A classic “city” home is a one bedroom unit in Southie. If it can be close to the water and have a roof deck, even better.
What does the market look like for this unit right now?
Some of the first questions that clients will have in any year, but especially in 2020 are “How does this compare to last year?” and “Are people paying a ton over asking?”
Let’s unpack this story.
First, let’s look at three key features. Do any of these units have parking, a second bath, or special outdoor space (a roof deck, a private yard, or…last year a small condo came with a private pool!)
Only one unit this year included parking, the unit that sold for $560k.
None of the units had more than one full bath.
With the exception of the least expensive unit on the list, each unit at least had a “typical” porch/deck. These units are mostly within three level “triple-deckers” which were primarily built with a reach porch for each floor. In modern times, these are often incorporated into fire escape stairs.
South Boston, in particular, is a location where buyers shop specifically for outstanding outdoor space. Three units in this group of one-bedroom units had “special” outdoor space.
What are people paying for these units compared to asking price?
I always remind clients to not get into a habit of “just adding $50k or $100k” to asking prices when they assess value. Yes, you have to consider that is possible. But sometimes, even in the midst of intense bidding, things do sell for less than their asking price. The key is to find the market value. Here is how the bidding has gone on these units this year.
For this year, there is no clear pattern of above or below…for each unit, find the market value for that unit.
What are we seeing compared to last year? While many wonder is the market has crashed? We haven’t seen it. While sales almost stopped in April and May because properties were not coming to market and either couldn’t be shown or were very difficult to show, sales have picked up since then to almost catch sales over the same period last year. We are currently 10% behind in the number of sales, but running about 10% ahead in pricing.
If you are looking for help with pricing your home or the one that you hope to buy, contact us to get real data.
Listings for units currently for sale in South Boston for less than $600,000.
Photograph in Banner of Boston Triple Deckers courtesy of WikiCommons.