Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS® November 2013 Quick Facts - 12.1% Year-Over-Year (YoY) Change in Closed Sales Single-Family Only November was largely another encouraging month for residential real estate. Our attention has shifted from multiyear high prices and sales volumes to seller activity, inventory levels and building permits. And let's not forget the calendar effect. As families gather together, fewer house hunters are scheduling showings and writing offers. Watch for month-to-month activity to moderate while year-over-year comparisons remain strong. - 7.4% Year-Over-Year (YoY) Change in Closed Sales Condominium Only - 9.9% 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 December 16, 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. New Listings in the Greater Boston region were up 4.6 percent for detached homes and 0.2 percent for condominiums. Closed Sales decreased 12.1 percent for detached homes and 7.4 percent for condominiums. The Median Sales Price was up 6.4 percent to $475,000 for single-family properties and 7.9 percent to $410,000 for condominiums. Months Supply of Inventory decreased 20.0 percent for single-family units and 28.8 percent for townhouse-condo units. Recent economic and jobs data have surprised to the upside by exceeding expectations. This likely keeps the new Federal Reserve leadership on track for March 2014 tapering. Non-farm payrolls grew by 204,000 jobs in October, outperforming Wall Street expectations. In another bullish sign, August payrolls were revised upward to a 238,000 job gain – positive momentum that should support housing recovery. Just in time for the holidays. Single-Family Market Overview Condominium Market Overview Closed Sales Median Sales Price Housing Affordability Index
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November 2013 Greater Boston Real Estate Market Trends Report
After an active summer and early fall buyer activity slowed as inventory of available homes continued to go down. Prices continue to move up because demand for available homes to buy is outpacing supply. Inventory continues to shrink from the same time the year before. What the market needs are homeowners to commit to selling to get us to full recovery. • November single-family home sales – Down 8.9% over last year. • November Single-family median prices were UP 7.3% to $316,500. Fourteen straight months of increases. • November condo sales Down 5.8% and median prices UP 3.5% ($295,000) • Inventory in November Down 20.6% to 18,428 and Condominium homes available Down 27.7% to4,925 • SF listings added to the market in November UP 7.9% over last year. (3,954 from 3,663 in 2012) • Condo listings added to the market up 3.5% over last year. (1,375 from 1,328 in 2012)
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Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®
November 2013 Quick Facts
- 12.1%Year-Over-Year(YoY) Change inClosed Sales
Single-Family Only
November was largely another encouraging month for residential real estate. Our attention has shifted from multiyear high prices and sales volumes to seller activity, inventory levels and building permits. And let's not forget the calendar effect. As families gather together, fewer house hunters are scheduling showings and writing offers. Watch for month-to-month activity to moderate while year-over-year comparisons remain strong.
Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of December 16, 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.
New Listings in the Greater Boston region were up 4.6 percent for detached homes and 0.2 percent for condominiums. Closed Sales decreased 12.1 percent for detached homes and 7.4 percent for condominiums.
The Median Sales Price was up 6.4 percent to $475,000 for single-family properties and 7.9 percent to $410,000 for condominiums. Months Supply of Inventory decreased 20.0 percent for single-family units and 28.8 percent for townhouse-condo units.
Recent economic and jobs data have surprised to the upside by exceeding expectations. This likely keeps the new Federal Reserve leadership on track for March 2014 tapering. Non-farm payrolls grew by 204,000 jobs in October, outperforming Wall Street expectations. In another bullish sign, August payrolls were revised upward to a 238,000 job gain – positive momentum that should support housing recovery. Just in time for the holidays.
