January 2015 Greater Boston Real Estate Market Trends Report

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

January 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 February 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.

+ 0.3%Year-Over-Year(YoY) Change inClosed Sales

Single-Family Only

It's already evident that 2015 will be marked by talk of changing mortgage rates and regulations. Rates should stay low, but consumers and finance experts alike believe that we're at or near rate bottoms. Early indications point to more sales, more listings, more new construction and more excitement. It's not expected to be the overblown land grab of the early 2000s, but it should feel like a healthy market, which, in and of itself, may feel like an odd sensation to real estate practitioners accustomed to the boom and bust of the 21st century.

New Listings in the Greater Boston region were down 0.8 percent for Single-Family homes and 10.5 percent for Condominiums. Closed Sales increased 0.3 percent for Single-Family homes but decreased 18.5 percent for Condominiums.

The Median Sales Price was up 8.4 percent to $493,000 for Single-Family properties and 9.9 percent to $454,750 for Condominiums. Months Supply of Inventory decreased 15.9 percent for Single-Family units and 11.2 percent for Condominiums.

The 3 percent downpayment programs from Fannie Mae and Freddie Mac should help potential new homeowners, but in a recent member survey by the Independent Community Bankers of America, three-fourths of respondents stated that regulatory burdens are hurting their ability to loan money. The wider economy shows slight wage increases and gas prices near five-year lows but rising along with extended daylight and buyer demand. These various economic pushes and pulls can turn stagnant markets into exciting ones. It's all in how you look at it.

- 18.5%Year-Over-Year(YoY) Change inClosed Sales

Condominium Only

- 8.5%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 Jan-2014 Jan-2015 + / – YTD 2014 YTD 2015 + / –

95.6% 95.9%

+ 14.1%

+ 0.3%Percent of OriginalList Price Received

Days on Market Until Sale

95.6%

+ 14.1%

+ 0.3%

89

95.9%

Pending Sales

Median Sales Price

+ 26.7%670529 670 + 26.7% 529

- 15.6% -- --

- 0.5% 93 93 - 0.5%

--


Inventory of Homes for Sale

Months Supply of Inventory 3.3

$455,000 + 8.4%

78

93 93

89

-- -- --

2,032 1,714

2.8 - 15.9%

$493,000 + 8.4% $455,000

78

617 + 0.3%

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 759 753 - 0.8% 759 753 - 0.8%

Closed Sales 615 617 + 0.3% 615

$493,000

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

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


- 18.5%

Median Sales Price $413,750 $454,750 + 9.9% $413,750 $454,750 + 9.9%

Closed Sales 540 440 - 18.5% 540 440

- 2.0%

Inventory of Homes for Sale 1,369 991 - 27.6% -- -- --

Housing Affordability Index 103 101 - 2.0% 103 101

--

Days on Market Until Sale 63 59 - 6.4% 63 59 - 6.4%

Months Supply of Inventory 2.5 2.3 - 11.2% -- --

+ 0.7%

Pending Sales 603 560 - 7.1% 603 560 - 7.1%

Percent of OriginalList Price Received

97.2% 97.9% + 0.7% 97.2% 97.9%

- 10.5%


New Listings 753 674 - 10.5% 753 674

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Feb-2014 430 - 5.5% 426 - 3.8%

