November 2015 Greater Boston Real Estate Market Trends Report

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

November 2015 Quick Facts

23456789

10111213

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

Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of December 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.

+ 6.1%Year-Over-Year(YoY) Change inClosed Sales

Single-Family Only

+ 15.8%Year-Over-Year(YoY) Change inClosed Sales

Condominium Only

+ 10.0%Year-Over-Year(YoY) Change inClosed SalesAll Properties

Single-Family Market Overview

Condominium Market Overview

Closed Sales

Median Sales Price

Residential real estate is experiencing its best year since the recession. Housing demand is healthy, and that is expected to continue until the end of the year. Home sales are actually set to have their best national showing since 2006. More of the same is anticipated in 2016, but inventory and affordability challenges coupled with mortgage rate increases will likely keep any sort of monster growth in check. This should be a good thing for keeping home prices from increasing too rapidly to maintain economic stability.

Closed Sales increased 6.1 percent for Single-Family homes and 15.8 percent for Condominium homes. Pending Sales increased 19.9 percent for Single-Family homes and 14.9 percent for Condominium homes. Inventory decreased 12.9 percent for Single-Family homes and 6.0 percent for Condominium homes.

The Median Sales Price was up 6.0 percent to $477,000 for Single-Family homes and 8.4 percent to $450,000 for Condominium homes. Days on Market decreased 6.7 percent for Single-Family homes but increased 1.8 percent for Condominium homes. Supply decreased 18.9 percent for Single-Family homes and 16.0 percent for Condominium homes.

Unemployment rates across the nation changed little last month, which bodes well for an increase in buying activity. The national jobless rate was 5.0 percent in October, which was 0.7 percent lower than the year prior. Although housing and employment data are quite positive at this juncture, it is still certainly possible for listings and sales to be down in year-over-year comparisons. Bad weather and the mix of housing available to buyers tend to have a greater effect on trends at the end of the year than during the midsummer months.

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-2014 Nov-2015 + / – YTD 2014 YTD 2015 + / –

12,854 + 6.7%

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

New Listings 797 972 + 22.0% 17,522 18,345 + 4.7%

Closed Sales 960 1,019 + 6.1% 12,044

$480,000 + 4.3%

75

99 94

70

-- -- --

3,519 3,065

3.0 - 18.9%

$477,000 + 6.0% $460,000

69


Inventory of Homes for Sale

Months Supply of Inventory 3.7

$450,000

Pending Sales

Median Sales Price

+ 10.5%13,943914 1,096 + 19.9% 12,618

- 12.9% -- --

- 5.1% 97 93 - 4.1%

--

97.3% 97.8%

+ 1.4%

+ 0.5%Percent of OriginalList Price Received

Days on Market Until Sale

96.3%

- 6.7%

+ 0.6%

70

96.9%

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

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


+ 4.9%


New Listings 598 739 + 23.6% 12,190 12,788

+ 0.7%

Pending Sales 653 750 + 14.9% 9,879 10,305 + 4.3%

Percent of OriginalList Price Received

98.2% 99.3% + 1.1% 99.4% 100.1%

--

Days on Market Until Sale 57 58 + 1.8% 55 52 - 5.5%

Months Supply of Inventory 2.5 2.1 - 16.0% -- --

- 7.4%

Inventory of Homes for Sale 1,650 1,551 - 6.0% -- -- --

Housing Affordability Index 107 100 - 6.5% 108 100

- 0.1%

Median Sales Price $415,250 $450,000 + 8.4% $415,000 $450,000 + 8.4%

Closed Sales 652 755 + 15.8% 9,558 9,547

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Dec-2014 1,116 + 3.2% 811 - 2.9%

