Real Estate Today: JP real estate market is ‘incredibly strong’

By Rebeca Oliveira and Peter Shanley/Gazette Staff

The real estate market in Jamaica Plain is “incredibly strong,” according to real estate agents based in the area.

“What we have is really strong buyer demand that hasn’t abated since 2012,” Melony Swasey, a realtor at Prudential Unlimited on Centre Street told the Gazette last week. “The market is incredibly strong.”

Colleen Scanlan, from McCormack & Scanlan Real Estate on South Street, called it a “very busy fall market.”

“I wish we could see more single family houses on the market,” Scanlan said, noting that, “there isn’t an overabundance of condos, either.”

Swasey attributes the demand to a “dearth of rentals available in the city,” which leads to potential renters making the move to buy a property instead.

But “so many people are flooding the market, there’s not much to buy,” she said.

Most of the sellers in JP are people who already have somewhere to move into or are leaving the area, Swasey said. Otherwise, sellers would also be looking for another property to buy, which would negate the potential profit from a home sale.

Potential buyers should be prepared for stiff competition on a property, she said. Many new properties receive anywhere from two to a dozen offers within hours of their first open showing.

Scanlan backed up this observation. She said she’s “definitely seeing multiple offers per property. It’s very rare to see just one offer.”

Swasey also said that unofficial boundary lines for “unattractive areas” in JP are disappearing.

“People just really want to own in JP,” she said. “Whereas before people used to feel hesitant about buying in certain areas” like Egleston Square or Jackson Square, “buyers are now clamoring to be in those spots.”

“It’s a place where people want to be, to start their families, to fall in love,” Swasey said.

For a comparison of what can be found in the JP real estate market, the Gazette spoke with Maureen McElroy at Jamaica Hill Realty to find out the most expensive and least expensive home sold between Sept. 10 and 17.

The most expensive home was Unit B at 3 Danforth St., which is a three-bedroom, two-bath condo that sold for $929,000. The least expensive home sold during that time was Unit 119 at 111 Perkins St., which is a one-bedroom condo that sold for $235,000.

“With rents going up all over the city, JP seems like a value compared to Cambridge,” Swasey said.

The most expensive home sold between Sept. 10 and Sept. 17 was Unit B at 3 Danforth St., which sold for $929,000. (Gazette Photo by Peter Shanley)

The most expensive home sold between Sept. 10 and Sept. 17 was Unit B at 3 Danforth St., which sold for $929,000. (Gazette Photo by Peter Shanley)

The least expensive home sold between Sept. 10 and Sept. 17 was Unit 119 at 111 Perkins St., which sold for $235,000. (Gazette Photo by Peter Shanley)

The least expensive home sold between Sept. 10 and Sept. 17 was Unit 119 at 111 Perkins St., which sold for $235,000. (Gazette Photo by Peter Shanley)

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