December 2016 Greater Boston Real Estate Market Trends

December 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

Most of 2016 offered the same monthly housing market highlights. The number of homes for sale was drastically down in year-over-year comparisons, along with days on market and months of supply. Meanwhile, sales and prices were up in most markets. Unemployment rates were low, wages improved and, as the year waned, we completed a contentious presidential election and saw mortgage rates increase, neither of which are expected to have a negative impact on real estate in 2017.

Closed Sales decreased 10.2 percent for Single-Family homes and 1.0 percent for Condominium homes. Pending Sales decreased 1.7 percent for Single-Family homes but increased 3.7 percent for Condominium homes. Inventory decreased 35.0 percent for Single-Family homes and 28.6 percent for Condominium homes.

The Median Sales Price was up 9.4 percent to $547,000 for Single-Family homes and 4.8 percent to $465,000 for Condominium homes. Days on Market decreased 21.4 percent for Single-Family homes and 13.5 percent for Condominium homes. Months Supply of Inventory decreased 38.1 percent for Single-Family homes and 31.3 percent for Condominium homes.

The overwhelming feeling about prospects in residential real estate for the immediate future is optimism. Real estate professionals across the nation are expressing that they are as busy as ever. There are certainly challenges in this market, like continued low inventory and higher competition for those fewer properties, but opportunities abound for hardworking agents and diligent consumers.

Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of January 16, 2017. All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Report © 2017 ShowingTime.

Single-Family Home Market Overview

- 6.3% - 10.2% - 1.0%

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 12-2015 12-2016 PercentChange YTD 2015 YTD 2016 Percent

Change

- 3.9%553 390 - 29.5% 18,117 17,409

Current as of January 16, 2017. All data from MLS Property Information Network, Inc. Provided by the Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Report © 2017 ShowingTime. | 2

+ 0.4%

Pending Sales 659 648 - 1.7% 14,016 14,149 + 0.9%

Pct. of Orig. List Price Received 96.1% 97.1% + 1.0% 97.9% 98.3%

New Listings

--

Days on Market Until Sale 70 55 - 21.4% 63 59 - 6.3%

Months Supply of Inventory 2.1 1.3 - 38.1% -- --

- 1.2%

Inventory of Homes for Sale 2,394 1,557 - 35.0% -- -- --

Housing Affordability Index 85 81 - 4.7% 83 82

14,073 + 1.7%

Median Sales Price $500,001 $547,000 + 9.4% $515,000 $540,000 + 4.9%

13,831

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

Closed Sales 1,250 1,122 - 10.2%

Key Metrics

Dec 2014 Jun 2015 Dec 2015 Jun 2016 Dec 2016









Condominium Market Overview


Change

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

Closed Sales 912 903

Median Sales Price $443,750 $465,000

Inventory of Homes for Sale 1,392 994

Days on Market Until Sale 52 45

Housing Affordability Index 96

- 1.0%

Key Metrics

11,142 + 4.7%10,642

95 - 1.0% 95 91 - 4.2%

+ 4.8% $450,000 $485,114 + 7.8%

--

-- --

- 28.6% -- --

Months Supply of Inventory 1.6 1.1 - 31.3% --

- 13.5% 50

- 0.0%

Pct. of Orig. List Price Received 98.3% 98.5% + 0.2% 100.0%

- 8.0%

100.3% + 0.3%

46


+ 3.7%Pending Sales 518 537 + 3.7% 10,897 11,299

New Listings 462 433 - 6.3% 13,424 13,419










Closed Sales

Closed Sales Single-FamilyYear-Over-Year

Change CondominiumYear-Over-Year

Change

Jan-2016 843 +17.7% 604 +24.5%

Feb-2016 589 +10.9% 473 +4.6%

Mar-2016 779 +13.9% 756 +30.6%

Apr-2016 929 +21.9% 828 +20.0%

May-2016 1,249 +17.8% 1,121 +17.0%

Jun-2016 1,938 +3.6% 1,412 +1.7%

Jul-2016 1,605 -15.6% 1,159 -15.8%

Aug-2016 1,716 +0.4% 1,215 -3.0%

Sep-2016 1,157 -5.0% 1,008 +7.0%

Oct-2016 962 -14.1% 827 -0.5%

Nov-2016 1,184 +17.6% 836 +7.9%

Dec-2016 1,122 -10.2% 903 -1.0%

12-Month Avg 1,173 +1.7% 929 +4.7%

Historical Closed Sales by Month


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

1,124

844

1,250

912

1,122

903

Single-Family Condominium

December

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


12,949

10,632

13,831

10,642

14,073

11,142


Year to Date

2014 2015 2016

- 1.0%+ 8.1%- 10.2%+ 11.2% + 0.1%+ 1.7%+ 6.8% + 4.7%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 4.0% - 5.8% - 4.0%+ 1.0%

