june 2015 greater boston real estate market trends report

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

June 2015 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, 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.

+ 10.1%Year-Over-Year(YoY) Change inClosed Sales

Single-Family Only

The curtain closes and the first half of 2015 is a finished act. Monthly market analysis helps nudge the real estate story forward for a final bow. The orchestra (consumers) and conductor (the REALTOR®) are thanked. Metropolitan operas, er, markets across the country continue to improve and further perform at peaks not seen in years. Bad memories from that one lousy show known as the Great Recession are pushed even further into the past.

New Listings in the Greater Boston region were up 18.9 percent for single-family homes and 16.1 percent for condominiums. Closed Sales increased 10.1 percent for single-family homes and 6.9 percent for condominiums.

The Median Sales Price was up 3.2 percent to $526,328 for single-family properties and 4.5 percent to $459,900 for condominiums. Months Supply of Inventory decreased 22.1 percent for single-family units and 22.5 percent for townhouse-condo units.

Having six months of 2015 data in the books is great, but it is still just intermission at this halfway point of the year. Forecasting market trends can be as dicey as the weather, but with interest rates managing to remain low into the summer months, the outlook is promising, even if rates go up later in the year. Metrics like inventory and percent of list price received at sale are two of the better understudies to watch this year.

+ 6.9%Year-Over-Year(YoY) Change inClosed Sales

Condominium Only

+ 8.7%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

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-2014 Jun-2015 + / – YTD 2014 YTD 2015 + / –

97.4% 97.6%

+ 7.2%

+ 0.2%Percent of OriginalList Price Received

Days on Market Until Sale

98.7%

+ 2.0%

+ 0.5%

60

99.3%

Pending Sales

Median Sales Price

+ 8.7%7,9331,515 1,952 + 28.8% 7,300

- 14.2% -- --

- 1.1% 97 94 - 2.9%

--


Inventory of Homes for Sale

Months Supply of Inventory 2.5

$510,000 + 5.2%

59

87 86

79

-- -- --

4,224 3,624

2.0 - 22.1%

$526,328 + 3.2% $455,000

74

5,727 + 0.2%

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. | 2

New Listings 1,998 2,376 + 18.9% 10,574 10,632 + 0.5%

Closed Sales 1,683 1,853 + 10.1% 5,714

$478,500

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

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


- 7.5%

Median Sales Price $439,900 $459,900 + 4.5% $415,500 $447,670 + 7.7%

Closed Sales 1,269 1,356 + 6.9% 4,845 4,482

- 5.3%

Inventory of Homes for Sale 2,002 1,658 - 17.2% -- -- --

Housing Affordability Index 100 98 - 2.4% 106 101

--

Days on Market Until Sale 46 42 - 10.0% 58 55 - 5.7%

Months Supply of Inventory 1.6 1.2 - 22.5% -- --

+ 0.6%

Pending Sales 1,142 1,429 + 25.1% 5,926 6,135 + 3.5%

Percent of OriginalList Price Received

100.7% 101.6% + 0.9% 99.5% 100.1%

+ 1.1%


New Listings 1,324 1,537 + 16.1% 7,393 7,472

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Jul-2014 1,739 - 1.4% 1,196 - 9.5%

