May 2015 Greater Boston Real Estate Market Trends Report

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

May 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 June 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.

- 10.9%Year-Over-Year(YoY) Change inClosed Sales

Single-Family Only

The U.S. economy has been pretty even so far this year. Usually when new figures are released, they paint a pretty picture worthy of putting above the fireplace in that purchased new home. Recently, some numbers for the first quarter were adjusted to show a slight contraction in the economy. The initial response from Wall Street was unfavorable, but the correction itself is truly a mere blip. Nobody is predicting that the market will take a sudden turn.

New Listings in the Greater Boston region were up 4.3 percent for single-family homes and 9.3 percent for condominiums. Closed Sales decreased 10.9 percent for single-family homes and 6.6 percent for condominiums.

The Median Sales Price was up 3.4 percent to $480,000 for single-family properties and 9.4 percent to $456,900 for condominiums. Months Supply of Inventory decreased 5.7 percent for single-family units and 10.8 percent for townhouse-condo units.

One interesting effect of a weaker-than-expected economy is that the Federal Reserve does not seem ready to raise short-term interest rates during summer, as some had suggested might happen. New projections indicate that rates will remain the same until September at the earliest. The dominant storylines in housing are decidedly not negative these days. Instead, you're more likely to see top sales and luxury living highlighted than the woes of foreclosures and short sales.

- 6.6%Year-Over-Year(YoY) Change inClosed Sales

Condominium Only

- 9.0%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

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 May-2014 May-2015 + / – YTD 2014 YTD 2015 + / –

96.9% 96.9%

+ 10.2%

- 0.0%Percent of OriginalList Price Received

Days on Market Until Sale

98.2%

+ 8.6%

+ 0.6%

70

98.8%

Pending Sales

Median Sales Price

+ 5.4%6,0981,616 1,885 + 16.6% 5,786

- 16.0% -- --

+ 0.4% 102 101 - 0.9%

--


Inventory of Homes for Sale

Months Supply of Inventory 3.4

$464,250 + 4.8%

65

95 96

89

-- -- --

4,157 3,491

3.3 - 5.7%

$480,000 + 3.4% $435,000

80

3,865 - 4.1%

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. | 2

New Listings 2,479 2,585 + 4.3% 8,576 8,261 - 3.7%

Closed Sales 1,206 1,074 - 10.9% 4,031

$456,000

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

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


- 13.0%

Median Sales Price $417,500 $456,900 + 9.4% $407,750 $443,500 + 8.8%

Closed Sales 999 933 - 6.6% 3,576 3,111

- 4.5%

Inventory of Homes for Sale 2,036 1,696 - 16.7% -- -- --

Housing Affordability Index 106 100 - 5.1% 108 103

--

Days on Market Until Sale 51 46 - 10.0% 62 60 - 3.3%

Months Supply of Inventory 2.0 1.8 - 10.8% -- --

+ 0.4%

Pending Sales 1,128 1,351 + 19.8% 4,784 4,769 - 0.3%

Percent of OriginalList Price Received

100.6% 100.8% + 0.3% 99.0% 99.4%

- 2.4%


New Listings 1,477 1,615 + 9.3% 6,069 5,925

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Jun-2014 1,683 - 3.7% 1,269 - 2.4%

