June 2016 Boston Real Estate Market Trends

June 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

Halfway through 2016, residential real estate markets are performing as predicted at the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total months' supply of inventory have been going down. Meanwhile, many sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand. The message may be repetitive, but it is largely positive.

Closed Sales increased 2.5 percent for Single-Family homes but decreased 0.1 percent for Condominium homes. Pending Sales decreased 5.0 percent for Single-Family homes and 10.7 percent for Condominium homes. Inventory decreased 18.5 percent for Single-Family homes and 24.6 percent for Condominium homes.

The Median Sales Price was up 4.5 percent to $585,000 for Single-Family homes and 9.8 percent to $505,000 for Condominium homes. Days on Market decreased 5.8 percent for Single-Family homes but increased 5.1 percent for Condominium homes. Months Supply of Inventory decreased 26.5 percent for Single-Family homes and 30.4 percent for Condominium homes.

The national unemployment rate recently dropped 0.3 percent to 4.7 percent, but some states felt more of a pinch in their own figures. Similarly, the low inventory situation is showing signs of strain in markets where there are few homes for purchase. With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade.

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

+ 1.4% + 2.5% - 0.1%

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 6-2015 6-2016 PercentChange YTD 2015 YTD 2016 Percent

Change

+ 2.8%2,271 2,131 - 6.2% 10,247 10,536

Current as of July 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

+ 0.3%

Pending Sales 1,788 1,698 - 5.0% 7,538 8,143 + 8.0%

Pct. of Orig. List Price Received 99.7% 99.8% + 0.1% 98.0% 98.3%

New Listings

--

Days on Market Until Sale 52 49 - 5.8% 70 65 - 7.1%

Months Supply of Inventory 3.4 2.5 - 26.5% -- --

0.0%

Inventory of Homes for Sale 3,698 3,015 - 18.5% -- -- --

Housing Affordability Index 76 76 0.0% 83 83

6,301 + 12.1%

Median Sales Price $560,000 $585,000 + 4.5% $515,000 $535,000 + 3.9%

5,622

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

Closed Sales 1,870 1,916 + 2.5%

Key Metrics

Jun 2014 Dec 2014 Jun 2015 Dec 2015 Jun 2016









Condominium Market Overview


Change

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

Closed Sales 1,389 1,388

Median Sales Price $460,000 $505,000

Inventory of Homes for Sale 1,933 1,457

Days on Market Until Sale 39 41

Housing Affordability Index 93

- 0.1%

Key Metrics

5,160 + 13.3%4,553

88 - 5.4% 95 92 - 3.2%

+ 9.8% $450,000 $480,000 + 6.7%

--

-- --

- 24.6% -- --

Months Supply of Inventory 2.3 1.6 - 30.4% --

+ 5.1% 52

+ 0.9%

Pct. of Orig. List Price Received 101.6% 101.7% + 0.1% 100.2%

- 3.8%

100.5% + 0.3%

50


+ 6.7%Pending Sales 1,386 1,238 - 10.7% 6,070 6,477

New Listings 1,567 1,435 - 8.4% 7,557 7,628










Closed Sales

Closed Sales Single-FamilyYear-Over-Year

Change CondominiumYear-Over-Year

Change

Jul-2015 1,902 +8.6% 1,377 +13.4%

Aug-2015 1,710 +11.5% 1,250 +7.6%

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 1,248 +11.0% 912 +8.1%

Jan-2016 843 +17.7% 604 +24.5%

Feb-2016 588 +10.7% 472 +4.4%

Mar-2016 779 +14.1% 755 +30.4%

Apr-2016 928 +21.8% 824 +19.4%

May-2016 1,247 +17.6% 1,117 +16.6%

Jun-2016 1,916 +2.5% 1,388 -0.1%

12-Month Avg 1,209 +11.2% 937 +10.4%

Historical Closed Sales by Month


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

1,682

1,313

1,870

1,389

1,916

1,388

Single-Family Condominium

June

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


5,5304,996

5,622

4,553

6,301

5,160


Year to Date

2014 2015 2016

- 0.1%+ 5.8%+ 2.5%+ 11.2% - 8.9%+ 12.1%+ 1.7% + 13.3%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 5.0% - 7.5% + 0.4%- 1.3%

Median Sales Price

Median Sales Price Single-FamilyYear-Over-Year


Change

Jul-2015 $550,000 +5.8% $460,000 +9.8%

Aug-2015 $528,900 +2.7% $455,500 +9.0%

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% $449,500 +7.2%

Mar-2016 $472,500 +0.7% $477,500 +4.9%

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

May-2016 $530,000 +1.9% $482,500 +4.0%

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

12-Month Avg* $515,738 +4.7% $460,659 +8.2%

Historical Median Sales Price by Month

* Median Sales Price for all properties from July 2015 through June 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.

