greater boston association of realtors monthly housing data: october 2016

October 2016 Quick Facts

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City of Boston OverviewRegional Map

Median Sales PriceHousing Affordability IndexInventory of Homes for SaleMonths Supply of InventoryDays on Market Until SalePercent of Original List Price Received

Monthly Indicators

As we enter the final quarter of 2016, not much has changed since the year began. Market predictions have been, in a word, predictable. A relatively comfortable pace of activity has been maintained thanks to continuing low unemployment and mortgage rates. The one basic drag on market acceleration has been inventory decline. There is little to indicate that the low inventory situation will resolve anytime soon.

Closed Sales decreased 15.0 percent for Single-Family homes and 1.3 percent for Condominium homes. Pending Sales decreased 4.7 percent for Single-Family homes but remained flat for Condominium homes. Inventory decreased 26.4 percent for Single-Family homes and 21.2 percent for Condominium homes.

The Median Sales Price was up 10.8 percent to $526,300 for Single-Family homes and 5.3 percent to $479,238 for Condominium homes. Days on Market decreased 12.5 percent for Single-Family homes and 20.0 percent for Condominium homes. Months Supply of Inventory decreased 27.3 percent for Single-Family homes and 25.0 percent for Condominium homes.

Builder confidence is as high as it has been in more than a decade, yet the pace of economic growth has been slow enough to cause pause. A low number of first-time buyer purchases and a looming demographic shift also seem to be curbing the desire to start new single-family construction projects. As older Americans retire and downsize, single-family listings are expected to rise. The waiting is the hardest part.

Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of November 16, 2016. All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Report © 2016 ShowingTime.

Single-Family Home Market Overview

- 9.2% - 15.0% - 1.3%

This is a research tool provided by the Greater Boston Association of REALTORS®. Percent changes are calculated using rounded figures.

Condominium Market Overview

Year-Over-Year (YoY) Change in Closed Sales

All Properties


Single-Family Only


Condominium Only

Closed Sales

Pending SalesNew Listings

Single-Family Home Market Overview

Historical Sparkbars 10-2015 10-2016 PercentChange YTD 2015 YTD 2016 Percent

Change

- 3.0%1,524 1,274 - 16.4% 16,685 16,188

Current as of November 16, 2016. All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Report © 2016 ShowingTime. | 2

+ 0.3%

Pending Sales 1,258 1,199 - 4.7% 12,411 12,618 + 1.7%

Pct. of Orig. List Price Received 96.7% 98.0% + 1.3% 98.2% 98.5%

New Listings

--

Days on Market Until Sale 64 56 - 12.5% 62 60 - 3.2%

Months Supply of Inventory 3.3 2.4 - 27.3% -- --

- 1.2%

Inventory of Homes for Sale 3,762 2,769 - 26.4% -- -- --

Housing Affordability Index 90 84 - 6.7% 83 82

11,750 + 1.5%

Median Sales Price $475,000 $526,300 + 10.8% $518,000 $541,000 + 4.4%

11,574

Key market metrics for the current month and year-to-date figures for Single-Family Homes Only.

