Here's May 2014’s Monthly Indicators report from the Greater Boston Association of Realtors® Shortage of homes for sale has resulted in a drop of closed sales in May 2014. Prices continue to move up because demand for available homes to buy is outpacing supply. Inventory continues to shrink from the same time the year before, but pockets of the state are seeing inventory moderate or slightly increasing. • May single-family home sales – Down 9.9% over last year. • May Single-family median prices were UP 7.0% to $347,900. 20 straight months of increases. • May condo sales Down 1.1% and median prices UP 9.0% ($316,000) • Inventory in May Down 7.9% to 21,818 and Condominiums Down 21.5% to 5,507 • SF listings added to the market in May Up 4.1% over last year. (9,674 from 9,294 in 2013) • Condo listings added to the market Down 3.7% over last year. (2,981 from 3,095 in 2013)
Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS® May 2014 Quick Facts 2 3 4 5 6 7 8 9 10 11 12 13 Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of June 16, 2014. All data from MLS Property Information Network, Inc. Provided by Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by 10K Research and Marketing. - 10.3% Year-Over-Year (YoY) Change in Closed Sales Single-Family Only Some have noted a slight pause in the housing recovery this year. The American Dream of homeownership is alive and well, but it must still contend with market fluctuations. Buyers need homes for sale if they're expected to buy said homes. They also need reliable financing, better jobs and stronger wage growth. The opportunities are out there. Now we need people to take advantage of them. New Listings in the Greater Boston region were up 3.7 percent for detached homes but decreased 8.2 percent for condominiums. Closed Sales decreased 10.3 percent for detached homes and 13.1 percent for condominiums. The Median Sales Price was up 6.4 percent to $532,000 for single-family properties and 5.8 percent to $433,750 for condominiums. Months Supply of Inventory increased 3.8 percent for single-family units but was down 11.1 percent for townhouse-condo units. We've had a mixed bag of economic news lately. As expected, national GDP contracted slightly during Q1-2014, which most economists attribute to impermanent factors like the harsh winter. We've now had more than four straight years of monthly private sector job growth. It hasn't been extraordinary growth, but it sure beats mass layoffs. Buoyed by an improving sales mix, home prices continue their ascent despite erratic demand indicators. More inventory, more high-skilled job growth, and less economic and political uncertainty are still top priorities. - 13.1% Year-Over-Year (YoY) Change in Closed Sales Condominium Only - 11.7% Year-Over-Year (YoY) Change in Closed Sales All Properties Single-Family Market Overview Condominium Market Overview Closed Sales Median Sales Price Housing Affordability Index Inventory of Homes for Sale Click on desired metric to jump to that page. Months Supply of Inventory Days On Market Until Sale Percent of Original List Price Received City of Boston Overview Pending Sales New Listings
Transcript
Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®
May 2014 Quick Facts
23456789
10111213
Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of June 16, 2014. 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.
- 10.3%Year-Over-Year(YoY) Change inClosed Sales
Single-Family Only
Some have noted a slight pause in the housing recovery this year. The American Dream of homeownership is alive and well, but it must still contend with market fluctuations. Buyers need homes for sale if they're expected to buy said homes. They also need reliable financing, better jobs and stronger wage growth. The opportunities are out there. Now we need people to take advantage of them.
New Listings in the Greater Boston region were up 3.7 percent for detached homes but decreased 8.2 percent for condominiums. Closed Sales decreased 10.3 percent for detached homes and 13.1 percent for condominiums.
The Median Sales Price was up 6.4 percent to $532,000 for single-family properties and 5.8 percent to $433,750 for condominiums. Months Supply of Inventory increased 3.8 percent for single-family units but was down 11.1 percent for townhouse-condo units.
We've had a mixed bag of economic news lately. As expected, national GDP contracted slightly during Q1-2014, which most economists attribute to impermanent factors like the harsh winter. We've now had more than four straight years of monthly private sector job growth. It hasn't been extraordinary growth, but it sure beats mass layoffs. Buoyed by an improving sales mix, home prices continue their ascent despite erratic demand indicators. More inventory, more high-skilled job growth, and less economic and political uncertainty are still top priorities.
