february 2015 greater boston real estate market trends report

Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®

February 2015 Quick Facts

23456789

10111213

Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of March 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.

+ 5.0%Year-Over-Year(YoY) Change inClosed Sales

Single-Family Only

There has been talk of abundant cold and snow this winter (unless you happen to live in California!). When weather patterns turn bad, like wicked bad, real estate industry pundits tend to go gloom, assuming that Americans hungry for homeownership are bothered by a little frozen precipitation. The nation will unfreeze, inventory is expected to rise and home sales are widely expected to increase. These are good times, indeed, and many of us now have an enchanting shared experience that we can walk uphill to school both ways.

New Listings in the Greater Boston region were down 38.7 percent for detached homes and 33.7 percent for condominiums. Closed Sales increased 5.0 percent for detached homes but decreased 1.8 percent for condominiums.

The Median Sales Price was up 7.9 percent to $439,500 for single-family properties and 3.5 percent to $403,568 for condominiums. Months Supply of Inventory decreased 32.7 percent for single-family units and 31.7 percent for townhouse-condo units.

In national financial news, rumors that Fannie Mae and Freddie Mac could one day be a thing of the past have people wondering about the future of the 30-year fixed-rate mortgage. But let's not sound the alarm just yet. A drastic change to lending's gold standard is certainly not on the immediate horizon. Meanwhile, Federal Reserve Chair Janet Yellen seems to have no immediate interest in raising interest rates for the first time since 2006. The economy remains stable, which should keep housing rolling through the short-named months.

- 1.8%Year-Over-Year(YoY) Change inClosed Sales

Condominium Only

+ 1.9%Year-Over-Year(YoY) Change inClosed SalesAll 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

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 Feb-2014 Feb-2015 + / – YTD 2014 YTD 2015 + / –

95.5% 95.4%

+ 10.8%

- 0.1%Percent of OriginalList Price Received

Days on Market Until Sale

95.8%

+ 11.4%

- 0.7%

105

95.1%

Pending Sales

Median Sales Price

+ 3.7%1,494795 735 - 7.5% 1,441

- 29.3% -- --

- 1.4% 105 103 - 1.3%

--


Inventory of Homes for Sale

Months Supply of Inventory 5.4

$407,450 + 7.8%

94

106 104

96

-- -- --

2,817 1,992

3.6 - 32.7%

$439,500 + 7.9% $410,900

87

1,284 + 2.6%

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. | 2

New Listings 1,141 700 - 38.7% 2,078 1,596 - 23.2%

Closed Sales 520 546 + 5.0% 1,252

$443,048

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

Condominium Market Overview Key market metrics for the current month and year-to-date figures for Condominium Properties Only.


- 9.7%

Median Sales Price $390,000 $403,568 + 3.5% $395,000 $425,000 + 7.6%

Closed Sales 450 442 - 1.8% 1,018 919

- 1.1%

Inventory of Homes for Sale 1,575 1,057 - 32.9% -- -- --

Housing Affordability Index 110 114 + 2.8% 109 108

--

Days on Market Until Sale 80 76 - 4.8% 72 69 - 3.5%

Months Supply of Inventory 3.5 2.4 - 31.7% -- --

+ 0.4%

Pending Sales 746 598 - 19.8% 1,378 1,172 - 14.9%

Percent of OriginalList Price Received

98.0% 97.9% - 0.1% 97.5% 97.8%

- 23.1%


New Listings 927 615 - 33.7% 1,719 1,322

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

Closed Sales A count of the actual sales that have closed in a given month.

