December 2015 Greater Boston Real Estate Market Trends Report

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

December 2015 Quick Facts

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10111213

Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of January 16, 2016. All data from MLS PropertyInformation Network, Inc. Provided by Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by ShowingTime 10K.

+ 14.0%Year-Over-Year(YoY) Change inClosed Sales

Single-Family Only

+ 7.6%Year-Over-Year(YoY) Change inClosed Sales

Condominium Only

+ 11.3%Year-Over-Year(YoY) Change inClosed SalesAll Properties

Single-Family Market Overview

Condominium Market Overview

Closed Sales

Median Sales Price

In 2015, national residential real estate, by and large, had a good year. Supply and demand were healthy in an environment rife with low interest rates and improved employment. The Federal Reserve finally increased short-term rates in December, and more increases are expected in 2016. Housing markets have shown a willingness to accept this. Save for a few expensive outliers where low inventory and high prices have become the norm, a balanced market is anticipated for much of the country for the foreseeable future. Improved inventory and affordability remain key factors for continued optimism.

Closed Sales increased 14.0 percent for Single-Family homes and 7.6 percent for Condominium homes. Pending Sales increased 20.2 percent for Single-Family homes and 22.4 percent for Condominium homes. Inventory decreased 17.0 percent for Single-Family homes and 7.7 percent for Condominium homes.

The Median Sales Price was up 4.7 percent to $465,000 for Single-Family homes and 5.2 percent to $445,000 for Condominium homes. Days on Market increased 1.3 percent for Single-Family homes but decreased 5.4 percent for Condominium homes. Supply decreased 28.0 percent for Single-Family homes and 12.5 percent for Condominium homes.

Gross Domestic Product increased at an annual rate near 2.0 percent to close 2015, and that rate is expected to increase next year. Residential real estate is considered a healthy piece of the national economy. Contributing factors from within the industry include better lending standards and foreclosures falling back to more traditional levels. Declining unemployment, higher wages and low fuel prices have also conspired to improve personal budgets.

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 Dec-2014 Dec-2015 + / – YTD 2014 YTD 2015 + / –

97.1% 97.6%

+ 1.4%

+ 0.5%Percent of OriginalList Price Received

Days on Market Until Sale

95.3%

+ 1.3%

+ 0.7%

80

96.0%

Pending Sales

Median Sales Price

+ 10.3%14,777654 786 + 20.2% 13,396

- 17.0% -- --

- 4.0% 98 95 - 3.1%

--


Inventory of Homes for Sale

Months Supply of Inventory 2.5

$444,000 + 3.7%

79

101 97

71

-- -- --

2,847 2,362

1.8 - 28.0%

$465,000 + 4.7% $458,000

70

14,313 + 7.7%

All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by ShowingTime 10K. | 2

New Listings 603 635 + 5.3% 18,319 19,183 + 4.7%

Closed Sales 1,133 1,292 + 14.0% 13,294

$475,000

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

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


+ 0.6%

Median Sales Price $423,000 $445,000 + 5.2% $415,000 $450,000 + 8.4%

Closed Sales 815 877 + 7.6% 10,408 10,467

- 7.4%

Inventory of Homes for Sale 1,307 1,206 - 7.7% -- -- --

Housing Affordability Index 106 101 - 4.7% 108 100

--

Days on Market Until Sale 56 53 - 5.4% 56 52 - 7.1%

Months Supply of Inventory 1.6 1.4 - 12.5% -- --

+ 0.8%

Pending Sales 447 547 + 22.4% 10,358 10,833 + 4.6%

Percent of OriginalList Price Received

97.8% 98.4% + 0.6% 99.2% 100.0%

+ 5.3%


New Listings 396 463 + 16.9% 12,626 13,294

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Jan-2015 753 + 1.6% 482 - 15.6%