$535,000

$430,000

$560,000

$460,000

$585,000

$505,000


June

$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


$491,000

$415,000

$515,000

$450,000

$535,000

$480,000


Year to Date

2014 2015 2016

+ 9.8%+ 7.0%+ 4.5%+ 4.7% + 8.4%+ 3.9%+ 4.9% + 6.7%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 7.0% + 9.1% + 6.7%+ 4.9%

Housing Affordability Index

Affordability Index Single-FamilyYear-Over-Year


Change

Jul-2015 76 -1.3% 91 -5.2%

Aug-2015 80 +2.6% 93 -4.1%

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 0.0% 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%

12-Month Avg 84 -0.9% 93 -4.5%

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.

75

94

76

93

76

88


June

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


82

97

83

95

8392


Year to Date

2014 2015 2016

- 5.4%- 1.1%0.0%+ 1.3% - 2.1%0.0%+ 1.2% - 3.2%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 2.6% - 4.7% - 2.0%0.0%

Inventory of Homes for Sale

Homes for Sale Single-FamilyYear-Over-Year


Change

Jul-2015 3,704 +0.6% 1,893 -0.1%

Aug-2015 3,586 +1.5% 1,811 +4.6%

Sep-2015 3,899 +1.5% 2,107 +11.0%

Oct-2015 3,748 +0.6% 2,042 +5.9%

Nov-2015 3,119 +2.1% 1,801 +11.7%

Dec-2015 2,360 -1.5% 1,370 +9.8%

Jan-2016 2,289 +1.2% 1,365 +7.2%

Feb-2016 2,303 +12.2% 1,352 +10.9%

Mar-2016 2,796 +24.2% 1,597 +16.7%

Apr-2016 3,092 +3.4% 1,594 -7.4%

May-2016 3,040 -14.0% 1,533 -20.8%

Jun-2016 3,015 -18.5% 1,457 -24.6%

12-Month Avg 3,079 -0.2% 1,660 +0.8%

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.

3,762

1,968

3,698

1,933

3,015

1,457


June

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

- 24.6%- 1.8%- 18.5%- 1.7%2014 2015 2016

+ 5.2% - 12.1%

Months Supply of Inventory

Months Supply Single-FamilyYear-Over-Year


Change

Jul-2015 3.4 +3.0% 2.2 +4.8%

Aug-2015 3.2 0.0% 2.1 +10.5%

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% 2.0 +11.1%

Dec-2015 2.0 -9.1% 1.5 +7.1%

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% 1.7 +6.3%

Apr-2016 2.6 -7.1% 1.7 -15.0%

May-2016 2.5 -24.2% 1.6 -30.4%

Jun-2016 2.5 -26.5% 1.6 -30.4%

12-Month Avg* 2.7 -6.2% 1.9 -1.0%

Historical Months Supply of Inventory by Month

* Months Supply for all properties from July 2015 through June 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.

3.4

2.1

3.4

2.32.5

1.6


June

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

- 30.4%+ 9.5%- 26.5%0.0%2014 2015 2016

+ 3.0% - 16.0%

Days on Market Until Sale

Days on Market Single-FamilyYear-Over-Year


Change

Jul-2015 49 -2.0% 40 -18.4%

Aug-2015 54 +5.9% 45 -10.0%

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% 46 -22.0%

May-2016 58 -1.7% 46 +2.2%

Jun-2016 49 -5.8% 41 +5.1%

12-Month Avg* 65 -3.5% 51 -5.5%

Historical Days on Market Until Sale by Month

* Days on Market for all properties from July 2015 through June 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.

