvd #701

      $877,800

      1/8/20

      667

      1

      1

      1 Garage

      2019

      133 Seaport Blvd #1121

      $825,000

      1/10/20

      525

      Studio

      1

      1 Garage

      2019

      133 Seaport Blvd #621

      $783,900

      1/29/20

      525

      Studio

      1

      1 Garage

      2019

      133 Seaport Blvd #508

      $674,500

      1/14/20

      446

      Studio

      1

      1 Garage

      2019

      63 Melcher St #405

      $625,000

      1/3/20

      533

      1

      1

      None

      2018

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        South Boston Market Recap January 2020

            

         

        We are only one month into calendar 2020, so it is somewhat too early to establish year-long trends reliably.

             

        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.

          

        The following are our specific comments, as of January 31 this year:

         

        - 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%).

         

        -  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.  

        As a closing note, the figures above deal with condominium sales only, because they account for more than 90% of South Boston’s total residential sales.  Sales of single-family and multi-family properties are so few that no accurate comments or conclusions are possible this soon in 2020.

         

        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

        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

        Three-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 /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

        170 W Broadway #308

        $865,000

        1/6/20

        1,045

        2

        2

        1 Garage

        2017

        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

        772 E 6th St #2

        $789,000

        1/16/20

        1,035

        2

        1

        None

        2019

        9 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

        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

        1

        2 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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          A Quick And Awesome Guide to 10 Best Restaurants in South Boston

          Dinner Being Served in a RestaurantSouth Boston is a neighborhood that is rich in history and even richer in character. From Victorian architecture, tree-lined streets and historical landmarks to its unique demographics thanks to Boston’s proud history of immigration. This has resulted in a thriving restaurant scene. From cheap eats to high-end cuisine South Boston has something to suit everyone’s taste buds. Here’s our pick of the best restaurants in South Boston:

          Strega Waterfront

          If you want a dining destination with breathtaking oceanfront views and extraordinary interiors with a new twist to Italian cuisine, then Strega Waterfront is the place!

          Lincoln Tavern

          Lincoln Tavern offers a great atmosphere with late night food and drinks featuring traditional American comfort food with an interesting gourmet twist that is reasonably priced.

          My Diner

          If you’re looking for the best breakfast place, this family-run diner offers delicious homestyle meals at an affordable price and friendly service.

          Frenchie Wine Bistro

          If you’re after a modern, cozy, chic, affordable and delicious French fare with an American influence then Frenchie Wine Bistro is a place to go!

          Sullivan's

          This old-fashioned take-out restaurant is located on Castle Island. Also known for its hot dog and hamburger stand and long lines worth the wait. Sullivan's offers great meals at a reasonable price. Your summer isn’t complete without a visit to Sully’s.

          Amrheins Restaurant

          Amrheins is the oldest bar and restaurant in South Boston and it is known for its late night menu with full bar, sports watching, brunch, lunch, and dinner that offers historical ambiance and great food.

          MIDA

          A contemporary, Italian-influenced restaurant in the South End that serves homemade pasta, seafood dishes, creative cocktails, and old-world wines.

          Local 149

          Local 149 is a restaurant in South Boston that serves exceptionally local, modern American cuisine, craft beers, and creative cocktails - making it a cool hangout for food and drinks.

          KO Pies

          For an Australian fare in a cozy cafe in South Boston, the KO Pies is the place to go. It also offers savory meat and vegetable pies.

          Rondo's Sub Shop

          Rondo's Sub Shop is a laid-back deli that is known for its best cheesesteak in town. Rondo's Sub Shop also offers hamburger, fries, hot dog and other hot subs.

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            South Boston Real Estate Year in Review: Prices Rage On

             

            The 2017 year-end numbers are in for South Boston and for the eighth year in a row median sales prices for all types of property have increased. It is up 7.7%, where the medium sales price in 2016 was $650,000 and now has risen to $700,500. The reason for this rise in prices is Southie’s desirable neighborhood with waterfront property, the Seaport and downtown close by. But also there is still a shortage of inventory, despite all the building in the neighborhood, exerting upward pressure on prices.

             

            In the early 2000’s it wasn’t uncommon to see 300-400 properties on the market, and as of this report there are only 78 properties listed. This only represents 1 month’s inventory, which is far less than average inventory of about 4 months. While the prices of property have gone up, the number of sales have stabilized- or gone down. The resale market for condominiums are down because people are holding onto their property, aren’t finding suitable real estate in suburbia, or they’ve chosen to rent their property. This will likely change in the next few years as there are signs that the rental market is softening.

             

            With interest rates trending up, sooner or later this will put pressure on the housing prices, perhaps creating some softening in sales. Given all the construction on the Seaport, with new companies moving into our region we could withstand a national interest rate hike: but sooner or later rising rates are bound to affect the market.  So what does this mean to buyers?  Buyers might decide to make a purchase now before rates go up, so 2018 should show some activity in sales.

             

            Another way to view the market is to estimate where we are in the current cycle. While we consider it still a seller’s market, market fluctuation will occur and could spell the end of the positive eight-year cycle. So the question will be asked in this interesting market is are we going into the 9th year of a real estate boom, or will things soften. For the future we are cautiously optimistic given the strength of the general economy, Boston’s continued building boom, and the location of our neighborhood to significant commercial interests.

             

             

            Information for this article was gathered from the Warren Group, MLS Property Information Network, and Rooney Real Estate data.  

             

            Jackie Rooney is one of the premier Real Estate Agent in South Boston with 30 years’ experience in real estate sales. He can be reached at 617-645-5370 or by email at Jackie@rooney-re.com.

             

             

            South Boston Real Estate Snapshot

             

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