Median Sales Price

Median Sales Price Single-FamilyYear-Over-Year


Change

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

Feb-2016 $517,500 +10.1% $449,000 +7.0%

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

Apr-2016 $530,000 +3.5% $480,228 +10.1%

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% $499,900 +9.6%

Sep-2016 $506,500 +3.0% $509,690 +19.8%

Oct-2016 $525,000 +10.5% $480,000 +5.5%

Nov-2016 $525,000 +1.5% $497,660 +10.5%

Dec-2016 $547,000 +9.4% $465,000 +4.8%

12-Month Avg* $531,563 +4.9% $482,165 +7.8%

Historical Median Sales Price by Month

* Median Sales Price for all properties from January 2016 through December 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.

$475,000

$422,001

$500,001

$443,750

$547,000

$465,000


December

$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


$491,813

$415,000

$515,000

$450,000

$540,000

$485,114


Year to Date

2014 2015 2016

+ 4.8%+ 5.2%+ 9.4%+ 5.3% + 8.4%+ 4.9%+ 4.7% + 7.8%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 0.9% + 6.5% + 5.7%+ 4.1%

Housing Affordability Index

Affordability Index Single-FamilyYear-Over-Year


Change

Jan-2016 86 -3.4% 95 -2.1%

Feb-2016 85 -7.6% 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%

Sep-2016 88 +1.1% 87 -13.9%

Oct-2016 84 -6.7% 92 -2.1%

Nov-2016 84 +2.4% 89 -5.3%

Dec-2016 81 -4.7% 95 -1.0%

12-Month Avg 83 -2.1% 91 -5.0%

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.

87

97

85

96

81

95


December

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


84

99

83

95

8291


Year to Date

2014 2015 2016

- 1.0%- 1.0%- 4.7%- 2.3% - 4.0%- 1.2%- 1.2% - 4.2%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 6.1% - 1.2% - 1.0%0.0%

Inventory of Homes for Sale

Homes for Sale Single-FamilyYear-Over-Year


Change

Jan-2016 2,337 +3.2% 1,390 +9.1%

Feb-2016 2,363 +15.0% 1,387 +13.7%

Mar-2016 2,873 +27.5% 1,650 +20.5%

Apr-2016 3,206 +7.2% 1,686 -2.1%

May-2016 3,247 -8.3% 1,678 -13.4%

Jun-2016 3,380 -8.8% 1,711 -11.6%

Jul-2016 3,210 -13.6% 1,720 -9.2%

Aug-2016 2,912 -19.1% 1,564 -13.7%

Sep-2016 3,275 -16.4% 1,885 -10.7%

Oct-2016 3,005 -20.2% 1,775 -13.5%

Nov-2016 2,355 -25.2% 1,451 -20.2%

Dec-2016 1,557 -35.0% 994 -28.6%

12-Month Avg 2,810 -9.7% 1,574 -8.0%

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.

2,399

1,249

2,394

1,3921,557

994


December

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

- 28.6%+ 11.4%- 35.0%- 0.2%2014 2015 2016

+ 4.9% - 15.2%

Months Supply of Inventory

Months Supply Single-FamilyYear-Over-Year


Change

Jan-2016 2.0 -4.8% 1.6 +14.3%

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 2.7 -18.2% 1.8 -21.7%

Jun-2016 2.8 -17.6% 1.8 -21.7%

Jul-2016 2.7 -20.6% 1.9 -13.6%

Aug-2016 2.5 -21.9% 1.7 -19.0%

Sep-2016 2.8 -20.0% 2.0 -16.7%

Oct-2016 2.6 -21.2% 1.9 -20.8%

Nov-2016 2.0 -28.6% 1.6 -23.8%

Dec-2016 1.3 -38.1% 1.1 -31.3%

12-Month Avg* 2.4 -15.7% 1.7 -13.5%

Historical Months Supply of Inventory by Month

* Months Supply for all properties from January 2016 through December 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.

2.2

1.4

2.1

1.61.3

1.1


December

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

- 31.3%+ 14.3%- 38.1%- 4.5%2014 2015 2016

+ 10.0% - 12.5%

Days on Market Until Sale

Days on Market Single-FamilyYear-Over-Year


Change

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% 41 +2.5%

Aug-2016 56 +3.7% 41 -8.9%

Sep-2016 52 -8.8% 41 -18.0%

Oct-2016 56 -12.5% 41 -18.0%

Nov-2016 51 -16.4% 40 -28.6%

Dec-2016 55 -21.4% 45 -13.5%

12-Month Avg* 62 -6.5% 47 -8.1%

Historical Days on Market Until Sale by Month

* Days on Market for all properties from January 2016 through December 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.

