The Jamaica Plain real estate market continues to boom with prices soaring and inventory at a shocking low.
According to Josh Muncey, real estate agent at RE/MAX Destiny, buyers are jumping into the market very quickly, but there isn’t that much to choose from.
Including condos, single families, and multi-families, there are 26 properties on the market today in Jamaica Plain, as opposed to 56 one year ago. Muncey said that this means that the inventory is incredibly low.
“Last year was low,” Muncey said. “This year is non-existent.”
Muncey said that this lack of inventory on the market is inflating property values at a rapid pace, and that properties are seeing multiple offers, providing they are priced correctly.
Andrew Brilliant and Carol Palmer Brilliant, working with Unlimited Sotheby’s International Realty, specialize in residential rentals and sales in Jamaica Plain. They have been working as a team helping people to buy and sell properties for 12 years in the neighborhood.
They also say that the market tends to be strong for sellers.
“Inventory is a lot lower than it has been in the past. More people are looking to buy than sell a property,” Andrew Brilliant said. Because of this, prices continue to appreciate at a high rate, he said.
The team pointed out that it’s not just JP where there is such a shortage of inventory – it’s all of Boston. But JP continues to be an attractive community for many types of people, especially the medical community.
“Geographically, JP is perfect for living in Boston,” Carol Palmer Brilliant said. She said that access to public transportation and parks help make JP the “best of both worlds.”
For some, the prices may be very high. Carol Palmer Brilliant said that many buyers, especially first time buyers, are willing to also look in Roslindale, Hyde Park, and Dorchester, even though those neighborhoods are not their first choice.
For sellers, the game is all about the initial listing price.
“The strategy is that if you price your house at a particular number, there is a good chance that you get many offers and you get to pick the one that’s right for your needs as a seller,” Andrew Brilliant said.
“But if you’re in a hurry, you might be more flexible on the price,” Carol Palmer Brilliant said.
With sellers having a lot of power over the market, finding the right property may be a frustrating process for buyers.
“It’s a fast deadline to make an offer, but you have to decide when you’re ready,” Carol Palmer Brilliant said about buyers.
For renting in Jamaica Plain, prices are generally increasing.
“There are three or four new complexes that offer rentals, and the prices are definitely higher than those of a two- or three-family building,” Carol Palmer Brilliant said. She isn’t sure how this is going to affect landlords of the smaller properties down the line, but did say that the demand was there for different types of rentals.
“People like the ambiance of a triple-decker. They enjoy the open space and neighbors,” Carol Palmer Brilliant said. “Condos appeal to different people.”
“There are a lot of people coming from out of town, like the medical community,” Andrew Brilliant said. “We’re very unique as a city to have so many triple-deckers. People from other cities are more used to living in the larger complexes, where they can have the advantage of having everything taken care of. Jamaica Plain has a varied housing stock, and it’s why the community is so successful in real estate.”
In the week of March 5 through March 11, the highest sold property went for $840,000 for a two-family, and the lowest was $719,250 for a three-family.