Feb-2015 561 + 7.1% 452 - 0.4%

Mar-2015 720 + 0.7% 584 - 15.7%

Apr-2015 800 - 7.8% 678 - 22.2%

May-2015 1,102 - 9.4% 953 - 5.1%

Jun-2015 1,885 + 11.2% 1,382 + 8.2%

Jul-2015 1,930 + 9.9% 1,349 + 12.6%

Aug-2015 1,764 + 14.8% 1,216 + 6.7%

Sep-2015 1,259 + 17.1% 909 + 5.2%

Oct-2015 1,217 + 15.1% 816 - 6.0%

Nov-2015 1,030 + 5.5% 769 + 17.8%

Dec-2015 1,292 + 14.0% 877 + 7.6%

Total 14,313 + 7.7% 10,467 + 0.6%


1,090

838

1,133

815

1,292

877

Single-Family Condominium

December

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

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

+7.6%-2.7%+3.9%

20152014 20152014

14,032

10,958

13,294

10,408

14,313

10,467


Year to Date

+0.6%-5.0%-5.3%

20152014 20152014

+14.0% +7.7%

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

Jan-2015 $445,000 + 6.6% $442,500 + 10.9%

Feb-2015 $440,000 + 8.6% $403,568 + 3.5%

Mar-2015 $431,000 + 1.1% $445,000 + 6.0%

Apr-2015 $466,750 + 6.3% $438,150 + 10.4%

May-2015 $478,750 + 4.1% $454,000 + 9.1%

Jun-2015 $525,000 + 2.9% $455,000 + 3.9%

Jul-2015 $524,900 + 4.9% $460,000 + 9.8%

Aug-2015 $498,700 + 2.3% $460,000 + 9.9%

Sep-2015 $455,000 + 8.1% $428,500 + 3.6%

Oct-2015 $435,000 0.0% $455,000 + 16.0%

Nov-2015 $477,250 + 7.2% $450,000 + 8.3%

Dec-2015 $465,000 + 4.7% $445,000 + 5.2%

Median $475,000 + 3.7% $450,000 + 8.4%


$435,000

$405,000

$444,000$423,000

$465,000$445,000


December

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000

$600,000


Historical Median Sales Price Single-Family Condominium

+5.2%+4.4%+2.1%

20152014 20152014

$435,000

$391,500

$458,000

$415,000

$475,000$450,000


Year to Date

+8.4%+6.0%+5.3%

20152014 20152014

+4.7% +3.7%

2013 2013 2013 2013


Single-FamilyYoY

ChangeCondominium

YoYChange

Jan-2015 103 + 1.0% 103 - 2.8%

Feb-2015 104 - 1.9% 114 + 3.6%

Mar-2015 105 + 4.0% 102 - 1.0%

Apr-2015 98 0.0% 104 - 3.7%

May-2015 96 0.0% 101 - 4.7%

Jun-2015 86 - 1.1% 99 - 2.0%

Jul-2015 84 - 4.5% 96 - 8.6%

Aug-2015 90 - 1.1% 97 - 8.5%

Sep-2015 99 - 4.8% 105 - 0.9%

Oct-2015 104 + 2.0% 99 - 13.2%

Nov-2015 94 - 6.0% 100 - 6.5%

Dec-2015 97 - 4.0% 101 - 4.7%

Average 97 -1.4% 102 -4.4%

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.