Aug-2014 1,516 - 10.5% 1,138 - 14.8%

Sep-2014 1,067 - 6.3% 862 - 7.5%

Oct-2014 1,047 - 3.9% 864 + 6.9%

Nov-2014 960 - 7.8% 651 - 14.2%

Dec-2014 1,116 + 3.2% 811 - 2.9%

Jan-2015 742 + 1.4% 479 - 15.7%

Feb-2015 554 + 6.5% 449 - 0.2%

Mar-2015 711 0.0% 579 - 16.3%

Apr-2015 785 - 8.9% 676 - 22.0%

May-2015 1,082 - 10.3% 943 - 5.6%

Jun-2015 1,853 + 10.1% 1,356 + 6.9%

Total 13,172 - 2.6% 10,004 - 7.7%


1,747

1,300

1,683

1,269

1,853

1,356

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 Jan-2015

Historical Closed Sales Activity Single-Family Condominium

+6.9%-2.4%-3.7%

20152014 20152014

6,081

4,934

5,714

4,845

5,727

4,482


Year to Date

-7.5%-1.8%-6.0%

20152014 20152014

+10.1% +0.2%

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

Jul-2014 $505,000 + 7.4% $419,000 + 7.4%

Aug-2014 $490,000 + 4.3% $419,000 + 3.5%

Sep-2014 $424,900 - 1.5% $414,500 + 4.9%

Oct-2014 $435,000 + 3.6% $394,500 - 0.5%

Nov-2014 $450,000 + 8.4% $415,000 + 5.1%

Dec-2014 $443,500 + 2.0% $425,000 + 4.9%

Jan-2015 $446,000 + 6.7% $442,000 + 10.7%

Feb-2015 $438,500 + 7.6% $407,135 + 4.4%

Mar-2015 $432,500 + 1.3% $449,000 + 6.9%

Apr-2015 $470,000 + 6.8% $439,250 + 10.6%

May-2015 $480,000 + 3.4% $455,100 + 9.0%

Jun-2015 $526,328 + 3.2% $459,900 + 4.5%

Median $470,000 + 4.4% $429,000 + 5.9%


$485,000

$412,250

$510,000

$439,900

$526,328

$459,900


June

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000

$600,000


Historical Median Sales Price Single-Family Condominium

+4.5%+6.7%+5.2%

20152014 20152014

$424,000

$387,500

$455,000

$415,500

$478,500$447,670


Year to Date

+7.7%+7.2%+7.3%

20152014 20152014

+3.2% +5.2%

2013 2013 2013 2013


Single-FamilyYoY

ChangeCondominium

YoYChange

Jul-2014 87 - 7.4% 105 - 7.4%

Aug-2014 90 - 2.9% 106 - 2.2%

Sep-2014 103 + 0.3% 106 - 5.9%

Oct-2014 102 - 3.0% 113 + 1.0%

Nov-2014 99 - 12.1% 108 - 9.3%

Dec-2014 101 - 1.4% 106 - 4.2%

Jan-2015 103 + 1.0% 104 - 2.6%

Feb-2015 105 - 1.2% 113 + 1.9%

Mar-2015 105 + 3.5% 101 - 2.0%

Apr-2015 97 - 0.3% 104 - 3.8%

May-2015 96 + 0.4% 101 - 4.7%

Jun-2015 86 - 1.1% 98 - 2.4%

Average 98 -2.0% 105 -3.5%

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.


