Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS® January 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 February 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. + 0.3% Year-Over-Year (YoY) Change in Closed Sales Single-Family Only It's already evident that 2015 will be marked by talk of changing mortgage rates and regulations. Rates should stay low, but consumers and finance experts alike believe that we're at or near rate bottoms. Early indications point to more sales, more listings, more new construction and more excitement. It's not expected to be the overblown land grab of the early 2000s, but it should feel like a healthy market, which, in and of itself, may feel like an odd sensation to real estate practitioners accustomed to the boom and bust of the 21st century. New Listings in the Greater Boston region were down 0.8 percent for Single- Family homes and 10.5 percent for Condominiums. Closed Sales increased 0.3 percent for Single-Family homes but decreased 18.5 percent for Condominiums. The Median Sales Price was up 8.4 percent to $493,000 for Single-Family properties and 9.9 percent to $454,750 for Condominiums. Months Supply of Inventory decreased 15.9 percent for Single-Family units and 11.2 percent for Condominiums. The 3 percent downpayment programs from Fannie Mae and Freddie Mac should help potential new homeowners, but in a recent member survey by the Independent Community Bankers of America, three-fourths of respondents stated that regulatory burdens are hurting their ability to loan money. The wider economy shows slight wage increases and gas prices near five-year lows but rising along with extended daylight and buyer demand. These various economic pushes and pulls can turn stagnant markets into exciting ones. It's all in how you look at it. - 18.5% Year-Over-Year (YoY) Change in Closed Sales Condominium Only - 8.5% 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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January 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®
January 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 February 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.
+ 0.3%Year-Over-Year(YoY) Change inClosed Sales
Single-Family Only
It's already evident that 2015 will be marked by talk of changing mortgage rates and regulations. Rates should stay low, but consumers and finance experts alike believe that we're at or near rate bottoms. Early indications point to more sales, more listings, more new construction and more excitement. It's not expected to be the overblown land grab of the early 2000s, but it should feel like a healthy market, which, in and of itself, may feel like an odd sensation to real estate practitioners accustomed to the boom and bust of the 21st century.
New Listings in the Greater Boston region were down 0.8 percent for Single-Family homes and 10.5 percent for Condominiums. Closed Sales increased 0.3 percent for Single-Family homes but decreased 18.5 percent for Condominiums.
The Median Sales Price was up 8.4 percent to $493,000 for Single-Family properties and 9.9 percent to $454,750 for Condominiums. Months Supply of Inventory decreased 15.9 percent for Single-Family units and 11.2 percent for Condominiums.
The 3 percent downpayment programs from Fannie Mae and Freddie Mac should help potential new homeowners, but in a recent member survey by the Independent Community Bankers of America, three-fourths of respondents stated that regulatory burdens are hurting their ability to loan money. The wider economy shows slight wage increases and gas prices near five-year lows but rising along with extended daylight and buyer demand. These various economic pushes and pulls can turn stagnant markets into exciting ones. It's all in how you look at it.
