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Rooney Real Estate
xtra xtra!
Commonwealth Cooperative Bank
September 5, 2013
South Boston Real Estate: HOT!
By Rick Winterson

There have been some yearly fluctuations, but overall, the number of home sales in South Boston has also increased steadily during the four-year interval from 2009 until now.  In the first six months of 2012, sales totaled 521 homes; in the first six months of 2013, they totaled 568.  That’s a solid 9.0% increase, which comes on top of significant increases in prior years.

According to Jackie Rooney (Rooney Real Estate, 700 East Broadway), there are several factors.  He says, “Many young professionals are choosing to live in South Boston.  It’s close to the Financial District, Downtown Crossing, and the rapidly developing South Boston Waterfront – close enough to walk in good weather.  Overall, we are still a very safe neighborhood, even though major crimes still occur.  Our neighborhood offers many amenities, including miles of beaches.  And continued low interest rates make investing in a home an attractive alternate.

”Rooney also points out a relatively new factor – “There are around 900 real estate transactions a year in South Boston.  Recently, housing inventories have become critically low.  Where there used to be several months’ worth of housing on the market, we now have only 75 units for sale, and it was as low as 30 earlier this year.  That’s an inventory of only a few weeks.  Homes get snapped up as soon as they hit the market.  In my 27 years as a realtor, I’ve never seen inventories this low.

”Rooney also mentioned that South Boston rentals are scarce.  However, he said that approximately 1,500 rental residences will be hitting the South Boston market over the next few years, which will significantly ease the scarcity of rental units.

Information provided by Warren Group and MLS Pin. For additional information regarding South Boston Real Estate contact Jackie Rooney at 617-269-1000.  



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