Charlestown High-End Single-Family Transactions

Charlestown, MA, August 18, 2013 --( Nora Moran, manager of Hammond Residential Real Estate’s Charlestown office located at 105 Main Street above the historic Warren Tavern, recently provided an overview of Charlestown’s luxury single-family sales to date.

As is true of most sections of Boston, the Charlestown residential real estate market is moving at a frenetic pace, fueled by a favorable mortgage interest rate environment and buyer demand outstripping the current supply of homes for sale. The reputation of local schools and the area’s proximity to the downtown financial district and commuter routes, have added to buyer interest in Charlestown’s townhouse inventory and the market has experienced an uptick in the sales during 2013 with most properties selling rapidly and for significant amounts over asking price.

Data from Multiple Listing Service, Property Information Network (MLS PIN), for the first seven months of 2013 indicates that ten single-family homes priced over $1,000,000 have sold in Charlestown. That represents a 43% gain over 2012, where seven properties priced over $1,000,000 sold. In addition, the rapid pace of the real estate market is reflected in the average number of days on the market: 46 in 2013 compared to 174 in 2012. The amount of time a property remained on the market in 2012 was more than triple that of 2013.
Hammond agents represented the selling sides of half of the total single-family high-end transactions to date, more than any other firm.

The oldest neighborhood in Boston, first settled in 1624, Charlestown is renowned for its rich architectural heritage. Colonial-style and Victorian residences comprised eighty percent of Hammond’s townhouse transactions. Among the sought-after features of these townhouses were Bunker Hill Monument views and period architectural details such as fireplaces, parlors, and mantels.

Nora Moran said, “It’s an exciting time for the Charlestown market. While we have experienced an increase in sales across the board since 2012, we are seeing an extraordinary amount of interest in our high-end inventory. Eighty percent of the high-end single-family transactions since January have sold for over asking-price, which is not only a reflection of the market as a whole, but also a significant indicator that Charlestown is one of the most highly-desired neighborhoods in the city of Boston.”

Hammond Residential is headquartered in Chestnut Hill, and has three Boston locations and thirteen suburban branch offices. The company reports over one billion dollars in sales volume annually, and is well-known as the publisher of the region’s finest magazines featuring local properties for sale. In 2012, Hammond ranked nationally as one of the top 100 real estate companies based on productivity per agent and overall sales volume. Hammond was also recognized in 2012 by The Boston Globe as a “top place to work” company. Hammond is an independently owned and operated franchise company within the Real Living Real Estate franchise network. The Charlestown office is also the exclusive Regents representative of the Luxury Real Estate network.

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Hammond Residential
Mark H. Lippolt