Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®
November 2015 Quick Facts
23456789
10111213
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
Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of December 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.
+ 6.1%Year-Over-Year(YoY) Change inClosed Sales
Single-Family Only
+ 15.8%Year-Over-Year(YoY) Change inClosed Sales
Condominium Only
+ 10.0%Year-Over-Year(YoY) Change inClosed SalesAll Properties
Single-Family Market Overview
Condominium Market Overview
Closed Sales
Median Sales Price
Residential real estate is experiencing its best year since the recession. Housing demand is healthy, and that is expected to continue until the end of the year. Home sales are actually set to have their best national showing since 2006. More of the same is anticipated in 2016, but inventory and affordability challenges coupled with mortgage rate increases will likely keep any sort of monster growth in check. This should be a good thing for keeping home prices from increasing too rapidly to maintain economic stability.
Closed Sales increased 6.1 percent for Single-Family homes and 15.8 percent for Condominium homes. Pending Sales increased 19.9 percent for Single-Family homes and 14.9 percent for Condominium homes. Inventory decreased 12.9 percent for Single-Family homes and 6.0 percent for Condominium homes.
The Median Sales Price was up 6.0 percent to $477,000 for Single-Family homes and 8.4 percent to $450,000 for Condominium homes. Days on Market decreased 6.7 percent for Single-Family homes but increased 1.8 percent for Condominium homes. Supply decreased 18.9 percent for Single-Family homes and 16.0 percent for Condominium homes.
Unemployment rates across the nation changed little last month, which bodes well for an increase in buying activity. The national jobless rate was 5.0 percent in October, which was 0.7 percent lower than the year prior. Although housing and employment data are quite positive at this juncture, it is still certainly possible for listings and sales to be down in year-over-year comparisons. Bad weather and the mix of housing available to buyers tend to have a greater effect on trends at the end of the year than during the midsummer months.
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 Nov-2014 Nov-2015 + / – YTD 2014 YTD 2015 + / –
12,854 + 6.7%
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. | 2
New Listings 797 972 + 22.0% 17,522 18,345 + 4.7%
Closed Sales 960 1,019 + 6.1% 12,044
$480,000 + 4.3%
75
99 94
70
-- -- --
3,519 3,065
3.0 - 18.9%
$477,000 + 6.0% $460,000
69
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory 3.7
$450,000
Pending Sales
Median Sales Price
+ 10.5%13,943914 1,096 + 19.9% 12,618
- 12.9% -- --
- 5.1% 97 93 - 4.1%
--
97.3% 97.8%
+ 1.4%
+ 0.5%Percent of OriginalList Price Received
Days on Market Until Sale
96.3%
- 6.7%
+ 0.6%
70
96.9%
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
Condominium Market Overview Key market metrics for the current month and year-to-date figures for Condominium Properties Only.
Key Metrics Historical Sparklines Nov-2014 Nov-2015 + / – YTD 2014 YTD 2015 + / –
+ 4.9%
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. | 3