Mar-2014 587 - 10.8% 659 + 3.3%

Apr-2014 715 - 10.5% 833 + 2.0%

May-2014 1,033 - 9.9% 957 - 11.3%

Jun-2014 1,474 - 4.4% 1,226 - 2.5%

Jul-2014 1,537 - 0.6% 1,154 - 9.2%

Aug-2014 1,344 - 10.9% 1,097 - 15.0%

Sep-2014 909 - 6.6% 831 - 7.2%

Oct-2014 889 - 3.1% 828 + 6.3%

Nov-2014 806 - 4.8% 616 - 14.8%

Dec-2014 955 + 1.3% 783 - 2.1%

Jan-2015 617 + 0.3% 440 - 18.5%

Total 11,296 - 5.5% 9,850 - 6.5%


628

520

615

540

617

440

Single-Family Condominium

January

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

-18.5%+3.8%-2.1%

20152014 20152014

628

520

615

540

617

440


Year to Date

-18.5%+3.8%-2.1%

20152014 20152014

+0.3% +0.3%

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

Feb-2014 $456,000 + 9.9% $400,000 + 14.9%

Mar-2014 $482,000 + 17.0% $430,000 + 7.0%

Apr-2014 $498,000 + 8.3% $416,000 + 9.5%

May-2014 $520,099 + 7.2% $427,400 + 5.4%

Jun-2014 $558,000 + 6.3% $449,000 + 6.9%

Jul-2014 $540,000 + 3.8% $427,000 + 7.0%

Aug-2014 $527,500 + 4.5% $425,000 + 3.7%

Sep-2014 $465,000 - 4.1% $427,500 + 5.0%

Oct-2014 $480,000 + 5.5% $403,925 - 1.5%

Nov-2014 $509,000 + 10.7% $429,500 + 5.3%

Dec-2014 $499,900 + 2.6% $433,500 + 3.8%

Jan-2015 $493,000 + 8.4% $454,750 + 9.9%

Median $512,500 + 6.1% $429,000 + 5.9%


$416,500

$365,250

$455,000

$413,750

$493,000

$454,750


January

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000

$600,000


Historical Median Sales Price Single-Family Condominium

+9.9%+13.3%+9.2%

20152014 20152014

$416,500

$365,250

$455,000

$413,750

$493,000

$454,750


Year to Date

+9.9%+13.3%+9.2%

20152014 20152014

+8.4% +8.4%

2013 2013 2013 2013


Single-FamilyYoY

ChangeCondominium

YoYChange

Feb-2014 94 - 17.4% 108 - 21.0%

Mar-2014 90 - 22.0% 100 - 14.7%

Apr-2014 86 - 17.5% 103 - 18.4%

May-2014 85 - 11.4% 103 - 9.9%

Jun-2014 79 - 5.5% 98 - 6.0%

Jul-2014 82 - 4.2% 103 - 7.0%

Aug-2014 84 - 3.1% 104 - 2.4%

Sep-2014 94 + 3.0% 102 - 5.9%

Oct-2014 93 - 4.8% 110 + 2.0%

Nov-2014 88 - 13.9% 104 - 9.5%

Dec-2014 90 - 2.1% 104 - 3.2%

Jan-2015 93 - 0.5% 101 - 2.0%

Average 88 -8.3% 103 -8.2%

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.


