November 2014 Greater Boston Real Estate Market Trends Report

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

November 2014 Quick Facts

- 4.3%

Year-Over-Year(YoY) Change inClosed Sales

Single-Family Only

With 2015 near, some are pontificating about a potential change in interest rates. With virtually no inflation, rates will likely remain low for most of 2015 but could flirt with 5.0 percent toward the end of next year. Construction permits and housing starts have upward momentum, which is news in some areas but familiar in others. Prices should continue their ascent but at a tempered pace compared to recent years, which helps preserve affordability for first-time buyers.

- 15.3%Year-Over-Year(YoY) Change inClosed Sales

Condominium Only

- 9.5%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 December 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.

New Listings in the Greater Boston region were down 5.7 percent for detached homes but increased 1.8 percent for condominiums. Closed Sales decreased 4.3 percent for detached homes and 15.3 percent for condominiums.

The Median Sales Price was up 9.4 percent to $525,000 for single-family properties and 6.1 percent to $435,500 for condominiums. Months Supply of Inventory decreased 4.7 percent for single-family units and 11.9 percent for townhouse-condo units.

It has largely been another recovery year in 2014, yet mortgage credit and student debt remain obstacles even as the U.S. leads the global economy toward recovery. As this recovery matures, many metrics are approaching a healthy balancing point. Rates have remained much lower than most forecasters expected, and inventory levels finally started rising in most areas as sellers generally listed more properties as a result of stronger prices. Job growth should continue and wage growth is expected to pick up.

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 Nov-2013 Nov-2014 + / – YTD 2013 YTD 2014 + / –

Median Sales Price

- 8.8% -- --

- 12.9% 94 85 - 9.5%

--


Inventory of Homes for Sale

$480,000 + 5.2%

98 85

2,483 2,265

$525,000 + 9.4% $499,900

9,833 - 6.1%Closed Sales 792 758 - 4.3% 10,469

$526,000

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

97.1% 97.7%

- 5.2%

+ 0.6%Percent of OriginalList Price Received

Days on Market Until Sale

96.3%

+ 8.2%

+ 0.3%

70

96.5%

Pending Sales - 3.7%10,526693 799 + 15.3% 10,929

Months Supply of Inventory 3.1

65 64

-- -- --3.0 - 4.7%

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 650 613 - 5.7% 14,142 14,247 + 0.7%

0 0 0 3 0

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

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


- 5.9%

Median Sales Price $410,500 $435,500 + 6.1% $405,000 $430,000 + 6.2%

Closed Sales 711 602 - 15.3% 9,588 9,025

- 10.3%

Inventory of Homes for Sale 1,628 1,215 - 25.4% -- -- --

Housing Affordability Index 114 102 - 10.2% 116 104

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

--

Days on Market Until Sale 51 54 + 5.6% 53 53 + 1.2%

Months Supply of Inventory 2.3 2.0 - 11.9% -- --

+ 0.6%

Pending Sales 627 667 + 6.4% 10,055 9,453 - 6.0%

Percent of OriginalList Price Received

98.9% 98.2% - 0.7% 98.9% 99.5%

- 6.5%


New Listings 553 563 + 1.8% 12,291 11,488

0 0 0 3 0

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Dec-2013 900 + 10.6% 790 + 3.1%

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 677 - 11.7% 820 + 1.9%

May-2014 995 - 9.3% 940 - 12.0%

Jun-2014 1,420 - 4.1% 1,213 - 2.7%

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

Aug-2014 1,288 - 9.9% 1,084 - 15.1%

Sep-2014 858 - 6.6% 823 - 7.2%

Oct-2014 831 - 2.9% 808 + 5.8%

Nov-2014 758 - 4.3% 602 - 15.3%

893

755792

711758

602

November

20142013 20142013

9,8078,872

10,4699,5889,833

9,025

Year to Date

20142013 201420132012 2012 2012 2012

Total 10,733 - 4.9% 9,815 - 5.2%


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

-15.3%-5.8%-11.3%

Single-Family Condominium-5.9%+8.1%+6.8%-4.3% -6.1%

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Dec-2013 $500,000 + 6.4% $420,400 + 10.5%

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 $524,500 + 9.3% $420,000 + 8.4%

