September 2014 Greater Boston Real Estate Market Trends Report

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.

- 9.0%Year-Over-Year(YoY) Change inClosed Sales

Condominium Only

- 8.6%Year-Over-Year(YoY) Change inClosed SalesAll Properties

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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.

Key Metrics Historical Sparklines Sep-2013 Sep-2014 + / – YTD 2013 YTD 2014 + / –

Median Sales Price

- 2.7% -- --

+ 1.3% 88 83 - 6.6%

--


Inventory of Homes for Sale

$502,500 + 5.7%

88 89

3,021 2,939

$490,000 - 2.5% $501,200

8,223 - 6.8%Closed Sales 919 844 - 8.2% 8,820

$530,000

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

97.2% 97.9%

- 8.1%

+ 0.8%Percent of OriginalList Price Received

Days on Market Until Sale

97.3%

+ 13.4%

- 0.7%

65

96.6%

Pending Sales - 5.2%8,821832 922 + 10.8% 9,303

Months Supply of Inventory 3.3

57 63

-- -- --3.5 + 5.9%

69

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.


- 6.5%

Median Sales Price $410,000 $430,000 + 4.9% $403,000 $430,000 + 6.7%

Closed Sales 887 807 - 9.0% 8,113 7,588

- 7.4%

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%


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%


Single-Family Condominium

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014

Historical Closed Sales Activity Single-Family Condominium

-9.0%+18.7%+22.4%

Single-Family Condominium-6.5%+9.5%+8.4%-8.2% -6.8%

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%



$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000

$600,000


Historical Median Sales Price Single-Family Condominium

+4.9%+9.3%+15.5%

Single-Family Condominium+6.7%+6.1%+7.8%-2.5% +5.7%


Single-FamilyYoY

ChangeCondominium

YoYChange

Oct-2013 94 - 13.4% 106 - 17.0%

Nov-2013 98 - 6.9% 114 - 8.1%

Dec-2013 90 - 11.6% 107 - 14.8%

Jan-2014 87 - 22.9% 101 - 23.1%

Feb-2014 90 - 18.1% 108 - 20.5%

Mar-2014 86 - 21.5% 99 - 15.0%

Apr-2014 82 - 18.3% 102 - 17.6%

May-2014 82 - 11.3% 102 - 10.4%

Jun-2014 76 - 5.1% 98 - 6.4%

Jul-2014 80 - 3.8% 102 - 7.3%

Aug-2014 82 - 2.5% 103 - 2.1%

Sep-2014 89 + 1.3% 102 - 5.8%

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.

