August 2016 Boston Real Estate Market Trends

August 2016 Quick Facts

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City of Boston OverviewRegional Map

Median Sales PriceHousing Affordability IndexInventory of Homes for SaleMonths Supply of InventoryDays on Market Until SalePercent of Original List Price Received

Monthly Indicators

Closed sales began to cool for much of the country last month, and conventional wisdom indicates that year-over-year declines are going to be present for the remainder of the year, given the low inventory situation in most markets. Demand is certainly present and has created competitive situations that have kept prices up. Rental prices are also up, which may lure more toward homeownership.

Closed Sales decreased 0.4 percent for Single-Family homes and 4.1 percent for Condominium homes. Pending Sales increased 5.5 percent for Single-Family homes and 11.3 percent for Condominium homes. Inventory decreased 28.1 percent for Single-Family homes and 24.9 percent for Condominium homes.

The Median Sales Price was up 8.7 percent to $575,000 for Single-Family homes and 9.4 percent to $499,000 for Condominium homes. Days on Market increased 3.7 percent for Single-Family homes but decreased 8.9 percent for Condominium homes. Months Supply of Inventory decreased 31.3 percent for Single-Family homes and 28.6 percent for Condominium homes.

As inventory continues to drop, the contradictions of today's market are evident. Sellers should feel confident enough to list homes at fair prices and receive meaningful offers in a healthy residential real estate and overall economic environment. However, there may be lingering worry over the availability of move-in ready homes to replace what was sold. On a brighter note, building permits are trending upward. That news should be weighed against the fact that the highest level of activity is in multifamily rentals.

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

Single-Family Home Market Overview

- 1.9% - 0.4% - 4.1%

This is a research tool provided by the Greater Boston Association of REALTORS®. Percent changes are calculated using rounded figures.

Condominium Market Overview

Year-Over-Year (YoY) Change in Closed Sales

All Properties


Single-Family Only


Condominium Only

Closed Sales

Pending SalesNew Listings

Single-Family Home Market Overview

Historical Sparkbars 8-2015 8-2016 PercentChange YTD 2015 YTD 2016 Percent

Change

- 1.3%1,331 1,208 - 9.2% 13,207 13,038

Current as of September 16, 2016. All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Report © 2016 ShowingTime. | 2

+ 0.2%

Pending Sales 1,122 1,184 + 5.5% 9,941 10,345 + 4.1%

Pct. of Orig. List Price Received 98.5% 98.6% + 0.1% 98.4% 98.6%

New Listings

--

Days on Market Until Sale 54 56 + 3.7% 62 61 - 1.6%

Months Supply of Inventory 3.2 2.2 - 31.3% -- --

0.0%

Inventory of Homes for Sale 3,593 2,585 - 28.1% -- -- --

Housing Affordability Index 80 77 - 3.8% 81 81

9,630 + 4.3%

Median Sales Price $528,900 $575,000 + 8.7% $526,000 $549,000 + 4.4%

9,236

Key market metrics for the current month and year-to-date figures for Single-Family Homes Only.

