September 2013 Greater Boston Real Estate Market Trends Report

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

September 2013 Quick Facts

+ 21.0%Year-Over-Year(YoY) Change inClosed Sales

Single-Family Only

Do you hear that? Hummmmm. That's the delightful sound of normalcy. Buyers are buying, sellers are selling, lenders are lending and builders are building. Sure, this varies from region to region and even city to city within a region or state, but by and large, things are returning to normal. All major indices showcase fairly robust price recovery. Consumer confidence isn't what it could be, but it's sufficient for now.

+ 17.5%Year-Over-Year(YoY) Change inClosed Sales

Condominium Only

+ 19.3%Year-Over-Year(YoY) Change inClosed SalesAll Properties

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10111213

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

Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of October 16, 2013. 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 4.7 percent for detached homes and 10.4 percent for condominiums. Closed Sales increased 21.0 percent for detached homes and 17.5 percent for condominiums.

The Median Sales Price was up 16.4 percent to $501,000 for single-family properties and 9.3 percent to $410,000 for condominiums. Months Supply of Inventory decreased 41.0 percent for single-family units and 40.6 percent for townhouse-condo units.

There's some evidence that it's not just first-time home buyers fueling the recovery. Move-up buyers are also pulling their weight. Some baby-boomers are ready to look for less space, nudging Junior out of the basement. The pizza boxes and late-night video games get old, plus there's a fresh crop of buyers looking for a bigger space to raise their own little darlings.

Single-Family Market Overview

Condominium Market Overview

Closed Sales

Median Sales Price

Housing Affordability Index

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 Sep-2012 Sep-2013 + / – YTD 2012 YTD 2013 + / –

8,940 + 8.5%Closed Sales 766 927 + 21.0% 8,239

$500,000 + 7.8%

121 98

3,927 2,802

$501,000 + 16.4% $464,000


Inventory of Homes for Sale

$430,475Median Sales Price

- 28.6% -- --

- 19.0% 114 98 - 13.5%

--

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

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 1,419 1,486 + 4.7% 12,665 12,682 + 0.1%

89 69

-- -- --3.0 - 41.0%

100

Months Supply of Inventory 5.1

Pending Sales + 9.0%9,663874 910 + 4.1% 8,868

94.4% 97.2%

- 30.8%

+ 3.0%Percent of OriginalList Price Received

Days on Market Until Sale

94.6%

- 35.1%

+ 2.9%

58

97.3%

9 2010 9 2011 9 2012 9 2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

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


- 11.7%

Inventory of Homes for Sale 2,637 1,841 - 30.2% -- -- --

Housing Affordability Index 137 118 - 14.0% 136 120

+ 9.3%

Median Sales Price $375,000 $410,000 + 9.3% $379,900 $402,600 + 6.0%

Closed Sales 753 885 + 17.5% 7,436 8,128

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

+ 1.7%


New Listings 1,153 1,273 + 10.4% 10,719 10,898

+ 3.4%

Pending Sales 743 836 + 12.5% 8,001 8,817 + 10.2%

Percent of OriginalList Price Received

96.4% 99.0% + 2.7% 95.7% 99.0%

--

Days on Market Until Sale 85 50 - 41.0% 88 54 - 39.2%

Months Supply of Inventory 3.5 2.1 - 40.6% -- --

9 2010 9 2011 9 2012 9 2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Oct-2012 792 + 28.8% 712 + 39.1%

Nov-2012 907 + 32.4% 760 + 35.0%

Dec-2012 824 + 11.8% 769 + 19.6%

Jan-2013 606 + 15.9% 516 + 25.2%

Feb-2013 431 - 7.1% 436 + 13.5%

Mar-2013 631 - 2.6% 629 + 3.6%

Apr-2013 779 + 4.8% 808 + 6.6%

May-2013 1,120 + 11.4% 1,072 + 5.9%

Jun-2013 1,500 - 0.7% 1,248 - 1.3%

Jul-2013 1,498 + 17.1% 1,258 + 20.7%

Aug-2013 1,448 + 11.4% 1,276 + 6.0%

Sep-2013 927 + 21.0% 885 + 17.5%

775

647

766 753

927885

September

20132012 20132012

6,9336,203

8,2397,436

8,9408,128

Year to Date

20132012 201320122011 2011 2011 2011

Total 11,463 + 11.6% 10,369 + 13.3%


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

Historical Closed Sales Activity Single-Family Condominium

+17.5%+16.4%-1.2%

Single-Family Condominium+9.3%+19.9%+18.8%+21.0% +8.5%

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Oct-2012 $430,250 + 10.3% $368,133 + 5.6%

