December 2014 Greater Boston Real Estate Market Trends Report

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

December 2014 Quick Facts

+ 1.3%Year-Over-Year(YoY) Change inClosed Sales

Single-Family Only

It has been another recovery year in 2014 but not the same as 2013. With a broad pattern of rising prices and stable to improving inventory, the market has shifted from being drastically undersupplied to approaching equilibrium. Price gains are still positive but less robust than last year. The metrics to watch in 2015 include days on market, percent of list price received and absorption rates, as these can offer deeper and more meaningful insights into the future direction of housing.

- 4.1%Year-Over-Year(YoY) Change inClosed Sales

Condominium Only

- 1.2%Year-Over-Year(YoY) Change inClosed SalesAll Properties

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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 January 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.

New Listings in the Greater Boston region were up 5.6 percent for detached homes but decreased 1.4 percent for condominiums. Closed Sales increased 1.3 percent for detached homes but decreased 4.1 percent for condominiums.

The Median Sales Price was up 3.8 percent to $519,000 for single-family properties and 4.7 percent to $440,000 for condominiums. Months Supply of Inventory decreased 13.3 percent for single-family units and 25.8 percent for townhouse-condo units.

Interest rates remained lower than anyone expected for the entire year. That trend snowballed with solid and accelerating private job growth to empower more consumers to buy homes. This coupled nicely on the governmental side with mortgage debt forgiveness and interest deduction preservation. Student loan debt, sluggish wage growth and a lack of sufficient mortgage liquidity still remain hurdles to greater recovery.

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 Dec-2013 Dec-2014 + / – YTD 2013 YTD 2014 + / –

Median Sales Price

- 12.2% -- --

- 3.2% 90 86 - 4.3%

--


Inventory of Homes for Sale

$500,000 + 5.0%

90 87

1,936 1,700

$519,000 + 3.8% $499,900

10,756 - 5.4%Closed Sales 900 912 + 1.3% 11,369

$525,000

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

97.0% 97.5%

- 4.0%

+ 0.5%Percent of OriginalList Price Received

Days on Market Until Sale

95.9%

+ 7.0%

- 0.5%

74

95.4%

Pending Sales - 3.2%11,025466 554 + 18.9% 11,394

Months Supply of Inventory 2.2

70 65

-- -- --1.9 - 13.3%

68

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 396 418 + 5.6% 14,538 14,651 + 0.8%

0 0 0 3 0

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

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


- 5.7%

Median Sales Price $420,400 $440,000 + 4.7% $405,000 $430,000 + 6.2%

Closed Sales 790 758 - 4.1% 10,378 9,791

- 5.4%

Inventory of Homes for Sale 1,321 940 - 28.8% -- -- --

Housing Affordability Index 107 102 - 4.0% 111 105

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

--

Days on Market Until Sale 55 52 - 5.3% 53 53 + 0.7%

Months Supply of Inventory 1.7 1.2 - 25.8% -- --

+ 0.6%

Pending Sales 413 452 + 9.4% 10,463 9,862 - 5.7%

Percent of OriginalList Price Received

98.0% 98.0% + 0.0% 98.9% 99.4%

- 6.3%


New Listings 362 357 - 1.4% 12,653 11,859

0 0 0 3 0

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Jan-2014 570 - 4.5% 527 + 2.5%

Feb-2014 409 - 3.8% 422 - 3.0%

Mar-2014 549 - 10.9% 647 + 3.0%

Apr-2014 678 - 11.6% 820 + 1.9%

May-2014 996 - 9.2% 940 - 12.0%

Jun-2014 1,421 - 4.1% 1,213 - 2.7%

Jul-2014 1,478 - 0.8% 1,139 - 9.0%

Aug-2014 1,288 - 9.9% 1,085 - 15.0%

Sep-2014 858 - 6.6% 825 - 7.0%

Oct-2014 833 - 2.7% 810 + 6.0%

Nov-2014 764 - 3.5% 605 - 14.9%

Dec-2014 912 + 1.3% 758 - 4.1%

814766

900

790

912

758

December

20142013 20142013

10,6219,638

11,36910,37810,756

9,791

Year to Date

20142013 201420132012 2012 2012 2012

Total 10,756 - 5.4% 9,791 - 5.7%


Single-Family Condominium

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

-4.1%+3.1%+10.6%

Single-Family Condominium-5.7%+7.7%+7.0%+1.3% -5.4%

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Jan-2014 $488,288 + 13.6% $419,500 + 13.6%