Single-FamilyYoY

ChangeCondominium

YoYChange

Mar-2014 711 - 9.5% 692 + 3.6%

Apr-2014 862 - 6.4% 867 + 2.0%

May-2014 1,206 - 9.3% 999 - 10.2%

Jun-2014 1,683 - 3.7% 1,266 - 2.6%

Jul-2014 1,738 - 1.5% 1,196 - 9.5%

Aug-2014 1,516 - 10.5% 1,138 - 14.8%

Sep-2014 1,066 - 6.4% 862 - 7.4%

Oct-2014 1,045 - 4.0% 863 + 6.8%

Nov-2014 958 - 8.0% 650 - 14.4%

Dec-2014 1,114 + 3.1% 809 - 3.1%

Jan-2015 738 + 0.8% 477 - 16.0%

Feb-2015 546 + 5.0% 442 - 1.8%

Total 13,183 - 4.8% 10,261 - 6.2%


546

462

520

450

546

442

Single-Family Condominium

February

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 Jan-2015

Historical Closed Sales Activity Single-Family Condominium

-1.8%-2.6%-4.8%

20152014 20152014

1,297

1,003

1,252

1,018

1,284

919


Year to Date

-9.7%+1.5%-3.5%

20152014 20152014

+5.0% +2.6%

2013 2013 2013 2013

Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.

Single-FamilyYoY

ChangeCondominium

YoYChange

Mar-2014 $427,000 + 13.0% $420,000 + 7.7%

Apr-2014 $440,000 + 4.8% $397,000 + 7.3%

May-2014 $464,250 + 6.1% $417,500 + 5.3%

Jun-2014 $510,000 + 5.2% $439,950 + 6.7%

Jul-2014 $505,000 + 7.4% $419,000 + 7.4%

Aug-2014 $490,000 + 4.3% $419,000 + 3.5%

Sep-2014 $424,900 - 1.5% $414,500 + 4.9%

Oct-2014 $435,302 + 3.6% $394,000 - 0.6%

Nov-2014 $450,000 + 8.4% $414,000 + 4.8%

Dec-2014 $443,500 + 2.0% $425,000 + 4.9%

Jan-2015 $448,500 + 7.3% $441,000 + 10.4%

Feb-2015 $439,500 + 7.9% $403,568 + 3.5%

Median $464,000 + 5.5% $419,000 + 5.5%


$368,250

$337,750

$407,450$390,000

$439,500

$403,568


February

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000

$600,000


Historical Median Sales Price Single-Family Condominium

+3.5%+15.5%+10.6%

20152014 20152014

$373,000$346,000

$410,900$395,000

$443,048$425,000


Year to Date

+7.6%+14.2%+10.2%

20152014 20152014

+7.9% +7.8%

2013 2013 2013 2013


Single-FamilyYoY

ChangeCondominium

YoYChange

Mar-2014 101 - 19.2% 103 - 15.3%

Apr-2014 98 - 14.8% 108 - 16.8%

May-2014 95 - 10.5% 106 - 9.8%

Jun-2014 87 - 4.5% 100 - 5.9%

Jul-2014 87 - 7.4% 105 - 7.4%

Aug-2014 90 - 2.9% 106 - 2.2%

Sep-2014 103 + 0.3% 106 - 5.9%

Oct-2014 102 - 3.1% 113 + 1.1%

Nov-2014 99 - 12.1% 108 - 9.1%

Dec-2014 101 - 1.4% 106 - 4.2%

Jan-2015 102 + 0.4% 104 - 2.4%

Feb-2015 104 - 1.4% 114 + 2.8%

Average 98 -6.4% 106 -6.2%

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.


