Multi-Family Owners in Quincy See an Increase in Prices Per Square Foot With Three-Family Home Sales Setting Record Prices, Large Gains in Several Key Metrics
Key Takeaways:
Top end of the market rises – 4 three-family sales exceeded the $1mm mark
Highest priced three-family sale sold for $1,170,000 – following trend of record setting sales that sell privately
Average price per-square-foot rises in both two-family and three-family market
Top price per-square-foot of a three-family sold rises to $398 – a year-over-year increase of 27.16%
Market Insight: In 2018, I reported that there was one three-family property to hit the $1mm mark. In 2019, four three-family sales exceeded the $1mm mark. If you own well positioned three-family property in Quincy, those four sales helped move the average sales price higher.
The top three-family sale in 2019 was 155 Billings Road, which traded for $1,1700,00. This follows a trend of properties that set a record price that never hit the market (see Brookline & Watertown). Sellers with desirable properties are controlling the way their property is sold, while also setting record prices in the process. Selling investment property on your terms, is part of my ‘Value Maximizer’ program, and is a trend in the real estate marketplace.
In the two and three-family, MLS-listed report, total sales volume, number of sales, and days on market remained relatively flat, but gross sales volume doesn’t tell the whole story. Consistent gains on the price per-square foot ceiling (46 Filbert Street traded for $398 per-square-foot), and the average price per-square-foot should make owners in Quincy happy.
Quincy also garnered an award in 2019 as the highest % of private sales in the three-family market. Of the 21 sales, 6 sold privately, which equates to a 28.6% share of the total market. Those six sales sold at average a price per-square-foot of $282 - a nominal difference against the average ($283) price per-square-foot of the entire three-family market.
Outlook for 2020: I expect there to be another steady year for Quincy. Quincy’s close proximity to Boston, and water combined with Quincy’s capital improvements to T-stations will improve the desire to rent income property and own income property in Quincy. At a sub-$300 per-square-foot average, Quincy is a market that provides value to first-time investors.
In Quincy in 2019, investor-sellers paid an estimated $11,603,917, in capital gains taxes to the Federal Government. For creative strategies to defer taxes and build generational wealth, please see my ‘Free Cash Flow’ Program for sellers..
Please make sure to check out my market reports in Brookline, Cambridge, Somerville, Everett, Medford, Malden, and Watertown. If are interested in selling, please check out my ‘Demand Driver’ or ‘Value Maximizer’ Programs for multi-family sellers or call me at 617 272 5440.