91

107

87

100

86

98


June

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

-2.4%-5.9%-4.5%

104

113

97106

94101


Year to Date

-5.3%-6.3%-6.4%

20152014 20152014 20152014 20152014

-1.1% -2.9%

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

Jul-2014 4,149 + 7.0% 1,922 - 8.3%

Aug-2014 4,011 + 5.1% 1,754 - 12.3%

Sep-2014 4,288 + 5.7% 1,947 - 12.6%

Oct-2014 4,165 + 7.1% 1,952 - 9.5%

Nov-2014 3,477 + 3.2% 1,631 - 11.1%

Dec-2014 2,745 + 1.9% 1,277 - 14.8%

Jan-2015 2,597 - 3.0% 1,285 - 14.7%

Feb-2015 2,377 - 15.8% 1,221 - 22.5%

Mar-2015 2,529 - 17.9% 1,345 - 20.0%

Apr-2015 3,231 - 10.1% 1,684 - 10.1%

May-2015 3,675 - 11.7% 1,813 - 11.0%

Jun-2015 3,624 - 14.2% 1,658 - 17.2%

Average 3,406 - 3.3% 1,624 - 13.3%


4,022

2,263

4,224

2,002

3,624

1,658


June

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000


Historical Inventory of Homes for Sale Single-Family Condominium

-17.2%-11.5%+5.0%

20152014 20152014

-14.2%

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

Jul-2014 2.4 + 8.6% 1.6 + 1.4%

Aug-2014 2.6 + 17.5% 1.5 + 2.8%

Sep-2014 4.0 + 12.8% 2.3 - 5.5%

Oct-2014 4.0 + 11.4% 2.3 - 15.3%

Nov-2014 3.6 + 11.9% 2.5 + 3.7%

Dec-2014 2.5 - 1.3% 1.6 - 12.2%

Jan-2015 3.5 - 4.3% 2.7 + 1.1%

Feb-2015 4.3 - 21.0% 2.7 - 22.4%

Mar-2015 3.6 - 17.9% 2.3 - 4.4%

Apr-2015 4.1 - 1.3% 2.5 + 15.3%

May-2015 3.4 - 1.5% 1.9 - 5.7%

Jun-2015 2.0 - 22.1% 1.2 - 22.5%

Average 3.1 + 0.2% 1.9 - 8.5%


2.3

1.7

2.5

1.6

2.0

1.2


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 Jan-2015

Historical Months Supply of Inventory Single-Family Condominium

-22.5%-9.4%+9.0%

20152014 20152014

-22.1%

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

Jul-2014 56 + 12.9% 50 + 23.7%

Aug-2014 60 + 17.1% 52 + 22.9%

Sep-2014 67 + 5.4% 53 + 6.3%

Oct-2014 70 + 12.5% 53 + 10.0%

Nov-2014 75 + 6.8% 57 + 0.5%

Dec-2014 79 + 11.2% 55 - 2.9%

Jan-2015 90 + 10.7% 63 - 3.6%

Feb-2015 105 + 11.2% 78 - 2.2%

Mar-2015 100 + 13.0% 69 - 0.4%

Apr-2015 90 + 4.6% 59 + 1.1%

May-2015 71 + 8.9% 46 - 9.0%

Jun-2015 60 + 2.0% 42 - 10.0%

Total 72 + 9.6% 52 + 3.5%


60

44

59

46

60

42


June

30

50

70

90

110

130

150

170


Historical Days on Market Until Sale Single-Family Condominium

-10.0%+4.4%-1.6%

88

64

74

58

79

55


Year to Date

-5.7%-9.2%-15.7%

20152014 20152014 20152014 20152014

+2.0% +7.2%

2013 2013 2013 2013

Percent of Original List Price Received

Single-FamilyYoY

ChangeCondominium

YoYChange

Jul-2014 98.2% + 0.4% 99.8% + 0.1%

Aug-2014 97.8% + 0.1% 99.9% + 0.4%

Sep-2014 96.7% - 0.2% 99.0% + 0.2%

Oct-2014 96.5% - 0.4% 98.5% - 0.1%

Nov-2014 96.3% + 0.2% 98.2% - 0.4%

Dec-2014 95.3% - 0.6% 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% - 0.2%

Apr-2015 97.2% - 0.2% 100.4% + 1.0%

May-2015 98.8% + 0.6% 100.8% + 0.3%

Jun-2015 99.3% + 0.5% 101.6% + 0.9%

Average 97.2% + 0.1% 99.5% + 0.3%


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.

98.1% 99.6%98.7% 100.7%99.3% 101.6%


June

89%

91%

93%

95%

97%

99%

101%

103%

105%


Historical Percent of Original List Price Received Single-Family Condominium

+0.9%+1.1%+0.6%

96.3% 98.3%97.4% 99.5%97.6% 100.1%


Year to Date

+0.6%+1.2%+1.2%

20152014 20152014 20152014 20152014

+0.5% +0.2%

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

Jul-2014 1,192 - 1.1% 928 - 7.2%

Aug-2014 996 - 9.5% 721 - 9.8%

Sep-2014 1,060 + 0.2% 836 + 2.5%

Oct-2014 1,177 + 3.3% 824 - 4.4%

Nov-2014 917 + 4.0% 655 - 2.4%

Dec-2014 655 + 10.1% 448 + 2.1%

Jan-2015 723 + 11.9% 560 - 11.4%

Feb-2015 671 - 15.5% 571 - 23.5%

Mar-2015 1,165 - 7.2% 990 - 6.0%

Apr-2015 1,603 + 8.7% 1,279 + 4.4%

May-2015 1,819 + 12.6% 1,306 + 15.8%

Jun-2015 1,952 + 28.8% 1,429 + 25.1%

Total 13,930 + 4.9% 10,547 + 0.3%


1,536

1,143

1,515

1,142

1,952

1,429


June

200

400

600

800

1,000

1,200

1,400

1,600


Historical Pending Sales Activity Single-Family Condominium

+25.1%-0.1%-1.4%

7,959

6,431

7,300

5,926

7,933

6,135


Year to Date

+3.5%-7.9%-8.3%

20152014 20152014 20152014 20152014

+28.8% +8.7%

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

Jul-2014 1,499 + 1.4% 1,063 + 1.1%

Aug-2014 1,267 - 7.2% 777 - 18.0%

Sep-2014 1,839 + 2.2% 1,277 - 3.0%

Oct-2014 1,548 + 5.4% 1,080 + 0.2%

Nov-2014 796 - 9.9% 599 + 0.3%

Dec-2014 590 + 9.9% 396 + 0.5%

Jan-2015 894 - 4.6% 709 - 10.5%

Feb-2015 697 - 38.9% 617 - 33.4%

Mar-2015 1,547 - 12.9% 1,250 - 4.2%

Apr-2015 2,532 + 12.9% 1,740 + 11.0%

May-2015 2,586 + 4.3% 1,619 + 9.6%

Jun-2015 2,376 + 18.9% 1,537 + 16.1%

Total 18,171 + 0.4% 12,664 - 0.9%


1,858

1,294

1,998

1,324

2,376

1,537


June

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2,750


Historical New Listing Activity Single-Family Condominium

+16.1%+2.3%+7.5%

10,609

8,044

10,574

7,393

10,632

7,472


Year to Date

+1.1%-8.1%-0.3%

20152014 20152014 20152014 20152014

+18.9% +0.5%

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.


- 8.2%

Median Sales Price $488,500 $518,750 + 6.2% $480,000 $510,000 + 6.3%

Closed Sales 667 717 + 7.5% 2,490 2,285

- 2.9%

Inventory of Homes for Sale 1,004 815 - 18.8% -- -- --

Housing Affordability Index 87 86 - 1.1% 97 94

--

Days on Market Until Sale 38 37 - 3.3% 52 51 - 1.1%

Months Supply of Inventory 1.5 1.1 - 24.5% -- --

+ 0.2%

Pending Sales 608 722 + 18.8% 3,067 3,145 + 2.5%

Percent of OriginalList Price Received

100.9% 101.6% + 0.7% 99.6% 99.8%

- 1.8%


New Listings 698 754 + 8.0% 3,899 3,828

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

6-2012 6-2013 6-2014 6-2015

june 2015 greater boston real estate market trends report

Real Estate

percent of list price

closed sales condominium

singlefamily homes

sales new listings

market activity

market trends

year yoy change

singlefamily properties