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. | Click for Cover Page | 2
New Listings 1,981 2,054 + 3.7% 7,172 7,033 - 1.9%
Closed Sales 1,096 983 - 10.3% 3,501
$510,000
5-2011 5-2012 5-2013 5-2014
5-2011 5-2012 5-2013 5-2014
5-2011 5-2012 5-2013 5-2014
5-2011 5-2012 5-2013 5-2014
5-2011 5-2012 5-2013 5-2014
5-2011 5-2012 5-2013 5-2014
5-2011 5-2012 5-2013 5-2014
5-2011 5-2012 5-2013 5-2014
5-2011 5-2012 5-2013 5-2014
Condominium Market Overview Key market metrics for the current month and year-to-date figures for Condominium Properties Only.
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. | Click for Cover Page | 3
New Listings 1,532 1,406 - 8.2% 6,388 5,741
5-2011 5-2012 5-2013 5-2014
5-2011 5-2012 5-2013 5-2014
5-2011 5-2012 5-2013 5-2014
5-2011 5-2012 5-2013 5-2014
5-2011 5-2012 5-2013 5-2014
5-2011 5-2012 5-2013 5-2014
5-2011 5-2012 5-2013 5-2014
5-2011 5-2012 5-2013 5-2014
5-2011 5-2012 5-2013 5-2014
Closed Sales A count of the actual sales that have closed in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Jun-2013 1,481 - 1.1% 1,246 - 1.0%
Jul-2013 1,488 + 18.0% 1,252 + 20.7%
Aug-2013 1,429 + 11.6% 1,277 + 6.2%
Sep-2013 919 + 22.4% 887 + 18.7%
Oct-2013 855 + 10.5% 764 + 7.5%
Nov-2013 791 - 11.4% 711 - 5.8%
Dec-2013 900 + 10.6% 789 + 3.0%
Jan-2014 569 - 4.7% 526 + 2.3%
Feb-2014 408 - 4.0% 421 - 3.2%
Mar-2014 546 - 11.4% 646 + 2.9%
Apr-2014 674 - 12.1% 816 + 1.4%
May-2014 983 - 10.3% 928 - 13.1%
Total 11,043 + 2.5% 10,263 + 3.4%
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. | Click for Cover Page | 4
Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Jun-2013 $545,000 + 8.1% $420,000 + 5.0%
Jul-2013 $533,000 + 4.1% $400,500 + 3.5%
Aug-2013 $520,000 + 5.3% $416,000 + 9.5%
Sep-2013 $502,500 + 15.5% $410,000 + 9.3%
Oct-2013 $474,000 + 9.0% $416,750 + 13.8%
Nov-2013 $480,000 + 6.7% $410,500 + 8.0%
Dec-2013 $500,000 + 6.4% $420,800 + 10.6%
Jan-2014 $486,575 + 13.2% $420,500 + 13.9%
Feb-2014 $476,950 + 10.9% $400,000 + 14.3%
Mar-2014 $499,950 + 16.2% $436,500 + 7.8%
Apr-2014 $525,000 + 9.4% $420,000 + 8.4%
May-2014 $532,000 + 6.4% $433,750 + 5.8%
Median $515,000 + 8.7% $418,500 + 8.7%
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. | Click for Cover Page | 5
Historical Median Sales Price Single-Family Condominium
+5.8% +7.6% +7.2%
2014 2013 2014 2013
$429,200
$368,000
$458,750
$390,000
$510,000
$425,000
Single-Family Condominium
Year to Date
+9.0% +6.0% +6.9%
2014 2013 2014 2013
+6.4% +11.2%
2012 2012 2012 2012
Housing Affordability Index
Single-FamilyYoY
ChangeCondominium
YoYChange
Jun-2013 81 - 11.7% 105 - 9.1%
Jul-2013 83 - 8.8% 110 - 8.3%
Aug-2013 84 - 10.6% 105 - 14.0%
Sep-2013 88 - 18.8% 108 - 14.2%
Oct-2013 94 - 13.4% 106 - 17.0%
Nov-2013 98 - 6.9% 114 - 8.1%
Dec-2013 90 - 11.6% 106 - 14.9%
Jan-2014 87 - 22.6% 101 - 23.1%
Feb-2014 90 - 18.1% 108 - 20.5%
Mar-2014 86 - 21.5% 99 - 15.3%
Apr-2014 82 - 18.4% 102 - 17.6%
May-2014 83 - 10.7% 102 - 10.2%
Average 87 -14.4% 106 -14.4%
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.