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 759 753 - 0.8% 759 753 - 0.8%
Closed Sales 615 617 + 0.3% 615
$493,000
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
Condominium Market Overview Key market metrics for the current month and year-to-date figures for Condominium Properties Only.
Inventory of Homes for Sale 1,369 991 - 27.6% -- -- --
Housing Affordability Index 103 101 - 2.0% 103 101
--
Days on Market Until Sale 63 59 - 6.4% 63 59 - 6.4%
Months Supply of Inventory 2.5 2.3 - 11.2% -- --
+ 0.7%
Pending Sales 603 560 - 7.1% 603 560 - 7.1%
Percent of OriginalList Price Received
97.2% 97.9% + 0.7% 97.2% 97.9%
- 10.5%
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. | 3
New Listings 753 674 - 10.5% 753 674
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
Closed Sales A count of the actual sales that have closed in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Feb-2014 430 - 5.5% 426 - 3.8%
Mar-2014 587 - 10.8% 659 + 3.3%
Apr-2014 715 - 10.5% 833 + 2.0%
May-2014 1,033 - 9.9% 957 - 11.3%
Jun-2014 1,474 - 4.4% 1,226 - 2.5%
Jul-2014 1,537 - 0.6% 1,154 - 9.2%
Aug-2014 1,344 - 10.9% 1,097 - 15.0%
Sep-2014 909 - 6.6% 831 - 7.2%
Oct-2014 889 - 3.1% 828 + 6.3%
Nov-2014 806 - 4.8% 616 - 14.8%
Dec-2014 955 + 1.3% 783 - 2.1%
Jan-2015 617 + 0.3% 440 - 18.5%
Total 11,296 - 5.5% 9,850 - 6.5%
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. | 4
Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Feb-2014 $456,000 + 9.9% $400,000 + 14.9%
Mar-2014 $482,000 + 17.0% $430,000 + 7.0%
Apr-2014 $498,000 + 8.3% $416,000 + 9.5%
May-2014 $520,099 + 7.2% $427,400 + 5.4%
Jun-2014 $558,000 + 6.3% $449,000 + 6.9%
Jul-2014 $540,000 + 3.8% $427,000 + 7.0%
Aug-2014 $527,500 + 4.5% $425,000 + 3.7%
Sep-2014 $465,000 - 4.1% $427,500 + 5.0%
Oct-2014 $480,000 + 5.5% $403,925 - 1.5%
Nov-2014 $509,000 + 10.7% $429,500 + 5.3%
Dec-2014 $499,900 + 2.6% $433,500 + 3.8%
Jan-2015 $493,000 + 8.4% $454,750 + 9.9%
Median $512,500 + 6.1% $429,000 + 5.9%
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
+9.9%+13.3%+9.2%
20152014 20152014
$416,500
$365,250
$455,000
$413,750
$493,000
$454,750
Single-Family Condominium
Year to Date
+9.9%+13.3%+9.2%
20152014 20152014
+8.4% +8.4%
2013 2013 2013 2013
Housing Affordability Index
Single-FamilyYoY
ChangeCondominium
YoYChange
Feb-2014 94 - 17.4% 108 - 21.0%
Mar-2014 90 - 22.0% 100 - 14.7%
Apr-2014 86 - 17.5% 103 - 18.4%
May-2014 85 - 11.4% 103 - 9.9%
Jun-2014 79 - 5.5% 98 - 6.0%
Jul-2014 82 - 4.2% 103 - 7.0%
Aug-2014 84 - 3.1% 104 - 2.4%
Sep-2014 94 + 3.0% 102 - 5.9%
Oct-2014 93 - 4.8% 110 + 2.0%
Nov-2014 88 - 13.9% 104 - 9.5%
Dec-2014 90 - 2.1% 104 - 3.2%
Jan-2015 93 - 0.5% 101 - 2.0%
Average 88 -8.3% 103 -8.2%
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
-2.0%-22.7%-19.9%
117
133
93103
93101
Single-Family Condominium
Year to Date
-2.0%-22.7%-19.9%
20152014 20152014 20152014 20152014
-0.5% -0.5%
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
Feb-2014 2,165 - 15.3% 1,448 - 17.0%
Mar-2014 2,376 - 5.6% 1,533 - 13.5%
Apr-2014 2,838 - 3.1% 1,720 - 14.9%
May-2014 3,318 + 2.8% 1,881 - 11.6%
Jun-2014 3,383 + 4.5% 1,836 - 12.1%
Jul-2014 3,296 + 7.4% 1,755 - 9.2%
Aug-2014 3,137 + 5.8% 1,593 - 12.9%
Sep-2014 3,390 + 5.6% 1,760 - 14.2%
Oct-2014 3,290 + 6.6% 1,768 - 10.8%
Nov-2014 2,618 - 0.2% 1,438 - 14.2%
Dec-2014 1,919 - 6.4% 1,045 - 23.2%
Jan-2015 1,714 - 15.6% 991 - 27.6%
Average 2,787 - 0.2% 1,564 - 14.5%
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. | 7
Historical Inventory of Homes for Sale Single-Family Condominium