69

55

70

5255

45


December

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


60

53

63

50

59

46


Year to Date

2014 2015 2016

- 13.5%- 5.5%- 21.4%+ 1.4% - 5.7%- 6.3%+ 5.0% - 8.0%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 9.5% - 1.6% + 1.9%0.0%

Percent of Original List Price Received

Pct. of Orig. List Price Received Single-Family

Year-Over-YearChange Condominium

Year-Over-YearChange

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%

Sep-2016 97.9% +0.2% 100.0% +0.5%

Oct-2016 98.0% +1.3% 99.7% 0.0%

Nov-2016 98.2% +0.8% 99.7% +0.4%

Dec-2016 97.1% +1.0% 98.5% +0.2%

12-Month Avg* 98.0% +0.4% 100.0% +0.2%

Historical Percent of Original List Price Received by Month

* Pct. of Orig. List Price Received for all properties from January 2016 through December 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.

95.6% 97.9%96.1% 98.3%97.1% 98.5%


December

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


97.6% 99.3%97.9% 100.0%98.3% 100.3%


Year to Date

2014 2015 2016

+ 0.2%+ 0.4%+ 1.0%+ 0.5% + 0.7%+ 0.4%+ 0.3% + 0.3%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 0.5% + 0.6% + 0.6%- 0.1%

Pending Sales

Pending Sales Single-FamilyYear-Over-Year


Change

Jan-2016 683 -3.1% 648 +18.5%

Feb-2016 883 +39.7% 823 +45.1%

Mar-2016 1,430 +29.4% 1,128 +13.3%

Apr-2016 1,586 +2.6% 1,301 +2.1%

May-2016 1,769 +0.5% 1,299 +0.2%

Jun-2016 1,608 -9.9% 1,194 -13.9%

Jul-2016 1,140 -11.1% 873 -9.4%

Aug-2016 1,115 -0.5% 882 +8.5%

Sep-2016 1,164 -4.0% 916 +6.5%

Oct-2016 1,147 -8.8% 933 -2.1%

Nov-2016 976 +2.7% 765 +6.0%

Dec-2016 648 -1.7% 537 +3.7%

12-Month Avg 1,179 +0.9% 942 +3.7%

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).


589

463

659

518

648

537


December

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


13,034

10,558

14,016

10,897

14,149

11,299


Year to Date

2014 2015 2016

+ 3.7%+ 11.9%- 1.7%+ 11.9% + 3.2%+ 0.9%+ 7.5% + 3.7%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 5.9% - 5.2% - 5.6%+ 3.1%

New Listings

New Listings Single-FamilyYear-Over-Year


Change

Jan-2016 903 +7.4% 805 +13.5%

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

Mar-2016 2,168 +45.1% 1,545 +22.2%

Apr-2016 2,120 -14.2% 1,472 -15.0%

May-2016 2,071 -18.2% 1,439 -13.4%

Jun-2016 2,114 -6.9% 1,441 -8.0%

Jul-2016 1,317 -19.2% 1,109 -0.7%

Aug-2016 1,202 -9.7% 956 +2.1%

Sep-2016 1,890 -3.2% 1,476 +2.5%

Oct-2016 1,272 -16.6% 1,065 -7.6%

Nov-2016 836 -4.8% 740 -2.6%

Dec-2016 390 -29.5% 433 -6.3%

12-Month Avg 1,451 -3.9% 1,118 -0.0%

Historical New Listings by Month


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

501

399

553

462

390433


December

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


17,373

12,778

18,117

13,424

17,409

13,419


Year to Date

2014 2015 2016

- 6.3%+ 15.8%- 29.5%+ 10.4% + 5.1%- 3.9%+ 4.3% - 0.0%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 3.5% - 0.2% - 5.8%+ 0.3%

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 459 441 - 3.9%

Key Metrics

5,346 + 0.5%

Median Sales Price $505,000 $550,000 + 8.9% $515,000 $561,000 + 8.9%

5,319

Housing Affordability Index 93 89 - 4.3% 91 87 - 4.4%

----

Months Supply of Inventory 1.7 1.3 - 23.5% --

Inventory of Homes for Sale 747 574 - 23.2% --

47 46

-- --

- 6.2% 5,465

- 2.1%

Pct. of Orig. List Price Received 98.2% 98.4% + 0.2% 99.7% 99.7% 0.0%

Days on Market Until Sale 51 44 - 13.7%


- 0.6%

6,706 - 1.8%

5,430

New Listings 260 186 - 28.5% 6,831

Pending Sales 260 244










Regional Map

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Greater Boston Association of REALTORS® Regional Map

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