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. | Click for Cover Page | 6
Historical Housing Affordability Index Single-Family Condominium
-10.2% -5.6% -5.3%
107
124
101
119
87
104
Single-Family Condominium
Year to Date
-12.8% -4.2% -5.0%
2014 2013 2014 2013 2014 2013 2014 2013
-10.7% -14.5%
2012 2012 2012 2012
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
Jun-2013 3,040 - 26.4% 2,037 - 31.4%
Jul-2013 2,873 - 24.8% 1,874 - 31.6%
Aug-2013 2,765 - 23.3% 1,760 - 27.4%
Sep-2013 3,009 - 20.1% 1,979 - 21.7%
Oct-2013 2,901 - 16.6% 1,910 - 17.8%
Nov-2013 2,452 - 17.9% 1,605 - 20.0%
Dec-2013 1,891 - 17.7% 1,288 - 15.6%
Jan-2014 1,866 - 18.7% 1,279 - 19.3%
Feb-2014 1,982 - 17.5% 1,347 - 20.9%
Mar-2014 2,149 - 9.6% 1,412 - 18.7%
Apr-2014 2,517 - 9.2% 1,554 - 21.5%
May-2014 2,837 - 6.9% 1,606 - 22.8%
Average 2,524 - 18.1% 1,638 - 23.3%
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. | Click for Cover Page | 7
Historical Inventory of Homes for Sale Single-Family Condominium
-22.8% -34.8% -30.5%
2014 2013 2014 2013
-6.9%
2012 2012
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
Jun-2013 2.1 - 25.7% 1.6 - 30.7%
Jul-2013 1.9 - 36.2% 1.5 - 43.4%
Aug-2013 1.9 - 31.3% 1.4 - 31.7%
Sep-2013 3.3 - 34.7% 2.2 - 34.1%
Oct-2013 3.4 - 24.5% 2.5 - 23.5%
Nov-2013 3.1 - 7.3% 2.3 - 15.1%
Dec-2013 2.1 - 25.5% 1.6 - 18.1%
Jan-2014 3.3 - 14.7% 2.4 - 21.1%
Feb-2014 4.9 - 14.0% 3.2 - 18.2%
Mar-2014 3.9 + 2.0% 2.2 - 21.0%
Apr-2014 3.7 + 3.3% 1.9 - 22.6%
May-2014 2.9 + 3.8% 1.7 - 11.1%
Average 2.7 - 24.3% 1.9 - 30.4%
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. | Click for Cover Page | 8
Historical Months Supply of Inventory Single-Family Condominium
-11.1% -38.6% -36.9%
2014 2013 2014 2013
+3.8%
2012 2012
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
Jun-2013 56 - 37.8% 43 - 42.4%
Jul-2013 47 - 41.6% 38 - 46.2%
Aug-2013 48 - 45.0% 40 - 47.1%
Sep-2013 57 - 36.1% 49 - 42.0%
Oct-2013 59 - 33.7% 47 - 43.9%
Nov-2013 65 - 27.2% 51 - 33.6%
Dec-2013 70 - 28.0% 55 - 34.1%
Jan-2014 79 - 27.5% 63 - 28.9%
Feb-2014 89 - 19.8% 78 - 17.9%
Mar-2014 82 - 23.1% 65 - 8.6%
Apr-2014 81 - 12.3% 56 - 12.1%
May-2014 57 - 23.1% 48 - 5.4%
Total 61 - 32.3% 48 - 31.6%
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. | Click for Cover Page | 9
Historical Days on Market Until Sale Single-Family Condominium
-5.4% -40.3% -22.3%
118
104 95
69 75
60
Single-Family Condominium
Year to Date
-13.5% -34.0% -20.1%
2014 2013 2014 2013 2014 2013 2014 2013
-23.1% -21.0%
2012 2012 2012 2012
Percent of Original List Price Received