5045

52

39

49

41


June

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


6256

70

52

65

50


Year to Date

2014 2015 2016

+ 5.1%- 13.3%- 5.8%+ 4.0% - 7.1%- 7.1%+ 12.9% - 3.8%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 2.0% - 16.2% - 6.7%+ 4.7%

Percent of Original List Price Received

Pct. of Orig. List Price Received Single-Family

Year-Over-YearChange Condominium

Year-Over-YearChange

Jul-2015 99.5% +0.9% 101.1% +1.2%

Aug-2015 98.5% +0.3% 100.6% +0.6%

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 99.4% +0.3% 101.4% +0.5%

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

12-Month Avg* 97.7% +0.5% 99.9% +0.6%

Historical Percent of Original List Price Received by Month

* Pct. of Orig. List Price Received for all properties from July 2015 through June 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.

99.2% 100.6%99.7% 101.6%99.8% 101.7%


June

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


97.9% 99.5%98.0% 100.2%98.3% 100.5%


Year to Date

2014 2015 2016

+ 0.1%+ 1.0%+ 0.1%+ 0.5% + 0.7%+ 0.3%+ 0.1% + 0.3%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 0.9% + 1.2% + 1.1%+ 1.1%

Pending Sales

Pending Sales Single-FamilyYear-Over-Year


Change

Jul-2015 1,285 +8.6% 964 +2.1%

Aug-2015 1,123 +15.4% 815 +11.8%

Sep-2015 1,215 +17.5% 860 +0.1%

Oct-2015 1,259 +8.3% 954 +14.1%

Nov-2015 952 +6.4% 722 +10.2%

Dec-2015 661 +12.2% 519 +12.1%

Jan-2016 686 -2.8% 650 +18.6%

Feb-2016 891 +41.0% 828 +46.0%

Mar-2016 1,440 +30.3% 1,132 +13.5%

Apr-2016 1,606 +3.8% 1,317 +3.4%

May-2016 1,822 +3.5% 1,312 +1.1%

Jun-2016 1,698 -5.0% 1,238 -10.7%

12-Month Avg 1,220 +9.4% 943 +7.2%

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).


1,549

1,175

1,788

1,386

1,698

1,238


June

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


7,202

6,072

7,538

6,070

8,143

6,477


Year to Date

2014 2015 2016

- 10.7%+ 18.0%- 5.0%+ 15.4% - 0.0%+ 8.0%+ 4.7% + 6.7%

2014 2015 2016 2014 2015 2016 2014 2015 2016

- 0.9% - 9.0% - 6.9%+ 0.3%

New Listings

New Listings Single-FamilyYear-Over-Year


Change

Jul-2015 1,630 +13.0% 1,117 +3.6%

Aug-2015 1,331 +11.8% 936 +18.3%

Sep-2015 1,954 +8.3% 1,438 +12.6%

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

Nov-2015 874 +17.6% 763 +26.5%

Dec-2015 555 +10.8% 461 +15.5%

Jan-2016 903 +7.4% 805 +13.5%

Feb-2016 1,127 +76.9% 938 +50.6%

Mar-2016 2,173 +45.4% 1,542 +22.0%

Apr-2016 2,124 -14.1% 1,475 -14.8%

May-2016 2,078 -17.9% 1,433 -13.8%

Jun-2016 2,131 -6.2% 1,435 -8.4%

12-Month Avg 1,534 +5.7% 1,125 +5.3%

Historical New Listings by Month


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

2,007

1,349

2,271

1,567

2,131

1,435


June

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


10,214

7,515

10,247

7,557

10,536

7,628


Year to Date

2014 2015 2016

- 8.4%+ 16.2%- 6.2%+ 13.2% + 0.6%+ 2.8%+ 0.3% + 0.9%

2014 2015 2016 2014 2015 2016 2014 2015 2016

+ 10.4% - 0.8% - 7.4%+ 1.1%

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 727 648 - 10.9%

Key Metrics

2,440 + 6.1%

Median Sales Price $520,000 $600,000 + 15.4% $510,000 $555,000 + 8.8%

2,300

Housing Affordability Index 90 81 - 10.0% 92 88 - 4.3%

----

Months Supply of Inventory 2.3 1.8 - 21.7% --

Inventory of Homes for Sale 959 801 - 16.5% --

49 49

-- --

- 7.6% 3,057

0.0%

Pct. of Orig. List Price Received 101.5% 101.1% - 0.4% 99.8% 99.8% 0.0%

Days on Market Until Sale 36 41 + 13.9%


+ 3.0%

3,819 + 0.2%

3,148

New Listings 751 723 - 3.7% 3,810

Pending Sales 680 628










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


June 2016 Boston Real Estate Market Trends

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Transcript of June 2016 Boston Real Estate Market Trends