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!

In July of 2010 there were 58 properties that closed within the month for Dorchester Massachusetts. This is a decrease of 27%, as there were 79 homes that closed in July of 2009.

The Average list price for the homes that closed in Dorchester for July of 2009 was $250,878

The Average list price for the homes that closed in Dorchester for July of 2010 was $238,516

The Average sale price for the homes that closed in Dorchester for July of 2009 was $235,344

The Average sale price for the homes that closed in Dorchester for July of 2010 was $234,400

The Average Market time for the homes that closed in Dorchester in July of 2009 was 111 days.

The Average Market time for the homes that closed in Dorchester July of 2010 was 73 days.

60 homes went under agreement in Dorchester Massachusetts in the month of July 2010. The average list price of the homes that went under agreement was $235,347. The average time on the market for these Dorchester homes was 73 days. That is 34% decrease in the time on market which means that homes are selling faster.

 

During the month of June 2010, Dorchester Homes experienced a healthy increase in sale volume, average sales price and the total value of homes sold, when compared to the sales data in June of 2009. There were a total of 76 Dorchester Homes sold in 2010 and 64 homes sold in 2009. This represents a 19% increase in total volume over 2009. The average sale price was $302,417.00 in 2010 and $255,504.00 in 2009. This represents an18% increase in the average Dorchester home sales price. The total value of all homes sold in Dorchester during June of 2010 was $22,983,691.00 and $16,352,260.00 in 2009. This represents an increase of 41%. That is almost even with the total value in 2008. After seeing the numbers it is clear that Dorchester real estate market is trending upward. The increase can be attributed to several factors including the home buyer tax credit, optimism about the local economy and a decrease in the number of petitions to foreclose.

Contact Bentley Real Estate Group For all of your Dorchester Real Estate Needs.

We Are The Market Experts!

Bentley Real Estate Group 404 Neponset Ave, Dorchester, MA 02122

800.884.9056

www.BentleyREGroup.com

 

Dorchester, MA - Number of Petitions to Foreclose - Year to Date

Year

Period

1-Fam

Condo

All

2010

Jan - May

37

78

288

2009

Jan - May

44

109

375

2008

Jan - May

51

141

476

2007

Jan - May

77

93

446

Dorchester, MA - Number of Auctions - Year to Date

Year

Period

1-Fam

Condo

All

2010

Jan - May

60

146

599

2009

Jan - May

32

63

236

2008

Jan - May

44

142

432

2007

Jan - May

58

70

341

Dorchester, MA - Number of Foreclosure Deeds - Year to Date

Year

Period

1-Fam

Condo

All

2010

Jan - May

22

106

216

2009

Jan - May

21

90

189

2008

Jan - May

27

143

328

2007

Jan - May

18

24

105

Dorchester, MA - Ratio of Petitions to Sales - Year to Date

Year

Period

1-Fam

Condo

All

2010

Jan - May

0.6167

0.3171

0.5434

2009

Jan - May

0.898

0.4823

0.8152

2008

Jan - May

0.8361

0.6589

1.0794

2007

Jan - May

1.1

0.2727

0.7276

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.