june 2014 greater boston real estate market trends report
DESCRIPTION
Here’s June 2014’s Monthly Indicators report from the Greater Boston Association of Realtors®. Boston Real Estate Market Trends Low interest rates and improving job market kept buyer demand high, but shortage of homes for sale resulted in a drop of closed sales in June 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 June was a positive sign that sellers are starting to enter the market. • June single-family home sales – Down 1.5% over last year June Single-family median prices were UP 4.0% to $365,000. 21 straight months of increases • June condo sales Down 1.1% and median prices UP 3.1% ($330,000) – all-time high • Inventory in June Down 6.9% to 22,688 and Condominiums Down 20.0% to 5,538 • SF listings added to the market in June Up 13.2% over last year. (8,418 from 7,438 in 2013) • Condo listings added to the market UP 4.1% over last year. (2,687 from 2,582 in 2013)TRANSCRIPT
Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®
June 2014 Quick Facts
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Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of July 16, 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.
- 5.2%Year-Over-Year(YoY) Change inClosed Sales
Single-Family Only
Housing seemed to have a slow start to the spring selling season, but appearances deceive. Dig into that spring soil and you begin to unearth differences in individual areas and market segments. Inventory is slowly rising in some areas. Activity is picking up in the upper price tiers. Rents continue to climb in most metros. And interest rates are generally lower than a year ago, to the surprise of some and the delight of others.
New Listings in the Greater Boston region were up 11.4 percent for detached homes and 1.9 percent for condominiums. Closed Sales decreased 5.2 percent for detached homes and 4.7 percent for condominiums.
The Median Sales Price was up 5.8 percent to $576,500 for single-family properties and 7.1 percent to $450,000 for condominiums. Months Supply of Inventory decreased 0.1 percent for single-family units and 21.6 percent for townhouse-condo units.
Housing is one part of a broader ecosystem that thrives on a strong economy that churns out good jobs. First-quarter employment figures were adequate but not thrilling, but second-quarter numbers figure to be more positive. Access to mortgage capital remains an ongoing concern. As cash and investor deals fade, first-time buyers typically step to the forefront, but tight credit can and has been a real hurdle.
- 4.7%Year-Over-Year(YoY) Change inClosed Sales
Condominium Only
- 5.0%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
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
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 Jun-2013 Jun-2014 + / – YTD 2013 YTD 2014 + / –
96.7% 97.9%
- 17.8%
+ 1.3%Percent of OriginalList Price Received
Days on Market Until Sale
98.4%
- 3.6%
+ 0.7%
54
99.1%
Pending Sales
Median Sales Price
- 5.9%6,2281,279 1,351 + 5.6% 6,620
- 5.3% -- --
- 5.2% 91 84 - 7.7%
--
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory 2.1
$545,000 + 8.6%
56
81 76
68
-- -- --
3,041 2,879
2.1 - 0.1%
$576,500 + 5.8% $485,000
83
4,592 - 7.8%
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. | Click for Cover Page | 2
New Listings 1,504 1,675 + 11.4% 8,676 8,705 + 0.3%
Closed Sales 1,481 1,404 - 5.2% 4,982
$526,750
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
Condominium Market Overview Key market metrics for the current month and year-to-date figures for Condominium Properties Only.
Key Metrics Historical Sparklines Jun-2013 Jun-2014 + / – YTD 2013 YTD 2014 + / –
- 3.5%
Median Sales Price $420,000 $450,000 + 7.1% $399,900 $431,740 + 8.0%
Closed Sales 1,247 1,188 - 4.7% 4,697 4,533
- 7.1%
Inventory of Homes for Sale 2,037 1,522 - 25.3% -- -- --
Housing Affordability Index 105 98 - 6.4% 110 102
--
Days on Market Until Sale 43 44 + 2.3% 62 56 - 10.3%
Months Supply of Inventory 1.6 1.3 - 21.6% -- --
+ 1.2%
Pending Sales 1,088 1,171 + 7.6% 6,142 5,766 - 6.1%
Percent of OriginalList Price Received
99.7% 100.9% + 1.2% 98.5% 99.7%
- 8.1%
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 1,224 1,247 + 1.9% 7,612 6,993
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
Closed Sales A count of the actual sales that have closed in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Jul-2013 1,488 + 18.0% 1,252 + 20.7%