-27.6%-16.1%-16.5%
20152014 20152014
-15.6%
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
Feb-2014 5.0 - 10.4% 3.4 - 13.7%
Mar-2014 4.0 + 5.8% 2.3 - 16.2%
Apr-2014 4.0 + 8.2% 2.1 - 16.6%
May-2014 3.2 + 14.0% 2.0 - 0.3%
Jun-2014 2.3 + 9.3% 1.5 - 9.8%
Jul-2014 2.1 + 8.0% 1.5 - 0.0%
Aug-2014 2.3 + 18.7% 1.5 + 2.4%
Sep-2014 3.7 + 13.0% 2.1 - 7.6%
Oct-2014 3.7 + 9.9% 2.1 - 16.1%
Nov-2014 3.2 + 4.9% 2.3 + 0.7%
Dec-2014 2.0 - 7.6% 1.3 - 21.6%
Jan-2015 2.8 - 15.9% 2.3 - 11.2%
Average 2.9 + 0.0% 1.8 - 14.5%
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. | 8
Historical Months Supply of Inventory Single-Family Condominium
-11.2%-19.2%-14.7%
20152014 20152014
-15.9%
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
Feb-2014 92 - 15.4% 79 - 17.5%
Mar-2014 85 - 21.2% 67 - 7.3%
Apr-2014 83 - 11.3% 57 - 12.7%
May-2014 58 - 22.4% 50 - 4.0%
Jun-2014 54 - 4.6% 45 + 5.1%
Jul-2014 53 + 11.9% 49 + 27.2%
Aug-2014 56 + 16.2% 51 + 25.3%
Sep-2014 65 + 13.1% 52 + 6.2%
Oct-2014 66 + 11.2% 51 + 8.3%
Nov-2014 72 + 9.1% 54 + 3.5%
Dec-2014 75 + 7.9% 54 - 3.7%
Jan-2015 89 + 14.1% 59 - 6.4%
Total 66 - 0.4% 51 + 3.5%
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. | 9
Historical Days on Market Until Sale Single-Family Condominium
-6.4%-28.5%-28.7%
109
89
78
63
89
59
Single-Family Condominium
Year to Date
-6.4%-28.5%-28.7%
20152014 20152014 20152014 20152014
+14.1% +14.1%
2013 2013 2013 2013
Percent of Original List Price Received
Single-FamilyYoY
ChangeCondominium
YoYChange
Feb-2014 96.0% + 2.0% 98.1% + 1.4%
Mar-2014 96.8% + 1.8% 98.7% + 1.2%
Apr-2014 97.9% + 1.3% 99.6% + 0.9%
May-2014 98.7% + 1.0% 100.8% + 1.3%
Jun-2014 99.1% + 0.7% 100.8% + 1.1%
Jul-2014 98.5% + 0.5% 100.0% + 0.1%
Aug-2014 98.0% + 0.2% 100.1% + 0.4%
Sep-2014 96.7% - 0.4% 99.1% + 0.2%
Oct-2014 96.6% - 0.5% 98.6% - 0.1%
Nov-2014 96.4% + 0.3% 98.2% - 0.6%
Dec-2014 95.4% - 0.6% 98.0% - 0.0%
Jan-2015 95.9% + 0.3% 97.9% + 0.7%
Average 97.5% + 0.4% 99.4% + 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
+0.7%+1.5%+1.7%
94.0% 95.8%95.6% 97.2%95.9% 97.9%
Single-Family Condominium
Year to Date
+0.7%+1.5%+1.7%
20152014 20152014 20152014 20152014
+0.3% +0.3%
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
Feb-2014 677 - 6.6% 718 - 0.1%
Mar-2014 1,086 - 10.6% 1,012 - 13.9%
Apr-2014 1,289 - 10.4% 1,182 - 7.4%
May-2014 1,417 - 7.1% 1,091 - 14.5%
Jun-2014 1,345 + 0.1% 1,107 + 0.8%
Jul-2014 1,021 - 2.0% 887 - 7.0%
Aug-2014 853 - 9.3% 689 - 10.1%
Sep-2014 908 + 3.2% 811 + 2.9%
Oct-2014 1,018 + 3.4% 790 - 3.9%
Nov-2014 804 + 7.6% 641 0.0%
Dec-2014 565 + 14.4% 444 + 6.2%
Jan-2015 670 + 26.7% 560 - 7.1%
Total 11,653 - 1.8% 9,932 - 5.7%
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. | 11
New Listings A count of the properties that have been newly listed on the market in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Feb-2014 957 - 7.7% 900 - 5.9%
Mar-2014 1,509 + 8.2% 1,236 - 8.9%
Apr-2014 1,950 - 6.5% 1,513 - 10.0%
May-2014 2,141 + 3.5% 1,425 - 8.7%
Jun-2014 1,754 + 9.6% 1,268 + 2.2%
Jul-2014 1,246 + 3.5% 1,010 0.0%
Aug-2014 1,038 - 5.4% 738 - 17.4%
Sep-2014 1,570 + 3.3% 1,217 - 4.0%
Oct-2014 1,327 + 4.9% 1,039 + 1.6%
Nov-2014 644 - 7.5% 570 + 0.2%
Dec-2014 445 + 5.0% 366 - 1.1%
Jan-2015 753 - 0.8% 674 - 10.5%
Total 15,334 + 1.2% 11,956 - 5.7%
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 688 521 - 24.3% -- -- --
Housing Affordability Index 93 93 - 0.5% 93 93
--
Days on Market Until Sale 60 59 - 2.6% 60 59 - 2.6%
Months Supply of Inventory 2.3 2.1 - 8.4% -- --
- 0.5%
Pending Sales 313 315 + 0.6% 313 315 + 0.6%
Percent of OriginalList Price Received
97.4% 96.9% - 0.5% 97.4% 96.9%
- 8.4%
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