july 2014 greater boston real estate market trends report

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Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS® July 2014 Quick Facts 2 3 4 5 6 7 8 9 10 11 12 13 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 Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of August 18, 2014. All data from MLS Property Information Network, Inc. Provided by Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by 10K Research and Marketing. - 2.3% Year-Over-Year (YoY) Change in Closed Sales Single-Family Only Although low supply and tight credit standards are still hurdles to recovery, prices continue to rise in most local areas. Job growth has strengthened lately, but wage growth has not kept pace with the price gains we have seen. Buoyed by stable and continuously lower interest rates, affordability is still historically high yet below its all-time peak. Rising inventory levels will lead to more choices for qualified buyers, but as the summer reaches toward fall, the prospect of more homes coming on the market begins to wane. New Listings in the Greater Boston region were up 7.5 percent for detached homes but decreased 0.7 percent for condominiums. Closed Sales decreased 2.3 percent for detached homes and 10.5 percent for condominiums. The Median Sales Price was up 3.2 percent to $550,000 for single-family properties and 7.4 percent to $430,000 for condominiums. Months Supply of Inventory decreased 1.0 percent for single-family units and 15.2 percent for townhouse-condo units. The U.S. Department of Commerce reported that GDP grew at a 4.0 percent annual rate in the second quarter and that the first quarter was less bad than previously thought. Consumer spending in the first quarter rose 2.5 percent, which is encouragingly in tandem with savings rates. Increased consumer spending means more demand for goods and labor; increased savings rates means more resources for downpayments. With rates still low, rents still rising and private job growth accelerating, it's becoming more and more difficult to side with the housing perma-bears. - 10.5% Year-Over-Year (YoY) Change in Closed Sales Condominium Only - 6.0% Year-Over-Year (YoY) Change in Closed Sales All Properties Single-Family Market Overview Condominium Market Overview Closed Sales Median Sales Price

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Here’s July 2014’s Monthly Indicators report from the Greater Boston Association of Realtors® Boston Real Estate Market Trends— Low interest rates and improving job market continue to keep buyer demand high, but the continued shortage of homes for sale resulted in a drop of closed sales in July 2014. Prices continued to move up because demand for available homes to buy outpaced supply. The number of new listings added to the market in July went up – for the third straight month was another positive sign that sellers are starting to enter the market. • July single-family home sales – Down 6.3% over last year. • July Single-family median prices were UP 2.9% to $360,000. 22 straight months of increases. • July condo sales Down 8.1% and median prices UP 2.6% ($320,000) • Inventory in July Down 5.0% to 23,117 and Condominiums Down 18.6% to 5,538 • SF listings added to the market in July Up 7.6% over last year. (7,057 from 6,559 in 2013) • Condo listings added to the market UP 4.7% over last year. (2,274 from 2,171 in 2013)

TRANSCRIPT

Page 1: July 2014 Greater Boston Real Estate Market Trends Report

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

July 2014 Quick Facts

23456789

10111213

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

Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of August 18, 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.

- 2.3%Year-Over-Year(YoY) Change inClosed Sales

Single-Family Only

Although low supply and tight credit standards are still hurdles to recovery, prices continue to rise in most local areas. Job growth has strengthened lately, but wage growth has not kept pace with the price gains we have seen. Buoyed by stable and continuously lower interest rates, affordability is still historically high yet below its all-time peak. Rising inventory levels will lead to more choices for qualified buyers, but as the summer reaches toward fall, the prospect of more homes coming on the market begins to wane.

New Listings in the Greater Boston region were up 7.5 percent for detached homes but decreased 0.7 percent for condominiums. Closed Sales decreased 2.3 percent for detached homes and 10.5 percent for condominiums.

The Median Sales Price was up 3.2 percent to $550,000 for single-family properties and 7.4 percent to $430,000 for condominiums. Months Supply of Inventory decreased 1.0 percent for single-family units and 15.2 percent for townhouse-condo units.

The U.S. Department of Commerce reported that GDP grew at a 4.0 percent annual rate in the second quarter and that the first quarter was less bad than previously thought. Consumer spending in the first quarter rose 2.5 percent, which is encouragingly in tandem with savings rates. Increased consumer spending means more demand for goods and labor; increased savings rates means more resources for downpayments. With rates still low, rents still rising and private job growth accelerating, it's becoming more and more difficult to side with the housing perma-bears.

