Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS® September 2014 Quick Facts - 8.2% Year-Over-Year (YoY) Change in Closed Sales Single-Family Only Markets across the nation seem to be back on the recovery track after a brief pause. One of the more encouraging aspects of this renewed recovery is that new construction of single-family homes reached six-year highs in August, according to the U.S. Commerce Department. Consumers are also finding more listings in their search results than they have in years. Inventory is rising in many neighborhoods as higher prices have motivated more sellers to list. - 9.0% Year-Over-Year (YoY) Change in Closed Sales Condominium Only - 8.6% Year-Over-Year (YoY) Change in Closed Sales All Properties 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 October 16, 2014. 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 3.1 percent for detached homes but decreased 5.1 percent for condominiums. Closed Sales decreased 8.2 percent for detached homes and 9.0 percent for condominiums. The Median Sales Price was down 2.5 percent to $490,000 for single-family properties but increased 4.9 percent to $430,000 for condominiums. Months Supply of Inventory increased 5.9 percent for single-family units but was down 18.1 percent for townhouse-condo units. The departure of investors from the scene should benefit first-time homebuyers, but student debt and sluggish wage growth have slowed that transition. The economy is growing, but it's growing at a slower pace than desired. Thankfully, inflation remains tame, partly enabling the Federal Reserve to keep rates low for longer, contrary to the forecasts of most economists. Single-Family Market Overview Condominium Market Overview Closed Sales Median Sales Price Housing Affordability Index 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
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September 2014 Greater Boston Real Estate Market Trends Report
Here’s September 2014’s Monthly Indicators report from the Greater Boston Association of Realtors®
Boston Real Estate Market Trends
While closed sales were down, low interest rates and moderating prices continued to keep buyer interest high in September. Individual neighborhoods and markets across the state saw improved inventory numbers in September. With fall in full swing, new listings added to the market went up as market conditions remained attractive for sellers.
• September single-family home sales – Down 3.3% over last year. • September Single-family median prices were Flat 1.4% at $325,000 • September condo sales Down 5.1% and median prices Down 0.3% ($305,000) • Inventory in September Down 7.0% to 23,355 and Condominiums Down 22.3% to 5,336 • SF listings added to the market in September Up 3.9% over last year. (7,295 from 7,024 in 2013) • Condo listings added to the market Down 3.5% over last year. (2,466 from 2,555 in 2013)
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Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®
September 2014 Quick Facts
- 8.2%
Year-Over-Year(YoY) Change inClosed Sales
Single-Family Only
Markets across the nation seem to be back on the recovery track after a brief pause. One of the more encouraging aspects of this renewed recovery is that new construction of single-family homes reached six-year highs in August, according to the U.S. Commerce Department. Consumers are also finding more listings in their search results than they have in years. Inventory is rising in many neighborhoods as higher prices have motivated more sellers to list.
Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of October 16, 2014. 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 3.1 percent for detached homes but decreased 5.1 percent for condominiums. Closed Sales decreased 8.2 percent for detached homes and 9.0 percent for condominiums.
The Median Sales Price was down 2.5 percent to $490,000 for single-family properties but increased 4.9 percent to $430,000 for condominiums. Months Supply of Inventory increased 5.9 percent for single-family units but was down 18.1 percent for townhouse-condo units.
The departure of investors from the scene should benefit first-time homebuyers, but student debt and sluggish wage growth have slowed that transition. The economy is growing, but it's growing at a slower pace than desired. Thankfully, inflation remains tame, partly enabling the Federal Reserve to keep rates low for longer, contrary to the forecasts of most economists.
Single-Family Market Overview
Condominium Market Overview
Closed Sales
Median Sales Price
Housing Affordability Index
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
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 1,453 1,498 + 3.1% 12,272 12,371 + 0.8%
9 2011 9 2012 9 2013 9 2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
Condominium Market Overview Key market metrics for the current month and year-to-date figures for Condominium Properties Only.
