september 2016 boston real estate market trends

September 2016 Quick Facts

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Monthly Indicators

As anticipated at the outset of the year, demand has remained high through the first three quarters of 2016, propping up sales and prices despite heavy reductions in inventory and months of supply across the country. With rental prices and employment opportunities in a consistent climb, year-over-year increases in home buying are probable for the rest of the year but not guaranteed.

Closed Sales decreased 6.0 percent for Single-Family homes but increased 4.4 percent for Condominium homes. Pending Sales increased 0.7 percent for Single-Family homes and 10.0 percent for Condominium homes. Inventory decreased 22.7 percent for Single-Family homes and 18.6 percent for Condominium homes.

The Median Sales Price was up 3.3 percent to $508,000 for Single-Family homes and 19.2 percent to $507,000 for Condominium homes. Days on Market decreased 8.8 percent for Single-Family homes and 20.0 percent for Condominium homes. Months Supply of Inventory decreased 25.7 percent for Single-Family homes and 20.8 percent for Condominium homes.

In general, today's demand is driven by three factors: Millennials are reaching prime home-buying age, growing families are looking for larger homes and empty nesters are downsizing. However, intriguingly low interest rates often prompt refinancing instead of listing, contributing to lower inventory. Recent studies have also shown that short-term rentals are keeping a collection of homes off the market.

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

- 1.5% - 6.0% + 4.4%

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 ListingsCity 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

Single-Family Home Market Overview

Historical Sparkbars 9-2015 9-2016 PercentChange YTD 2015 YTD 2016 Percent

Change

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

Closed Sales 1,218 1,145 - 6.0%

Key Metrics

10,789 + 3.2%

Median Sales Price $491,700 $508,000 + 3.3% $522,500 $544,300 + 4.2%

10,454

- 1.2%

Inventory of Homes for Sale 3,908 3,021 - 22.7% -- -- --

Housing Affordability Index 87 87 0.0% 82 81

--

Days on Market Until Sale 57 52 - 8.8% 62 60 - 3.2%

Months Supply of Inventory 3.5 2.6 - 25.7% -- --

Current as of October 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

+ 0.2%

Pending Sales 1,214 1,222 + 0.7% 11,154 11,491 + 3.0%

Pct. of Orig. List Price Received 97.7% 97.8% + 0.1% 98.3% 98.5%

New Listings - 1.6%1,953 1,890 - 3.2% 15,161 14,920

Sep 2014 Mar 2015 Sep 2015 Mar 2016 Sep 2016









Condominium Market Overview


Change


+ 4.7%Pending Sales 860 946 + 10.0% 8,707 9,117

New Listings 1,440 1,473 + 2.3% 11,050 11,172

100.6% + 0.3%

46- 20.0% 49

+ 1.1%

Pct. of Orig. List Price Received 99.5% 100.0% + 0.5% 100.3%

- 6.1%

- 18.6% -- --

Months Supply of Inventory 2.4 1.9 - 20.8% --

--

-- --

+ 19.2% $450,000 $489,000 + 8.7%

87 - 13.9% 95 91 - 4.2%

+ 4.4%

Key Metrics

8,546 + 5.2%8,123

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

Closed Sales 942 983

Median Sales Price $425,450 $507,000

Inventory of Homes for Sale 2,109 1,716

Days on Market Until Sale 50 40

Housing Affordability Index 101










Closed Sales

Closed Sales Single-FamilyYear-Over-Year

Change CondominiumYear-Over-Year

Change

Oct-2015 1,120 +8.3% 831 -4.8%

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 1,604 -15.7% 1,158 -15.9%

Aug-2016 1,715 +0.3% 1,211 -3.2%

Sep-2016 1,145 -6.0% 983 +4.4%

12-Month Avg 1,181 +4.5% 922 +5.3%

Historical Closed Sales by Month


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

1,037

879

1,218

942

1,145

983

Single-Family Condominium

September

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


9,853

8,251

10,454

8,123

10,789

8,546


Year to Date

2014 2015 2016

+ 4.4%+ 7.2%- 6.0%+ 17.5% - 1.6%+ 3.2%+ 6.1% + 5.2%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 8.3% - 7.1% - 4.3%- 6.6%