New Listings 598 739 + 23.6% 12,190 12,788
+ 0.7%
Pending Sales 653 750 + 14.9% 9,879 10,305 + 4.3%
Percent of OriginalList Price Received
98.2% 99.3% + 1.1% 99.4% 100.1%
--
Days on Market Until Sale 57 58 + 1.8% 55 52 - 5.5%
Months Supply of Inventory 2.5 2.1 - 16.0% -- --
- 7.4%
Inventory of Homes for Sale 1,650 1,551 - 6.0% -- -- --
Housing Affordability Index 107 100 - 6.5% 108 100
- 0.1%
Median Sales Price $415,250 $450,000 + 8.4% $415,000 $450,000 + 8.4%
Closed Sales 652 755 + 15.8% 9,558 9,547
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
Closed Sales A count of the actual sales that have closed in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Dec-2014 1,116 + 3.2% 811 - 2.9%
Jan-2015 742 + 1.4% 481 - 15.3%
Feb-2015 554 + 6.5% 449 - 0.2%
Mar-2015 711 - 0.1% 581 - 16.0%
Apr-2015 788 - 8.6% 677 - 21.9%
May-2015 1,084 - 10.1% 949 - 5.0%
Jun-2015 1,872 + 11.2% 1,378 + 8.6%
Jul-2015 1,912 + 9.9% 1,348 + 12.7%
Aug-2015 1,738 + 14.6% 1,212 + 6.5%
Sep-2015 1,243 + 16.6% 906 + 5.1%
Oct-2015 1,191 + 13.6% 811 - 6.2%
Nov-2015 1,019 + 6.1% 755 + 15.8%
Total 13,970 + 6.4% 10,358 - 0.3%
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. | 4
1,041
759
960
652
1,019
755
Single-Family Condominium
November
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
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
+15.8%-14.1%-7.8%
20152014 20152014
12,808
10,091
12,044
9,558
12,854
9,547
Single-Family Condominium
Year to Date
-0.1%-5.3%-6.0%
20152014 20152014
+6.1% +6.7%
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
Dec-2014 $443,500 + 2.0% $425,000 + 4.9%
Jan-2015 $446,000 + 6.7% $443,000 + 10.9%
Feb-2015 $438,500 + 7.6% $407,135 + 4.4%
Mar-2015 $432,500 + 1.3% $447,670 + 6.6%
Apr-2015 $470,000 + 6.8% $438,500 + 10.5%
May-2015 $480,000 + 3.4% $455,750 + 9.2%
Jun-2015 $526,655 + 3.3% $459,000 + 4.3%
Jul-2015 $525,000 + 4.0% $460,000 + 9.8%
Aug-2015 $498,700 + 1.8% $460,000 + 9.8%
Sep-2015 $455,000 + 7.5% $428,750 + 3.4%
Oct-2015 $440,000 + 1.1% $455,000 + 15.5%
Nov-2015 $477,000 + 6.0% $450,000 + 8.4%
Median $475,000 + 3.3% $449,000 + 8.4%
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. | 5
$415,000$395,000
$450,000
$415,250
$477,000$450,000
Single-Family Condominium
November
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
$600,000
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 Median Sales Price Single-Family Condominium
+8.4%+5.1%+8.4%
20152014 20152014
$436,000
$390,000
$460,000
$415,000
$480,000$450,000
Single-Family Condominium
Year to Date
+8.4%+6.4%+5.5%
20152014 20152014
+6.0% +4.3%
2013 2013 2013 2013
Housing Affordability Index
Single-FamilyYoY
ChangeCondominium
YoYChange
Dec-2014 101 - 1.9% 106 - 4.5%
Jan-2015 103 + 1.0% 103 - 2.8%
Feb-2015 105 - 0.9% 113 + 2.7%
Mar-2015 105 + 4.0% 101 - 1.9%
Apr-2015 97 - 1.0% 104 - 3.7%
May-2015 96 + 1.1% 101 - 4.7%
Jun-2015 86 - 1.1% 98 - 2.0%
Jul-2015 84 - 3.4% 96 - 8.6%
Aug-2015 90 0.0% 97 - 8.5%
Sep-2015 99 - 3.9% 105 - 0.9%
Oct-2015 103 + 1.0% 99 - 12.4%
Nov-2015 94 - 5.1% 100 - 6.5%
Average 97 -0.9% 102 -4.5%
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. | 6
113119
99107
94100
Single-Family Condominium
November
