Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS® February 2015 Quick Facts 2 3 4 5 6 7 8 9 10 11 12 13 Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of March 16, 2015. All data from MLS Property Information Network, Inc. Provided by Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by 10K Research and Marketing. + 5.0% Year-Over-Year (YoY) Change in Closed Sales Single-Family Only There has been talk of abundant cold and snow this winter (unless you happen to live in California!). When weather patterns turn bad, like wicked bad, real estate industry pundits tend to go gloom, assuming that Americans hungry for homeownership are bothered by a little frozen precipitation. The nation will unfreeze, inventory is expected to rise and home sales are widely expected to increase. These are good times, indeed, and many of us now have an enchanting shared experience that we can walk uphill to school both ways. New Listings in the Greater Boston region were down 38.7 percent for detached homes and 33.7 percent for condominiums. Closed Sales increased 5.0 percent for detached homes but decreased 1.8 percent for condominiums. The Median Sales Price was up 7.9 percent to $439,500 for single-family properties and 3.5 percent to $403,568 for condominiums. Months Supply of Inventory decreased 32.7 percent for single-family units and 31.7 percent for townhouse-condo units. In national financial news, rumors that Fannie Mae and Freddie Mac could one day be a thing of the past have people wondering about the future of the 30- year fixed-rate mortgage. But let's not sound the alarm just yet. A drastic change to lending's gold standard is certainly not on the immediate horizon. Meanwhile, Federal Reserve Chair Janet Yellen seems to have no immediate interest in raising interest rates for the first time since 2006. The economy remains stable, which should keep housing rolling through the short-named months. - 1.8% Year-Over-Year (YoY) Change in Closed Sales Condominium Only + 1.9% Year-Over-Year (YoY) Change in Closed Sales All Properties Single-Family Market Overview Condominium Market Overview Closed Sales Median Sales Price Housing Affordability Index Inventory of Homes for Sale Months Supply of Inventory Days On Market Until Sale Percent of Original List Price Received City of Boston Overview Pending Sales New Listings
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February 2015 Greater Boston Real Estate Market Trends Report
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Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®
February 2015 Quick Facts
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10111213
Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of March 16, 2015. All data from MLS PropertyInformation Network, Inc. Provided by Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by 10K Research and Marketing.
+ 5.0%Year-Over-Year(YoY) Change inClosed Sales
Single-Family Only
There has been talk of abundant cold and snow this winter (unless you happen to live in California!). When weather patterns turn bad, like wicked bad, real estate industry pundits tend to go gloom, assuming that Americans hungry for homeownership are bothered by a little frozen precipitation. The nation will unfreeze, inventory is expected to rise and home sales are widely expected to increase. These are good times, indeed, and many of us now have an enchanting shared experience that we can walk uphill to school both ways.
New Listings in the Greater Boston region were down 38.7 percent for detached homes and 33.7 percent for condominiums. Closed Sales increased 5.0 percent for detached homes but decreased 1.8 percent for condominiums.
The Median Sales Price was up 7.9 percent to $439,500 for single-family properties and 3.5 percent to $403,568 for condominiums. Months Supply of Inventory decreased 32.7 percent for single-family units and 31.7 percent for townhouse-condo units.
In national financial news, rumors that Fannie Mae and Freddie Mac could one day be a thing of the past have people wondering about the future of the 30-year fixed-rate mortgage. But let's not sound the alarm just yet. A drastic change to lending's gold standard is certainly not on the immediate horizon. Meanwhile, Federal Reserve Chair Janet Yellen seems to have no immediate interest in raising interest rates for the first time since 2006. The economy remains stable, which should keep housing rolling through the short-named months.
All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by 10K Research and Marketing. | 2
New Listings 1,141 700 - 38.7% 2,078 1,596 - 23.2%
Closed Sales 520 546 + 5.0% 1,252
$443,048
2-2012 2-2013 2-2014 2-2015
2-2012 2-2013 2-2014 2-2015
2-2012 2-2013 2-2014 2-2015
2-2012 2-2013 2-2014 2-2015
2-2012 2-2013 2-2014 2-2015
2-2012 2-2013 2-2014 2-2015
2-2012 2-2013 2-2014 2-2015
2-2012 2-2013 2-2014 2-2015
2-2012 2-2013 2-2014 2-2015
Condominium Market Overview Key market metrics for the current month and year-to-date figures for Condominium Properties Only.