May-2014 $535,000 + 7.0% $433,250 + 5.7%

Jun-2014 $576,000 + 5.7% $450,000 + 7.1%

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

Aug-2014 $539,900 + 3.8% $429,916 + 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% $435,500 + 6.1%

$450,000

$380,000

$480,000

$410,500

$525,000

$435,500

November

20142013 20142013

$460,000

$379,000

$499,900

$405,000

$526,000

$430,000

Year to Date

20142013 201420132012 2012 2012 2012

Median $525,000 + 6.1% $429,900 + 7.2%



$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000

$600,000


Historical Median Sales Price Single-Family Condominium

+6.1%+8.0%+6.7%

Single-Family Condominium+6.2%+6.9%+8.7%+9.4% +5.2%


Single-FamilyYoY

ChangeCondominium

YoYChange

Dec-2013 90 - 11.6% 107 - 14.8%

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 - 18.3% 102 - 17.6%

May-2014 83 - 11.2% 102 - 10.1%

Jun-2014 77 - 5.0% 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% 102 - 10.2%

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.

105

124

98

114

85

102

November

103

125

94

116

85

104

Year to Date

20142013 20142013 20142013 201420132012 2012 2012 2012

Average 85 -10.9% 103 -10.9%



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

-10.2%-8.1%-6.9%

Single-Family Condominium-10.3%-7.1%-8.7%-12.9% -9.5%

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

Dec-2013 1,934 - 15.9% 1,314 - 14.0%

Jan-2014 1,921 - 16.3% 1,321 - 16.8%

Feb-2014 2,059 - 14.4% 1,400 - 17.8%

Mar-2014 2,261 - 5.0% 1,483 - 14.7%

Apr-2014 2,706 - 2.6% 1,666 - 16.1%

May-2014 3,142 + 2.9% 1,826 - 12.4%

Jun-2014 3,188 + 4.6% 1,776 - 13.1%

Jul-2014 3,094 + 7.3% 1,691 - 10.1%

Aug-2014 2,939 + 5.9% 1,511 - 14.7%

Sep-2014 3,151 + 4.2% 1,652 - 17.1%

Oct-2014 2,991 + 2.3% 1,611 - 16.4%

Nov-2014 2,265 - 8.8% 1,215 - 25.4%

2,987

2,009

2,483

1,628

2,265

1,215

November

20142013 201420132012 2012

Average 2,638 - 2.1% 1,539 - 15.6%



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

-25.4%-19.0%-16.9% -8.8%

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

Dec-2013 2.1 - 23.9% 1.7 - 16.6%

Jan-2014 3.4 - 12.4% 2.5 - 18.8%

Feb-2014 5.0 - 11.0% 3.3 - 15.3%

Mar-2014 4.1 + 6.5% 2.3 - 17.2%

Apr-2014 4.0 + 10.3% 2.0 - 17.6%

May-2014 3.2 + 13.5% 1.9 - 0.5%

Jun-2014 2.2 + 9.1% 1.5 - 10.7%

Jul-2014 2.1 + 8.2% 1.5 - 1.2%

Aug-2014 2.3 + 17.5% 1.4 + 0.5%

Sep-2014 3.7 + 11.6% 2.0 - 10.6%

Oct-2014 3.6 + 5.4% 2.0 - 21.0%

Nov-2014 3.0 - 4.7% 2.0 - 11.9%

3.3

2.7

3.1

2.3

3.0

2.0

November

20142013 201420132012 2012

Average 2.9 - 3.1% 1.8 - 17.0%



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

-11.9%-13.9%-6.3% -4.7%

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

Dec-2013 70 - 28.0% 55 - 34.1%

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 81 - 12.3% 57 - 10.7%

May-2014 58 - 22.5% 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 + 25.2%

Sep-2014 64 + 12.9% 52 + 5.9%

Oct-2014 66 + 13.1% 51 + 9.6%

Nov-2014 70 + 8.2% 54 + 5.6%

89

77

65

51

70

54

November

98

87

68

53

64

53

Year to Date

20142013 20142013 20142013 201420132012 2012 2012 2012

Total 64 - 7.4% 52 - 1.4%



30

50

70

90

110

130

150

170


Historical Days on Market Until Sale Single-Family Condominium

+5.6%-33.6%-27.1%

Single-Family Condominium+1.2%-39.1%-31.0%+8.2% -5.2%

Percent of Original List Price Received

Single-FamilyYoY

ChangeCondominium

YoYChange

Dec-2013 95.9% + 1.8% 98.0% + 1.9%

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

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

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

Apr-2014 98.0% + 1.4% 99.6% + 0.8%

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

Jun-2014 99.2% + 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% - 0.6% 98.6% - 0.2%

Nov-2014 96.5% + 0.3% 98.2% - 0.7%

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.