129140

106 110104

114


February

50

60

70

80

90

100

110

120

130

140

150

Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014 Jan-2015

Historical Housing Affordability Index Single-Family Condominium

+2.8%-21.3%-17.9%

127137

105 109103 108


Year to Date

-1.1%-20.4%-17.6%

20152014 20152014 20152014 20152014

-1.4% -1.3%

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

Mar-2014 3,072 - 4.3% 1,680 - 12.5%

Apr-2014 3,582 - 2.1% 1,870 - 15.1%

May-2014 4,143 + 3.3% 2,030 - 12.5%

Jun-2014 4,199 + 4.5% 1,995 - 11.8%

Jul-2014 4,120 + 6.4% 1,912 - 8.7%

Aug-2014 3,971 + 4.2% 1,742 - 12.9%

Sep-2014 4,233 + 4.4% 1,930 - 13.3%

Oct-2014 4,080 + 5.0% 1,921 - 10.9%

Nov-2014 3,348 - 0.5% 1,589 - 13.3%

Dec-2014 2,550 - 5.2% 1,204 - 19.6%

Jan-2015 2,337 - 12.6% 1,176 - 21.9%

Feb-2015 1,992 - 29.3% 1,057 - 32.9%

Average 3,469 - 1.0% 1,676 - 14.8%


3,255

1,888

2,817

1,575

1,992

1,057


February

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000


Historical Inventory of Homes for Sale Single-Family Condominium

-32.9%-16.6%-13.5%

20152014 20152014

-29.3%

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

Mar-2014 4.3 + 5.8% 2.4 - 15.5%

Apr-2014 4.2 + 4.6% 2.2 - 16.7%

May-2014 3.4 + 14.0% 2.0 - 2.5%

Jun-2014 2.5 + 8.5% 1.6 - 9.4%

Jul-2014 2.4 + 8.0% 1.6 + 0.9%

Aug-2014 2.6 + 16.4% 1.5 + 2.2%

Sep-2014 4.0 + 11.6% 2.2 - 6.4%

Oct-2014 3.9 + 9.5% 2.2 - 16.5%

Nov-2014 3.5 + 8.1% 2.4 + 1.2%

Dec-2014 2.3 - 8.0% 1.5 - 17.0%

Jan-2015 3.2 - 13.3% 2.5 - 7.0%

Feb-2015 3.6 - 32.7% 2.4 - 31.7%

Average 3.1 - 0.7% 1.9 - 14.3%


6.0

4.1

5.4

3.53.6

2.4


February

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 Jan-2015

Historical Months Supply of Inventory Single-Family Condominium

-31.7%-14.4%-9.1%

20152014 20152014

-32.7%

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

Mar-2014 89 - 19.9% 69 - 7.3%

Apr-2014 86 - 12.4% 58 - 12.4%

May-2014 65 - 18.9% 51 - 3.0%

Jun-2014 59 - 1.6% 46 + 4.4%

Jul-2014 56 + 12.9% 50 + 23.8%

Aug-2014 60 + 17.1% 52 + 22.9%

Sep-2014 67 + 5.2% 53 + 6.6%

Oct-2014 70 + 12.2% 53 + 9.9%

Nov-2014 75 + 6.1% 57 + 0.5%

Dec-2014 79 + 10.5% 55 - 3.3%

Jan-2015 90 + 10.1% 63 - 3.6%

Feb-2015 105 + 11.4% 76 - 4.8%

Total 71 + 1.5% 53 + 4.4%


114

9894

80

105

76


February

30

50

70

90

110

130

150

170


Historical Days on Market Until Sale Single-Family Condominium

-4.8%-17.8%-17.3%

112

9387

72

96

69


Year to Date

-3.5%-22.5%-22.7%

20152014 20152014 20152014 20152014

+11.4% +10.8%

2013 2013 2013 2013

Percent of Original List Price Received

Single-FamilyYoY

ChangeCondominium

YoYChange

Mar-2014 96.4% + 2.0% 98.7% + 1.4%

Apr-2014 97.4% + 1.2% 99.4% + 0.8%

May-2014 98.2% + 1.0% 100.6% + 1.2%

Jun-2014 98.7% + 0.6% 100.7% + 1.1%

Jul-2014 98.2% + 0.4% 99.8% + 0.1%

Aug-2014 97.8% + 0.1% 99.9% + 0.4%

Sep-2014 96.7% - 0.2% 99.0% + 0.2%

Oct-2014 96.5% - 0.4% 98.6% - 0.1%

Nov-2014 96.3% + 0.2% 98.2% - 0.4%

Dec-2014 95.2% - 0.6% 97.9% + 0.1%

Jan-2015 95.6% + 0.3% 97.8% + 0.7%

Feb-2015 95.1% - 0.7% 97.9% - 0.1%

Average 97.1% + 0.3% 99.3% + 0.5%


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.