Closed Sales 1,120 952 - 15.0%

Key Metrics

Oct 2014 Apr 2015 Oct 2015 Apr 2016 Oct 2016









Condominium Market Overview


Change

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

Closed Sales 831 820

Median Sales Price $455,000 $479,238

Inventory of Homes for Sale 2,050 1,616

Days on Market Until Sale 50 40

Housing Affordability Index 94

- 1.3%

Key Metrics

9,388 + 4.8%8,954

92 - 2.1% 95 91 - 4.2%

+ 5.3% $450,000 $487,455 + 8.3%

--

-- --

- 21.2% -- --

Months Supply of Inventory 2.4 1.8 - 25.0% --

- 20.0% 49

+ 0.3%

Pct. of Orig. List Price Received 99.7% 99.7% 0.0% 100.3%

- 6.1%

100.5% + 0.2%

46


+ 3.9%Pending Sales 954 954 0.0% 9,661 10,036

New Listings 1,153 1,063 - 7.8% 12,203 12,241










Closed Sales

Closed Sales Single-FamilyYear-Over-Year

Change CondominiumYear-Over-Year

Change

Nov-2015 1,007 +7.4% 775 +16.7%

Dec-2015 1,250 +11.2% 912 +8.1%

Jan-2016 843 +17.7% 604 +24.5%

Feb-2016 589 +10.9% 473 +4.6%

Mar-2016 779 +13.9% 756 +30.6%

Apr-2016 929 +21.9% 828 +20.0%

May-2016 1,249 +17.8% 1,121 +17.0%

Jun-2016 1,936 +3.5% 1,412 +1.7%

Jul-2016 1,605 -15.6% 1,159 -15.8%

Aug-2016 1,715 +0.3% 1,214 -3.0%

Sep-2016 1,153 -5.3% 1,001 +6.3%

Oct-2016 952 -15.0% 820 -1.3%

12-Month Avg 1,167 +2.7% 923 +5.9%

Historical Closed Sales by Month


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

1,034

873

1,120

831

952

820

Single-Family Condominium

October

0

500

1,000

1,500

2,000

2,500

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


10,887

9,124

11,574

8,954

11,750

9,388


Year to Date

2014 2015 2016

- 1.3%- 4.8%- 15.0%+ 8.3% - 1.9%+ 1.5%+ 6.3% + 4.8%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 4.1% - 6.8% - 3.7%+ 3.4%

Median Sales Price

Median Sales Price Single-FamilyYear-Over-Year


Change

Nov-2015 $517,000 +6.4% $450,455 +7.3%

Dec-2015 $500,001 +5.3% $443,750 +5.2%

Jan-2016 $490,000 +1.0% $443,250 -1.3%

Feb-2016 $517,500 +10.1% $449,000 +7.0%

Mar-2016 $472,500 +0.6% $478,750 +5.2%

Apr-2016 $530,000 +3.5% $480,228 +10.1%

May-2016 $530,250 +2.0% $482,500 +4.0%

Jun-2016 $585,000 +4.5% $505,000 +9.8%

Jul-2016 $575,000 +4.5% $495,000 +7.6%

Aug-2016 $575,000 +8.7% $499,950 +9.6%

Sep-2016 $510,000 +3.7% $510,000 +19.9%

Oct-2016 $526,300 +10.8% $479,238 +5.3%

12-Month Avg* $527,379 +4.5% $476,427 +7.9%

Historical Median Sales Price by Month

* Median Sales Price for all properties from November 2015 through October 2016. This is not the average of the individual figures above.


Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.

$472,500

$395,000

$475,000$455,000

$526,300

$479,238


October

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


$495,000

$414,178

$518,000

$450,000

$541,000

$487,455


Year to Date

2014 2015 2016

+ 5.3%+ 15.2%+ 10.8%+ 0.5% + 8.6%+ 4.4%+ 4.6% + 8.3%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 5.0% + 7.3% + 6.2%+ 1.3%

Housing Affordability Index

Affordability Index Single-FamilyYear-Over-Year


Change

Nov-2015 82 -2.4% 94 -3.1%

Dec-2015 85 -2.3% 96 -1.0%

Jan-2016 86 -3.4% 95 -2.1%

Feb-2016 85 -7.6% 97 -6.7%

Mar-2016 92 +1.1% 91 -3.2%

Apr-2016 82 -3.5% 91 -8.1%

May-2016 82 -2.4% 90 -4.3%

Jun-2016 76 0.0% 88 -5.4%

Jul-2016 77 +1.3% 89 -2.2%

Aug-2016 77 -3.8% 89 -4.3%

Sep-2016 87 0.0% 87 -13.9%

Oct-2016 84 -6.7% 92 -2.1%

12-Month Avg 83 -2.4% 92 -4.3%

Historical Housing Affordability Index by Month


This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.

86

103

90 9484

92


October

40

60

80

100

120

140

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


82

98

83

95

8291


Year to Date

2014 2015 2016

- 2.1%- 8.7%- 6.7%+ 4.7% - 3.1%- 1.2%+ 1.2% - 4.2%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 1.1% - 3.5% - 2.0%+ 3.0%

Inventory of Homes for Sale

Homes for Sale Single-FamilyYear-Over-Year


Change

Nov-2015 3,141 +2.8% 1,816 +12.6%

Dec-2015 2,385 -0.5% 1,388 +11.2%

Jan-2016 2,323 +2.7% 1,385 +8.8%

Feb-2016 2,346 +14.3% 1,379 +13.1%

Mar-2016 2,854 +26.7% 1,640 +19.9%

Apr-2016 3,185 +6.5% 1,673 -2.8%

May-2016 3,218 -9.0% 1,660 -14.3%

Jun-2016 3,343 -9.7% 1,678 -13.2%

Jul-2016 3,156 -14.9% 1,674 -11.6%

Aug-2016 2,830 -21.3% 1,498 -17.3%

Sep-2016 3,145 -19.6% 1,792 -15.0%

Oct-2016 2,769 -26.4% 1,616 -21.2%

12-Month Avg 2,891 -6.8% 1,600 -4.8%

Historical Inventory of Homes for Sale by Month


The number of properties available for sale in active status at the end of a given month.