Closed Sales 1,710 1,704 - 0.4%

Key Metrics

Aug 2014 Feb 2015 Aug 2015 Feb 2016 Aug 2016









Condominium Market Overview


Change

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

Closed Sales 1,251 1,200

Median Sales Price $456,000 $499,000

Inventory of Homes for Sale 1,811 1,360

Days on Market Until Sale 45 41

Housing Affordability Index 93

- 4.1%

Key Metrics

7,548 + 5.1%7,181

89 - 4.3% 94 91 - 3.2%

+ 9.4% $451,850 $485,000 + 7.3%

--

-- --

- 24.9% -- --

Months Supply of Inventory 2.1 1.5 - 28.6% --

- 8.9% 48

+ 0.8%

Pct. of Orig. List Price Received 100.6% 100.8% + 0.2% 100.4%

- 2.1%

100.7% + 0.3%

47


+ 4.5%Pending Sales 815 907 + 11.3% 7,848 8,205

New Listings 936 955 + 2.0% 9,610 9,689










Closed Sales

Closed Sales Single-FamilyYear-Over-Year

Change CondominiumYear-Over-Year

Change

Sep-2015 1,218 +17.5% 942 +7.2%

Oct-2015 1,120 +8.3% 831 -4.8%

Nov-2015 1,007 +7.4% 775 +16.7%

Dec-2015 1,249 +11.1% 912 +8.1%

Jan-2016 843 +17.7% 604 +24.5%

Feb-2016 588 +10.7% 473 +4.6%

Mar-2016 779 +13.9% 756 +30.6%

Apr-2016 929 +21.9% 827 +19.9%

May-2016 1,249 +17.8% 1,120 +16.9%

Jun-2016 1,936 +3.5% 1,411 +1.6%

Jul-2016 1,602 -15.8% 1,157 -16.0%

Aug-2016 1,704 -0.4% 1,200 -4.1%

12-Month Avg 1,185 +6.4% 917 +5.4%

Historical Closed Sales by Month


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

1,534

1,162

1,710

1,251

1,704

1,200

Single-Family Condominium

August

0

500

1,000

1,500

2,000

2,500

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


8,816

7,372

9,236

7,181

9,630

7,548


Year to Date

2014 2015 2016

- 4.1%+ 7.7%- 0.4%+ 11.5% - 2.6%+ 4.3%+ 4.8% + 5.1%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 10.3% - 6.9% - 4.1%- 14.0%

Median Sales Price

Median Sales Price Single-FamilyYear-Over-Year


Change

Sep-2015 $491,700 +7.1% $425,450 +3.4%

Oct-2015 $475,000 +0.5% $455,000 +15.2%

Nov-2015 $517,000 +6.4% $450,455 +7.3%

Dec-2015 $500,001 +5.3% $443,750 +5.2%

Jan-2016 $490,000 +1.0% $443,250 -1.3%

Feb-2016 $518,750 +10.4% $449,000 +7.0%

Mar-2016 $472,500 +0.6% $478,750 +5.2%

Apr-2016 $530,000 +3.5% $480,456 +10.2%

May-2016 $530,250 +2.0% $482,500 +4.0%

Jun-2016 $585,000 +4.5% $505,000 +9.8%

Jul-2016 $575,000 +4.5% $495,000 +7.6%

Aug-2016 $575,000 +8.7% $499,000 +9.4%

12-Month Avg* $521,683 +3.9% $467,301 +7.8%

Historical Median Sales Price by Month

* Median Sales Price for all properties from September 2015 through August 2016. This is not the average of the individual figures above.


Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.

$515,000

$418,000

$528,900

$456,000

$575,000

$499,000


August

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


$501,000

$415,000

$526,000

$451,850

$549,000

$485,000


Year to Date

2014 2015 2016

+ 9.4%+ 9.1%+ 8.7%+ 2.7% + 8.9%+ 4.4%+ 5.0% + 7.3%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 6.2% + 7.7% + 6.4%+ 4.0%

Housing Affordability Index

Affordability Index Single-FamilyYear-Over-Year


Change

Sep-2015 87 0.0% 101 +4.1%

Oct-2015 90 +4.7% 94 -8.7%

Nov-2015 82 -2.4% 94 -3.1%

Dec-2015 85 -2.3% 96 -1.0%

Jan-2016 86 -3.4% 95 -2.1%

Feb-2016 84 -8.7% 97 -6.7%

Mar-2016 92 +1.1% 91 -3.2%

Apr-2016 82 -3.5% 91 -8.1%

May-2016 82 -2.4% 90 -4.3%

Jun-2016 76 0.0% 88 -5.4%

Jul-2016 77 +1.3% 89 -2.2%

Aug-2016 77 -3.8% 89 -4.3%

12-Month Avg 83 -2.1% 93 -3.7%

Historical Housing Affordability Index by Month


This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.

78

97

80

93

77

89


August

40

60

80

100

120

140

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


81

97

81

94

8191


Year to Date

2014 2015 2016

- 4.3%- 4.1%- 3.8%+ 2.6% - 3.1%0.0%0.0% - 3.2%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 1.3% - 2.4% - 2.0%+ 1.0%

Inventory of Homes for Sale

Homes for Sale Single-FamilyYear-Over-Year


Change

Sep-2015 3,907 +1.7% 2,108 +11.1%

Oct-2015 3,758 +0.9% 2,048 +6.2%

Nov-2015 3,135 +2.6% 1,813 +12.4%

Dec-2015 2,378 -0.8% 1,386 +11.1%

Jan-2016 2,311 +2.2% 1,382 +8.6%

Feb-2016 2,330 +13.5% 1,374 +12.7%

Mar-2016 2,835 +25.9% 1,629 +19.1%

Apr-2016 3,153 +5.5% 1,657 -3.7%

May-2016 3,159 -10.7% 1,631 -15.8%

Jun-2016 3,248 -12.2% 1,631 -15.7%

Jul-2016 3,003 -19.0% 1,585 -16.3%

Aug-2016 2,585 -28.1% 1,360 -24.9%

12-Month Avg 2,984 -3.5% 1,634 -1.2%

Historical Inventory of Homes for Sale by Month


The number of properties available for sale in active status at the end of a given month.