93.8% 96.5%95.8% 98.0%95.1% 97.9%


February

89%

91%

93%

95%

97%

99%

101%

103%

105%


Historical Percent of Original List Price Received Single-Family Condominium

-0.1%+1.5%+2.1%

93.7% 96.0%95.5% 97.5%95.4% 97.8%


Year to Date

+0.4%+1.5%+1.9%

20152014 20152014 20152014 20152014

-0.7% -0.1%

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

Mar-2014 1,255 - 9.3% 1,053 - 13.1%

Apr-2014 1,479 - 10.2% 1,225 - 7.0%

May-2014 1,618 - 7.7% 1,131 - 14.4%

Jun-2014 1,518 - 1.2% 1,143 0.0%

Jul-2014 1,195 - 0.8% 930 - 7.0%

Aug-2014 1,002 - 8.9% 723 - 9.5%

Sep-2014 1,069 + 1.0% 836 + 2.5%

Oct-2014 1,185 + 3.9% 828 - 3.9%

Nov-2014 933 + 5.7% 658 - 1.9%

Dec-2014 676 + 13.6% 459 + 4.6%

Jan-2015 759 + 17.5% 574 - 9.2%

Feb-2015 735 - 7.5% 598 - 19.8%

Total 13,424 - 2.3% 10,158 - 7.3%


821747

795746735

598


February

200

400

600

800

1,000

1,200

1,400

1,600


Historical Pending Sales Activity Single-Family Condominium

-19.8%-0.1%-3.2%

1,642

1,4391,4411,378

1,494

1,172


Year to Date

-14.9%-4.2%-12.2%

20152014 20152014 20152014 20152014

-7.5% +3.7%

2013 2013 2013 2013

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Mar-2014 1,776 + 9.2% 1,305 - 7.2%

Apr-2014 2,242 - 6.5% 1,568 - 11.2%

May-2014 2,479 + 2.8% 1,477 - 9.2%

Jun-2014 1,997 + 7.5% 1,324 + 2.3%

Jul-2014 1,500 + 1.5% 1,063 + 1.1%

Aug-2014 1,266 - 7.3% 778 - 17.8%

Sep-2014 1,840 + 2.2% 1,277 - 3.0%

Oct-2014 1,544 + 5.1% 1,078 0.0%

Nov-2014 799 - 9.5% 598 + 0.2%

Dec-2014 590 + 9.9% 395 + 0.3%

Jan-2015 896 - 4.4% 707 - 10.7%

Feb-2015 700 - 38.7% 615 - 33.7%

Total 17,629 - 1.5% 12,185 - 7.7%


1,196

998

1,141

927

700615


February

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

-33.7%-7.1%-4.6%

2,316

1,9512,078

1,7191,596

1,322


Year to Date

-23.1%-11.9%-10.3%

20152014 20152014 20152014 20152014

-38.7% -23.2%

2013 2013 2013 2013

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


- 15.4%

Median Sales Price $472,750 $489,000 + 3.4% $468,750 $488,250 + 4.2%

Closed Sales 244 205 - 16.0% 539 456

- 1.3%

Inventory of Homes for Sale 728 503 - 30.9% -- -- --

Housing Affordability Index 106 104 - 1.4% 105 103

--

Days on Market Until Sale 78 77 - 1.1% 68 67 - 2.1%

Months Supply of Inventory 3.0 2.5 - 17.8% -- --

- 1.0%

Pending Sales 372 314 - 15.6% 685 621 - 9.3%

Percent of OriginalList Price Received

98.1% 96.5% - 1.6% 97.7% 96.7%

- 21.4%


New Listings 482 328 - 32.0% 874 687

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

2-2012 2-2013 2-2014 2-2015

february 2015 greater boston real estate market trends report

Real Estate

market activity

singlefamily homes

detached homes

greater boston region

home sales

singlefamily units

drastic change

inclosed salescondominium