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 546 - 11.4% 646 + 2.9%
Apr-2014 675 - 12.0% 818 + 1.6%
May-2014 989 - 9.8% 934 - 12.5%
Jun-2014 1,404 - 5.2% 1,188 - 4.7%
Total 10,975 + 2.0% 10,214 + 3.0%
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 | 4
1,497
1,259
1,481
1,247
1,404
1,188
Single-Family Condominium
June
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
-4.7% -1.0% -1.1%
2014 2013 2014 2013
4,848 4,420
4,982 4,697 4,592 4,533
Single-Family Condominium
Year to Date
-3.5% +6.3% +2.8%
2014 2013 2014 2013
-5.2% -7.8%
2012 2012 2012 2012
Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Jul-2013 $533,000 + 4.1% $400,500 + 3.5%
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 $499,950 + 16.2% $436,500 + 7.8%
Apr-2014 $525,000 + 9.4% $420,000 + 8.4%
May-2014 $532,000 + 6.4% $433,750 + 5.8%
Jun-2014 $576,500 + 5.8% $450,000 + 7.1%
Median $518,000 + 8.4% $420,000 + 8.0%
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
$504,000
$400,000
$545,000
$420,000
$576,500
$450,000
Single-Family Condominium
June
$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
+7.1% +5.0% +8.1%
2014 2013 2014 2013
$450,250
$376,679
$485,000
$399,900
$526,750
$431,740
Single-Family Condominium
Year to Date
+8.0% +6.2% +7.7%
2014 2013 2014 2013
+5.8% +8.6%
2012 2012 2012 2012
Housing Affordability Index
Single-FamilyYoY
ChangeCondominium
YoYChange
Jul-2013 83 - 8.8% 110 - 8.3%
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 - 10.7% 102 - 10.2%
Jun-2014 76 - 5.2% 98 - 6.4%
Average 87 -13.9% 105 -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
115
81
105
76
98
Single-Family Condominium
June
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
-6.4% -9.1% -11.7%
102
122
91
110
84
102
Single-Family Condominium
Year to Date
-7.1% -10.1% -11.4%
2014 2013 2014 2013 2014 2013 2014 2013
-5.2% -7.7%
2012 2012 2012 2012
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
Jul-2013 2,875 - 24.7% 1,875 - 31.6%
Aug-2013 2,767 - 23.2% 1,762 - 27.3%
Sep-2013 3,012 - 20.0% 1,981 - 21.6%
Oct-2013 2,907 - 16.4% 1,914 - 17.6%
Nov-2013 2,460 - 17.6% 1,611 - 19.7%
Dec-2013 1,903 - 17.2% 1,297 - 15.0%
Jan-2014 1,884 - 17.9% 1,296 - 18.2%
Feb-2014 2,015 - 16.1% 1,368 - 19.6%
Mar-2014 2,202 - 7.4% 1,440 - 17.1%
Apr-2014 2,602 - 6.1% 1,601 - 19.1%
May-2014 2,970 - 2.5% 1,697 - 18.4%
Jun-2014 2,879 - 5.3% 1,522 - 25.3%
Average 2,540 - 15.1% 1,614 - 21.5%
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. | Click for Cover Page | 7
4,133
2,970 3,041
2,037
2,879
1,522
Single-Family Condominium
June
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
-25.3% -31.4% -26.4%
2014 2013 2014 2013
-5.3%
2012 2012
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
Jul-2013 1.9 - 36.2% 1.5 - 43.3%
Aug-2013 1.9 - 31.2% 1.4 - 31.6%
Sep-2013 3.3 - 34.6% 2.2 - 34.0%
Oct-2013 3.4 - 24.4% 2.5 - 23.4%
Nov-2013 3.1 - 7.0% 2.3 - 14.8%
Dec-2013 2.1 - 25.1% 1.6 - 17.6%
Jan-2014 3.3 - 14.0% 2.5 - 20.1%
Feb-2014 4.9 - 12.6% 3.2 - 17.0%
Mar-2014 4.0 + 4.5% 2.2 - 19.4%
Apr-2014 3.9 + 6.7% 2.0 - 20.4%
May-2014 3.0 + 8.1% 1.8 - 6.7%
Jun-2014 2.1 - 0.1% 1.3 - 21.6%
Average 2.7 - 20.8% 1.9 - 28.0%
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 | 8
2.8
2.4
2.1
1.6
2.1
1.3
Single-Family Condominium
June
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
-21.6% -30.8% -25.6%
2014 2013 2014 2013
-0.1%
2012 2012
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
Jul-2013 47 - 41.6% 38 - 46.2%
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 82 - 23.1% 65 - 8.6%
Apr-2014 81 - 12.5% 57 - 10.7%
May-2014 57 - 23.1% 48 - 5.2%
Jun-2014 54 - 3.6% 44 + 2.3%
Total 61 - 28.8% 48 - 27.6%
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 | 9
90
74
56
43
54
44
Single-Family Condominium
June
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
+2.3% -42.4% -37.8%
110
96
83
62 68
56
Single-Family Condominium
Year to Date
-10.3% -35.3% -24.2%
2014 2013 2014 2013 2014 2013 2014 2013
-3.6% -17.8%
2012 2012 2012 2012
Percent of Original List Price Received
Single-FamilyYoY
ChangeCondominium
YoYChange
Jul-2013 98.1% + 2.4% 99.9% + 3.5%
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 98.1% + 1.4% 99.7% + 0.9%
May-2014 98.7% + 0.9% 100.9% + 1.4%
Jun-2014 99.1% + 0.7% 100.9% + 1.2%
Average 97.6% + 2.0% 99.4% + 2.1%
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.
