EVERETT - 2018
Everett Market Insight: When compared with other submarkets, the Everett market-turnover rate hit almost smack-dab in the middle of the bell curve, with data showing 50 sales and 1,134 total units. That reflects a rate of approximately 4.4% of total market turnover. This is compared with low point Medford (2.8%), and high point Malden (6.0%). According to MLS records, the average sales price clocked in at $229 psf, while the average list price punched in at $225.
What Is Noteworthy About the Everett Market: Rarely do we see assets sell twice in one calendar year. However, this was exactly the case with 42 Hillside. That property sold for $300K in Jun-18, and in Dec-18, it was sold again for $815,000. The American dream is not dead! Congratulations to the owner-developer and broker for making that sale happen.
While Everett Enjoyed a High Dollar PSF Price of $350…..don’t let that number deceive you! That record-setting price was for the asset located at 19 Harvard Street, which sold in July 2018 for $529,000. The price per-square-foot reflects the size is in line with the reality that smaller units (this unit contained 1513 square-feet of living area) command a higher price per-square-foot (as evidenced with high dollar sales at 598 South St, Quincy (see Quincy Report), 120 Bloomingdale Chelsea (see Chelsea Report). Ironically the case of 120 Bloomingdale set both the high price per-square-foot-sold and was also the least expensive property sold in Chelsea, within the three-family category.
