February 2016 Greater Boston Real Estate Market Trends Report

February 2016 Quick Facts

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1011121314

Monthly Indicators

The primary story, both nationally and in local submarkets, is a dwindling months' supply of inventory. The cure, of course, is more inventory. But new construction has been lagging during this opportune moment, and sellers of existing homes are not yet hitting the market in droves. The heart of the selling season has yet to begin, so we're still optimistically watching for an increase in activity in the coming months.

Closed Sales increased 10.3 percent for Single-Family homes and 2.9 percent for Condominium homes. Pending Sales increased 50.2 percent for Single-Family homes and 54.3 percent for Condominium homes. Inventory increased 0.3 percent for Single-Family homes but decreased 4.0 percent for Condominium homes.

The Median Sales Price was up 10.6 percent to $520,000 for Single-Family homes and 6.4 percent to $447,000 for Condominium homes. Days on Market decreased 3.2 percent for Single-Family homes and 13.5 percent for Condominium homes. Months Supply of Inventory decreased 5.3 percent for Single-Family homes and 7.1 percent for Condominium homes.

National housing starts were up by 10.8 percent at the end of 2015 when compared to 2014, and the unemployment rate is holding low and steady at or near 4.9 percent. Meanwhile, mortgage rates continue to astound below 4.0 percent and we have witnessed an unprecedented 70 consecutive months of private-sector job growth. As consumers navigate their options, competition for the best available properties should be profound, especially if the market remains hobbled by a lack of supply.

Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of March 16, 2016. All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Report © 2016 by ShowingTime 10K.

Single-Family Home Market Overview

+ 6.9% + 10.3% + 2.9%

This is a research tool provided by the Greater Boston Association of REALTORS®. Percent changes are calculated using rounded figures.

Condominium Market Overview

Year-Over-Year (YoY) Change in Closed Sales

All Properties


Single-Family Only


Condominium Only

Closed Sales

Pending SalesNew ListingsCity of Boston OverviewRegional Map

Median Sales PriceHousing Affordability IndexInventory of Homes for SaleMonths Supply of InventoryDays on Market Until SalePercent of Original List Price Received

Single-Family Home Market Overview

Historical Sparkbars 2-2015 2-2016 PercentChange YTD 2015 YTD 2016 Percent

Change

Key market metrics for the current month and year-to-date figures for Single-Family Homes Only.

Closed Sales 535 590 + 10.3%

Key Metrics

1,436 + 14.7%

Median Sales Price $470,000 $520,000 + 10.6% $479,250 $500,000 + 4.3%

1,252

- 6.6%

Inventory of Homes for Sale 2,080 2,087 + 0.3% -- -- --

Housing Affordability Index 92 81 - 12.0% 91 85

--

Days on Market Until Sale 94 91 - 3.2% 89 80 - 10.1%

Months Supply of Inventory 1.9 1.8 - 5.3% -- --

Current as of March 16, 2016. All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Report © 2016 by ShowingTime 10K. | 2

+ 0.1%

Pending Sales 637 957 + 50.2% 1,347 1,668 + 23.8%

Pct. of Orig. List Price Received 95.1% 95.6% + 0.5% 95.6% 95.7%

New Listings + 36.5%644 1,129 + 75.3% 1,490 2,034

Feb 2014 Aug 2014 Feb 2015 Aug 2015 Feb 2016









Condominium Market Overview


Change


+ 38.5%Pending Sales 567 875 + 54.3% 1,116 1,546

New Listings 629 941 + 49.6% 1,338 1,750

98.0% 0.0%

61- 13.5% 66

+ 30.8%

Pct. of Orig. List Price Received 98.2% 98.1% - 0.1% 98.0%

- 7.6%

- 4.0% -- --

Months Supply of Inventory 1.4 1.3 - 7.1% --

--

-- --

+ 6.4% $439,900 $444,000 + 0.9%

95 - 7.8% 99 95 - 4.0%

+ 2.9%

Key Metrics

1,067 + 13.9%937

Key market metrics for the current month and year-to-date figures for Condominium Properties Only.

