Wednesday, January 28, 2009

Mattapan, Dorchester Lead Housing Slump

The Warren Group reports single-family home sales were down last year in Boston by almost 15%. The median price decreased by more than 11%. The largest decreases in sales were in Brighton, South Boston and West Roxbury. The largest price drops were in Mattapan, at almost 31%, and East Boston, at more then 26%.

For condos in Boston, the number of sales was down by almost 20%, but the median price was up by more than 4%. The neighborhoods with the largest fall-off in condo sales were Brighton, Mattapan, East Boston and Hyde Park, all more than 30%. The largest price drops were in Mattapan, at almost 55%, and Dorchester, almost 18%. The largest increase in the price of a condo was in Roxbury, at more than 10%.

Besides having the largest price drops for all of 2008, Mattapan—among comparisons of more than a handful of transactions—had the largest price drop in December for condos (70.37%). The decreases in December condo sales were almost as high in West Roxbury (61.54%) and Charlestown (60%), but the decreases in median price were less than 10%. In East Boston’s condo market for December, the number of sales was down 46%, while the median price was down more than 30%.

Neighborhoods where the 2008 median price increased (for single-family homes) were Jamaica Plain, Brighton, Roslindale, and South Boston. There were price increases for condos in Jamaica Plain, West Roxbury, and areas close to downtown Boston, though the numbers of sales in those areas were all lower. The number of condos sold in Dorchester increased in December, compared with the same month in 2007, but the median price declined by 61.44%. The largest increase in condos sales for December was in Roxbury—more than doubling, from 13 to 27—but was price was down slightly, by 1.22%.