Dorchester real estate prices rise 26 percent as inventory drops

Dorchester real estate prices have increased 26 percent since first-quarter 2009 with inventory throughout 2009 down 34%. Low rates, lack of inventory, and the extension and expansion of buyer credits from the federal government contributed to the growth, according to an analysis done by Justin Boston Properties.

The drop in inventory is attributed to the lack of new foreclosed and bank-owned properties hitting the resale market. This, plus the general reluctance on the part of sellers to sell in what was a “down” market, led inventory to drop throughout the four sub-neighborhoods of Dorchester.

Meanwhile, average prices of properties sold increased across much of Dorchester. Real estate prices were up 4.8 percent in the “Bayside” community (includes Jones Hill and Savin Hill), while prices dropped 6.7 percent in the “Fields” sub-neighborhood (includes Melville Park and Ashmont Hill). Prices increased 2 percent in the “Riverside” area (includes Lower Mills, Adams Village, and Neponset). Prices were up 12.9 percent in the “Parkside” sub-neighborhood (includes Franklin Park, Upham’s Corner, and Bowdoin/Geneva).

For more information, please check out the Dorchester Real Estate InSight Report, at Justin Boston Properties.

Justin Green of Justin Boston Properties has been Dorchester’s number one real estate agent for the past ten years (2000 – 2009). His company, now seven agents strong, is a full-service real estate brokerage helping buyers and sellers of residential and commercial real estate, as well as renters and landlords, and provides property management services, as well.

Related posts:

1. Dorchester real estate prices jump in 3rd-quarter 2009
2. Dorchester real estate market sees signs of resurgence
3. Dorchester real estate market picks up
4. Boston condo and real estate sales report, January 9, 2010
5. Boston condo and real estate sales report, November 21, 2009