Although the year to date (YTD) Dorcheser inventory is slightly higher than last year, the Dorchester YTD Average sales price is up by 12% and the average days on market went from 122 days to 77 days, a drop of 37%. These numbers clearly indicate signs of a recovery. As the market begins to rebound it has never been more critical for buyers to “get off the fence” and get into the game. Furthermore, it appears that we may have already seen the bottom of theDorchester market. If you are considering buying real estate and are uncertain of when to purchase a home, the time is now. In addition to getting in while the values are low, you can also take advantage of historically low interest rates. The only way to know when we have seen the bottom of the market is when we start to come back up. Again, Dorchester YTD Home values are up 12%. What more can I say.

 

Dorchester Real Estate Report

As of August 19th 2009, the On-Market inventory In Dorchester has increased. Lets take a look at the numbers:

Total Inventory was 353 on August 19th 2009 and has increased to 393 in 2010 an 11% Increase

The Average Number of Days on Market was 133 Days in 2009 and is now 120 Days a 10% Decrease

The average list price was $296,847.00 and is now $300,445.00 a %12 Increase

It is important to note that the on market inventory for the same time in 2008 was 723. Although the inventory is up from last year, The average number of days On-Market is down 10% and the average list price is up 12%. This numbers indicate that market is getting stronger. Even though the inventory is slightly higher than last year, the average list price has increased and homes are selling quicker. This is a good time to buy as it looks like we may have already hit the bottom In the Dorchester Market.

Check out this Video Tour of 9 O’Donnell Sq done by Robert Nichols, Broker Owner. The Unit was completely gut rehabbed in 2005 and features, Sand Stone Counter Tops, Stainless steel appliance, central AC, New light fixtures, and Hard Wood Floors throughout. This unit has it all!

As the economy remains unstable, Dorchester single family home sales continued to slide in 2009. The total number of single family homes sold in 2008 were 165 versus 143 in 2009.  That represents a 13% decline. The average sales price was $295,506.00 in 2008 and $269,357.00 in 2009 a total decline of approximately 9%. The decline can most be attributed to an increase in foreclosures and short sales. As the Dorchester Market continues to decline, many potential buyers are cautiously waiting before they decide to make a purchase. While this strategy is safe and provides temporary security, it hinders the potential of getting a great deal at the bottom of the market. If you plan on staying in your next home for more than 5 years then there is no better time to buy than now.  It is truly a buyers market and if your on the fence, you risks missing the potential for a great deal. For more information about Dorchester Real Estate, please check out my website at www.Bentleyregroup.com

In 2009, Dorchester sales volume and selling prices slightly underperformed the values achieved in 2008. The numbers are as follows: In 2008, there were 844 residential properties sold vs. only 804 in 2009. This represents a 4.7% decrease in volume. The average sales price in 2008 was $251,248.00 and fell to $220,112.00 in 2009. This is a 12% decrease from the previous year. It is clear that the market has continued to trend downward in 2009, but this represents an opportunity for Dorchester buyers to purchase while the market is still recovering. It is only a matter of time before the real estate market rebounds and when it does, it will be to late to take advantage of the great deals that a presently on the market. Now is the time to buy.

As we head into October, the winter months are closely upon us. Most agents and consumers put a significant emphasis on the Spring market due to the increased volume of listings and potential buyers. (more…)