Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS® July 2013 Quick Facts + 16.1% Year-Over-Year (YoY) Change in Closed Sales Single-Family Only It won't be long before the housing recovery is simply referred to as housing. Institutional and cash buyers have effectively priced themselves out of the market. During the downturn, much inventory was purchased by these groups. Now that prices are rising, there's less incentive for these kinds of buyers, yet affordability for consumers remains attractive. New Listings in the Greater Boston region were up 13.9 percent for detached + 18.6% Year-Over-Year (YoY) Change in Closed Sales Condominium Only + 17.2% Year-Over-Year (YoY) Change in Closed Sales All Properties 2 3 4 5 6 7 8 9 10 11 12 13 Inventory of Homes for Sale Click on desired metric to jump to that page. Months Supply of Inventory Days On Market Until Sale Percent of Original List Price Received City of Boston Overview Pending Sales New Listings Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of August 20, 2013. 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. homes and 11.3 percent for condominiums. Closed Sales increased 16.1 percent for detached homes and 18.6 percent for condominiums. The Median Sales Price was up 4.5 percent to $533,000 for single-family properties and 4.0 percent to $402,600 for condominiums. Months Supply of Inventory decreased 43.5 percent for single-family units and 49.9 percent for townhouse-condo units. With mortgage rates slightly up but relatively low by historic standards, the Fed has indicated no change in monetary policy based on a moderately-paced economic expansion. Although the unemployment rate remains a factor to watch, the housing recovery continues to plug along, helping the greater economy with flourishing activity in sales and prices. Housing has made a positive contribution to real GDP growth for 11 consecutive quarters. Single-Family Market Overview Condominium Market Overview Closed Sales Median Sales Price Housing Affordability Index
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July 2013's Monthly Indicators report - Boston Real Estate Market Trends
Here's July 2013's Monthly Indicators report from the Greater Boston Association of Realtors.
What's going on in the Boston real estate market? • July volume of closed sales (all property types) UP +17.2% over July, 2012 • July single-family market median sales price UP 4.5% over July, 2012 • July condo market median sales price UP 4% over July, 2012
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Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®
July 2013 Quick Facts
+ 16.1%Year-Over-Year(YoY) Change inClosed Sales
Single-Family Only
It won't be long before the housing recovery is simply referred to as housing. Institutional and cash buyers have effectively priced themselves out of the market. During the downturn, much inventory was purchased by these groups. Now that prices are rising, there's less incentive for these kinds of buyers, yet affordability for consumers remains attractive.
New Listings in the Greater Boston region were up 13.9 percent for detached
Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of August 20, 2013. 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.
homes and 11.3 percent for condominiums. Closed Sales increased 16.1 percent for detached homes and 18.6 percent for condominiums.
The Median Sales Price was up 4.5 percent to $533,000 for single-family properties and 4.0 percent to $402,600 for condominiums. Months Supply of Inventory decreased 43.5 percent for single-family units and 49.9 percent for townhouse-condo units.
With mortgage rates slightly up but relatively low by historic standards, the Fed has indicated no change in monetary policy based on a moderately-paced economic expansion. Although the unemployment rate remains a factor to watch, the housing recovery continues to plug along, helping the greater economy with flourishing activity in sales and prices. Housing has made a positive contribution to real GDP growth for 11 consecutive quarters.
Single-Family Market Overview
Condominium Market Overview
Closed Sales
Median Sales Price
Housing Affordability Index
Single-Family Market Overview Key market metrics for the current month and year-to-date figures for Single-Family Homes Only.
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. | Click for Cover Page | 2
New Listings 1,022 1,164 + 13.9% 10,245 10,130 - 1.1%
80 75
-- -- --1.8 - 43.5%
103
Months Supply of Inventory 3.1
Pending Sales + 9.8%7,911952 1,068 + 12.2% 7,208
94.2% 97.0%
- 27.4%
+ 2.9%Percent of OriginalList Price Received
Days on Market Until Sale
95.8%
- 41.8%
+ 2.4%
47
98.1%
7 2010 7 2011 7 2012 7 2013
7-2010 7-2011 7-2012 7-2013
7-2010 7-2011 7-2012 7-2013
7-2010 7-2011 7-2012 7-2013
7-2010 7-2011 7-2012 7-2013
7-2010 7-2011 7-2012 7-2013
Condominium Market Overview Key market metrics for the current month and year-to-date figures for Condominium Properties Only.