Feb-2014 $478,900 + 11.4% $400,018 + 14.3%

Mar-2014 $500,000 + 16.3% $435,000 + 7.4%

Apr-2014 $524,000 + 9.2% $420,000 + 8.4%

May-2014 $535,500 + 7.1% $433,250 + 5.7%

Jun-2014 $575,500 + 5.6% $450,000 + 7.1%

Jul-2014 $550,450 + 3.4% $430,000 + 7.4%

Aug-2014 $539,900 + 3.8% $429,900 + 3.3%

Sep-2014 $489,500 - 2.6% $430,000 + 4.9%

Oct-2014 $500,000 + 5.5% $411,250 - 1.3%

Nov-2014 $525,000 + 9.4% $435,000 + 6.0%

Dec-2014 $519,000 + 3.8% $440,000 + 4.7%

$470,000

$380,500

$500,000

$420,400

$519,000

$440,000

December

20142013 20142013

$460,000

$379,500

$499,900

$405,000

$525,000

$430,000

Year to Date

20142013 201420132012 2012 2012 2012

Median $525,000 + 5.0% $430,000 + 6.2%



$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000

$600,000


Historical Median Sales Price Single-Family Condominium

+4.7%+10.5%+6.4%

Single-Family Condominium+6.2%+6.7%+8.7%+3.8% +5.0%


Single-FamilyYoY

ChangeCondominium

YoYChange

Jan-2014 87 - 22.9% 101 - 22.9%

Feb-2014 90 - 18.5% 108 - 20.5%

Mar-2014 86 - 21.5% 99 - 15.0%

Apr-2014 82 - 18.2% 102 - 17.6%

May-2014 82 - 11.3% 102 - 10.1%

Jun-2014 77 - 4.9% 98 - 6.2%

Jul-2014 80 - 3.7% 102 - 7.3%

Aug-2014 82 - 2.5% 103 - 2.1%

Sep-2014 89 + 1.4% 102 - 5.8%

Oct-2014 89 - 4.8% 108 + 1.8%

Nov-2014 85 - 12.9% 103 - 10.1%

Dec-2014 87 - 3.2% 102 - 4.0%

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.