95.3% 96.4% 98.4% 99.7% 99.1% 100.9%
Single-Family Condominium
June
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
+1.2% +3.5% +3.3%
93.8% 95.3% 96.7% 98.5% 97.9% 99.7%
Single-Family Condominium
Year to Date
+1.2% +3.4% +3.1%
2014 2013 2014 2013 2014 2013 2014 2013
+0.7% +1.3%
2012 2012 2012 2012
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
Jul-2013 973 + 4.3% 947 + 19.3%
Aug-2013 887 + 15.3% 754 + 3.4%
Sep-2013 834 - 2.1% 782 + 6.8%
Oct-2013 935 + 7.7% 813 + 2.9%
Nov-2013 693 + 1.9% 630 + 6.4%
Dec-2013 468 - 6.6% 415 - 9.6%
Jan-2014 506 - 18.6% 601 - 8.4%
Feb-2014 650 - 7.4% 713 + 0.1%
Mar-2014 1,050 - 9.7% 1,001 - 13.9%
Apr-2014 1,258 - 8.8% 1,174 - 7.4%
May-2014 1,413 - 4.1% 1,106 - 11.9%
Jun-2014 1,351 + 5.6% 1,171 + 7.6%
Total 11,018 - 1.8% 10,107 - 1.3%
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 | 11
1,173
991
1,279
1,088
1,351
1,171
Single-Family Condominium
June
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
+7.6% +9.8% +9.0%
6,179 5,694
6,620 6,142 6,228
5,766
Single-Family Condominium
Year to Date
-6.1% +7.9% +7.1%
2014 2013 2014 2013 2014 2013 2014 2013
+5.6% -5.9%
2012 2012 2012 2012
New Listings A count of the properties that have been newly listed on the market in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Jul-2013 1,114 + 12.2% 995 + 12.6%
Aug-2013 1,029 + 5.9% 868 + 11.9%
Sep-2013 1,454 + 6.2% 1,253 + 11.0%
Oct-2013 1,218 + 18.7% 1,010 + 17.2%
Nov-2013 651 + 4.5% 554 + 0.4%
Dec-2013 395 + 12.9% 364 + 18.6%
Jan-2014 728 - 16.3% 741 - 17.8%
Feb-2014 927 - 5.8% 889 - 6.4%
Mar-2014 1,449 + 8.0% 1,216 - 9.5%
Apr-2014 1,873 - 6.1% 1,490 - 10.3%
May-2014 2,053 + 3.6% 1,410 - 8.0%
Jun-2014 1,675 + 11.4% 1,247 + 1.9%
Total 14,566 + 4.0% 12,037 - 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. | Click for Cover Page | 12
1,307
1,133
1,504
1,224
1,675
1,247
Single-Family Condominium
June
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
+1.9% +8.0% +15.1%
8,906
7,695
8,676
7,612
8,705
6,993
Single-Family Condominium
Year to Date
-8.1% -1.1% -2.6%
2014 2013 2014 2013 2014 2013 2014 2013
+11.4% +0.3%
2012 2012 2012 2012
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 Jun-2013 Jun-2014 + / – YTD 2013 YTD 2014 + / –
- 2.0%
Median Sales Price $448,000 $489,000 + 9.2% $429,950 $481,000 + 11.9%
Closed Sales 666 651 - 2.3% 2,516 2,466
- 7.7%
Inventory of Homes for Sale 1,058 850 - 19.7% -- -- --
Housing Affordability Index 81 76 - 5.2% 91 84
--
Days on Market Until Sale 36 38 + 5.4% 53 52 - 3.6%
Months Supply of Inventory 1.6 1.3 - 17.8% -- --
+ 1.2%
Pending Sales 617 649 + 5.2% 3,375 3,137 - 7.1%
Percent of OriginalList Price Received
99.4% 100.9% + 1.5% 98.4% 99.6%
- 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 691 700 + 1.3% 4,257 3,902
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014
6-2011 6-2012 6-2013 6-2014