117

133

93103

93101


January

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

-2.0%-22.7%-19.9%

117

133

93103

93101


Year to Date

-2.0%-22.7%-19.9%

20152014 20152014 20152014 20152014

-0.5% -0.5%

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

Feb-2014 2,165 - 15.3% 1,448 - 17.0%

Mar-2014 2,376 - 5.6% 1,533 - 13.5%

Apr-2014 2,838 - 3.1% 1,720 - 14.9%

May-2014 3,318 + 2.8% 1,881 - 11.6%

Jun-2014 3,383 + 4.5% 1,836 - 12.1%

Jul-2014 3,296 + 7.4% 1,755 - 9.2%

Aug-2014 3,137 + 5.8% 1,593 - 12.9%

Sep-2014 3,390 + 5.6% 1,760 - 14.2%

Oct-2014 3,290 + 6.6% 1,768 - 10.8%

Nov-2014 2,618 - 0.2% 1,438 - 14.2%

Dec-2014 1,919 - 6.4% 1,045 - 23.2%

Jan-2015 1,714 - 15.6% 991 - 27.6%

Average 2,787 - 0.2% 1,564 - 14.5%


2,433

1,632

2,032

1,369

1,714

991


January

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

-27.6%-16.1%-16.5%

20152014 20152014

-15.6%

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

Feb-2014 5.0 - 10.4% 3.4 - 13.7%

Mar-2014 4.0 + 5.8% 2.3 - 16.2%

Apr-2014 4.0 + 8.2% 2.1 - 16.6%

May-2014 3.2 + 14.0% 2.0 - 0.3%

Jun-2014 2.3 + 9.3% 1.5 - 9.8%

Jul-2014 2.1 + 8.0% 1.5 - 0.0%

Aug-2014 2.3 + 18.7% 1.5 + 2.4%

Sep-2014 3.7 + 13.0% 2.1 - 7.6%

Oct-2014 3.7 + 9.9% 2.1 - 16.1%

Nov-2014 3.2 + 4.9% 2.3 + 0.7%

Dec-2014 2.0 - 7.6% 1.3 - 21.6%

Jan-2015 2.8 - 15.9% 2.3 - 11.2%

Average 2.9 + 0.0% 1.8 - 14.5%


3.9

3.13.3

2.52.8

2.3


January

0

2

4

6

8

10

12

14

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

-11.2%-19.2%-14.7%

20152014 20152014

-15.9%

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

Feb-2014 92 - 15.4% 79 - 17.5%

Mar-2014 85 - 21.2% 67 - 7.3%

Apr-2014 83 - 11.3% 57 - 12.7%

May-2014 58 - 22.4% 50 - 4.0%

Jun-2014 54 - 4.6% 45 + 5.1%

Jul-2014 53 + 11.9% 49 + 27.2%

Aug-2014 56 + 16.2% 51 + 25.3%

Sep-2014 65 + 13.1% 52 + 6.2%

Oct-2014 66 + 11.2% 51 + 8.3%

Nov-2014 72 + 9.1% 54 + 3.5%

Dec-2014 75 + 7.9% 54 - 3.7%

Jan-2015 89 + 14.1% 59 - 6.4%

Total 66 - 0.4% 51 + 3.5%


109

89

78

63

89

59


January

30

50

70

90

110

130

150

170


Historical Days on Market Until Sale Single-Family Condominium

-6.4%-28.5%-28.7%

109

89

78

63

89

59


Year to Date

-6.4%-28.5%-28.7%

20152014 20152014 20152014 20152014

+14.1% +14.1%

2013 2013 2013 2013

Percent of Original List Price Received

Single-FamilyYoY

ChangeCondominium

YoYChange

Feb-2014 96.0% + 2.0% 98.1% + 1.4%

Mar-2014 96.8% + 1.8% 98.7% + 1.2%

Apr-2014 97.9% + 1.3% 99.6% + 0.9%

May-2014 98.7% + 1.0% 100.8% + 1.3%

Jun-2014 99.1% + 0.7% 100.8% + 1.1%

Jul-2014 98.5% + 0.5% 100.0% + 0.1%

Aug-2014 98.0% + 0.2% 100.1% + 0.4%

Sep-2014 96.7% - 0.4% 99.1% + 0.2%

Oct-2014 96.6% - 0.5% 98.6% - 0.1%

Nov-2014 96.4% + 0.3% 98.2% - 0.6%

Dec-2014 95.4% - 0.6% 98.0% - 0.0%

Jan-2015 95.9% + 0.3% 97.9% + 0.7%

Average 97.5% + 0.4% 99.4% + 0.5%


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.

94.0% 95.8%95.6% 97.2%95.9% 97.9%


January

89%

91%

93%

95%

97%

99%

101%

103%

105%


Historical Percent of Original List Price Received Single-Family Condominium

+0.7%+1.5%+1.7%

94.0% 95.8%95.6% 97.2%95.9% 97.9%


Year to Date

+0.7%+1.5%+1.7%

20152014 20152014 20152014 20152014

+0.3% +0.3%

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

Feb-2014 677 - 6.6% 718 - 0.1%

Mar-2014 1,086 - 10.6% 1,012 - 13.9%

Apr-2014 1,289 - 10.4% 1,182 - 7.4%

May-2014 1,417 - 7.1% 1,091 - 14.5%

Jun-2014 1,345 + 0.1% 1,107 + 0.8%

Jul-2014 1,021 - 2.0% 887 - 7.0%

Aug-2014 853 - 9.3% 689 - 10.1%

Sep-2014 908 + 3.2% 811 + 2.9%

Oct-2014 1,018 + 3.4% 790 - 3.9%

Nov-2014 804 + 7.6% 641 0.0%

Dec-2014 565 + 14.4% 444 + 6.2%

Jan-2015 670 + 26.7% 560 - 7.1%

Total 11,653 - 1.8% 9,932 - 5.7%


668 665

529

603670

560


January

200

400

600

800

1,000

1,200

1,400

1,600


Historical Pending Sales Activity Single-Family Condominium

-7.1%-9.3%-20.8%

668 665

529

603670

560


Year to Date

-7.1%-9.3%-20.8%

20152014 20152014 20152014 20152014

+26.7% +26.7%

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

Feb-2014 957 - 7.7% 900 - 5.9%

Mar-2014 1,509 + 8.2% 1,236 - 8.9%

Apr-2014 1,950 - 6.5% 1,513 - 10.0%

May-2014 2,141 + 3.5% 1,425 - 8.7%

Jun-2014 1,754 + 9.6% 1,268 + 2.2%

Jul-2014 1,246 + 3.5% 1,010 0.0%

Aug-2014 1,038 - 5.4% 738 - 17.4%

Sep-2014 1,570 + 3.3% 1,217 - 4.0%

Oct-2014 1,327 + 4.9% 1,039 + 1.6%

Nov-2014 644 - 7.5% 570 + 0.2%

Dec-2014 445 + 5.0% 366 - 1.1%

Jan-2015 753 - 0.8% 674 - 10.5%

Total 15,334 + 1.2% 11,956 - 5.7%


911 913

759 753753674


January

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

-10.5%-17.5%-16.7%

911 913

759 753753674


Year to Date

-10.5%-17.5%-16.7%

20152014 20152014 20152014 20152014

-0.8% -0.8%

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.


- 17.3%

Median Sales Price $465,000 $485,000 + 4.3% $465,000 $485,000 + 4.3%

Closed Sales 294 243 - 17.3% 294 243

- 0.5%

Inventory of Homes for Sale 688 521 - 24.3% -- -- --

Housing Affordability Index 93 93 - 0.5% 93 93

--

Days on Market Until Sale 60 59 - 2.6% 60 59 - 2.6%

Months Supply of Inventory 2.3 2.1 - 8.4% -- --

- 0.5%

Pending Sales 313 315 + 0.6% 313 315 + 0.6%

Percent of OriginalList Price Received

97.4% 96.9% - 0.5% 97.4% 96.9%

- 8.4%


New Listings 392 359 - 8.4% 392 359

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015

1-2012 1-2013 1-2014 1-2015