East Boston Single-Family Sale Prices Down

East Boston currently has 26 single-family homes listed as for sale with our local Multiple Listing Service with an average market time of 148 days. While the supply of single-family homes is relatively low, prices are less expensive than in previous years. Single-family homes currently on the East Boston market range from $149,000 for an attempt to “short sale” a 1,544 square foot Jeffries Point home on Cottage Street that’s situated on a 900 square foot lot to $549,000 for a beautiful 2,000 square foot home set upon a 7,507 square foot lot on Gladstone Street in Orient Heights.

In the last three months, 18 single-family homes in East Boston have sold or have gone “under agreement.” “Under agreement” means an offer has been accepted by a seller but a deed has not yet been transferred to the buyer to complete the purchase. Among the 12 single-family properties that actually sold during the last three months, prices have ranged from $125,000 for a 1,283 square foot home on Saratoga Street in Eagle Hill to $340,000 for a 1,600 square foot brick “tudoresque” colonial on Orient Avenue in Orient Heights.

After a peak in 2005, sale prices for some East Boston single-family homes have dipped under $200,000, and sale prices for some homes have been dramatically less than they were just a few years ago. Here are some examples: 1 Bennet Place, a 1,478 square foot home, sold in March 2008 via a negotiated “short sale” for $185,000 (the same property sold in January 2006 for $257,000); 152 Saratoga Street, a bank owned property, sold in April 2008 for $125,000 (that 713 square foot home sold in July 2005 for $245,000). These represent selling price reductions of 28% to 49% from a 2005 & 2006 peak market.

Please check back as we continue to update you on East Boston real estate happenings. To see all our listings, or to search MLS properties, head to the Tony’s Realty Website.

Email Tony with your questions or comments.

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