Inventory of Homes for Sale 1,575 1,057 - 32.9% -- -- --
Housing Affordability Index 110 114 + 2.8% 109 108
--
Days on Market Until Sale 80 76 - 4.8% 72 69 - 3.5%
Months Supply of Inventory 3.5 2.4 - 31.7% -- --
+ 0.4%
Pending Sales 746 598 - 19.8% 1,378 1,172 - 14.9%
Percent of OriginalList Price Received
98.0% 97.9% - 0.1% 97.5% 97.8%
- 23.1%
All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by 10K Research and Marketing. | 3
New Listings 927 615 - 33.7% 1,719 1,322
2-2012 2-2013 2-2014 2-2015
2-2012 2-2013 2-2014 2-2015
2-2012 2-2013 2-2014 2-2015
2-2012 2-2013 2-2014 2-2015
2-2012 2-2013 2-2014 2-2015
2-2012 2-2013 2-2014 2-2015
2-2012 2-2013 2-2014 2-2015
2-2012 2-2013 2-2014 2-2015
2-2012 2-2013 2-2014 2-2015
Closed Sales A count of the actual sales that have closed in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Mar-2014 711 - 9.5% 692 + 3.6%
Apr-2014 862 - 6.4% 867 + 2.0%
May-2014 1,206 - 9.3% 999 - 10.2%
Jun-2014 1,683 - 3.7% 1,266 - 2.6%
Jul-2014 1,738 - 1.5% 1,196 - 9.5%
Aug-2014 1,516 - 10.5% 1,138 - 14.8%
Sep-2014 1,066 - 6.4% 862 - 7.4%
Oct-2014 1,045 - 4.0% 863 + 6.8%
Nov-2014 958 - 8.0% 650 - 14.4%
Dec-2014 1,114 + 3.1% 809 - 3.1%
Jan-2015 738 + 0.8% 477 - 16.0%
Feb-2015 546 + 5.0% 442 - 1.8%
Total 13,183 - 4.8% 10,261 - 6.2%
All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by 10K Research and Marketing. | 4
Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Mar-2014 $427,000 + 13.0% $420,000 + 7.7%
Apr-2014 $440,000 + 4.8% $397,000 + 7.3%
May-2014 $464,250 + 6.1% $417,500 + 5.3%
Jun-2014 $510,000 + 5.2% $439,950 + 6.7%
Jul-2014 $505,000 + 7.4% $419,000 + 7.4%
Aug-2014 $490,000 + 4.3% $419,000 + 3.5%
Sep-2014 $424,900 - 1.5% $414,500 + 4.9%
Oct-2014 $435,302 + 3.6% $394,000 - 0.6%
Nov-2014 $450,000 + 8.4% $414,000 + 4.8%
Dec-2014 $443,500 + 2.0% $425,000 + 4.9%
Jan-2015 $448,500 + 7.3% $441,000 + 10.4%
Feb-2015 $439,500 + 7.9% $403,568 + 3.5%
Median $464,000 + 5.5% $419,000 + 5.5%
All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by 10K Research and Marketing. | 5
Historical Median Sales Price Single-Family Condominium
+3.5%+15.5%+10.6%
20152014 20152014
$373,000$346,000
$410,900$395,000
$443,048$425,000
Single-Family Condominium
Year to Date
+7.6%+14.2%+10.2%
20152014 20152014
+7.9% +7.8%
2013 2013 2013 2013
Housing Affordability Index
Single-FamilyYoY
ChangeCondominium
YoYChange
Mar-2014 101 - 19.2% 103 - 15.3%
Apr-2014 98 - 14.8% 108 - 16.8%
May-2014 95 - 10.5% 106 - 9.8%
Jun-2014 87 - 4.5% 100 - 5.9%
Jul-2014 87 - 7.4% 105 - 7.4%
Aug-2014 90 - 2.9% 106 - 2.2%
Sep-2014 103 + 0.3% 106 - 5.9%
Oct-2014 102 - 3.1% 113 + 1.1%
Nov-2014 99 - 12.1% 108 - 9.1%
Dec-2014 101 - 1.4% 106 - 4.2%
Jan-2015 102 + 0.4% 104 - 2.4%
Feb-2015 104 - 1.4% 114 + 2.8%
Average 98 -6.4% 106 -6.2%
This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by 10K Research and Marketing. | 6
Historical Housing Affordability Index Single-Family Condominium
+2.8%-21.3%-17.9%
127137
105 109103 108
Single-Family Condominium
Year to Date
-1.1%-20.4%-17.6%
20152014 20152014 20152014 20152014