3,533

1,732

3,593

1,811

2,585

1,360


August

0

2,000

4,000

6,000

8,000

10,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


2014 2015 2016

- 24.9%+ 4.6%- 28.1%+ 1.7%2014 2015 2016

+ 7.1% - 11.3%

Months Supply of Inventory

Months Supply Single-FamilyYear-Over-Year


Change

Sep-2015 3.5 0.0% 2.4 +14.3%

Oct-2015 3.3 -5.7% 2.3 +4.5%

Nov-2015 2.7 -3.6% 2.1 +16.7%

Dec-2015 2.1 -4.5% 1.6 +14.3%

Jan-2016 2.0 -4.8% 1.5 +7.1%

Feb-2016 2.0 +5.3% 1.5 +7.1%

Mar-2016 2.4 +14.3% 1.8 +12.5%

Apr-2016 2.7 -3.6% 1.8 -10.0%

May-2016 2.6 -21.2% 1.7 -26.1%

Jun-2016 2.7 -20.6% 1.7 -26.1%

Jul-2016 2.5 -26.5% 1.7 -22.7%

Aug-2016 2.2 -31.3% 1.5 -28.6%

12-Month Avg* 2.6 -10.4% 1.8 -4.8%

Historical Months Supply of Inventory by Month

* Months Supply for all properties from September 2015 through August 2016. This is not the average of the individual figures above.


The inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months.

3.2

1.9

3.2

2.12.2

1.5


August

0.0

2.0

4.0

6.0

8.0

10.0

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


2014 2015 2016

- 28.6%+ 10.5%- 31.3%0.0%2014 2015 2016

+ 6.7% - 13.6%

Days on Market Until Sale

Days on Market Single-FamilyYear-Over-Year


Change

Sep-2015 57 -6.6% 50 -2.0%

Oct-2015 64 +4.9% 50 0.0%

Nov-2015 61 -7.6% 56 +5.7%

Dec-2015 70 +1.4% 52 -5.5%

Jan-2016 74 -11.9% 58 -1.7%

Feb-2016 91 -3.2% 64 -13.5%

Mar-2016 80 -13.0% 60 -9.1%

Apr-2016 70 -10.3% 48 -18.6%

May-2016 58 -1.7% 46 +2.2%

Jun-2016 49 -5.8% 41 +5.1%

Jul-2016 51 +4.1% 40 0.0%

Aug-2016 56 +3.7% 41 -8.9%

12-Month Avg* 65 -2.1% 51 -2.0%

Historical Days on Market Until Sale by Month

* Days on Market for all properties from September 2015 through August 2016. This is not the average of the individual figures above.


Average number of days between when a property is listed and when an offer is accepted in a given month.

51 5054

45

56

41


August

20

40

60

80

100

120

140

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


5854

62

48

61

47


Year to Date

2014 2015 2016

- 8.9%- 10.0%+ 3.7%+ 5.9% - 11.1%- 1.6%+ 6.9% - 2.1%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 15.9% - 6.5% + 1.9%+ 25.0%

Percent of Original List Price Received

Pct. of Orig. List Price Received Single-Family

Year-Over-YearChange Condominium

Year-Over-YearChange

Sep-2015 97.7% +0.8% 99.5% +0.4%

Oct-2015 96.7% 0.0% 99.7% +1.2%

Nov-2015 97.4% +0.8% 99.3% +1.2%

Dec-2015 96.1% +0.5% 98.3% +0.4%

Jan-2016 95.8% -0.1% 97.9% +0.1%

Feb-2016 95.7% +0.5% 98.1% -0.1%

Mar-2016 97.7% +1.2% 99.7% +1.0%

Apr-2016 98.4% +1.0% 101.1% +0.5%

May-2016 99.3% +0.2% 101.4% +0.5%

Jun-2016 99.8% +0.1% 101.7% +0.1%

Jul-2016 99.6% +0.1% 101.5% +0.4%

Aug-2016 98.6% +0.1% 100.8% +0.2%

12-Month Avg* 97.7% +0.3% 99.9% +0.4%

Historical Percent of Original List Price Received by Month

* Pct. of Orig. List Price Received for all properties from September 2015 through August 2016. This is not the average of the individual figures above.


Percentage found when dividing a property’s sales price by its original list price, then taking the average for all properties soldin a given month, not accounting for seller concessions.