94.7% 96.2%96.3% 98.9%96.5% 98.2%

November

94.4% 95.8%97.1% 98.9%97.7% 99.5%

Year to Date

20142013 20142013 20142013 201420132012 2012 2012 2012

Average 97.6% + 0.7% 99.4% + 0.7%



89%

91%

93%

95%

97%

99%

101%

103%

105%


Historical Percent of Original List Price Received Single-Family Condominium

-0.7%+2.8%+1.7%

Single-Family Condominium+0.6%+3.3%+2.9%+0.3% +0.6%

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

Dec-2013 466 - 7.0% 414 - 9.8%

Jan-2014 500 - 19.6% 596 - 9.1%

Feb-2014 646 - 7.7% 710 - 0.3%

Mar-2014 1,042 - 10.3% 997 - 14.2%

Apr-2014 1,241 - 9.9% 1,165 - 7.8%

May-2014 1,377 - 6.6% 1,079 - 14.1%

Jun-2014 1,285 + 0.5% 1,096 + 0.8%

Jul-2014 969 - 0.2% 875 - 7.6%

Aug-2014 801 - 9.6% 681 - 9.4%

Sep-2014 875 + 5.2% 802 + 2.7%

Oct-2014 991 + 6.2% 785 - 3.2%

Nov-2014 799 + 15.3% 667 + 6.4%

680

592

693627

799

667

November

10,2799,330

10,92910,055

10,526

9,453

Year to Date

20142013 20142013 20142013 201420132012 2012 2012 2012

Total 10,992 - 3.8% 9,867 - 6.2%



200

400

600

800

1,000

1,200

1,400

1,600


Historical Pending Sales Activity Single-Family Condominium

+6.4%+5.9%+1.9%

Single-Family Condominium-6.0%+7.8%+6.3%+15.3% -3.7%

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Dec-2013 396 + 13.1% 362 + 17.9%

Jan-2014 727 - 16.4% 742 - 17.7%

Feb-2014 926 - 5.9% 890 - 6.3%

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 1,190 + 6.8% 998 + 0.3%

Aug-2014 985 - 4.3% 724 - 16.6%

Sep-2014 1,498 + 3.1% 1,191 - 4.9%

Oct-2014 1,270 + 4.1% 1,009 - 0.1%

Nov-2014 613 - 5.7% 563 + 1.8%

623

552

650

553

613563

November

13,889

11,898

14,142

12,291

14,247

11,488

Year to Date

20142013 20142013 20142013 201420132012 2012 2012 2012

Total 14,643 + 1.0% 11,850 - 5.9%



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

+1.8%+0.2%+4.3%

Single-Family Condominium-6.5%+3.3%+1.8%-5.7% +0.7%

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


- 7.2%

Median Sales Price $450,000 $466,000 + 3.6% $437,000 $469,000 + 7.3%

Closed Sales 385 331 - 14.0% 5,231 4,855

- 9.5%

Inventory of Homes for Sale 863 712 - 17.5% -- -- --

Housing Affordability Index 98 85 - 12.9% 94 85

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

--

Days on Market Until Sale 49 57 + 15.0% 46 49 + 6.3%

Months Supply of Inventory 2.2 2.2 - 4.0% -- --

+ 0.6%

Pending Sales 353 365 + 3.4% 5,511 5,110 - 7.3%

Percent of OriginalList Price Received

98.3% 97.7% - 0.5% 98.7% 99.3%

- 7.4%


New Listings 295 326 + 10.5% 6,894 6,381

0 0 0 3 0

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014

11-2011 11-2012 11-2013 11-2014