3,726

1,929

3,762

2,050

2,769

1,616


October

0

2,000

4,000

6,000

8,000

10,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


2014 2015 2016

- 21.2%+ 6.3%- 26.4%+ 1.0%2014 2015 2016

+ 9.4% - 9.2%

Months Supply of Inventory

Months Supply Single-FamilyYear-Over-Year


Change

Nov-2015 2.8 0.0% 2.1 +16.7%

Dec-2015 2.1 -4.5% 1.6 +14.3%

Jan-2016 2.0 -4.8% 1.5 +7.1%

Feb-2016 2.0 +5.3% 1.5 +7.1%

Mar-2016 2.4 +14.3% 1.8 +12.5%

Apr-2016 2.7 -3.6% 1.8 -10.0%

May-2016 2.7 -18.2% 1.8 -21.7%

Jun-2016 2.8 -17.6% 1.8 -21.7%

Jul-2016 2.7 -20.6% 1.8 -18.2%

Aug-2016 2.4 -25.0% 1.6 -23.8%

Sep-2016 2.7 -22.9% 1.9 -20.8%

Oct-2016 2.4 -27.3% 1.8 -25.0%

12-Month Avg* 2.5 -13.4% 1.8 -9.8%

Historical Months Supply of Inventory by Month

* Months Supply for all properties from November 2015 through October 2016. This is not the average of the individual figures above.


The inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months.

3.5

2.2

3.3

2.42.4

1.8


October

0.0

2.0

4.0

6.0

8.0

10.0

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


2014 2015 2016

- 25.0%+ 9.1%- 27.3%- 5.7%2014 2015 2016

+ 16.7% - 4.3%

Days on Market Until Sale

Days on Market Single-FamilyYear-Over-Year


Change

Nov-2015 61 -7.6% 56 +5.7%

Dec-2015 70 +1.4% 52 -5.5%

Jan-2016 74 -11.9% 58 -1.7%

Feb-2016 91 -3.2% 64 -13.5%

Mar-2016 80 -13.0% 60 -9.1%

Apr-2016 70 -10.3% 48 -18.6%

May-2016 58 -1.7% 46 +2.2%

Jun-2016 49 -5.8% 41 +5.1%

Jul-2016 51 +4.1% 41 +2.5%

Aug-2016 56 +3.7% 41 -8.9%

Sep-2016 52 -8.8% 41 -18.0%

Oct-2016 56 -12.5% 40 -20.0%

12-Month Avg* 64 -3.4% 49 -4.8%

Historical Days on Market Until Sale by Month

* Days on Market for all properties from November 2015 through October 2016. This is not the average of the individual figures above.


Average number of days between when a property is listed and when an offer is accepted in a given month.

61

50

64

50

56

40


October

20

40

60

80

100

120

140

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


5953

62

49

60

46


Year to Date

2014 2015 2016

- 20.0%0.0%- 12.5%+ 4.9% - 7.5%- 3.2%+ 5.1% - 6.1%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 8.9% - 3.3% + 1.9%+ 8.7%

Percent of Original List Price Received

Pct. of Orig. List Price Received Single-Family

Year-Over-YearChange Condominium

Year-Over-YearChange

Nov-2015 97.4% +0.8% 99.3% +1.2%

Dec-2015 96.1% +0.5% 98.3% +0.4%

Jan-2016 95.8% -0.1% 97.9% +0.1%

Feb-2016 95.7% +0.5% 98.1% -0.1%

Mar-2016 97.7% +1.2% 99.7% +1.0%

Apr-2016 98.4% +1.0% 101.1% +0.5%

May-2016 99.3% +0.2% 101.4% +0.5%

Jun-2016 99.8% +0.1% 101.7% +0.1%

Jul-2016 99.6% +0.1% 101.5% +0.4%

Aug-2016 98.6% +0.1% 100.8% +0.2%

Sep-2016 97.9% +0.2% 100.0% +0.5%

Oct-2016 98.0% +1.3% 99.7% 0.0%

12-Month Avg* 97.8% +0.3% 100.0% +0.3%

Historical Percent of Original List Price Received by Month

* Pct. of Orig. List Price Received for all properties from November 2015 through October 2016. This is not the average of the individual figures above.