98.2% 100.0%98.5% 100.6%98.6% 100.8%


August

87.5%

90.0%

92.5%

95.0%

97.5%

100.0%

102.5%

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


98.1% 99.7%98.4% 100.4%98.6% 100.7%


Year to Date

2014 2015 2016

+ 0.2%+ 0.6%+ 0.1%+ 0.3% + 0.7%+ 0.2%+ 0.3% + 0.3%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 0.3% + 0.9% + 0.9%+ 0.5%

Pending Sales

Pending Sales Single-FamilyYear-Over-Year


Change

Sep-2015 1,214 +17.4% 860 +0.1%

Oct-2015 1,258 +8.2% 954 +14.1%

Nov-2015 950 +6.1% 722 +10.2%

Dec-2015 659 +11.9% 519 +12.1%

Jan-2016 685 -3.0% 648 +18.2%

Feb-2016 888 +40.5% 825 +45.5%

Mar-2016 1,435 +29.9% 1,130 +13.3%

Apr-2016 1,589 +2.8% 1,305 +2.4%

May-2016 1,781 +1.2% 1,301 +0.3%

Jun-2016 1,622 -9.3% 1,199 -13.5%

Jul-2016 1,161 -9.4% 890 -7.7%

Aug-2016 1,184 +5.5% 907 +11.3%

12-Month Avg 1,202 +5.9% 938 +5.6%

Historical Pending Sales by Month

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).


973

729

1,122

815

1,184

907


August

250

500

750

1,000

1,250

1,500

1,750

2,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


9,357

7,745

9,941

7,848

10,345

8,205


Year to Date

2014 2015 2016

+ 11.3%+ 11.8%+ 5.5%+ 15.3% + 1.3%+ 4.1%+ 6.2% + 4.5%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 10.2% - 8.2% - 7.0%- 10.7%

New Listings

New Listings Single-FamilyYear-Over-Year


Change

Sep-2015 1,954 +8.3% 1,439 +12.7%

Oct-2015 1,525 +3.1% 1,153 +3.5%

Nov-2015 875 +17.8% 762 +26.4%

Dec-2015 553 +10.4% 463 +16.0%

Jan-2016 903 +7.4% 805 +13.5%

Feb-2016 1,126 +76.8% 938 +50.6%

Mar-2016 2,170 +45.2% 1,543 +22.1%

Apr-2016 2,122 -14.2% 1,471 -15.1%

May-2016 2,070 -18.2% 1,436 -13.6%

Jun-2016 2,121 -6.6% 1,436 -8.4%

Jul-2016 1,318 -19.1% 1,105 -1.1%

Aug-2016 1,208 -9.2% 955 +2.0%

12-Month Avg 1,495 +1.2% 1,126 +3.9%

Historical New Listings by Month


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

1,191

791

1,331

936

1,208

955


August

0

1,000

2,000

3,000

4,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016


12,847

9,384

13,207

9,610

13,038

9,689


Year to Date

2014 2015 2016

+ 2.0%+ 18.3%- 9.2%+ 11.8% + 2.4%- 1.3%+ 2.8% + 0.8%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 7.0% - 0.9% - 7.2%- 15.3%

City of Boston - Market Overview


Change

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

Closed Sales 625 556 - 11.0%

Key Metrics

3,596 - 1.0%

Median Sales Price $525,000 $575,000 + 9.5% $510,000 $560,000 + 9.8%

3,633

Housing Affordability Index 89 85 - 4.5% 91 87 - 4.4%

----

Months Supply of Inventory 2.0 1.6 - 20.0% --

Inventory of Homes for Sale 865 689 - 20.3% --

47 47

-- --

+ 11.3% 3,919

0.0%

Pct. of Orig. List Price Received 100.0% 99.9% - 0.1% 100.0% 100.0% 0.0%

Days on Market Until Sale 44 41 - 6.8%


+ 0.9%

4,761 - 0.7%

3,953

New Listings 437 440 + 0.7% 4,795

Pending Sales 388 432










Regional Map

Central Middlesex Region Metro West RegionActon AshlandBedford DoverBoxboro FraminghamConcord HollistonHudson HopkintonLexington MedfieldLincoln MedwayMaynard MillisStow NatickSudbury NeedhamWayland SherbornWeston Wellesley

Eastern Middlesex Region Southern Norfolk RegionBurlington AvonMalden BellinghamMedford CantonMelrose FoxboroNorth Reading FranklinReading MansfieldStoneham NorfolkWakefield NorwoodWilmington RandolphWinchester SharonWoburn Stoughton

WalpoleMetro Boston Region WestwoodArlington WrenthamBelmontBostonBrooklineCambridgeChelseaDedhamEverettMiltonNewtonRevereSomervilleWalthamWatertownWinthrop

A map of the the 64 areas and 5 regions that make up "Greater Boston."

Greater Boston Association of REALTORS® Regional Map

Communities by Region


Date post:	19-Feb-2017
Category:	Real Estate
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