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% 810 - 3.0%

Jan-2015 742 + 1.4% 479 - 15.7%

Feb-2015 554 + 6.5% 448 - 0.4%

Mar-2015 711 0.0% 579 - 16.3%

Apr-2015 784 - 9.0% 672 - 22.5%

May-2015 1,074 - 10.9% 933 - 6.6%

Total 12,993 - 4.4% 9,901 - 8.9%


1,330

1,1131,206

9991,074

933

Single-Family Condominium

May

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

-6.6%-10.2%-9.3%

20152014 20152014

4,334

3,6344,031

3,5763,865

3,111


Year to Date

-13.0%-1.6%-7.0%

20152014 20152014

-10.9% -4.1%

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

Jun-2014 $510,000 + 5.2% $439,900 + 6.7%

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% $403,568 + 3.5%

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% $456,900 + 9.4%

Median $468,250 + 4.5% $425,000 + 6.0%


$437,500

$396,500

$464,250

$417,500

$480,000$456,900


May

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000

$600,000


Historical Median Sales Price Single-Family Condominium

+9.4%+5.3%+6.1%

20152014 20152014

$400,750$376,250

$435,000$407,750

$456,000$443,500


Year to Date

+8.8%+8.4%+8.5%

20152014 20152014

+3.4% +4.8%

2013 2013 2013 2013


Single-FamilyYoY

ChangeCondominium

YoYChange

Jun-2014 87 - 4.5% 100 - 5.9%

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% 114 + 2.8%

Mar-2015 105 + 3.5% 101 - 2.0%

Apr-2015 97 - 0.3% 104 - 3.8%

May-2015 96 + 0.4% 100 - 5.1%

Average 98 -2.3% 105 -3.7%

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.


106

117

95106

96100


May

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

-5.1%-9.8%-10.5%

116124

102108

101 103


Year to Date

-4.5%-12.3%-12.5%

20152014 20152014 20152014 20152014

+0.4% -0.9%

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

Jun-2014 4,221 + 5.0% 2,001 - 11.6%

Jul-2014 4,144 + 6.9% 1,919 - 8.4%

Aug-2014 4,005 + 5.0% 1,751 - 12.5%

Sep-2014 4,281 + 5.5% 1,943 - 12.8%

Oct-2014 4,155 + 6.9% 1,948 - 9.6%

Nov-2014 3,459 + 2.7% 1,626 - 11.3%

Dec-2014 2,723 + 1.2% 1,269 - 15.3%

Jan-2015 2,566 - 4.1% 1,274 - 15.5%

Feb-2015 2,332 - 17.4% 1,207 - 23.4%

Mar-2015 2,469 - 19.8% 1,326 - 21.1%

Apr-2015 3,130 - 12.9% 1,628 - 13.1%

May-2015 3,491 - 16.0% 1,696 - 16.7%

Average 3,415 - 2.5% 1,632 - 13.9%


4,012

2,320

4,157

2,036

3,491

1,696


May

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

-16.7%-12.2%+3.6%

20152014 20152014

-16.0%

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

Jun-2014 2.5 + 9.0% 1.6 - 9.4%

Jul-2014 2.4 + 8.5% 1.6 + 1.2%

Aug-2014 2.6 + 17.3% 1.5 + 2.7%

Sep-2014 4.0 + 12.6% 2.3 - 5.7%

Oct-2014 4.0 + 11.2% 2.3 - 15.5%

Nov-2014 3.6 + 11.4% 2.5 + 3.4%

Dec-2014 2.4 - 2.0% 1.6 - 12.7%

Jan-2015 3.5 - 5.4% 2.7 + 0.2%

Feb-2015 4.2 - 22.4% 2.7 - 23.1%

Mar-2015 3.5 - 19.8% 2.3 - 5.7%

Apr-2015 4.0 - 4.2% 2.4 + 12.1%

May-2015 3.3 - 5.7% 1.8 - 10.8%

Average 3.1 + 0.4% 1.9 - 10.1%


3.0

2.1

3.4

2.0

3.3

1.8


May

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

-10.8%-2.2%+14.3%

20152014 20152014

-5.7%

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

Jun-2014 59 - 1.6% 46 + 4.4%

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 - 3.0%

Jan-2015 90 + 10.7% 63 - 3.6%

Feb-2015 105 + 11.2% 78 - 2.8%

Mar-2015 100 + 13.0% 69 - 0.4%

Apr-2015 90 + 4.7% 59 + 0.6%

May-2015 70 + 8.6% 46 - 10.0%

Total 72 + 9.5% 52 + 5.0%


80

53

65

51

70

46


May

30

50

70

90

110

130

150

170


Historical Days on Market Until Sale Single-Family Condominium

-10.0%-3.0%-18.9%

99

7180

62

89

60


Year to Date

-3.3%-12.3%-18.9%

20152014 20152014 20152014 20152014

+8.6% +10.2%

2013 2013 2013 2013

Percent of Original List Price Received

Single-FamilyYoY

ChangeCondominium

YoYChange

Jun-2014 98.7% + 0.6% 100.7% + 1.1%

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% + 1.1%

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

Average 97.2% + 0.1% 99.4% + 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.