Percentage found when dividing a property’s sales price by its original list price, then taking the average for all properties soldin a given month, not accounting for seller concessions.

96.7% 98.5%96.7% 99.7%98.0% 99.7%


October

87.5%

90.0%

92.5%

95.0%

97.5%

100.0%

102.5%

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


97.9% 99.5%98.2% 100.3%98.5% 100.5%


Year to Date

2014 2015 2016

0.0%+ 1.2%+ 1.3%0.0% + 0.8%+ 0.3%+ 0.3% + 0.2%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 0.5% + 0.7% + 0.7%- 0.1%

Pending Sales

Pending Sales Single-FamilyYear-Over-Year


Change

Nov-2015 950 +6.1% 722 +10.2%

Dec-2015 659 +11.9% 519 +12.1%

Jan-2016 683 -3.3% 648 +18.2%

Feb-2016 884 +39.9% 823 +45.1%

Mar-2016 1,432 +29.6% 1,129 +13.2%

Apr-2016 1,587 +2.7% 1,301 +2.1%

May-2016 1,772 +0.7% 1,298 +0.1%

Jun-2016 1,612 -9.8% 1,195 -13.8%

Jul-2016 1,142 -10.9% 877 -9.0%

Aug-2016 1,126 +0.4% 888 +9.1%

Sep-2016 1,181 -2.6% 923 +7.3%

Oct-2016 1,199 -4.7% 954 0.0%

12-Month Avg 1,186 +2.4% 940 +4.6%

Historical Pending Sales by Month

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).


1,163

836

1,258

954

1,199

954


October

250

500

750

1,000

1,250

1,500

1,750

2,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


11,552

9,440

12,411

9,661

12,618

10,036


Year to Date

2014 2015 2016

0.0%+ 14.1%- 4.7%+ 8.2% + 2.3%+ 1.7%+ 7.4% + 3.9%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 2.6% - 6.4% - 6.1%- 2.9%

New Listings

New Listings Single-FamilyYear-Over-Year


Change

Nov-2015 876 +17.9% 761 +26.2%

Dec-2015 553 +10.4% 462 +15.8%

Jan-2016 903 +7.4% 805 +13.5%

Feb-2016 1,126 +76.8% 938 +50.6%

Mar-2016 2,168 +45.1% 1,545 +22.2%

Apr-2016 2,124 -14.1% 1,470 -15.1%

May-2016 2,071 -18.2% 1,437 -13.5%

Jun-2016 2,117 -6.8% 1,438 -8.2%

Jul-2016 1,315 -19.3% 1,111 -0.5%

Aug-2016 1,206 -9.4% 956 +2.1%

Sep-2016 1,884 -3.5% 1,478 +2.6%

Oct-2016 1,274 -16.4% 1,063 -7.8%

12-Month Avg 1,468 -1.7% 1,122 +2.0%

Historical New Listings by Month


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

1,479

1,114

1,524

1,1531,274

1,063


October

0

1,000

2,000

3,000

4,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


16,130

11,775

16,685

12,203

16,188

12,241


Year to Date

2014 2015 2016

- 7.8%+ 3.5%- 16.4%+ 3.0% + 3.6%- 3.0%+ 3.4% + 0.3%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 3.4% + 0.1% - 6.2%+ 2.4%

City of Boston - Market Overview


Change

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

Closed Sales 374 381 + 1.9%

Key Metrics

4,498 + 0.9%

Median Sales Price $531,750 $560,000 + 5.3% $511,750 $566,000 + 10.6%

4,456

Housing Affordability Index 89 87 - 2.2% 92 86 - 6.5%

----

Months Supply of Inventory 2.5 2.0 - 20.0% --

Inventory of Homes for Sale 1,079 884 - 18.1% --

47 46

-- --

- 3.1% 4,827

- 2.1%

Pct. of Orig. List Price Received 99.3% 99.6% + 0.3% 99.8% 99.9% + 0.1%

Days on Market Until Sale 47 43 - 8.5%


- 0.2%

6,105 - 1.2%

4,815

New Listings 619 589 - 4.8% 6,178

Pending Sales 490 475










Regional Map

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A map of the the 64 areas and 5 regions that make up "Greater Boston."

Greater Boston Association of REALTORS® Regional Map

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greater boston association of realtors monthly housing data: october 2016

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