109

126

88

108

89

102

September

102

124

88

110

83

102

Year to Date

20142013 20142013 20142013 201420132012 2012 2012 2012

Average 86 -11.2% 104 -12.4%



50

60

70

80

90

100

110

120

130

140

Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014

Historical Housing Affordability Index Single-Family Condominium

-5.8%-14.2%-18.8%

Single-Family Condominium-7.4%-11.5%-12.9%+1.3% -6.6%

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%



1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000


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%



0

2

4

6

8

10

12

14

16

Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014

Historical Months Supply of Inventory Single-Family Condominium

-18.1%-33.8%-34.4% +5.9%

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

Oct-2013 59 - 33.7% 47 - 43.9%

Nov-2013 65 - 27.2% 51 - 33.6%

Dec-2013 70 - 28.0% 55 - 34.1%

Jan-2014 79 - 27.4% 63 - 28.9%

Feb-2014 89 - 19.8% 78 - 17.9%

Mar-2014 83 - 22.9% 65 - 8.4%

Apr-2014 81 - 12.3% 57 - 10.7%

May-2014 58 - 22.4% 49 - 5.0%

Jun-2014 54 - 3.8% 45 + 4.3%

Jul-2014 52 + 11.1% 49 + 28.1%

Aug-2014 55 + 14.5% 50 + 24.7%

Sep-2014 65 + 13.4% 51 + 4.1%

8985

5749

65

51

September

100

88

69

5463

54

Year to Date

20142013 20142013 20142013 201420132012 2012 2012 2012

Total 63 - 13.9% 51 - 9.7%



30

50

70

90

110

130

150

170


Historical Days on Market Until Sale Single-Family Condominium

+4.1%-42.0%-36.1%

Single-Family Condominium+0.0%-39.2%-31.2%+13.4% -8.1%

Percent of Original List Price Received

Single-FamilyYoY

ChangeCondominium

YoYChange

Oct-2013 97.2% + 3.0% 98.8% + 3.1%

Nov-2013 96.3% + 1.7% 98.9% + 2.8%

Dec-2013 95.9% + 1.8% 98.0% + 1.9%

Jan-2014 95.8% + 2.1% 97.4% + 1.6%

Feb-2014 96.1% + 2.0% 98.1% + 1.5%

Mar-2014 97.0% + 1.9% 98.8% + 1.3%

Apr-2014 98.0% + 1.4% 99.7% + 0.9%

May-2014 98.7% + 0.9% 100.9% + 1.4%

Jun-2014 99.2% + 0.7% 100.8% + 1.2%

Jul-2014 98.5% + 0.5% 100.1% + 0.2%

Aug-2014 98.1% + 0.2% 100.1% + 0.5%

Sep-2014 96.6% - 0.7% 99.2% + 0.2%

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.

94.5% 96.4%97.3% 99.0%96.6% 99.2%

September

94.4% 95.7%97.2% 99.0%97.9% 99.8%

Year to Date

20142013 20142013 20142013 201420132012 2012 2012 2012

Average 97.6% + 1.0% 99.5% + 1.2%



89%

91%

93%

95%

97%

99%

101%

103%

105%


Historical Percent of Original List Price Received Single-Family Condominium

+0.2%+2.6%+3.0%

Single-Family Condominium+0.8%+3.4%+3.0%-0.7% +0.8%

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

Oct-2013 934 + 7.6% 813 + 2.9%

Nov-2013 693 + 1.9% 629 + 6.3%

Dec-2013 466 - 7.0% 414 - 9.8%

Jan-2014 500 - 19.6% 597 - 9.0%

Feb-2014 647 - 7.6% 711 - 0.1%

Mar-2014 1,043 - 10.2% 998 - 14.1%

Apr-2014 1,244 - 9.7% 1,167 - 7.8%

May-2014 1,379 - 6.4% 1,083 - 13.8%

Jun-2014 1,290 + 0.9% 1,100 + 1.2%

Jul-2014 979 + 0.8% 881 - 7.0%

Aug-2014 817 - 7.8% 696 - 7.4%

Sep-2014 922 + 10.8% 834 + 6.8%

851

732

832781

922

834

September

8,7327,948

9,3038,6198,821

8,067

Year to Date

20142013 20142013 20142013 201420132012 2012 2012 2012

Total 10,914 - 3.9% 9,923 - 5.1%



200

400

600

800

1,000

1,200

1,400

1,600


Historical Pending Sales Activity Single-Family Condominium

+6.8%+6.7%-2.2%

Single-Family Condominium-6.4%+8.4%+6.5%+10.8% -5.2%

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Oct-2013 1,220 + 18.9% 1,010 + 17.2%

Nov-2013 650 + 4.3% 553 + 0.2%

Dec-2013 396 + 13.1% 362 + 17.9%

Jan-2014 727 - 16.4% 742 - 17.7%

Feb-2014 926 - 5.9% 890 - 6.3%

Mar-2014 1,449 + 8.0% 1,216 - 9.5%

Apr-2014 1,876 - 6.0% 1,490 - 10.3%

May-2014 2,049 + 3.4% 1,412 - 7.8%

Jun-2014 1,667 + 10.8% 1,250 + 2.1%

Jul-2014 1,191 + 6.9% 995 0.0%

Aug-2014 988 - 4.0% 721 - 16.9%

Sep-2014 1,498 + 3.1% 1,189 - 5.1%

1,369

1,129

1,453

1,253

1,498

1,189

September

12,240

10,484

12,272

10,728

12,371

9,905

Year to Date

20142013 20142013 20142013 201420132012 2012 2012 2012

Total 14,637 + 2.6% 11,830 - 5.0%



0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2,750


Historical New Listing Activity Single-Family Condominium

-5.1%+11.0%+6.1%

Single-Family Condominium-7.7%+2.3%+0.3%+3.1% +0.8%

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


- 7.8%

Median Sales Price $436,000 $456,760 + 4.8% $433,000 $469,699 + 8.5%

Closed Sales 509 420 - 17.5% 4,442 4,097

- 6.6%

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%


New Listings 745 681 - 8.6% 6,000 5,480

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

September 2014 Greater Boston Real Estate Market Trends Report

Real Estate

Transcript of September 2014 Greater Boston Real Estate Market Trends Report