- 10.5%Year-Over-Year(YoY) Change inClosed Sales

Condominium Only

- 6.0%Year-Over-Year(YoY) Change inClosed SalesAll Properties

Single-Family Market Overview

Condominium Market Overview

Closed Sales

Median Sales Price

Page 2: July 2014 Greater Boston Real Estate Market Trends Report

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 Jul-2013 Jul-2014 + / – YTD 2013 YTD 2014 + / –

6,064 - 6.3%

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. | Click for Cover Page | 2

New Listings 1,114 1,197 + 7.5% 9,789 9,901 + 1.1%

Closed Sales 1,489 1,455 - 2.3% 6,471

$534,150 + 7.4%

47

83 80

64

-- -- --

2,878 2,784

1.9 - 1.0%

$550,000 + 3.2% $497,250

75

Housing Affordability Index

Inventory of Homes for Sale

Months Supply of Inventory 1.9

$532,750

Pending Sales

Median Sales Price

- 5.3%7,189972 1,034 + 6.4% 7,588

- 3.3% -- --

- 3.6% 89 82 - 7.3%

--

97.0% 98.1%

- 13.8%

+ 1.1%Percent of OriginalList Price Received

Days on Market Until Sale

98.1%

+ 10.8%

+ 0.5%

52

98.6%

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

Page 3: July 2014 Greater Boston Real Estate Market Trends Report

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

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

- 7.3%

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. | Click for Cover Page | 3

New Listings 995 988 - 0.7% 8,607 7,982

+ 1.0%

Pending Sales 947 924 - 2.4% 7,088 6,629 - 6.5%

Percent of OriginalList Price Received

99.9% 100.1% + 0.2% 98.8% 99.8%

--

Days on Market Until Sale 38 49 + 28.0% 57 54 - 4.7%

Months Supply of Inventory 1.5 1.3 - 15.2% -- --

- 7.8%

Inventory of Homes for Sale 1,876 1,425 - 24.0% -- -- --

Housing Affordability Index 110 102 - 7.3% 111 102

- 4.6%

Median Sales Price $400,500 $430,000 + 7.4% $400,000 $431,730 + 7.9%

Closed Sales 1,252 1,121 - 10.5% 5,949 5,675

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

Page 4: July 2014 Greater Boston Real Estate Market Trends Report

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Aug-2013 1,429 + 11.6% 1,277 + 6.2%

Sep-2013 919 + 22.4% 887 + 18.7%

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% 421 - 3.2%

Mar-2014 547 - 11.2% 646 + 2.9%

Apr-2014 676 - 11.9% 818 + 1.6%

May-2014 991 - 9.6% 936 - 12.4%

Jun-2014 1,417 - 4.3% 1,207 - 3.2%

Jul-2014 1,455 - 2.3% 1,121 - 10.5%

Total 10,959 - 0.2% 10,104 - 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. | Click for Cover Page | 4

1,261

1,037

1,489

1,252

1,455

1,121

Single-Family Condominium

July

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

-10.5% +20.7% +18.1%

2014 2013 2014 2013

6,109

5,457

6,471 5,949 6,064

5,675

Single-Family Condominium

Year to Date

-4.6% +9.0% +5.9%

2014 2013 2014 2013

-2.3% -6.3%

2012 2012 2012 2012

Page 5: July 2014 Greater Boston Real Estate Market Trends Report

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Aug-2013 $520,000 + 5.3% $416,000 + 9.5%

Sep-2013 $502,500 + 15.5% $410,000 + 9.3%

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% $400,000 + 14.3%

Mar-2014 $500,000 + 16.3% $436,500 + 7.8%

Apr-2014 $525,000 + 9.4% $420,000 + 8.4%

May-2014 $535,000 + 7.0% $435,000 + 6.1%

Jun-2014 $576,500 + 5.8% $450,000 + 7.1%

Jul-2014 $550,000 + 3.2% $430,000 + 7.4%

Median $520,000 + 8.3% $425,000 + 9.0%

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 | 5

$512,000

$387,000

$532,750

$400,500

$550,000

$430,000

Single-Family Condominium

July

$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

Historical Median Sales Price Single-Family Condominium

+7.4% +3.5% +4.1%

2014 2013 2014 2013

$464,000

$380,000

$497,250

$400,000

$534,150

$431,730

Single-Family Condominium

Year to Date

+7.9% +5.3% +7.2%

2014 2013 2014 2013

+3.2% +7.4%

2012 2012 2012 2012

Page 6: July 2014 Greater Boston Real Estate Market Trends Report

Housing Affordability Index

Single-FamilyYoY

ChangeCondominium

YoYChange

Aug-2013 84 - 10.6% 105 - 14.0%

Sep-2013 88 - 18.8% 108 - 14.2%

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 - 15.3%

Apr-2014 82 - 18.4% 102 - 17.6%

May-2014 83 - 11.2% 102 - 10.5%

Jun-2014 76 - 5.2% 98 - 6.4%

Jul-2014 80 - 3.6% 102 - 7.3%

Average 86 -13.5% 104 -14.1%

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. | Click for Cover Page | 6