97.3% 99.4%98.2% 100.6%98.8% 100.8%


May

89%

91%

93%

95%

97%

99%

101%

103%

105%


Historical Percent of Original List Price Received Single-Family Condominium

+0.3%+1.2%+1.0%

95.5% 97.9%96.9% 99.0%96.9% 99.4%


Year to Date

+0.4%+1.2%+1.4%

20152014 20152014 20152014 20152014

+0.6% -0.0%

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

Jun-2014 1,516 - 1.3% 1,142 - 0.1%

Jul-2014 1,194 - 0.9% 929 - 7.1%

Aug-2014 996 - 9.5% 721 - 9.8%

Sep-2014 1,061 + 0.3% 836 + 2.5%

Oct-2014 1,179 + 3.4% 824 - 4.4%

Nov-2014 920 + 4.2% 655 - 2.4%

Dec-2014 656 + 10.3% 449 + 2.3%

Jan-2015 728 + 12.7% 561 - 11.2%

Feb-2015 677 - 14.7% 571 - 23.5%

Mar-2015 1,173 - 6.5% 991 - 5.9%

Apr-2015 1,635 + 10.8% 1,295 + 5.7%

May-2015 1,885 + 16.6% 1,351 + 19.8%

Total 13,620 + 2.4% 10,325 - 1.8%


1,753

1,322

1,616

1,128

1,885

1,351


May

200

400

600

800

1,000

1,200

1,400

1,600


Historical Pending Sales Activity Single-Family Condominium

+19.8%-14.7%-7.8%

6,423

5,2885,786

4,784

6,098

4,769


Year to Date

-0.3%-9.5%-9.9%

20152014 20152014 20152014 20152014

+16.6% +5.4%

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

Jun-2014 1,998 + 7.5% 1,324 + 2.3%

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 591 + 10.1% 395 + 0.3%

Jan-2015 894 - 4.6% 709 - 10.5%

Feb-2015 697 - 38.9% 617 - 33.4%

Mar-2015 1,549 - 12.8% 1,248 - 4.4%

Apr-2015 2,536 + 13.1% 1,736 + 10.7%

May-2015 2,585 + 4.3% 1,615 + 9.3%

Total 17,799 - 0.9% 12,440 - 2.4%


2,412

1,627

2,479

1,477

2,585

1,615


May

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

+9.3%-9.2%+2.8%

8,751

6,750

8,576

6,069

8,261

5,925


Year to Date

-2.4%-10.1%-2.0%

20152014 20152014 20152014 20152014

+4.3% -3.7%

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.


- 14.4%

Median Sales Price $470,000 $550,000 + 17.0% $475,000 $502,000 + 5.7%

Closed Sales 524 468 - 10.7% 1,823 1,561

- 0.9%

Inventory of Homes for Sale 1,035 863 - 16.6% -- -- --

Housing Affordability Index 95 96 + 0.4% 102 101

--

Days on Market Until Sale 47 40 - 14.9% 57 57 + 1.3%

Months Supply of Inventory 2.0 1.8 - 6.6% -- --

- 0.2%

Pending Sales 603 712 + 18.1% 2,459 2,461 + 0.1%

Percent of OriginalList Price Received

100.1% 101.1% + 1.0% 99.1% 98.9%

- 4.0%


New Listings 800 840 + 5.0% 3,201 3,074

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015

5-2012 5-2013 5-2014 5-2015