According to the website of JP real estate company McCormack and Scanlan, summer listings sold like hotcakes and the trend seems to be continuing into the fall with properties being bought almost as soon as they are listed. This indicates a robust seller’s market.
“However, it’s more balanced than over the past five years,” said Constance Cervone of Cervone Deegan & Associates at Coldwell Banker. “We’re not quite ready to call it a buyer’s market yet.”
“The fall market is picking up and runs through Thanksgiving. It’s traditionally the second busiest season in the annual cycle after spring,” she continued. “We’re just at the beginning of the fall season. In a couple weeks we’re going to know a little more.”
This fall is markedly different from this time last year, where sellers could expect an average of ten offers on a single-family home, and up to 30 offers for a small condo. Cervone said that sellers can now expect an average of two to three offers.
Offers are coming in at asking price, or between $2,000 and $10,000 higher. Cervone said that $5,000 above asking is a solid offer.
According to Cervone, the average cost of a single-family home is $1.1 million, while the average cost of a condo is $625,000. A search of the real estate website Zillow breaks down the numbers for single-family homes, condos and rentals in Jamaica Plain.
There are currently 19 single-family homes listed in JP and they run from $629,000 to $820,000 for two bedrooms, $549,000 to $859,000 for three bedrooms, $655,000 to $849,000 for four bedrooms and $799,000 to $1.7 million for five bedrooms.
The highest cost for a recently sold single-family home was $925,000 for two bedrooms, $1.75 million for three bedrooms, $1.93 million for four bedrooms and $4.15 million for five bedrooms.
Sixty-seven condos are currently listed for sale in Jamaica Plain. One-bedroom condos are listed starting at $289,000 all the way up to $627,000. Two-bedrooms begin at $399,000 and go up to $867,000. Three-bedrooms start at $549,000 and top off at $1.35 million.
Buyers looking for a condo will need to consider the Home Owners Association (HOA) fee, which can be as much as an additional $1,000 per month on top of the monthly mortgage payment. Boston Agent Magazine reported that HOA fees in Boston are on the rise, with an average of $331 per month in 2015.
The highest price for a recently sold condo was $725,000 for a one-bedroom, $1.2 million for a two-bedroom, $2.1 million for a three-bedroom, $1.6 million for a four-bedroom and $1.02 million for a five-bedroom.
According to RENTCafé, JP has the twelfth highest rents out of Boston’s 20 neighborhoods, with the average rent costing $2,999 per month. Based on current listings, there are 487 rental properties in JP, including single- and multi-family homes, condos and apartments.
Apartments in JP run from $1,325 to $5,770 for a studio, $1,000 to $3,297 for a one-bedroom, $1,500 to $5,132 for a two-bedroom, $2,000 to $8,000 for a three-bedroom, $2,400 to $4,300 for a four-bedroom $3,300 to $4,600 for a five-bedroom.
Those wanting to rent a whole house can expect to shell out $1,900 to $2,500 for one bedroom, $2,000 to $2,600 for two bedrooms, $2,600 to $3,400 for three bedrooms, $3,795 for four bedrooms and $4,200 for five bedrooms.