Closed Sales 451 464

Median Sales Price $420,000 $447,000

Inventory of Homes for Sale 1,244 1,194

Days on Market Until Sale 74 64

Housing Affordability Index 103










Closed Sales

Closed Sales Single-FamilyYear-Over-Year

Change CondominiumYear-Over-Year

Change

Mar-2015 686 +3.0% 578 -17.9%

Apr-2015 765 -6.3% 690 -23.8%

May-2015 1,064 -10.0% 955 -9.6%

Jun-2015 1,874 +11.2% 1,389 +5.7%

Jul-2015 1,904 +8.6% 1,377 +13.4%

Aug-2015 1,710 +11.4% 1,254 +7.8%

Sep-2015 1,223 +17.7% 943 +7.0%

Oct-2015 1,121 +8.3% 832 -4.7%

Nov-2015 1,010 +7.7% 773 +16.4%

Dec-2015 1,255 +11.6% 911 +7.9%

Jan-2016 846 +18.0% 603 +24.1%

Feb-2016 590 +10.3% 464 +2.9%

12-Month Avg 1,171 +7.8% 897 +2.0%

Historical Closed Sales by Month


A count of the actual sales that closed in a given month.

484458

535

451

590

464

Single-Family Condominium

February

250

500

750

1,000

1,250

1,500

1,750

2,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


1,190

1,024

1,252

937

1,436

1,067


Year to Date

2014 2015 2016

+ 2.9%- 1.5%+ 10.3%+ 10.5% - 8.5%+ 14.7%+ 5.2% + 13.9%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 7.5% - 3.6% + 2.3%- 0.2%

Median Sales Price

Median Sales Price Single-FamilyYear-Over-Year


Change

Mar-2015 $469,500 +1.0% $452,500 +8.4%

Apr-2015 $510,000 +5.2% $436,900 +9.2%

May-2015 $520,000 +5.7% $461,000 +10.3%

Jun-2015 $560,000 +4.7% $459,950 +7.0%

Jul-2015 $550,000 +5.8% $460,000 +10.0%

Aug-2015 $530,000 +2.9% $455,000 +8.9%

Sep-2015 $492,000 +7.2% $425,900 +3.5%

Oct-2015 $475,000 +0.8% $455,000 +15.2%

Nov-2015 $518,500 +6.7% $450,000 +7.1%

Dec-2015 $501,000 +5.5% $445,000 +5.4%

Jan-2016 $490,000 +0.9% $442,000 -1.1%

Feb-2016 $520,000 +10.6% $447,000 +6.4%

12-Month Avg* $511,333 +4.8% $449,188 +7.4%

Historical Median Sales Price by Month

Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.

* Median Sales Price for all properties from March 2015 through February 2016. This is not the average of the individual figures above.


$445,000

$396,844

$470,000

$420,000

$520,000

$447,000


February

$200,000

$300,000

$400,000

$500,000

$600,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


$443,750

$399,900

$479,250

$439,900

$500,000

$444,000


Year to Date

2014 2015 2016

+ 6.4%+ 5.8%+ 10.6%+ 5.6% + 10.0%+ 4.3%+ 8.0% + 0.9%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 11.3% + 10.4% + 14.6%+ 16.4%

Housing Affordability Index

Affordability Index Single-FamilyYear-Over-Year


Change

Mar-2015 91 +7.1% 95 +1.1%

Apr-2015 85 +4.9% 99 +1.0%

May-2015 84 +2.4% 94 -2.1%

Jun-2015 76 +1.3% 93 -1.1%

Jul-2015 76 -1.3% 91 -5.2%

Aug-2015 80 +2.6% 93 -4.1%

Sep-2015 87 0.0% 101 +4.1%

Oct-2015 90 +4.7% 94 -8.7%

Nov-2015 82 -2.4% 94 -3.1%

Dec-2015 85 -2.3% 96 -1.0%

Jan-2016 86 -3.4% 96 -1.0%

Feb-2016 81 -12.0% 95 -7.8%

12-Month Avg 84 +0.5% 95 -2.5%

Historical Housing Affordability Index by Month

This index measures housing affordability for the region. An index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.


88

9992

103

81

95


February

40

60

80

100

120

140

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


8998

9199

85

95


Year to Date

2014 2015 2016

- 7.8%+ 4.0%- 12.0%+ 4.5% + 1.0%- 6.6%+ 2.2% - 4.0%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 15.4% - 14.4% - 18.3%- 18.9%

Inventory of Homes for Sale

Homes for Sale Single-FamilyYear-Over-Year


Change

Mar-2015 2,279 -13.6% 1,392 -16.2%

Apr-2015 3,018 -3.6% 1,752 -5.5%

May-2015 3,564 -3.2% 1,961 -2.9%

Jun-2015 3,727 -1.3% 1,950 -1.7%

Jul-2015 3,729 +0.8% 1,909 0.0%

Aug-2015 3,608 +1.5% 1,821 +4.2%

Sep-2015 3,916 +1.1% 2,113 +10.3%

Oct-2015 3,756 0.0% 2,043 +4.9%

Nov-2015 3,107 +0.9% 1,798 +10.4%

Dec-2015 2,306 -4.7% 1,337 +5.3%

Jan-2016 2,179 -4.6% 1,287 -0.4%

Feb-2016 2,087 +0.3% 1,194 -4.0%

12-Month Avg 3,106 -1.8% 1,713 +0.4%

Historical Inventory of Homes for Sale by Month

The number of properties available for sale in active status at the end of a given month.