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 631 660 + 4.6% 14,039 14,306 + 1.9%
89 68
-- -- --2.7 - 20.0%
98
Months Supply of Inventory 3.4
Pending Sales + 7.7%11,165686 740 + 7.9% 10,369
94.4% 97.1%
- 30.7%
+ 2.9%Percent of OriginalList Price Received
Days on Market Until Sale
94.6%
- 26.9%
+ 1.7%
65
96.2%
11 2010 11 2011 11 2012 11 2013
11-2010 11-2011 11-2012 11-2013
11-2010 11-2011 11-2012 11-2013
11-2010 11-2011 11-2012 11-2013
11-2010 11-2011 11-2012 11-2013
11-2010 11-2011 11-2012 11-2013
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
New Listings 553 554 + 0.2% 11,922 12,308
+ 3.3%
Pending Sales 596 670 + 12.4% 9,352 10,194 + 9.0%
Percent of OriginalList Price Received
96.2% 98.8% + 2.7% 95.8% 98.9%
--
Days on Market Until Sale 77 51 - 33.4% 87 53 - 39.2%
Months Supply of Inventory 2.7 1.9 - 28.8% -- --
11 2010 11 2011 11 2012 11 2013
11-2010 11-2011 11-2012 11-2013
11-2010 11-2011 11-2012 11-2013
11-2010 11-2011 11-2012 11-2013
11-2010 11-2011 11-2012 11-2013
11-2010 11-2011 11-2012 11-2013
Closed Sales A count of the actual sales that have closed in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Dec-2012 819 + 11.3% 766 + 19.1%
Jan-2013 601 + 15.1% 513 + 24.5%
Feb-2013 428 - 7.6% 435 + 13.3%
Mar-2013 622 - 4.0% 628 + 3.5%
Apr-2013 778 + 4.9% 806 + 6.5%
May-2013 1,108 + 10.5% 1,068 + 5.8%
Jun-2013 1,489 - 0.9% 1,248 - 1.2%
Jul-2013 1,491 + 17.4% 1,255 + 20.9%
Aug-2013 1,440 + 11.5% 1,275 + 6.1%
Sep-2013 925 + 21.9% 891 + 19.1%
Oct-2013 864 + 9.9% 762 + 7.0%
Nov-2013 793 - 12.1% 701 - 7.4%
685
563
902
757793
701
November
20132012 20132012
8,2227,274
9,8888,889
10,5399,582
Year to Date
20132012 201320122011 2011 2011 2011
Total 11,358 + 6.9% 10,348 + 8.6%
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
Dec-2012 $470,000 + 6.7% $380,500 + 10.3%
Jan-2013 $430,000 + 6.2% $368,500 + 3.8%
Feb-2013 $429,850 + 8.8% $350,000 - 5.4%
Mar-2013 $425,100 + 2.5% $405,000 + 19.1%
Apr-2013 $476,500 + 14.2% $387,500 + 4.5%
May-2013 $499,000 + 7.3% $410,000 + 7.6%
Jun-2013 $542,000 + 7.9% $420,000 + 5.0%
Jul-2013 $532,250 + 4.4% $400,000 + 3.4%
Aug-2013 $520,000 + 6.1% $415,000 + 9.2%
Sep-2013 $501,000 + 16.5% $410,000 + 9.3%
Oct-2013 $467,000 + 8.3% $416,750 + 13.9%
Nov-2013 $475,000 + 6.4% $410,000 + 7.9%
$422,500
$351,250
$446,550
$380,000
$475,000
$410,000
November
20132012 20132012
$455,000
$360,000
$458,250
$379,000
$495,000
$405,000
Year to Date
20132012 201320122011 2011 2011 2011
Median $492,250 + 7.8% $400,000 + 6.7%
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. | 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
Dec-2012 2,339 - 31.5% 1,531 - 43.0%
Jan-2013 2,338 - 30.8% 1,593 - 42.4%
Feb-2013 2,445 - 32.7% 1,704 - 41.8%
Mar-2013 2,409 - 40.8% 1,734 - 47.3%
Apr-2013 2,796 - 35.2% 1,971 - 40.6%
May-2013 3,062 - 31.3% 2,066 - 35.6%
Jun-2013 3,052 - 27.5% 2,020 - 32.4%
Jul-2013 2,860 - 26.4% 1,839 - 33.3%
Aug-2013 2,733 - 25.4% 1,695 - 30.7%
Sep-2013 2,923 - 23.5% 1,879 - 26.2%
Oct-2013 2,727 - 22.8% 1,744 - 25.5%
Nov-2013 2,132 - 29.7% 1,330 - 34.0%
4,216
3,3933,032
2,0162,132
1,330
November
20132012 201320122011 2011
Average 2,651 - 29.9% 1,759 - 36.6%
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
-34.0%-40.6%-28.1% -29.7%
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
Dec-2012 2.9 - 38.4% 2.0 - 52.1%
Jan-2013 3.9 - 39.9% 3.1 - 53.7%
Feb-2013 5.7 - 27.2% 3.9 - 48.7%
Mar-2013 3.9 - 38.4% 2.8 - 49.1%
Apr-2013 3.6 - 38.2% 2.4 - 44.2%
May-2013 2.8 - 37.8% 1.9 - 39.1%
Jun-2013 2.0 - 26.8% 1.6 - 31.6%
Jul-2013 1.9 - 37.3% 1.5 - 44.9%
Aug-2013 1.9 - 33.1% 1.3 - 34.7%
Sep-2013 3.2 - 37.2% 2.1 - 38.1%
Oct-2013 3.2 - 29.8% 2.3 - 30.4%
Nov-2013 2.7 - 20.0% 1.9 - 28.8%
6.2 6.0
3.4
2.72.7
1.9
November
20132012 201320122011 2011
Average 2.9 - 38.5% 2.1 - 46.3%
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 295 295 0.0% 6,675 6,893
+ 3.3%
Pending Sales 351 374 + 6.6% 5,222 5,575 + 6.8%
Percent of OriginalList Price Received
96.0% 98.2% + 2.3% 95.6% 98.7%
--
Days on Market Until Sale 69 49 - 29.1% 82 46 - 43.7%