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
-6.5%-10.1%-12.4%
107
120
97108
93100
Single-Family Condominium
Year to Date
-7.4%-10.0%-9.3%
20152014 20152014 20152014 20152014
-5.1% -4.1%
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
Dec-2014 2,793 + 3.3% 1,300 - 13.4%
Jan-2015 2,662 - 1.0% 1,314 - 13.0%
Feb-2015 2,458 - 13.4% 1,253 - 20.7%
Mar-2015 2,631 - 15.0% 1,400 - 16.9%
Apr-2015 3,364 - 6.8% 1,772 - 5.6%
May-2015 3,915 - 6.3% 1,963 - 3.9%
Jun-2015 4,081 - 3.8% 1,956 - 2.6%
Jul-2015 4,069 - 2.4% 1,873 - 3.1%
Aug-2015 3,923 - 2.8% 1,758 - 0.5%
Sep-2015 4,183 - 3.0% 2,025 + 3.3%
Oct-2015 3,916 - 6.7% 1,906 - 3.3%
Nov-2015 3,065 - 12.9% 1,551 - 6.0%
Average 3,422 - 5.8% 1,673 - 6.6%
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. | 7
3,379
1,838
3,519
1,650
3,065
1,551
Single-Family Condominium
November
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
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 Inventory of Homes for Sale Single-Family Condominium
-6.0%-10.2%+4.1%
20152014 20152014
-12.9%
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
Dec-2014 2.5 0.0% 1.6 - 11.1%
Jan-2015 3.6 - 2.7% 2.7 0.0%
Feb-2015 4.4 - 20.0% 2.8 - 20.0%
Mar-2015 3.7 - 14.0% 2.4 0.0%
Apr-2015 4.3 + 2.4% 2.6 + 18.2%
May-2015 3.6 + 2.9% 2.1 + 5.0%
Jun-2015 2.2 - 12.0% 1.4 - 12.5%
Jul-2015 2.1 - 12.5% 1.4 - 12.5%
Aug-2015 2.3 - 14.8% 1.5 - 6.3%
Sep-2015 3.4 - 15.0% 2.2 - 4.3%
Oct-2015 3.3 - 17.5% 2.4 + 4.3%
Nov-2015 3.0 - 18.9% 2.1 - 16.0%
Average 3.1 - 5.0% 2.0 - 1.5%
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. | 8
3.2
2.4
3.7
2.5
3.0
2.1
Single-Family Condominium
November
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
-16.0%+4.2%+15.6%
20152014 20152014
-18.9%
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
Dec-2014 79 + 11.3% 55 - 3.5%
Jan-2015 90 + 9.8% 63 - 3.1%
Feb-2015 105 + 11.7% 78 - 2.5%
Mar-2015 100 + 12.4% 69 0.0%
Apr-2015 90 + 4.7% 59 + 1.7%
May-2015 71 + 9.2% 47 - 7.8%
Jun-2015 60 + 1.7% 42 - 8.7%
Jul-2015 54 - 3.6% 41 - 18.0%
Aug-2015 61 + 1.7% 46 - 11.5%
Sep-2015 64 - 4.5% 52 - 1.9%
Oct-2015 70 - 1.4% 52 - 1.9%
Nov-2015 70 - 6.7% 58 + 1.8%
Total 71 + 2.5% 50 - 6.6%
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. | 9
70
57
75
57
70
58
Single-Family Condominium
November
30
50
70
90
110
130
150
170
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 Days on Market Until Sale Single-Family Condominium
+1.8%0.0%+7.1%
72
55
69
55
70
52
Single-Family Condominium
Year to Date
-5.5%0.0%-4.2%
20152014 20152014 20152014 20152014
-6.7% +1.4%
2013 2013 2013 2013
Percent of Original List Price Received
Single-FamilyYoY
ChangeCondominium
YoYChange
Dec-2014 95.3% - 0.5% 97.9% + 0.1%
Jan-2015 95.6% + 0.3% 97.8% + 0.7%
Feb-2015 95.1% - 0.7% 97.9% - 0.1%
Mar-2015 96.2% - 0.2% 98.6% - 0.1%
Apr-2015 97.2% - 0.2% 100.3% + 0.9%
May-2015 98.8% + 0.6% 100.8% + 0.2%
Jun-2015 99.2% + 0.5% 101.6% + 0.9%
Jul-2015 99.1% + 0.9% 101.1% + 1.3%
Aug-2015 98.2% + 0.4% 100.5% + 0.6%
Sep-2015 97.5% + 0.8% 99.4% + 0.4%
Oct-2015 96.7% + 0.2% 99.6% + 1.1%
Nov-2015 96.9% + 0.6% 99.3% + 1.1%
Average 97.6% + 0.4% 99.9% + 0.7%
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. | 10
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.