Median Sales Price

Median Sales Price Single-FamilyYear-Over-Year


Change

Oct-2015 $475,000 +0.5% $455,000 +15.2%

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% $499,617 +9.6%

Sep-2016 $508,000 +3.3% $507,000 +19.2%

12-Month Avg* $522,938 +3.9% $474,129 +9.1%

Historical Median Sales Price by Month

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

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


$459,000

$411,500

$491,700

$425,450

$508,000 $507,000


September

$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


$499,900

$415,000

$522,500

$450,000

$544,300

$489,000


Year to Date

2014 2015 2016

+ 19.2%+ 3.4%+ 3.3%+ 7.1% + 8.4%+ 4.2%+ 4.5% + 8.7%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 2.3% + 7.5% + 6.4%+ 3.3%

Housing Affordability Index

Affordability Index Single-FamilyYear-Over-Year


Change

Oct-2015 90 +4.7% 94 -8.7%

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%

12-Month Avg 83 -2.1% 92 -5.1%

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.


87

97

87

101

87 87


September

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


80

96

82

95

8191


Year to Date

2014 2015 2016

- 13.9%+ 4.1%0.0%0.0% - 1.0%- 1.2%+ 2.5% - 4.2%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 4.8% - 4.8% - 4.0%- 1.0%

Inventory of Homes for Sale

Homes for Sale Single-FamilyYear-Over-Year


Change

Oct-2015 3,760 +0.9% 2,050 +6.3%

Nov-2015 3,137 +2.7% 1,816 +12.6%

Dec-2015 2,379 -0.8% 1,388 +11.2%

Jan-2016 2,317 +2.5% 1,385 +8.8%

Feb-2016 2,337 +13.9% 1,379 +13.1%

Mar-2016 2,840 +26.2% 1,639 +19.8%

Apr-2016 3,164 +5.9% 1,669 -3.0%

May-2016 3,184 -10.0% 1,655 -14.6%

Jun-2016 3,301 -10.8% 1,669 -13.7%

Jul-2016 3,092 -16.6% 1,653 -12.7%

Aug-2016 2,748 -23.6% 1,460 -19.4%

Sep-2016 3,021 -22.7% 1,716 -18.6%

12-Month Avg 2,940 -5.1% 1,623 -2.9%

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.


3,843

1,898

3,908

2,109

3,021

1,716


September

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

- 18.6%+ 11.1%- 22.7%+ 1.7%2014 2015 2016

+ 8.1% - 12.8%

Months Supply of Inventory

Months Supply Single-FamilyYear-Over-Year


Change

Oct-2015 3.3 -5.7% 2.4 +9.1%

Nov-2015 2.7 -3.6% 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 2.6 -21.2% 1.8 -21.7%

Jun-2016 2.7 -20.6% 1.8 -21.7%

Jul-2016 2.6 -23.5% 1.8 -18.2%

Aug-2016 2.3 -28.1% 1.6 -23.8%

Sep-2016 2.6 -25.7% 1.9 -20.8%

12-Month Avg* 2.5 -11.9% 1.8 -7.1%

Historical Months Supply of Inventory by Month

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.

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


3.5

2.1

3.5

2.42.6

1.9


September

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

- 20.8%+ 14.3%- 25.7%0.0%2014 2015 2016

+ 12.9% - 12.5%

Days on Market Until Sale

Days on Market Single-FamilyYear-Over-Year


Change

Oct-2015 64 +4.9% 50 0.0%

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% 40 0.0%

Aug-2016 56 +3.7% 41 -8.9%

Sep-2016 52 -8.8% 40 -20.0%

12-Month Avg* 65 -2.2% 50 -3.5%

Historical Days on Market Until Sale by Month

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

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


61

51

57

5052

40


September

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


5853

62

49

60

46


Year to Date

2014 2015 2016

- 20.0%- 2.0%- 8.8%- 6.6% - 7.5%- 3.2%+ 6.9% - 6.1%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 17.3% - 4.9% + 1.9%+ 4.1%

Percent of Original List Price Received

Pct. of Orig. List Price Received Single-Family

Year-Over-YearChange Condominium

Year-Over-YearChange

Oct-2015 96.7% 0.0% 99.7% +1.2%

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 97.8% +0.1% 100.0% +0.5%

12-Month Avg* 97.7% +0.2% 100.0% +0.4%

Historical Percent of Original List Price Received by Month

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.

