Three-Families in East Boston Sell at Faster Pace

This week Tony’s Realty compares thee-family property sales between October 14, 2009 thru December 14, 2009 to thee-family sales five years ago between October 14, 2004 and December 14, 2004.  There are fewer current three-families on the market than five years ago, and they are selling much faster—albeit at significantly lower prices.  During the last two months, 16 triple-deckers have sold in East Boston; back in 2004, during the same October 14 thru December 14 time frame, 25 thee families had sold.

The average sale price for three-families in East Boston between October 14 and December 14, 2004 was $473,688.  Larger three-families were mostly selling for around $500,000.  Smaller triple-deckers usually sold for around $425,000.  The average selling time 5 years ago was 79 days.

During the last two months in 2009, the average sale price for a three-family was $288,781, which is 39% lower than in 2004, but the average selling time was only 48 days.  Larger three-families are mostly selling in the low $300s, whereas smaller triple-deckers are selling in the low $200s.  Of the 16 triple-deckers to sell between October 14 and December 14, two were bank owned and two were short sales.

With lower prices, properties sell much faster, but fewer properties come on the market.  There are currently only 15 three-families for sale in East Boston.

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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