2,391

1,570

2,080

1,244

2,087

1,194


February

0

2,000

4,000

6,000

8,000

10,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


2014 2015 2016

- 4.0%- 20.8%+ 0.3%- 13.0%2014 2015 2016

- 15.8% - 16.8%

Months Supply of Inventory

Months Supply Single-FamilyYear-Over-Year


Change

Mar-2015 2.1 -8.7% 1.6 -11.1%

Apr-2015 2.8 0.0% 2.1 +5.0%

May-2015 3.3 0.0% 2.3 +4.5%

Jun-2015 3.4 0.0% 2.3 +9.5%

Jul-2015 3.4 +3.0% 2.2 +4.8%

Aug-2015 3.2 -3.0% 2.1 +10.5%

Sep-2015 3.5 -2.8% 2.4 +14.3%

Oct-2015 3.3 -5.7% 2.3 +4.5%

Nov-2015 2.7 -6.9% 2.0 +11.1%

Dec-2015 2.0 -9.1% 1.5 +7.1%

Jan-2016 1.9 -9.5% 1.4 -6.7%

Feb-2016 1.8 -5.3% 1.3 -7.1%

12-Month Avg* 2.8 -3.5% 2.0 +4.6%

Historical Months Supply of Inventory by Month

The inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months.

* Months Supply for all properties from March 2015 through February 2016. This is not the average of the individual figures above.


2.1

1.71.9

1.4

1.8

1.3


February

0.0

2.0

4.0

6.0

8.0

10.0

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


2014 2015 2016

- 7.1%- 17.6%- 5.3%- 9.5%2014 2015 2016

- 22.2% - 22.7%

Days on Market Until Sale

Days on Market Single-FamilyYear-Over-Year


Change

Mar-2015 92 +22.7% 66 +4.8%

Apr-2015 78 +9.9% 58 0.0%

May-2015 59 +9.3% 45 -10.0%

Jun-2015 52 +4.0% 39 -13.3%

Jul-2015 49 -2.0% 40 -18.4%

Aug-2015 54 +5.9% 45 -10.0%

Sep-2015 57 -6.6% 50 -2.0%

Oct-2015 64 +4.9% 50 0.0%

Nov-2015 61 -7.6% 55 +3.8%

Dec-2015 70 +1.4% 52 -5.5%

Jan-2016 73 -13.1% 58 -1.7%

Feb-2016 91 -3.2% 64 -13.5%

12-Month Avg* 67 +1.5% 52 -7.4%

Historical Days on Market Until Sale by Month

Average number of days between when a property is listed and when an offer is accepted in a given month.

* Days on Market for all properties from March 2015 through February 2016. This is not the average of the individual figures above.


8174

94

74

91

64


February

20

40

60

80

100

120

140

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


76

67

89

66

80

61


Year to Date

2014 2015 2016

- 13.5%0.0%- 3.2%+ 16.0% - 1.5%- 10.1%+ 17.1% - 7.6%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 18.2% - 23.2% - 22.1%- 16.9%

Percent of Original List Price Received

Pct. of Orig. List Price Received Single-Family

Year-Over-YearChange Condominium

Year-Over-YearChange

Mar-2015 96.5% -0.4% 98.7% +0.1%

Apr-2015 97.4% -0.6% 100.6% +1.1%

May-2015 99.1% +0.4% 100.8% +0.1%

Jun-2015 99.7% +0.5% 101.6% +1.0%

Jul-2015 99.5% +0.9% 101.2% +1.3%

Aug-2015 98.5% +0.3% 100.6% +0.6%

Sep-2015 97.7% +0.8% 99.5% +0.5%

Oct-2015 96.7% 0.0% 99.7% +1.2%

Nov-2015 97.4% +0.8% 99.4% +1.3%

Dec-2015 96.1% +0.5% 98.4% +0.5%

Jan-2016 95.8% -0.1% 97.9% +0.1%

Feb-2016 95.6% +0.5% 98.1% -0.1%

12-Month Avg* 97.5% +0.4% 99.7% +0.7%

Historical Percent of Original List Price Received by Month

Percentage found when dividing a property’s sales price by its original list price, then taking the average for all properties soldin a given month, not accounting for seller concessions.