-1.4% -1.3%
2013 2013 2013 2013
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Mar-2014 3,072 - 4.3% 1,680 - 12.5%
Apr-2014 3,582 - 2.1% 1,870 - 15.1%
May-2014 4,143 + 3.3% 2,030 - 12.5%
Jun-2014 4,199 + 4.5% 1,995 - 11.8%
Jul-2014 4,120 + 6.4% 1,912 - 8.7%
Aug-2014 3,971 + 4.2% 1,742 - 12.9%
Sep-2014 4,233 + 4.4% 1,930 - 13.3%
Oct-2014 4,080 + 5.0% 1,921 - 10.9%
Nov-2014 3,348 - 0.5% 1,589 - 13.3%
Dec-2014 2,550 - 5.2% 1,204 - 19.6%
Jan-2015 2,337 - 12.6% 1,176 - 21.9%
Feb-2015 1,992 - 29.3% 1,057 - 32.9%
Average 3,469 - 1.0% 1,676 - 14.8%
All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by 10K Research and Marketing. | 7
Historical Inventory of Homes for Sale Single-Family Condominium
-32.9%-16.6%-13.5%
20152014 20152014
-29.3%
2013 2013
Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.
Single-FamilyYoY
ChangeCondominium
YoYChange
Mar-2014 4.3 + 5.8% 2.4 - 15.5%
Apr-2014 4.2 + 4.6% 2.2 - 16.7%
May-2014 3.4 + 14.0% 2.0 - 2.5%
Jun-2014 2.5 + 8.5% 1.6 - 9.4%
Jul-2014 2.4 + 8.0% 1.6 + 0.9%
Aug-2014 2.6 + 16.4% 1.5 + 2.2%
Sep-2014 4.0 + 11.6% 2.2 - 6.4%
Oct-2014 3.9 + 9.5% 2.2 - 16.5%
Nov-2014 3.5 + 8.1% 2.4 + 1.2%
Dec-2014 2.3 - 8.0% 1.5 - 17.0%
Jan-2015 3.2 - 13.3% 2.5 - 7.0%
Feb-2015 3.6 - 32.7% 2.4 - 31.7%
Average 3.1 - 0.7% 1.9 - 14.3%
All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by 10K Research and Marketing. | 8
Historical Months Supply of Inventory Single-Family Condominium
-31.7%-14.4%-9.1%
20152014 20152014
-32.7%
2013 2013
Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Mar-2014 89 - 19.9% 69 - 7.3%
Apr-2014 86 - 12.4% 58 - 12.4%
May-2014 65 - 18.9% 51 - 3.0%
Jun-2014 59 - 1.6% 46 + 4.4%
Jul-2014 56 + 12.9% 50 + 23.8%
Aug-2014 60 + 17.1% 52 + 22.9%
Sep-2014 67 + 5.2% 53 + 6.6%
Oct-2014 70 + 12.2% 53 + 9.9%
Nov-2014 75 + 6.1% 57 + 0.5%
Dec-2014 79 + 10.5% 55 - 3.3%
Jan-2015 90 + 10.1% 63 - 3.6%
Feb-2015 105 + 11.4% 76 - 4.8%
Total 71 + 1.5% 53 + 4.4%
All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by 10K Research and Marketing. | 9
Historical Days on Market Until Sale Single-Family Condominium
-4.8%-17.8%-17.3%
112
9387
72
96
69
Single-Family Condominium
Year to Date
-3.5%-22.5%-22.7%
20152014 20152014 20152014 20152014
+11.4% +10.8%
2013 2013 2013 2013
Percent of Original List Price Received
Single-FamilyYoY
ChangeCondominium
YoYChange
Mar-2014 96.4% + 2.0% 98.7% + 1.4%
Apr-2014 97.4% + 1.2% 99.4% + 0.8%
May-2014 98.2% + 1.0% 100.6% + 1.2%
Jun-2014 98.7% + 0.6% 100.7% + 1.1%
Jul-2014 98.2% + 0.4% 99.8% + 0.1%
Aug-2014 97.8% + 0.1% 99.9% + 0.4%
Sep-2014 96.7% - 0.2% 99.0% + 0.2%
Oct-2014 96.5% - 0.4% 98.6% - 0.1%
Nov-2014 96.3% + 0.2% 98.2% - 0.4%
Dec-2014 95.2% - 0.6% 97.9% + 0.1%
Jan-2015 95.6% + 0.3% 97.8% + 0.7%
Feb-2015 95.1% - 0.7% 97.9% - 0.1%
Average 97.1% + 0.3% 99.3% + 0.5%
All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by 10K Research and Marketing. | 10
Percentage found when dividing a property’s sales price by its original list price, then taking the average for all properties sold in a given month, not accounting for seller concessions.