101

125

90

107

87

102

December

103

125

90

111

86

105

Year to Date

20142013 20142013 20142013 201420132012 2012 2012 2012

Average 85 -10.2% 103 -10.0%



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

-4.0%-14.8%-11.6%

Single-Family Condominium-5.4%-11.8%-13.4%-3.2% -4.3%

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

Jan-2014 1,924 - 16.2% 1,328 - 16.3%

Feb-2014 2,062 - 14.2% 1,408 - 17.4%

Mar-2014 2,265 - 4.9% 1,494 - 14.1%

Apr-2014 2,712 - 2.4% 1,680 - 15.4%

May-2014 3,153 + 3.3% 1,843 - 11.6%

Jun-2014 3,204 + 5.1% 1,795 - 12.3%

Jul-2014 3,121 + 8.2% 1,718 - 9.0%

Aug-2014 2,977 + 7.2% 1,550 - 12.8%

Sep-2014 3,212 + 6.2% 1,709 - 14.4%

Oct-2014 3,092 + 5.7% 1,708 - 11.6%

Nov-2014 2,425 - 2.4% 1,363 - 16.5%

Dec-2014 1,700 - 12.2% 940 - 28.8%

2,299

1,528

1,936

1,321

1,700

940

December

20142013 201420132012 2012

Average 2,654 - 0.4% 1,545 - 14.6%



1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000


Historical Inventory of Homes for Sale Single-Family Condominium

-28.8%-13.5%-15.8% -12.2%

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

Jan-2014 3.4 - 12.2% 2.5 - 18.4%

Feb-2014 5.0 - 10.9% 3.3 - 14.8%

Mar-2014 4.1 + 6.7% 2.3 - 16.6%

Apr-2014 4.0 + 10.4% 2.0 - 17.0%

May-2014 3.2 + 13.7% 2.0 + 0.4%

Jun-2014 2.3 + 9.6% 1.5 - 9.9%

Jul-2014 2.1 + 9.1% 1.5 + 0.1%

Aug-2014 2.3 + 19.0% 1.4 + 2.7%

Sep-2014 3.7 + 13.8% 2.1 - 8.0%

Oct-2014 3.7 + 8.6% 2.1 - 16.7%

Nov-2014 3.2 + 1.2% 2.3 - 1.9%

Dec-2014 1.9 - 13.3% 1.2 - 25.8%

2.8

2.02.2

1.71.9

1.2

December

20142013 201420132012 2012

Average 2.9 - 0.7% 1.8 - 15.2%



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

-25.8%-16.2%-23.8% -13.3%

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

Jan-2014 79 - 27.4% 63 - 28.9%

Feb-2014 90 - 18.8% 78 - 17.9%

Mar-2014 84 - 21.3% 65 - 8.4%

Apr-2014 82 - 12.1% 57 - 10.7%

May-2014 58 - 21.8% 49 - 5.0%

Jun-2014 54 - 3.8% 45 + 4.3%

Jul-2014 52 + 11.1% 49 + 28.1%

Aug-2014 55 + 14.6% 51 + 25.1%

Sep-2014 64 + 12.9% 52 + 5.7%

Oct-2014 66 + 13.2% 51 + 9.6%

Nov-2014 70 + 8.1% 54 + 5.9%

Dec-2014 74 + 7.0% 52 - 5.3%

97

84

70

55

74

52

December

98

87

68

53

65

53

Year to Date

20142013 20142013 20142013 201420132012 2012 2012 2012

Total 65 - 4.0% 51 + 1.6%



30

50

70

90

110

130

150

170


Historical Days on Market Until Sale Single-Family Condominium

-5.3%-34.1%-28.0%

Single-Family Condominium+0.7%-38.8%-30.8%+7.0% -4.0%

Percent of Original List Price Received

Single-FamilyYoY

ChangeCondominium

YoYChange

Jan-2014 95.8% + 2.1% 97.4% + 1.6%

Feb-2014 96.1% + 2.1% 98.1% + 1.5%

Mar-2014 97.1% + 2.0% 98.8% + 1.3%

Apr-2014 98.0% + 1.3% 99.6% + 0.8%

May-2014 98.7% + 0.9% 100.9% + 1.4%

Jun-2014 99.1% + 0.7% 100.8% + 1.2%

Jul-2014 98.5% + 0.5% 100.1% + 0.2%

Aug-2014 98.1% + 0.2% 100.1% + 0.5%

Sep-2014 96.7% - 0.6% 99.1% + 0.2%

Oct-2014 96.5% - 0.7% 98.6% - 0.2%

Nov-2014 96.6% + 0.3% 98.2% - 0.7%

Dec-2014 95.4% - 0.5% 98.0% + 0.0%

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.

94.2% 96.2%95.9% 98.0%95.4% 98.0%

December

94.4% 95.8%97.0% 98.9%97.5% 99.4%

Year to Date

20142013 20142013 20142013 201420132012 2012 2012 2012

Average 97.5% + 0.5% 99.4% + 0.6%



89%

91%

93%

95%

97%

99%

101%

103%

105%


Historical Percent of Original List Price Received Single-Family Condominium

+0.0%+1.9%+1.8%

Single-Family Condominium+0.6%+3.2%+2.8%-0.5% +0.5%

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

Jan-2014 500 - 19.6% 596 - 9.1%

Feb-2014 645 - 7.9% 710 - 0.3%

Mar-2014 1,042 - 10.3% 996 - 14.2%

Apr-2014 1,241 - 9.9% 1,164 - 7.9%

May-2014 1,375 - 6.7% 1,077 - 14.3%

Jun-2014 1,284 + 0.4% 1,096 + 0.9%

Jul-2014 966 - 0.5% 874 - 7.5%

Aug-2014 798 - 9.9% 680 - 9.6%

Sep-2014 868 + 4.3% 798 + 2.2%

Oct-2014 977 + 4.7% 775 - 4.3%

Nov-2014 775 + 11.8% 644 + 2.7%

Dec-2014 554 + 18.9% 452 + 9.4%

501459466

413

554

452

December

10,7809,789

11,39410,463

11,025

9,862

Year to Date

20142013 20142013 20142013 201420132012 2012 2012 2012

Total 11,025 - 3.2% 9,862 - 5.7%



200

400

600

800

1,000

1,200

1,400

1,600


Historical Pending Sales Activity Single-Family Condominium

+9.4%-10.0%-7.0%

Single-Family Condominium-5.7%+6.9%+5.7%+18.9% -3.2%

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Jan-2014 727 - 16.4% 742 - 17.7%

Feb-2014 925 - 6.0% 891 - 6.2%

Mar-2014 1,449 + 8.0% 1,216 - 9.5%

Apr-2014 1,876 - 6.0% 1,490 - 10.3%

May-2014 2,047 + 3.3% 1,413 - 7.8%

Jun-2014 1,666 + 10.8% 1,252 + 2.3%

Jul-2014 1,189 + 6.7% 998 + 0.3%

Aug-2014 984 - 4.4% 725 - 16.5%

Sep-2014 1,495 + 2.9% 1,195 - 4.6%

Oct-2014 1,265 + 3.7% 1,015 + 0.5%

Nov-2014 610 - 6.2% 565 + 2.2%

Dec-2014 418 + 5.6% 357 - 1.4%

350

307

396362

418

357

December

14,239

12,205

14,538

12,653

14,651

11,859

Year to Date

20142013 20142013 20142013 201420132012 2012 2012 2012

Total 14,651 + 0.8% 11,859 - 6.3%



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

-1.4%+17.9%+13.1%

Single-Family Condominium-6.3%+3.7%+2.1%+5.6% +0.8%

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


- 7.5%

Median Sales Price $449,000 $490,000 + 9.1% $439,000 $470,000 + 7.1%

Closed Sales 465 405 - 12.9% 5,696 5,270

- 4.3%

Inventory of Homes for Sale 685 535 - 21.9% -- -- --

Housing Affordability Index 90 87 - 3.2% 90 86

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

--

Days on Market Until Sale 57 51 - 10.7% 47 50 + 4.6%

Months Supply of Inventory 1.5 1.3 - 10.3% -- --

+ 0.6%

Pending Sales 231 262 + 13.4% 5,739 5,342 - 6.9%

Percent of OriginalList Price Received

97.2% 97.7% + 0.5% 98.6% 99.2%

- 7.4%


New Listings 212 196 - 7.5% 7,106 6,578

0 0 0 3 0

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014