Nov-2012 $447,500 + 5.9% $380,000 + 8.2%

Dec-2012 $470,000 + 6.8% $381,000 + 10.4%

Jan-2013 $430,000 + 6.2% $372,500 + 4.9%

Feb-2013 $429,900 + 8.8% $350,375 - 5.3%

Mar-2013 $430,000 + 3.7% $405,500 + 19.3%

Apr-2013 $475,000 + 13.5% $388,250 + 4.5%

May-2013 $499,900 + 7.5% $410,000 + 7.6%

Jun-2013 $541,500 + 7.8% $420,000 + 5.0%

Jul-2013 $534,900 + 4.9% $401,000 + 3.6%

Aug-2013 $520,000 + 6.1% $416,000 + 9.5%

Sep-2013 $501,000 + 16.4% $410,000 + 9.3%

$450,000

$367,500

$430,475

$375,000

$501,000

$410,000

September

20132012 20132012

$465,000

$361,000

$464,000

$379,900

$500,000

$402,600

Year to Date

20132012 201320122011 2011 2011 2011

Median $487,500 + 7.9% $396,000 + 5.9%



$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000


Historical Median Sales Price Single-Family Condominium

+9.3%+2.0%-4.3%

Single-Family Condominium+6.0%+5.2%-0.2%+16.4% +7.8%


Single-FamilyYoY

ChangeCondominium

YoYChange

Oct-2012 120 + 3.2% 139 + 7.3%

Nov-2012 117 + 6.7% 135 + 4.6%

Dec-2012 113 + 6.8% 136 + 3.6%

Jan-2013 125 + 3.7% 142 + 4.8%

Feb-2013 122 - 2.0% 146 + 11.1%

Mar-2013 121 + 3.4% 128 - 8.9%

Apr-2013 113 - 4.7% 135 + 2.7%

May-2013 104 - 5.0% 124 - 5.0%

Jun-2013 90 - 11.5% 114 - 9.2%

Jul-2013 92 - 9.9% 120 - 8.6%

Aug-2013 93 - 11.6% 115 - 13.9%

Sep-2013 98 - 19.0% 118 - 14.0%

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.