Jan-2015 742 + 1.4% 481 - 15.3%

Feb-2015 554 + 6.5% 449 - 0.2%

Mar-2015 711 - 0.1% 581 - 16.0%

Apr-2015 788 - 8.6% 677 - 21.9%

May-2015 1,084 - 10.1% 949 - 5.0%

Jun-2015 1,872 + 11.2% 1,378 + 8.6%

Jul-2015 1,912 + 9.9% 1,348 + 12.7%

Aug-2015 1,738 + 14.6% 1,212 + 6.5%

Sep-2015 1,243 + 16.6% 906 + 5.1%

Oct-2015 1,191 + 13.6% 811 - 6.2%

Nov-2015 1,019 + 6.1% 755 + 15.8%

Total 13,970 + 6.4% 10,358 - 0.3%


1,041

759

960

652

1,019

755

Single-Family Condominium

November

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

+15.8%-14.1%-7.8%

20152014 20152014

12,808

10,091

12,044

9,558

12,854

9,547


Year to Date

-0.1%-5.3%-6.0%

20152014 20152014

+6.1% +6.7%

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

Dec-2014 $443,500 + 2.0% $425,000 + 4.9%

Jan-2015 $446,000 + 6.7% $443,000 + 10.9%

Feb-2015 $438,500 + 7.6% $407,135 + 4.4%

Mar-2015 $432,500 + 1.3% $447,670 + 6.6%

Apr-2015 $470,000 + 6.8% $438,500 + 10.5%

May-2015 $480,000 + 3.4% $455,750 + 9.2%

Jun-2015 $526,655 + 3.3% $459,000 + 4.3%

Jul-2015 $525,000 + 4.0% $460,000 + 9.8%

Aug-2015 $498,700 + 1.8% $460,000 + 9.8%

Sep-2015 $455,000 + 7.5% $428,750 + 3.4%

Oct-2015 $440,000 + 1.1% $455,000 + 15.5%

Nov-2015 $477,000 + 6.0% $450,000 + 8.4%

Median $475,000 + 3.3% $449,000 + 8.4%


$415,000$395,000

$450,000

$415,250

$477,000$450,000


November

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000

$600,000


Historical Median Sales Price Single-Family Condominium

+8.4%+5.1%+8.4%

20152014 20152014

$436,000

$390,000

$460,000

$415,000

$480,000$450,000


Year to Date

+8.4%+6.4%+5.5%

20152014 20152014

+6.0% +4.3%

2013 2013 2013 2013


Single-FamilyYoY

ChangeCondominium

YoYChange

Dec-2014 101 - 1.9% 106 - 4.5%

Jan-2015 103 + 1.0% 103 - 2.8%

Feb-2015 105 - 0.9% 113 + 2.7%

Mar-2015 105 + 4.0% 101 - 1.9%

Apr-2015 97 - 1.0% 104 - 3.7%

May-2015 96 + 1.1% 101 - 4.7%

Jun-2015 86 - 1.1% 98 - 2.0%

Jul-2015 84 - 3.4% 96 - 8.6%

Aug-2015 90 0.0% 97 - 8.5%

Sep-2015 99 - 3.9% 105 - 0.9%

Oct-2015 103 + 1.0% 99 - 12.4%

Nov-2015 94 - 5.1% 100 - 6.5%

Average 97 -0.9% 102 -4.5%

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.


113119

99107

94100


November

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

-6.5%-10.1%-12.4%

107

120

97108

93100


Year to Date

-7.4%-10.0%-9.3%

20152014 20152014 20152014 20152014

-5.1% -4.1%

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

Dec-2014 2,793 + 3.3% 1,300 - 13.4%

Jan-2015 2,662 - 1.0% 1,314 - 13.0%

Feb-2015 2,458 - 13.4% 1,253 - 20.7%

Mar-2015 2,631 - 15.0% 1,400 - 16.9%

Apr-2015 3,364 - 6.8% 1,772 - 5.6%

May-2015 3,915 - 6.3% 1,963 - 3.9%

Jun-2015 4,081 - 3.8% 1,956 - 2.6%

Jul-2015 4,069 - 2.4% 1,873 - 3.1%

Aug-2015 3,923 - 2.8% 1,758 - 0.5%

Sep-2015 4,183 - 3.0% 2,025 + 3.3%

Oct-2015 3,916 - 6.7% 1,906 - 3.3%

Nov-2015 3,065 - 12.9% 1,551 - 6.0%

Average 3,422 - 5.8% 1,673 - 6.6%


3,379

1,838

3,519

1,650

3,065

1,551


November

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

-6.0%-10.2%+4.1%

20152014 20152014

-12.9%

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

Dec-2014 2.5 0.0% 1.6 - 11.1%

Jan-2015 3.6 - 2.7% 2.7 0.0%

Feb-2015 4.4 - 20.0% 2.8 - 20.0%

Mar-2015 3.7 - 14.0% 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 2.1 - 12.5% 1.4 - 12.5%