91

120

83

110

80

102

Single-Family Condominium

July

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

-7.3% -8.3% -8.8%

100

123

89

111

82

102

Single-Family Condominium

Year to Date

-7.8% -9.8% -11.4%

2014 2013 2014 2013 2014 2013 2014 2013

-3.6% -7.3%

2012 2012 2012 2012

Page 7: July 2014 Greater Boston Real Estate Market Trends Report

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

Aug-2013 2,770 - 23.1% 1,766 - 27.2%

Sep-2013 3,016 - 19.9% 1,985 - 21.5%

Oct-2013 2,913 - 16.3% 1,918 - 17.5%

Nov-2013 2,470 - 17.3% 1,615 - 19.5%

Dec-2013 1,916 - 16.6% 1,300 - 14.8%

Jan-2014 1,899 - 17.3% 1,300 - 18.0%

Feb-2014 2,035 - 15.3% 1,375 - 19.2%

Mar-2014 2,229 - 6.3% 1,451 - 16.5%

Apr-2014 2,650 - 4.4% 1,618 - 18.3%

May-2014 3,049 + 0.1% 1,740 - 16.3%

Jun-2014 3,010 - 1.1% 1,624 - 20.3%

Jul-2014 2,784 - 3.3% 1,425 - 24.0%

Average 2,562 - 12.0% 1,593 - 19.7%

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. | Click for Cover Page | 7

3,818

2,741 2,878

1,876

2,784

1,425

Single-Family Condominium

July

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

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

Historical Inventory of Homes for Sale Single-Family Condominium

-24.0% -31.6% -24.6%

2014 2013 2014 2013

-3.3%

2012 2012

Page 8: July 2014 Greater Boston Real Estate Market Trends Report

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

Aug-2013 1.9 - 31.1% 1.4 - 31.5%

Sep-2013 3.3 - 34.6% 2.2 - 33.9%

Oct-2013 3.4 - 24.3% 2.5 - 23.2%

Nov-2013 3.1 - 6.6% 2.3 - 14.6%

Dec-2013 2.1 - 24.6% 1.6 - 17.4%

Jan-2014 3.3 - 13.3% 2.5 - 19.9%

Feb-2014 5.0 - 11.8% 3.3 - 16.5%

Mar-2014 4.1 + 5.5% 2.2 - 18.8%

Apr-2014 3.9 + 8.4% 2.0 - 19.6%

May-2014 3.1 + 10.7% 1.9 - 4.5%

Jun-2014 2.1 + 3.4% 1.3 - 17.7%

Jul-2014 1.9 - 1.0% 1.3 - 15.2%

Average 2.7 - 17.1% 1.9 - 25.3%

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. | Click for Cover Page | 8

3.0

2.6

1.9

1.5

1.9

1.3

Single-Family Condominium

July

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

-15.2% -43.3% -36.2%

2014 2013 2014 2013

-1.0%

2012 2012

Page 9: July 2014 Greater Boston Real Estate Market Trends Report

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

Aug-2013 48 - 45.0% 40 - 47.1%

Sep-2013 57 - 36.1% 49 - 42.0%

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 - 8.6%

Apr-2014 82 - 12.3% 57 - 10.7%

May-2014 58 - 22.9% 48 - 5.4%

Jun-2014 54 - 3.9% 44 + 3.3%

Jul-2014 52 + 10.8% 49 + 28.0%

Total 62 - 23.9% 49 - 21.4%

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. | Click for Cover Page | 9

80

71

47

38

52 49

Single-Family Condominium

July

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

Historical Days on Market Until Sale Single-Family Condominium

+28.0% -46.2% -41.3%

104

91

75

57 64

54

Single-Family Condominium

Year to Date

-4.7% -37.5% -27.7%

2014 2013 2014 2013 2014 2013 2014 2013

+10.8% -13.8%

2012 2012 2012 2012

Page 10: July 2014 Greater Boston Real Estate Market Trends Report

Percent of Original List Price Received

Single-FamilyYoY

ChangeCondominium

YoYChange

Aug-2013 97.9% + 3.3% 99.7% + 3.5%

Sep-2013 97.3% + 3.0% 99.0% + 2.6%

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% 98.9% + 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% 100.9% + 1.2%

Jul-2014 98.6% + 0.5% 100.1% + 0.2%

Average 97.6% + 1.7% 99.4% + 1.7%

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. | Click for Cover Page | 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.