Inventory of Homes for Sale 1,990 1,483 - 25.5% -- -- --
Housing Affordability Index 108 102 - 5.8% 110 102
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
--
Days on Market Until Sale 49 51 + 4.1% 54 54 + 0.0%
Months Supply of Inventory 2.2 1.8 - 18.1% -- --
+ 0.8%
Pending Sales 781 834 + 6.8% 8,619 8,067 - 6.4%
Percent of OriginalList Price Received
99.0% 99.2% + 0.2% 99.0% 99.8%
- 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. | Click for Cover Page | 3
New Listings 1,253 1,189 - 5.1% 10,728 9,905
9 2011 9 2012 9 2013 9 2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
Closed Sales A count of the actual sales that have closed in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Oct-2013 856 + 10.6% 764 + 7.5%
Nov-2013 791 - 11.4% 711 - 5.8%
Dec-2013 900 + 10.6% 790 + 3.1%
Jan-2014 570 - 4.5% 526 + 2.3%
Feb-2014 408 - 4.0% 422 - 3.0%
Mar-2014 547 - 11.2% 647 + 3.0%
Apr-2014 677 - 11.7% 818 + 1.6%
May-2014 994 - 9.4% 938 - 12.2%
Jun-2014 1,420 - 4.1% 1,212 - 2.8%
Jul-2014 1,477 - 0.8% 1,139 - 9.0%
Aug-2014 1,286 - 10.0% 1,079 - 15.5%
Sep-2014 844 - 8.2% 807 - 9.0%
751 747
919 887844
807
September
20142013 20142013
8,1407,406
8,8208,1138,223
7,588
Year to Date
20142013 201420132012 2012 2012 2012
Total 10,770 - 4.7% 9,853 - 4.8%
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 | 4
Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Oct-2013 $474,000 + 9.0% $416,750 + 13.8%
Nov-2013 $480,000 + 6.7% $410,500 + 8.0%
Dec-2013 $500,000 + 6.4% $420,400 + 10.5%
Jan-2014 $488,288 + 13.6% $420,500 + 13.9%
Feb-2014 $476,950 + 10.9% $400,018 + 14.3%
Mar-2014 $500,000 + 16.3% $435,000 + 7.4%
Apr-2014 $524,500 + 9.3% $420,000 + 8.4%
May-2014 $535,500 + 7.1% $434,500 + 6.0%
Jun-2014 $576,000 + 5.7% $450,000 + 7.1%
Jul-2014 $550,900 + 3.4% $430,000 + 7.4%
Aug-2014 $539,900 + 3.8% $429,931 + 3.3%
Sep-2014 $490,000 - 2.5% $430,000 + 4.9%
$435,000
$375,000
$502,500
$410,000
$490,000
$430,000
September
20142013 20142013
$465,000
$379,900
$501,200
$403,000
$530,000
$430,000
Year to Date
20142013 201420132012 2012 2012 2012
Median $520,750 + 6.3% $427,500 + 8.2%
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. | 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
Oct-2013 2,921 - 16.0% 1,923 - 17.3%
Nov-2013 2,479 - 17.0% 1,621 - 19.3%
Dec-2013 1,926 - 16.2% 1,307 - 14.5%
Jan-2014 1,912 - 16.7% 1,312 - 17.3%
Feb-2014 2,049 - 14.7% 1,390 - 18.4%
Mar-2014 2,250 - 5.5% 1,471 - 15.4%
Apr-2014 2,689 - 3.2% 1,653 - 16.7%
May-2014 3,117 + 2.2% 1,805 - 13.3%
Jun-2014 3,138 + 3.1% 1,741 - 14.7%
Jul-2014 3,014 + 4.6% 1,635 - 13.0%
Aug-2014 2,818 + 1.6% 1,414 - 20.1%
Sep-2014 2,939 - 2.7% 1,483 - 25.5%
3,766
2,530
3,021
1,990
2,939
1,483
September
20142013 201420132012 2012
Average 2,604 - 6.4% 1,563 - 17.2%
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. | Click for Cover Page | 7
Historical Inventory of Homes for Sale Single-Family Condominium
-25.5%-21.3%-19.8% -2.7%
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
Oct-2013 3.4 - 24.1% 2.5 - 23.1%
Nov-2013 3.1 - 6.3% 2.3 - 14.3%
Dec-2013 2.1 - 24.2% 1.7 - 17.1%
Jan-2014 3.4 - 12.7% 2.5 - 19.2%
Feb-2014 5.0 - 11.2% 3.3 - 15.9%
Mar-2014 4.1 + 6.5% 2.3 - 17.9%
Apr-2014 4.0 + 9.7% 2.0 - 18.0%
May-2014 3.1 + 12.8% 1.9 - 1.3%
Jun-2014 2.2 + 7.5% 1.4 - 12.3%
Jul-2014 2.0 + 5.5% 1.4 - 4.4%
Aug-2014 2.2 + 12.9% 1.3 - 5.5%
Sep-2014 3.5 + 5.9% 1.8 - 18.1%
5.0
3.43.3
2.2
3.5
1.8
September
20142013 201420132012 2012
Average 2.8 - 9.5% 1.8 - 20.6%
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 | 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
Inventory of Homes for Sale 1,080 831 - 23.1% -- -- --
Housing Affordability Index 88 89 + 1.3% 88 83
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
--
Days on Market Until Sale 45 50 + 11.2% 47 49 + 5.0%
Months Supply of Inventory 2.1 2.0 - 6.8% -- --
+ 0.8%
Pending Sales 432 448 + 3.7% 4,706 4,349 - 7.6%
Percent of OriginalList Price Received
98.2% 98.6% + 0.4% 98.8% 99.5%
- 8.7%
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 | 13