Aug-2015 2.3 - 14.8% 1.5 - 6.3%

Sep-2015 3.4 - 15.0% 2.2 - 4.3%

Oct-2015 3.3 - 17.5% 2.4 + 4.3%

Nov-2015 3.0 - 18.9% 2.1 - 16.0%

Average 3.1 - 5.0% 2.0 - 1.5%


3.2

2.4

3.7

2.5

3.0

2.1


November

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

-16.0%+4.2%+15.6%

20152014 20152014

-18.9%

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

Dec-2014 79 + 11.3% 55 - 3.5%

Jan-2015 90 + 9.8% 63 - 3.1%

Feb-2015 105 + 11.7% 78 - 2.5%

Mar-2015 100 + 12.4% 69 0.0%

Apr-2015 90 + 4.7% 59 + 1.7%

May-2015 71 + 9.2% 47 - 7.8%

Jun-2015 60 + 1.7% 42 - 8.7%

Jul-2015 54 - 3.6% 41 - 18.0%

Aug-2015 61 + 1.7% 46 - 11.5%

Sep-2015 64 - 4.5% 52 - 1.9%

Oct-2015 70 - 1.4% 52 - 1.9%

Nov-2015 70 - 6.7% 58 + 1.8%

Total 71 + 2.5% 50 - 6.6%


70

57

75

57

70

58


November

30

50

70

90

110

130

150

170


Historical Days on Market Until Sale Single-Family Condominium

+1.8%0.0%+7.1%

72

55

69

55

70

52


Year to Date

-5.5%0.0%-4.2%

20152014 20152014 20152014 20152014

-6.7% +1.4%

2013 2013 2013 2013

Percent of Original List Price Received

Single-FamilyYoY

ChangeCondominium

YoYChange

Dec-2014 95.3% - 0.5% 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% - 0.1%

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

May-2015 98.8% + 0.6% 100.8% + 0.2%

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

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

Aug-2015 98.2% + 0.4% 100.5% + 0.6%

Sep-2015 97.5% + 0.8% 99.4% + 0.4%

Oct-2015 96.7% + 0.2% 99.6% + 1.1%

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

Average 97.6% + 0.4% 99.9% + 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.

96.1% 98.6%96.3% 98.2%96.9% 99.3%


November

86%

88%

90%

92%

94%

96%

98%

100%

102%

104%


Historical Percent of Original List Price Received Single-Family Condominium

+1.1%-0.4%+0.2%

96.7% 98.8%97.3% 99.4%97.8% 100.1%


Year to Date

+0.7%+0.6%+0.6%

20152014 20152014 20152014 20152014

+0.6% +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

Dec-2014 650 + 9.4% 447 + 1.8%

Jan-2015 715 + 10.9% 558 - 11.7%

Feb-2015 666 - 16.0% 567 - 24.0%

Mar-2015 1,152 - 8.1% 980 - 6.8%

Apr-2015 1,580 + 7.3% 1,265 + 3.3%

May-2015 1,761 + 9.1% 1,278 + 13.3%

Jun-2015 1,818 + 20.1% 1,355 + 18.8%

Jul-2015 1,344 + 12.8% 949 + 2.5%

Aug-2015 1,198 + 20.6% 804 + 12.0%

Sep-2015 1,268 + 19.8% 859 + 2.8%

Oct-2015 1,345 + 15.0% 940 + 14.4%

Nov-2015 1,096 + 19.9% 750 + 14.9%

Total 14,593 + 10.5% 10,752 + 4.2%


882

671

914

653

1,096

750


November

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000


Historical Pending Sales Activity Single-Family Condominium

+14.9%-2.7%+3.6%

13,335

10,574

12,618

9,879

13,943

10,305


Year to Date

+4.3%-6.6%-5.4%

20152014 20152014 20152014 20152014

+19.9% +10.5%

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

Dec-2014 591 + 9.9% 395 + 0.5%

Jan-2015 894 - 4.6% 709 - 10.5%

Feb-2015 697 - 38.9% 616 - 33.5%

Mar-2015 1,544 - 13.1% 1,253 - 4.0%

Apr-2015 2,525 + 12.6% 1,746 + 11.4%

May-2015 2,582 + 4.2% 1,622 + 9.7%

Jun-2015 2,360 + 18.1% 1,544 + 16.6%

Jul-2015 1,713 + 14.4% 1,078 + 1.3%

Aug-2015 1,437 + 13.4% 916 + 17.9%

Sep-2015 2,033 + 10.5% 1,429 + 11.9%

Oct-2015 1,588 + 2.7% 1,136 + 5.2%

Nov-2015 972 + 22.0% 739 + 23.6%

Total 18,936 + 4.9% 13,183 + 4.8%


883

597

797

598

972

739


November

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

+23.6%+0.2%-9.7%

17,605

13,034

17,522

12,190

18,345

12,788


Year to Date

+4.9%-6.5%-0.5%

20152014 20152014 20152014 20152014

+22.0% +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.


+ 3.4%


New Listings 324 395 + 21.9% 6,381 6,601

+ 0.5%

Pending Sales 340 407 + 19.7% 5,042 5,282 + 4.8%

Percent of OriginalList Price Received

97.7% 100.0% + 2.4% 99.3% 99.8%

--

Days on Market Until Sale 57 53 - 7.0% 49 49 0.0%

Months Supply of Inventory 2.6 2.0 - 23.1% -- --

- 4.1%

Inventory of Homes for Sale 863 795 - 7.9% -- -- --

Housing Affordability Index 99 94 - 5.1% 97 93

- 0.2%

Median Sales Price $466,000 $555,000 + 19.1% $469,000 $516,000 + 10.0%

Closed Sales 335 400 + 19.4% 4,871 4,861

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015

11-2012 11-2013 11-2014 11-2015