Real Estate Prices Up Around the Region in 2016
By Sue Ellen Woodcock
The real estate market showed median home sale prices go up anywhere from 8-21 percent in the Revere, Winthrop, Chelsea, East Boston, Everett and Lynn.
According to the Massachusetts Association of Realtors, Winthrop single family home sales price comparing 2015 to 2016 is up 10.7 percent, or $375,000 to $415,000. There were 89 sales in 2015 and 79 sales in 2016.
Winthrop condominium prices were up 3.5 percent from $285,000 in 2015 to 295,000 in 2016. There were 85 sales in 2015 and 89 in 2016.
Jim Polino of Highland Real Estate in Winthrop said young people are being pushed out of the market and into communities like Winthrop, East Boston, Chelsea and Revere.
“Buyers are coming from all over Boston, the South Shore and the North Shore,” Polino said. He noted that a drive from Winthrop to South Boston took him just 15 minutes.
The market is seeing the number of days on the market being reduced and there are multiple bids on properties. The is also low inventory and very much a seller’s market.
In East Boston the real estate business is booming according to Tom Mario, of Century 21 Mario, single family home prices increased 21.3 percent from 2015 to 2016. The median single family sales price was $402,500 in 2016 and $331,750 in 2015. The condo market prices were up 30.5 percent with $320,000 in 2015 and $417,500 in 2016.
“East Boston is one of the hottest markets around,” Mario said. “There has been no winter slow down and it will increase in the spring.”
Polino agreed that East Boston is hot. The public is coming around to realize that East Boston is part of the city. The spillover to Winthrop and Revere is part of the Boston boom.
“The millennial are buying heavily,” Polino said. “High income and low downpayment. It’s all a function of the economy.”
He noted that one two-family sale recently in Winthrop happened within hours of being listed and with five offers.
Mario said all markets – single family, condo and multi-family – have high demand and low inventory. Multi-families especially are in high demand. Sales are also going fast in East Boston with properties listed one weekend followed by sales prices at or above the listing price.
“Anything on the MBTA line is also in high demand,” Mario said. “Anything with a Boston zip code is rising in cost pushing people out to communities live East Boston, Revere, Winthrop and Chelsea.”
Revere single family home sales price comparing 2015 to 2016 were up 8 percent with $356,250 over $330,000. There were 244 sales in 2016 and 196 in 2015. In the condo market there was a 44 percent increase in condo sales, from 134 in 2015 and 193 in 2016. The median condo sales price was down by 6.6 percent from $289,000 to $270,000
In Chelsea, single family home prices increased 14.6 percent from 2015 to 2016. The median single family sales price was $349,500 in 2016 and $305,000 in 2015. The condo market prices were up 22.3 percent with $234,000 in 2015 and $286,250 in 2016.
In Lynn, single family home prices increased 9.6 percent from 2015 to 2016. The median single family sales price was $291,500 in 2016 and $266,000 in 2015. The condo market prices were up 9.6 percent with $172,000 in 2015 and $188,500 in 2016.
In Everett, single family home prices increased 12.7 percent from 2015 to 2016. The median single family sales price was $359,450 in 2016 and $319,000 in 2015. The condo market prices were up 30.8 percent with $253,000 in 2015 and $331,000 in 2016.