News Briefs

Street Sweeping Schedule Posted

The Town of Winthrop conducts Street Sweeping operations on the last full week of the month (last week with a Friday) from April through October between 7:00 AM and 4:00 PM on the day of a street’s trash collection.  If there is a holiday on the week sweeping would normally occur, sweeping is done a week early.

Town ordinance prohibits parking in a manner that impedes the street sweeper.  Violation of the street sweeping ordinance carries a $40.00 fine, and your vehicle can be towed.

The remaining 2022  street sweeping dates are:

• July  25-29 (week of the 25th)

• Aug. 22-26 (week of the 22nd)

Sep. 26-30 (week of the 26)

Oct. 24-28 (week of the 24)

Here’s What You Need To Know About the 2022 Real Estate Market

The following real estate analysis was prepared by Compass Real Estate that have an office in Winthrop at 75 Crest Ave.

Is residential real estate due for a market correction? Nationally, the answer appears to be yes. Rapidly rising interest rates, inflationary prices and stock market declines have all contributed to a significant drop in mortgage applications and home sales.

Of course, just like politics, all real estate is local. National statistics are usually based on closed sales from one or two months ago. And market conditions can vary significantly from city to city and region to region. Be sure to consult with your agent to understand market trends specific to your neck of the woods. 

So, how do things look in Greater Boston? The following observations are based on year-to-date MLSPIN data for 150 communities as of June 30, 2022.

Among single-family homes, some local indicators are clearly pointing toward a market correction. Compared to June 30, 2021, the number of single families on the market was up 37% and price reductions increased 20%. Pending sales and closed sales were both down.

There were some bright spots for sellers, however. Average sales price grew 11% year over year, while median sales price jumped 9%. Days-to-offer was down 21%, a sign that buyers were quickly snapping up new inventory. And sale-to-list ratio (i.e., the final sales price divided by the original list price) was up 1.6%.

Among Greater Boston condominiums, we didn’t see much indication of a softening market. Six percent fewer units were available than at the end of the second quarter of 2021. Largely due to inventory constraints, average sales price climbed 13% and median sales price rose 9%. Days-to-offer, meanwhile, was down 23%, suggesting that strong demand is spurring faster sales of condos.

As with single families, pending sales and closed sales of condos dipped year over year; this was expected, given that fewer units had come onto the market. Sale-to-list ratio declined, albeit only less than 0.5%, but buyers were still willing to pay an average of almost 2.5% above the asking price.

Sellers would be wise to adjust their expectations in light of these trends, particularly in the single-family arena. Pricing strategy is critical; most of our communities have seen an uptick in price reductions, which indicates it is possible to overprice a home in this market.

Although many homes were still receiving multiple offers, Compass agents reported that fewer offers were arriving in these cases. They added that more sellers (especially of homes under $2 million) were considering offers with financial and other contingencies. Furthermore, buyers were less likely to bid as significantly over the asking price as they were just one month before.

But buyers shouldn’t assume home prices will come crashing down anytime soon. In Greater Boston, a variety of factors will continue to cause inventory to remain low.

The rise in interest rates will also complicate matters. Buyers may need to reconsider what purchase price is realistic for their budget or explore an adjustable rate mortgage to keep payments affordable. John Burns Real Estate Consulting (which provides market data to Compass) projects that average monthly mortgage payments will soar 39% this year due to price appreciation and swelling mortgage rates. While affordability will be a challenge, those who are in a position to buy now will almost certainly benefit, as home prices have historically appreciated over the long term.

Road Work Continues

The road milling on Pauline Street was completed last week and crews moved to Pleasant Street (between Woodside and Somerset).  The work on Pleasant Street will continue and should be completed by mid to late week.  Paving on Pauline and Pleasant Streets will occur on Monday and Tuesday.  Paving will begin on Pauline Street and continue onto Pleasant.  Access to the CBD will be maintained however detours will be in place as needed.  Stamped asphalt and line striping work throughout the CBD will occur on Thursday and Friday following the completion of the paving work.  The stamped asphalt and line striping will require temporary closures in the area of the work. Detours will be in place during this work.  The CBD area will be accessible at all times.

Greater Boston Building Trades Unions Endorse Sheriff Steve Tompkins

“The Greater Boston Building Trades Unions are excited to endorse Sheriff Steve Tompkins in his re-election for Sheriff of Suffolk County,” said Brian Doherty, General Agent of the Greater Boston Building Trades Unions. “Sheriff Tompkins has been a great partner in promoting and advancing opportunities for Boston residents who are seeking to access a great career in the union construction industry. We have also worked closely with Sheriff Tompkins on programs that provide key support to those in recovery, and he has been a champion on those issues not only for people in our industry but also across the city. We have seen firsthand the positive impact of his transparent, proactive, and dedicated approach to working with all stakeholders on solutions to make Boston a place where there is greater opportunity – including for those who are reentering the workforce. Through intentional programs and initiatives, Sheriff Tompkins has been a tremendous supporter of our efforts to ensure every worker has a shot at a safe job in our industry that provides fair wages, benefits, and the opportunity to someday retire with security and dignity.”

The Greater Boston Building Trades Unions represent 35,000 working families in the Metropolitan Boston region striving to create a more fair and just environment for all workers in the construction industry. The building trades unions advance social and economic justice by providing family-supporting wages, healthcare benefits and dignified retirement benefits to workers and their families in the construction industry.

As an umbrella group of 20 local construction unions, in partnership with more than 3,300 union contractors, the building trades unions provide the highest standards for workers in the construction industry, including the highest levels of training, safety and economic security throughout their careers.