Historical Percent of Original List Price Received Single-Family Condominium
-0.1%+1.5%+2.1%
93.7% 96.0%95.5% 97.5%95.4% 97.8%
Single-Family Condominium
Year to Date
+0.4%+1.5%+1.9%
20152014 20152014 20152014 20152014
-0.7% -0.1%
2013 2013 2013 2013
Pending Sales A count of the properties in UAG status between the first and last day in a given month, regardless of current status (based on Off Market Date).
Single-FamilyYoY
ChangeCondominium
YoYChange
Mar-2014 1,255 - 9.3% 1,053 - 13.1%
Apr-2014 1,479 - 10.2% 1,225 - 7.0%
May-2014 1,618 - 7.7% 1,131 - 14.4%
Jun-2014 1,518 - 1.2% 1,143 0.0%
Jul-2014 1,195 - 0.8% 930 - 7.0%
Aug-2014 1,002 - 8.9% 723 - 9.5%
Sep-2014 1,069 + 1.0% 836 + 2.5%
Oct-2014 1,185 + 3.9% 828 - 3.9%
Nov-2014 933 + 5.7% 658 - 1.9%
Dec-2014 676 + 13.6% 459 + 4.6%
Jan-2015 759 + 17.5% 574 - 9.2%
Feb-2015 735 - 7.5% 598 - 19.8%
Total 13,424 - 2.3% 10,158 - 7.3%
All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by 10K Research and Marketing. | 11
New Listings A count of the properties that have been newly listed on the market in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Mar-2014 1,776 + 9.2% 1,305 - 7.2%
Apr-2014 2,242 - 6.5% 1,568 - 11.2%
May-2014 2,479 + 2.8% 1,477 - 9.2%
Jun-2014 1,997 + 7.5% 1,324 + 2.3%
Jul-2014 1,500 + 1.5% 1,063 + 1.1%
Aug-2014 1,266 - 7.3% 778 - 17.8%
Sep-2014 1,840 + 2.2% 1,277 - 3.0%
Oct-2014 1,544 + 5.1% 1,078 0.0%
Nov-2014 799 - 9.5% 598 + 0.2%
Dec-2014 590 + 9.9% 395 + 0.3%
Jan-2015 896 - 4.4% 707 - 10.7%
Feb-2015 700 - 38.7% 615 - 33.7%
Total 17,629 - 1.5% 12,185 - 7.7%
All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by 10K Research and Marketing. | 12
Inventory of Homes for Sale 728 503 - 30.9% -- -- --
Housing Affordability Index 106 104 - 1.4% 105 103
--
Days on Market Until Sale 78 77 - 1.1% 68 67 - 2.1%
Months Supply of Inventory 3.0 2.5 - 17.8% -- --
- 1.0%
Pending Sales 372 314 - 15.6% 685 621 - 9.3%
Percent of OriginalList Price Received
98.1% 96.5% - 1.6% 97.7% 96.7%
- 21.4%
All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by 10K Research and Marketing. | 13