95.8% 96.6% 98.1% 99.9% 98.6% 100.1%

Single-Family Condominium

July

89%

91%

93%

95%

97%

99%

101%

103%

105%

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 Percent of Original List Price Received Single-Family Condominium

+0.2% +3.5% +2.4%

94.2% 95.5% 97.0% 98.8% 98.1% 99.8%

Single-Family Condominium

Year to Date

+1.0% +3.4% +3.0%

2014 2013 2014 2013 2014 2013 2014 2013

+0.5% +1.1%

2012 2012 2012 2012

Page 11: July 2014 Greater Boston Real Estate Market Trends Report

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

Aug-2013 887 + 15.3% 752 + 3.2%

Sep-2013 834 - 2.0% 782 + 6.8%

Oct-2013 934 + 7.6% 813 + 2.9%

Nov-2013 693 + 1.9% 629 + 6.3%

Dec-2013 468 - 6.6% 415 - 9.6%

Jan-2014 503 - 19.1% 600 - 8.5%

Feb-2014 648 - 7.4% 713 + 0.1%

Mar-2014 1,046 - 10.0% 1,000 - 13.9%

Apr-2014 1,248 - 9.5% 1,171 - 7.6%

May-2014 1,397 - 5.2% 1,092 - 13.1%

Jun-2014 1,313 + 2.7% 1,129 + 3.9%

Jul-2014 1,034 + 6.4% 924 - 2.4%

Total 11,005 - 2.2% 10,020 - 3.6%

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. | Click for Cover Page | 11

933

794

972 947 1,034

924

Single-Family Condominium

July

200

400

600

800

1,000

1,200

1,400

1,600

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 Pending Sales Activity Single-Family Condominium

-2.4% +19.3% +4.2%

7,112 6,488

7,588 7,088 7,189

6,629

Single-Family Condominium

Year to Date

-6.5% +9.2% +6.7%

2014 2013 2014 2013 2014 2013 2014 2013

+6.4% -5.3%

2012 2012 2012 2012

Page 12: July 2014 Greater Boston Real Estate Market Trends Report

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Aug-2013 1,029 + 5.9% 868 + 11.9%

Sep-2013 1,454 + 6.2% 1,253 + 11.0%

Oct-2013 1,219 + 18.8% 1,010 + 17.2%

Nov-2013 651 + 4.5% 553 + 0.2%

Dec-2013 396 + 13.1% 363 + 18.2%

Jan-2014 728 - 16.3% 741 - 17.8%

Feb-2014 927 - 5.8% 889 - 6.4%

Mar-2014 1,448 + 7.9% 1,217 - 9.4%

Apr-2014 1,876 - 5.9% 1,489 - 10.4%

May-2014 2,052 + 3.6% 1,410 - 8.0%

Jun-2014 1,673 + 11.2% 1,248 + 2.0%

Jul-2014 1,197 + 7.5% 988 - 0.7%

Total 14,650 + 3.7% 12,029 - 1.7%

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. | Click for Cover Page | 12

993 884

1,114

995

1,197

988

Single-Family Condominium

July

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2,750

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 New Listing Activity Single-Family Condominium

-0.7% +12.6% +12.2%

9,899

8,579

9,789

8,607

9,901

7,982

Single-Family Condominium

Year to Date

-7.3% +0.3% -1.1%

2014 2013 2014 2013 2014 2013 2014 2013

+7.5% +1.1%

2012 2012 2012 2012

Page 13: July 2014 Greater Boston Real Estate Market Trends Report

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 Jul-2013 Jul-2014 + / – YTD 2013 YTD 2014 + / –

- 8.3%

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. | Click for Cover Page | 13

New Listings 562 517 - 8.0% 4,819 4,419

+ 1.0%

Pending Sales 515 502 - 2.5% 3,889 3,606 - 7.3%

Percent of OriginalList Price Received

99.7% 99.9% + 0.2% 98.7% 99.7%

--

Days on Market Until Sale 34 43 + 28.4% 49 50 + 1.5%

Months Supply of Inventory 1.4 1.3 - 10.0% -- --

- 7.3%

Inventory of Homes for Sale 984 757 - 23.1% -- -- --

Housing Affordability Index 83 80 - 3.6% 89 82

- 4.3%

Median Sales Price $439,000 $459,000 + 4.6% $430,000 $475,000 + 10.5%

Closed Sales 695 594 - 14.5% 3,211 3,073

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014

7-2011 7-2012 7-2013 7-2014