103111

101106

97101


December

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

-4.7%-4.5%-1.9%

103

114

98108

95100


Year to Date

-7.4%-5.3%-4.9%

20152014 20152014 20152014 20152014

-4.0% -3.1%

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

Jan-2015 2,712 - 0.1% 1,323 - 13.0%

Feb-2015 2,501 - 12.7% 1,262 - 20.6%

Mar-2015 2,677 - 14.5% 1,411 - 16.6%

Apr-2015 3,414 - 6.6% 1,783 - 5.5%

May-2015 3,973 - 6.1% 1,980 - 3.4%

Jun-2015 4,156 - 3.2% 1,978 - 1.9%

Jul-2015 4,168 - 1.5% 1,914 - 1.4%

Aug-2015 4,039 - 1.5% 1,807 + 1.7%

Sep-2015 4,324 - 1.4% 2,096 + 6.4%

Oct-2015 4,105 - 3.7% 2,027 + 2.4%

Nov-2015 3,360 - 5.9% 1,742 + 5.1%

Dec-2015 2,362 - 17.0% 1,206 - 7.7%

Average 3,483 - 5.6% 1,711 - 4.0%


2,730

1,510

2,847

1,307

2,362

1,206


December

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

-7.7%-13.4%+4.3%

20152014 20152014

-17.0%

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

Jan-2015 3.6 - 2.7% 2.7 0.0%

Feb-2015 4.5 - 18.2% 2.8 - 20.0%

Mar-2015 3.7 - 15.9% 2.4 0.0%

Apr-2015 4.3 + 2.4% 2.6 + 18.2%

May-2015 3.6 + 2.9% 2.1 + 5.0%

Jun-2015 2.2 - 12.0% 1.4 - 12.5%

Jul-2015 2.2 - 8.3% 1.4 - 12.5%

Aug-2015 2.3 - 14.8% 1.5 - 6.3%

Sep-2015 3.4 - 17.1% 2.3 0.0%

Oct-2015 3.4 - 15.0% 2.5 + 8.7%

Nov-2015 3.3 - 10.8% 2.3 - 8.0%

Dec-2015 1.8 - 28.0% 1.4 - 12.5%

Average 3.1 - 5.8% 2.0 + 0.8%


2.5

1.8

2.5

1.61.8

1.4


December

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

-12.5%-11.1%0.0%

20152014 20152014

-28.0%

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

Jan-2015 91 + 11.0% 63 - 4.5%

Feb-2015 105 + 11.7% 79 - 1.3%

Mar-2015 102 + 14.6% 69 0.0%

Apr-2015 90 + 4.7% 59 0.0%

May-2015 72 + 9.1% 47 - 7.8%

Jun-2015 60 + 1.7% 42 - 8.7%

Jul-2015 55 - 3.5% 41 - 18.0%

Aug-2015 61 + 3.4% 46 - 13.2%

Sep-2015 64 - 4.5% 52 - 1.9%

Oct-2015 70 - 1.4% 52 - 1.9%

Nov-2015 70 - 6.7% 58 + 1.8%

Dec-2015 80 + 1.3% 53 - 5.4%

Total 71 + 2.1% 50 - 6.4%


71

57

79

56

80

53


December

30

50

70

90

110

130

150

170


Historical Days on Market Until Sale Single-Family Condominium

-5.4%-1.8%+11.3%

72

55

70

56

71

52


Year to Date

-7.1%+1.8%-2.8%

20152014 20152014 20152014 20152014

+1.3% +1.4%

2013 2013 2013 2013

Percent of Original List Price Received

Single-FamilyYoY

ChangeCondominium

YoYChange

Jan-2015 95.7% + 0.4% 97.8% + 0.7%

Feb-2015 95.1% - 0.6% 97.9% - 0.1%

Mar-2015 96.1% - 0.3% 98.6% - 0.1%

Apr-2015 97.2% - 0.2% 100.3% + 0.9%

May-2015 98.7% + 0.5% 100.8% + 0.3%

Jun-2015 99.2% + 0.5% 101.6% + 0.9%

Jul-2015 99.1% + 0.9% 101.1% + 1.3%

Aug-2015 98.2% + 0.5% 100.5% + 0.6%

Sep-2015 97.4% + 0.7% 99.4% + 0.4%

Oct-2015 96.6% + 0.1% 99.6% + 1.1%

Nov-2015 96.9% + 0.6% 99.3% + 1.1%

Dec-2015 96.0% + 0.7% 98.4% + 0.6%

Average 97.6% + 0.4% 100.0% + 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.

95.8% 97.8%95.3% 97.8%96.0% 98.4%


December

86%

88%

90%

92%

94%

96%

98%

100%

102%

104%


Historical Percent of Original List Price Received Single-Family Condominium

+0.6%0.0%-0.5%

96.7% 98.7%97.1% 99.2%97.6% 100.0%


Year to Date

+0.8%+0.5%+0.4%

20152014 20152014 20152014 20152014

+0.7% +0.5%

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

Jan-2015 725 + 11.9% 559 - 11.8%

Feb-2015 672 - 15.6% 570 - 23.7%

Mar-2015 1,168 - 7.4% 982 - 7.1%

Apr-2015 1,599 + 7.7% 1,269 + 2.9%

May-2015 1,778 + 9.4% 1,279 + 12.8%

Jun-2015 1,834 + 19.5% 1,358 + 18.8%

Jul-2015 1,352 + 12.3% 949 + 2.5%

Aug-2015 1,209 + 20.7% 808 + 12.4%

Sep-2015 1,277 + 19.2% 859 + 2.6%

Oct-2015 1,331 + 12.2% 928 + 12.2%

Nov-2015 1,046 + 12.6% 725 + 10.9%

Dec-2015 786 + 20.2% 547 + 22.4%

Total 14,777 + 10.3% 10,833 + 4.6%


595

443

654

447

786

547


December

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000


Historical Pending Sales Activity Single-Family Condominium

+22.4%+0.9%+9.9%

14,072

11,047

13,396

10,358

14,777

10,833


Year to Date

+4.6%-6.2%-4.8%

20152014 20152014 20152014 20152014

+20.2% +10.3%

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

Jan-2015 902 - 4.6% 711 - 10.7%

Feb-2015 705 - 38.6% 618 - 33.5%

Mar-2015 1,563 - 12.9% 1,256 - 3.9%

Apr-2015 2,549 + 12.7% 1,749 + 10.8%

May-2015 2,607 + 4.0% 1,630 + 10.1%

Jun-2015 2,390 + 18.3% 1,547 + 16.7%

Jul-2015 1,736 + 14.1% 1,090 + 2.1%

Aug-2015 1,454 + 13.5% 917 + 17.6%

Sep-2015 2,059 + 10.2% 1,436 + 12.3%

Oct-2015 1,595 + 2.1% 1,136 + 4.6%

Nov-2015 988 + 22.4% 741 + 23.7%

Dec-2015 635 + 5.3% 463 + 16.9%

Total 19,183 + 4.7% 13,294 + 5.3%


541

396

603

396

635

463


December

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2,750

3,000

3,250


Historical New Listing Activity Single-Family Condominium

+16.9%0.0%+11.5%

18,336

13,477

18,319

12,626

19,183

13,294


Year to Date

+5.3%-6.3%-0.1%

20152014 20152014 20152014 20152014

+5.3% +4.7%

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.


+ 0.5%

Median Sales Price $489,500 $505,000 + 3.2% $469,950 $515,000 + 9.6%

Closed Sales 416 451 + 8.4% 5,287 5,316

- 3.1%

Inventory of Homes for Sale 654 620 - 5.2% -- -- --

Housing Affordability Index 101 97 - 4.0% 98 95

--

Days on Market Until Sale 53 52 - 1.9% 50 49 - 2.0%

Months Supply of Inventory 1.6 1.4 - 12.5% -- --

+ 0.5%

Pending Sales 246 281 + 14.2% 5,286 5,540 + 4.8%

Percent of OriginalList Price Received

97.6% 98.2% + 0.6% 99.2% 99.7%

+ 4.4%


New Listings 196 265 + 35.2% 6,577 6,864

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015

12-2012 12-2013 12-2014 12-2015