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. | Click for Cover Page | 3
Days on Market Until Sale 71 38 - 46.0% 91 57 - 37.5%
Months Supply of Inventory 2.7 1.4 - 49.9% -- --
7 2010 7 2011 7 2012 7 2013
7-2010 7-2011 7-2012 7-2013
7-2010 7-2011 7-2012 7-2013
7-2010 7-2011 7-2012 7-2013
7-2010 7-2011 7-2012 7-2013
7-2010 7-2011 7-2012 7-2013
Closed Sales A count of the actual sales that have closed in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Aug-2012 1,300 + 26.1% 1,204 + 25.3%
Sep-2012 766 - 1.2% 753 + 16.4%
Oct-2012 792 + 28.8% 712 + 39.1%
Nov-2012 907 + 32.4% 760 + 35.0%
Dec-2012 824 + 11.8% 769 + 19.6%
Jan-2013 606 + 15.9% 516 + 25.2%
Feb-2013 431 - 7.1% 435 + 13.3%
Mar-2013 631 - 2.6% 629 + 3.6%
Apr-2013 778 + 4.7% 806 + 6.3%
May-2013 1,117 + 11.1% 1,071 + 5.8%
Jun-2013 1,491 - 1.3% 1,243 - 1.7%
Jul-2013 1,485 + 16.1% 1,236 + 18.6%
1,021
855
1,279
1,042
1,485
1,236
July
20132012 20132012
5,1274,595
6,173
5,479
6,539
5,936
Year to Date
20132012 201320122011 2011 2011 2011
Total 11,128 + 11.1% 10,134 + 15.1%
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. | Click for Cover Page | 4
Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Aug-2012 $490,000 - 1.8% $380,000 + 3.0%
Sep-2012 $430,475 - 4.3% $375,000 + 2.0%
Oct-2012 $430,250 + 10.3% $368,133 + 5.6%
Nov-2012 $447,500 + 5.9% $380,000 + 8.2%
Dec-2012 $470,000 + 6.8% $381,000 + 10.4%
Jan-2013 $430,000 + 6.2% $372,500 + 4.9%
Feb-2013 $429,900 + 8.8% $350,000 - 5.4%
Mar-2013 $430,000 + 3.7% $405,500 + 19.3%
Apr-2013 $476,500 + 13.9% $389,000 + 4.7%
May-2013 $499,900 + 7.5% $410,000 + 7.6%
Jun-2013 $542,000 + 7.9% $420,000 + 5.0%
Jul-2013 $533,000 + 4.5% $402,600 + 4.0%
$500,000
$364,000
$510,000
$387,000
$533,000
$402,600
July
20132012 20132012
$462,000
$359,900
$462,000
$379,900
$495,000
$400,000
Year to Date
20132012 201320122011 2011 2011 2011
Median $480,000 + 6.0% $390,000 + 5.4%
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. | Click for Cover Page | 5
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. | Click for Cover Page | 6
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
Aug-2012 3,750 - 25.8% 2,538 - 38.0%
Sep-2012 3,924 - 26.1% 2,636 - 36.9%
Oct-2012 3,642 - 28.2% 2,434 - 38.4%
Nov-2012 3,127 - 27.8% 2,104 - 39.2%
Dec-2012 2,405 - 31.2% 1,614 - 41.1%
Jan-2013 2,395 - 30.9% 1,670 - 41.1%
Feb-2013 2,510 - 32.9% 1,784 - 40.7%
Mar-2013 2,458 - 41.4% 1,808 - 46.5%
Apr-2013 2,819 - 36.6% 2,044 - 40.1%
May-2013 3,031 - 33.7% 2,086 - 37.0%
Jun-2013 2,929 - 32.2% 1,988 - 35.6%
Jul-2013 2,615 - 34.4% 1,693 - 40.6%
5,216
4,5333,988
2,8492,615
1,693
July
20132012 201320122011 2011
Average 2,967 - 31.5% 2,033 - 39.5%
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. | Click for Cover Page | 7
Historical Inventory of Homes for Sale Single-Family Condominium
-40.6%-37.1%-23.5% -34.4%
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
Aug-2012 2.9 - 41.1% 2.1 - 50.5%
Sep-2012 5.1 - 25.3% 3.5 - 45.8%
Oct-2012 4.6 - 44.3% 3.4 - 55.7%
Nov-2012 3.4 - 45.5% 2.8 - 55.0%
Dec-2012 2.9 - 38.5% 2.1 - 50.8%
Jan-2013 4.0 - 40.4% 3.2 - 52.9%
Feb-2013 5.8 - 27.7% 4.1 - 47.6%
Mar-2013 3.9 - 39.8% 2.9 - 48.4%
Apr-2013 3.6 - 39.4% 2.5 - 43.6%
May-2013 2.7 - 40.4% 1.9 - 40.5%
Jun-2013 2.0 - 31.3% 1.6 - 34.5%
Jul-2013 1.8 - 43.5% 1.4 - 49.9%
5.1 5.3
3.12.7
1.81.4
July
20132012 201320122011 2011
Average 3.3 - 41.2% 2.5 - 49.3%
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. | Click for Cover Page | 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. | Click for Cover Page | 9
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.
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. | Click for Cover Page | 10
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).
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. | Click for Cover Page | 11
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. | Click for Cover Page | 12
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. | Click for Cover Page | 13
New Listings 472 574 + 21.6% 4,967 4,910
+ 3.4%
Pending Sales 410 547 + 33.4% 3,657 3,987 + 9.0%
Percent of OriginalList Price Received
96.6% 99.7% + 3.3% 95.4% 98.7%
--
Days on Market Until Sale 65 34 - 47.3% 89 49 - 44.7%