96.1% 98.6%96.3% 98.2%96.9% 99.3%
Single-Family Condominium
November
86%
88%
90%
92%
94%
96%
98%
100%
102%
104%
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 Percent of Original List Price Received Single-Family Condominium
+1.1%-0.4%+0.2%
96.7% 98.8%97.3% 99.4%97.8% 100.1%
Single-Family Condominium
Year to Date
+0.7%+0.6%+0.6%
20152014 20152014 20152014 20152014
+0.6% +0.5%
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
Dec-2014 650 + 9.4% 447 + 1.8%
Jan-2015 715 + 10.9% 558 - 11.7%
Feb-2015 666 - 16.0% 567 - 24.0%
Mar-2015 1,152 - 8.1% 980 - 6.8%
Apr-2015 1,580 + 7.3% 1,265 + 3.3%
May-2015 1,761 + 9.1% 1,278 + 13.3%
Jun-2015 1,818 + 20.1% 1,355 + 18.8%
Jul-2015 1,344 + 12.8% 949 + 2.5%
Aug-2015 1,198 + 20.6% 804 + 12.0%
Sep-2015 1,268 + 19.8% 859 + 2.8%
Oct-2015 1,345 + 15.0% 940 + 14.4%
Nov-2015 1,096 + 19.9% 750 + 14.9%
Total 14,593 + 10.5% 10,752 + 4.2%
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. | 11
882
671
914
653
1,096
750
Single-Family Condominium
November
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
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 Pending Sales Activity Single-Family Condominium
+14.9%-2.7%+3.6%
13,335
10,574
12,618
9,879
13,943
10,305
Single-Family Condominium
Year to Date
+4.3%-6.6%-5.4%
20152014 20152014 20152014 20152014
+19.9% +10.5%
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
Dec-2014 591 + 9.9% 395 + 0.5%
Jan-2015 894 - 4.6% 709 - 10.5%
Feb-2015 697 - 38.9% 616 - 33.5%
Mar-2015 1,544 - 13.1% 1,253 - 4.0%
Apr-2015 2,525 + 12.6% 1,746 + 11.4%
May-2015 2,582 + 4.2% 1,622 + 9.7%
Jun-2015 2,360 + 18.1% 1,544 + 16.6%
Jul-2015 1,713 + 14.4% 1,078 + 1.3%
Aug-2015 1,437 + 13.4% 916 + 17.9%
Sep-2015 2,033 + 10.5% 1,429 + 11.9%
Oct-2015 1,588 + 2.7% 1,136 + 5.2%
Nov-2015 972 + 22.0% 739 + 23.6%
Total 18,936 + 4.9% 13,183 + 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. | 12
883
597
797
598
972
739
Single-Family Condominium
November
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,250
2,500
2,750
3,000
3,250
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 New Listing Activity Single-Family Condominium
+23.6%+0.2%-9.7%
17,605
13,034
17,522
12,190
18,345
12,788
Single-Family Condominium
Year to Date
+4.9%-6.5%-0.5%
20152014 20152014 20152014 20152014
+22.0% +4.7%
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.
Key Metrics Historical Sparklines Nov-2014 Nov-2015 + / – YTD 2014 YTD 2015 + / –
+ 3.4%
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. | 13
New Listings 324 395 + 21.9% 6,381 6,601
+ 0.5%
Pending Sales 340 407 + 19.7% 5,042 5,282 + 4.8%
Percent of OriginalList Price Received
97.7% 100.0% + 2.4% 99.3% 99.8%
--
Days on Market Until Sale 57 53 - 7.0% 49 49 0.0%
Months Supply of Inventory 2.6 2.0 - 23.1% -- --
- 4.1%
Inventory of Homes for Sale 863 795 - 7.9% -- -- --
Housing Affordability Index 99 94 - 5.1% 97 93
- 0.2%
Median Sales Price $466,000 $555,000 + 19.1% $469,000 $516,000 + 10.0%
Closed Sales 335 400 + 19.4% 4,871 4,861
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015
11-2012 11-2013 11-2014 11-2015