103

124121

137

98

118

September

100

126

114

136

98

120

Year to Date

20132012 20132012 20132012 201320122011 2011 2011 2011

Average 109 -3.3% 129 -2.1%



60

70

80

90

100

110

120

130

140

150

160

Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013

Historical Housing Affordability Index Single-Family Condominium

-14.0%+10.4%+17.2%

Single-Family Condominium-11.7%+7.6%+13.1%-19.0% -13.5%

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

Oct-2012 3,651 - 28.0% 2,438 - 38.3%

Nov-2012 3,141 - 27.5% 2,109 - 39.1%

Dec-2012 2,424 - 30.7% 1,621 - 40.9%

Jan-2013 2,419 - 30.2% 1,679 - 40.8%

Feb-2013 2,539 - 32.1% 1,796 - 40.3%

Mar-2013 2,502 - 40.4% 1,833 - 45.8%

Apr-2013 2,891 - 35.0% 2,084 - 38.9%

May-2013 3,140 - 31.4% 2,157 - 34.9%

Jun-2013 3,103 - 28.2% 2,103 - 31.9%

Jul-2013 2,881 - 27.8% 1,903 - 33.2%

Aug-2013 2,701 - 28.0% 1,718 - 32.3%

Sep-2013 2,802 - 28.6% 1,841 - 30.2%

5,312

4,1803,927

2,6372,802

1,841

September

20132012 201320122011 2011

Average 2,850 - 30.7% 1,940 - 37.4%



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

-30.2%-36.9%-26.1% -28.6%

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

Oct-2012 4.6 - 44.1% 3.4 - 55.6%

Nov-2012 3.5 - 45.2% 2.8 - 54.9%

Dec-2012 2.9 - 38.0% 2.1 - 50.6%

Jan-2013 4.0 - 39.8% 3.3 - 52.7%

Feb-2013 5.9 - 26.9% 4.1 - 47.4%

Mar-2013 4.0 - 38.8% 2.9 - 47.7%

Apr-2013 3.7 - 38.0% 2.6 - 42.7%

May-2013 2.8 - 38.4% 2.0 - 38.5%

Jun-2013 2.1 - 27.6% 1.7 - 31.0%

Jul-2013 1.9 - 38.3% 1.5 - 44.7%

Aug-2013 1.9 - 35.4% 1.3 - 36.2%

Sep-2013 3.0 - 41.0% 2.1 - 40.6%

6.96.5

5.1

3.53.0

2.1

September

20132012 201320122011 2011

Average 3.1 - 40.1% 2.4 - 47.6%



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

Historical Months Supply of Inventory Single-Family Condominium

-40.6%-45.8%-25.2% -41.0%

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

Oct-2012 90 - 17.4% 84 - 11.5%

Nov-2012 89 - 17.9% 77 - 29.9%

Dec-2012 97 - 12.4% 84 - 30.1%

Jan-2013 109 - 16.5% 88 - 29.5%

Feb-2013 111 - 17.2% 95 - 22.9%

Mar-2013 108 - 17.5% 72 - 39.0%

Apr-2013 94 - 22.1% 63 - 35.1%

May-2013 75 - 22.1% 51 - 40.4%

Jun-2013 56 - 37.3% 43 - 42.4%

Jul-2013 47 - 41.9% 39 - 45.9%

Aug-2013 49 - 44.3% 40 - 47.6%

Sep-2013 58 - 35.1% 50 - 41.0%

101 103

8985

5850

September

102 104100

88

69

54

Year to Date

20132012 20132012 20132012 201320122011 2011 2011 2011

Total 74 - 27.1% 56 - 33.6%



30

50

70

90

110

130

150


Historical Days on Market Until Sale Single-Family Condominium

-41.0%-18.1%-12.0%

Single-Family Condominium-39.2%-15.6%-2.6%-35.1% -30.8%

Percent of Original List Price Received

Single-FamilyYoY

ChangeCondominium

YoYChange

Oct-2012 94.3% + 2.8% 95.9% + 2.4%

Nov-2012 94.6% + 2.4% 96.2% + 2.5%

Dec-2012 94.2% + 2.2% 96.2% + 3.4%

Jan-2013 93.8% + 3.7% 95.9% + 3.1%

Feb-2013 94.1% + 3.2% 96.6% + 3.5%

Mar-2013 95.2% + 2.4% 97.6% + 3.8%

Apr-2013 96.7% + 3.4% 98.8% + 3.3%

May-2013 97.8% + 2.6% 99.5% + 3.5%

Jun-2013 98.3% + 3.1% 99.7% + 3.5%

Jul-2013 98.1% + 2.4% 99.9% + 3.5%

Aug-2013 97.9% + 3.2% 99.7% + 3.5%

Sep-2013 97.3% + 2.9% 99.0% + 2.7%

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.

93.2% 94.2%94.6% 96.4%97.3% 99.0%

September

93.4% 94.1%94.4% 95.7%97.2% 99.0%

Year to Date

20132012 20132012 20132012 201320122011 2011 2011 2011

Average 96.5% + 2.8% 98.3% + 3.2%



89%

91%

93%

95%

97%

99%

101%


Historical Percent of Original List Price Received Single-Family Condominium

+2.7%+2.3%+1.5%


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

Oct-2012 884 + 19.1% 794 + 34.3%

Nov-2012 692 + 12.7% 602 + 9.5%

Dec-2012 514 + 8.7% 462 + 11.3%

Jan-2013 635 + 3.8% 661 + 19.5%

Feb-2013 717 - 5.7% 716 - 4.1%

Mar-2013 1,198 + 3.8% 1,178 + 10.3%

Apr-2013 1,412 + 13.8% 1,282 + 9.6%

May-2013 1,525 + 17.7% 1,281 + 8.5%

Jun-2013 1,307 + 9.8% 1,104 + 10.5%

Jul-2013 1,021 + 7.2% 971 + 20.5%

Aug-2013 938 + 18.9% 788 + 7.4%

Sep-2013 910 + 4.1% 836 + 12.5%

679

538

874

743

910836

September

7,2766,403

8,8688,001

9,6638,817

Year to Date

20132012 20132012 20132012 201320122011 2011 2011 2011

Total 11,753 + 9.9% 10,675 + 11.7%



200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200


Historical Pending Sales Activity Single-Family Condominium

+12.5%+38.1%+28.7%


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

Single-FamilyYoY

ChangeCondominium

YoYChange

Oct-2012 1,079 - 4.5% 883 - 1.9%

Nov-2012 648 - 3.4% 561 - 10.4%

Dec-2012 366 - 19.0% 319 - 17.8%

Jan-2013 903 - 6.3% 916 - 4.0%

Feb-2013 1,029 - 22.0% 966 - 15.3%

Mar-2013 1,395 - 30.5% 1,367 - 21.5%

Apr-2013 2,052 + 14.1% 1,696 + 13.1%

May-2013 2,044 + 14.6% 1,547 + 11.5%

Jun-2013 1,544 + 14.3% 1,251 + 8.6%

Jul-2013 1,164 + 13.9% 1,006 + 11.4%

Aug-2013 1,065 + 6.4% 876 + 10.9%

Sep-2013 1,486 + 4.7% 1,273 + 10.4%

1,580

1,2751,419

1,153

1,486

1,273

September

12,940

11,69712,665

10,719

12,682

10,898

Year to Date

20132012 20132012 20132012 201320122011 2011 2011 2011

Total 14,775 - 1.0% 12,661 + 0.2%



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

+10.4%-9.6%-10.2%

Single-Family Condominium+1.7%-8.4%-2.1%+4.7% +0.1%

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


- 13.5%

Inventory of Homes for Sale 1,319 1,021 - 22.6% -- -- --

Housing Affordability Index 121 98 - 19.0% 114 98

+ 5.4%

Median Sales Price $392,750 $437,500 + 11.4% $400,000 $434,500 + 8.6%

Closed Sales 404 504 + 24.8% 4,207 4,436

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

+ 1.1%


New Listings 640 750 + 17.2% 6,040 6,108

+ 3.4%

Pending Sales 425 463 + 8.9% 4,471 4,820 + 7.8%

Percent of OriginalList Price Received

96.0% 98.3% + 2.3% 95.5% 98.8%

--

Days on Market Until Sale 76 45 - 40.5% 85 46 - 45.3%

Months Supply of Inventory 3.3 2.0 - 38.0% -- --

9 2010 9 2011 9 2012 9 2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

9-2010 9-2011 9-2012 9-2013

Business

September 2013 Greater Boston Real Estate Market Trends Report