Single-FamilyYoY
ChangeCondominium
YoYChange
Jun-2013 98.4% + 3.3% 99.7% + 3.5%
Jul-2013 98.1% + 2.4% 99.9% + 3.5%
Aug-2013 97.9% + 3.3% 99.7% + 3.5%
Sep-2013 97.3% + 3.0% 99.0% + 2.6%
Oct-2013 97.2% + 3.0% 98.8% + 3.1%
Nov-2013 96.3% + 1.7% 98.9% + 2.8%
Dec-2013 95.9% + 1.8% 98.0% + 1.9%
Jan-2014 95.8% + 2.0% 97.4% + 1.6%
Feb-2014 96.1% + 2.0% 98.1% + 1.5%
Mar-2014 97.0% + 1.9% 98.9% + 1.3%
Apr-2014 98.1% + 1.4% 99.7% + 0.9%
May-2014 98.7% + 0.9% 100.9% + 1.4%
Average 97.5% + 2.3% 99.3% + 2.4%
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. | Click for Cover Page | 10
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.
Historical Percent of Original List Price Received Single-Family Condominium
+1.4% +3.5% +2.6%
93.2% 94.9% 96.0% 98.1% 97.4% 99.3%
Single-Family Condominium
Year to Date
+1.3% +3.4% +3.0%
2014 2013 2014 2013 2014 2013 2014 2013
+0.9% +1.5%
2012 2012 2012 2012
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
Jun-2013 1,280 + 9.1% 1,088 + 9.8%
Jul-2013 974 + 4.4% 948 + 19.4%
Aug-2013 887 + 15.3% 754 + 3.4%
Sep-2013 834 - 2.1% 782 + 6.8%
Oct-2013 936 + 7.8% 815 + 3.2%
Nov-2013 693 + 1.9% 631 + 6.6%
Dec-2013 470 - 6.2% 416 - 9.4%
Jan-2014 509 - 18.2% 603 - 8.1%
Feb-2014 661 - 5.8% 716 + 0.6%
Mar-2014 1,059 - 8.9% 1,008 - 13.3%
Apr-2014 1,279 - 7.3% 1,181 - 6.9%
May-2014 1,444 - 2.0% 1,130 - 10.0%
Total 11,026 - 0.8% 10,072 - 0.7%
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. | Click for Cover Page | 11
New Listings A count of the properties that have been newly listed on the market in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Jun-2013 1,504 + 15.1% 1,224 + 8.0%
Jul-2013 1,114 + 12.2% 995 + 12.6%
Aug-2013 1,029 + 5.9% 868 + 11.9%
Sep-2013 1,454 + 6.2% 1,253 + 11.0%
Oct-2013 1,218 + 18.7% 1,010 + 17.2%
Nov-2013 651 + 4.5% 554 + 0.4%
Dec-2013 396 + 13.1% 363 + 18.2%
Jan-2014 728 - 16.3% 741 - 17.8%
Feb-2014 928 - 5.7% 889 - 6.4%
Mar-2014 1,449 + 8.0% 1,216 - 9.5%
Apr-2014 1,874 - 6.1% 1,489 - 10.4%
May-2014 2,054 + 3.7% 1,406 - 8.2%
Total 14,399 + 4.2% 12,008 - 0.2%
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. | Click for Cover Page | 12
Inventory of Homes for Sale 1,074 897 - 16.5% -- -- --
Housing Affordability Index 93 83 - 10.7% 101 87
--
Days on Market Until Sale 44 47 + 7.5% 60 56 - 6.3%
Months Supply of Inventory 1.8 1.7 - 3.9% -- --
+ 1.1%
Pending Sales 681 637 - 6.5% 2,758 2,522 - 8.6%
Percent of OriginalList Price Received
99.3% 100.2% + 0.8% 98.0% 99.1%
- 10.2%
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. | Click for Cover Page | 13