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


96.9% 99.1%97.7% 99.5%97.8% 100.0%


September

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


98.0% 99.6%98.3% 100.3%98.5% 100.6%


Year to Date

2014 2015 2016

+ 0.5%+ 0.4%+ 0.1%+ 0.8% + 0.7%+ 0.2%+ 0.3% + 0.3%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 0.1% + 0.8% + 0.8%+ 0.3%

Pending Sales

Pending Sales Single-FamilyYear-Over-Year


Change

Oct-2015 1,258 +8.2% 954 +14.1%

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 886 +40.2% 823 +45.1%

Mar-2016 1,435 +29.9% 1,130 +13.3%

Apr-2016 1,589 +2.8% 1,303 +2.3%

May-2016 1,774 +0.8% 1,299 +0.2%

Jun-2016 1,613 -9.7% 1,196 -13.7%

Jul-2016 1,149 -10.4% 879 -8.8%

Aug-2016 1,140 +1.6% 893 +9.7%

Sep-2016 1,222 +0.7% 946 +10.0%

12-Month Avg 1,197 +4.0% 943 +6.1%

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).


1,034

859

1,214

860

1,222

946


September

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


10,391

8,604

11,154

8,707

11,491

9,117


Year to Date

2014 2015 2016

+ 10.0%+ 0.1%+ 0.7%+ 17.4% + 1.2%+ 3.0%+ 7.3% + 4.7%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 1.8% - 7.3% - 6.4%0.0%

New Listings

New Listings Single-FamilyYear-Over-Year


Change

Oct-2015 1,525 +3.1% 1,153 +3.5%

Nov-2015 875 +17.8% 762 +26.4%

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 2,167 +45.0% 1,546 +22.3%

Apr-2016 2,122 -14.2% 1,470 -15.1%

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

Jun-2016 2,116 -6.8% 1,440 -8.1%

Jul-2016 1,316 -19.3% 1,109 -0.7%

Aug-2016 1,209 -9.2% 954 +1.9%

Sep-2016 1,890 -3.2% 1,473 +2.3%

12-Month Avg 1,489 -0.1% 1,129 +2.9%

Historical New Listings by Month

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


1,805

1,277

1,953

1,440

1,890

1,473


September

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


14,652

10,661

15,161

11,050

14,920

11,172


Year to Date

2014 2015 2016

+ 2.3%+ 12.8%- 3.2%+ 8.2% + 3.6%- 1.6%+ 3.5% + 1.1%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 5.9% - 0.2% - 7.0%- 5.4%

City of Boston - Market Overview


Change


+ 0.5%

5,518 - 0.7%

4,359

New Listings 764 757 - 0.9% 5,559

Pending Sales 419 426 + 1.7% 4,337

- 2.1%

Pct. of Orig. List Price Received 98.9% 99.4% + 0.5% 99.9% 99.9% 0.0%

Days on Market Until Sale 48 44 - 8.3% 47 46

-- --

Inventory of Homes for Sale 1,080 926 - 14.3% --

Months Supply of Inventory 2.5 2.1 - 16.0% --

86 - 6.5%

----

Housing Affordability Index 94 83 - 11.7% 92

4,097 + 0.4%

Median Sales Price $500,000 $590,000 + 18.0% $510,000 $568,625 + 11.5%

4,082

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

Closed Sales 449 491 + 9.4%

Key Metrics










Regional Map

Central Middlesex Region Metro West RegionActon AshlandBedford DoverBoxboro FraminghamConcord HollistonHudson HopkintonLexington MedfieldLincoln MedwayMaynard MillisStow NatickSudbury NeedhamWayland SherbornWeston Wellesley

Eastern Middlesex Region Southern Norfolk RegionBurlington AvonMalden BellinghamMedford CantonMelrose FoxboroNorth Reading FranklinReading MansfieldStoneham NorfolkWakefield NorwoodWilmington RandolphWinchester SharonWoburn Stoughton

WalpoleMetro Boston Region WestwoodArlington WrenthamBelmontBostonBrooklineCambridgeChelseaDedhamEverettMiltonNewtonRevereSomervilleWalthamWatertownWinthrop


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

Greater Boston Association of REALTORS® Regional Map

Communities by Region

september 2016 boston real estate market trends

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