* Pct. of Orig. List Price Received for all properties from March 2015 through February 2016. This is not the average of the individual figures above.


96.2% 98.1%95.1% 98.2%95.6% 98.1%


February

87.5%

90.0%

92.5%

95.0%

97.5%

100.0%

102.5%

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


95.9% 97.6%95.6% 98.0%95.7% 98.0%


Year to Date

2014 2015 2016

- 0.1%+ 0.1%+ 0.5%- 1.1% + 0.4%+ 0.1%- 0.3% 0.0%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 2.0% + 1.8% + 1.5%+ 1.6%

Pending Sales

Pending Sales Single-FamilyYear-Over-Year


Change

Mar-2015 1,120 -7.7% 994 -7.1%

Apr-2015 1,555 +5.5% 1,277 +1.3%

May-2015 1,773 +10.1% 1,301 +11.3%

Jun-2015 1,791 +15.4% 1,386 +17.9%

Jul-2015 1,296 +9.5% 966 +2.0%

Aug-2015 1,127 +15.5% 822 +12.4%

Sep-2015 1,215 +17.2% 864 +0.3%

Oct-2015 1,268 +8.8% 958 +14.6%

Nov-2015 962 +6.9% 728 +10.5%

Dec-2015 672 +13.5% 525 +13.6%

Jan-2016 711 +0.1% 671 +22.2%

Feb-2016 957 +50.2% 875 +54.3%

12-Month Avg 1,204 +10.7% 947 +10.5%

Historical Pending Sales by Month

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).


761 773

637567

957875


February

250

500

750

1,000

1,250

1,500

1,750

2,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


1,376 1,4181,347

1,116

1,6681,546


Year to Date

2014 2015 2016

+ 54.3%- 26.6%+ 50.2%- 16.3% - 21.3%+ 23.8%- 2.1% + 38.5%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 6.4% - 13.5% - 2.1%+ 2.2%

New Listings

New Listings Single-FamilyYear-Over-Year


Change

Mar-2015 1,508 -11.1% 1,261 -3.4%

Apr-2015 2,483 +13.2% 1,743 +9.3%

May-2015 2,547 +5.0% 1,663 +9.7%

Jun-2015 2,280 +13.5% 1,561 +15.1%

Jul-2015 1,636 +12.7% 1,118 +3.4%

Aug-2015 1,335 +11.5% 937 +17.9%

Sep-2015 1,963 +8.2% 1,437 +12.1%

Oct-2015 1,531 +3.1% 1,155 +3.8%

Nov-2015 884 +18.3% 766 +27.0%

Dec-2015 565 +11.9% 463 +15.5%

Jan-2016 905 +7.0% 809 +14.1%

Feb-2016 1,129 +75.3% 941 +49.6%

12-Month Avg 1,564 +10.3% 1,155 +11.9%

Historical New Listings by Month

A count of the properties that have been newly listed on the market in a given month.


1,070

964

644 629

1,129

941


February

0

1,000

2,000

3,000

4,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


1,9231,775

1,4901,338

2,034

1,750


Year to Date

2014 2015 2016

+ 49.6%- 34.8%+ 75.3%- 39.8% - 24.6%+ 36.5%- 22.5% + 30.8%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 6.8% - 12.4% - 9.7%- 4.4%

City of Boston - Market Overview


Change


+ 27.3%

841 + 22.4%

747

New Listings 328 452 + 37.8% 687

Pending Sales 295 430 + 45.8% 587

- 9.4%

Pct. of Orig. List Price Received 96.4% 97.9% + 1.6% 96.6% 97.4% + 0.8%

Days on Market Until Sale 74 61 - 17.6% 64 58

-- --

Inventory of Homes for Sale 606 599 - 1.2% --

Months Supply of Inventory 1.4 1.3 - 7.1% --

89 - 8.2%

----

Housing Affordability Index 98 89 - 9.2% 97

528 + 13.8%

Median Sales Price $489,500 $522,500 + 6.7% $490,500 $521,000 + 6.2%

464

Key market metrics for the current month and year-to-date figures for the City of Boston.

Closed Sales 210 235 + 11.9%

Key Metrics










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