November 2013 Greater Boston Real Estate Market Trends Report

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

November 2013 Quick Facts

- 12.1%Year-Over-Year(YoY) Change inClosed Sales

Single-Family Only

November was largely another encouraging month for residential real estate. Our attention has shifted from multiyear high prices and sales volumes to seller activity, inventory levels and building permits. And let's not forget the calendar effect. As families gather together, fewer house hunters are scheduling showings and writing offers. Watch for month-to-month activity to moderate while year-over-year comparisons remain strong.

- 7.4%Year-Over-Year(YoY) Change inClosed Sales

Condominium Only

- 9.9%Year-Over-Year(YoY) Change inClosed SalesAll Properties

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Inventory of Homes for Sale

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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, 2013. 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.

New Listings in the Greater Boston region were up 4.6 percent for detached homes and 0.2 percent for condominiums. Closed Sales decreased 12.1 percent for detached homes and 7.4 percent for condominiums.

The Median Sales Price was up 6.4 percent to $475,000 for single-family properties and 7.9 percent to $410,000 for condominiums. Months Supply of Inventory decreased 20.0 percent for single-family units and 28.8 percent for townhouse-condo units.

Recent economic and jobs data have surprised to the upside by exceeding expectations. This likely keeps the new Federal Reserve leadership on track for March 2014 tapering. Non-farm payrolls grew by 204,000 jobs in October, outperforming Wall Street expectations. In another bullish sign, August payrolls were revised upward to a 238,000 job gain – positive momentum that should support housing recovery. Just in time for the holidays.

Single-Family Market Overview

Condominium Market Overview

Closed Sales

Median Sales Price

Housing Affordability Index

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-2012 Nov-2013 + / – YTD 2012 YTD 2013 + / –

10,539 + 6.6%Closed Sales 902 793 - 12.1% 9,888

$495,000 + 8.0%

117 109

3,032 2,132

$475,000 + 6.4% $458,250


Inventory of Homes for Sale

$446,550Median Sales Price

- 29.7% -- --

- 6.4% 114 106 - 7.7%

--

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

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 631 660 + 4.6% 14,039 14,306 + 1.9%

89 68

-- -- --2.7 - 20.0%

98

Months Supply of Inventory 3.4

Pending Sales + 7.7%11,165686 740 + 7.9% 10,369

94.4% 97.1%

- 30.7%

+ 2.9%Percent of OriginalList Price Received

Days on Market Until Sale

94.6%

- 26.9%

+ 1.7%

65

96.2%

11 2010 11 2011 11 2012 11 2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

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


- 6.7%

Inventory of Homes for Sale 2,016 1,330 - 34.0% -- -- --

Housing Affordability Index 135 125 - 7.5% 136 127

+ 7.8%

Median Sales Price $380,000 $410,000 + 7.9% $379,000 $405,000 + 6.9%

Closed Sales 757 701 - 7.4% 8,889 9,582

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

+ 3.2%


New Listings 553 554 + 0.2% 11,922 12,308

+ 3.3%

Pending Sales 596 670 + 12.4% 9,352 10,194 + 9.0%

Percent of OriginalList Price Received

96.2% 98.8% + 2.7% 95.8% 98.9%

--

Days on Market Until Sale 77 51 - 33.4% 87 53 - 39.2%

Months Supply of Inventory 2.7 1.9 - 28.8% -- --

11 2010 11 2011 11 2012 11 2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

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

Single-FamilyYoY

ChangeCondominium

YoYChange

Dec-2012 819 + 11.3% 766 + 19.1%

Jan-2013 601 + 15.1% 513 + 24.5%

Feb-2013 428 - 7.6% 435 + 13.3%

Mar-2013 622 - 4.0% 628 + 3.5%

Apr-2013 778 + 4.9% 806 + 6.5%

May-2013 1,108 + 10.5% 1,068 + 5.8%

Jun-2013 1,489 - 0.9% 1,248 - 1.2%

Jul-2013 1,491 + 17.4% 1,255 + 20.9%

Aug-2013 1,440 + 11.5% 1,275 + 6.1%

Sep-2013 925 + 21.9% 891 + 19.1%

Oct-2013 864 + 9.9% 762 + 7.0%

Nov-2013 793 - 12.1% 701 - 7.4%

685

563

902

757793

701

November

20132012 20132012

8,2227,274

9,8888,889

10,5399,582

Year to Date

20132012 201320122011 2011 2011 2011

Total 11,358 + 6.9% 10,348 + 8.6%


Single-Family Condominium

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013

Historical Closed Sales Activity Single-Family Condominium

-7.4%+34.5%+31.7%

Single-Family Condominium+7.8%+22.2%+20.3%-12.1% +6.6%

Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.

Single-FamilyYoY

ChangeCondominium

YoYChange

Dec-2012 $470,000 + 6.7% $380,500 + 10.3%

Jan-2013 $430,000 + 6.2% $368,500 + 3.8%

Feb-2013 $429,850 + 8.8% $350,000 - 5.4%

Mar-2013 $425,100 + 2.5% $405,000 + 19.1%

Apr-2013 $476,500 + 14.2% $387,500 + 4.5%

May-2013 $499,000 + 7.3% $410,000 + 7.6%

Jun-2013 $542,000 + 7.9% $420,000 + 5.0%

Jul-2013 $532,250 + 4.4% $400,000 + 3.4%

Aug-2013 $520,000 + 6.1% $415,000 + 9.2%

Sep-2013 $501,000 + 16.5% $410,000 + 9.3%

Oct-2013 $467,000 + 8.3% $416,750 + 13.9%

Nov-2013 $475,000 + 6.4% $410,000 + 7.9%

$422,500

$351,250

$446,550

$380,000

$475,000

$410,000

November

20132012 20132012

$455,000

$360,000

$458,250

$379,000

$495,000

$405,000

Year to Date

20132012 201320122011 2011 2011 2011

Median $492,250 + 7.8% $400,000 + 6.7%



$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000


Historical Median Sales Price Single-Family Condominium

+7.9%+8.2%+5.7%

Single-Family Condominium+6.9%+5.3%+0.7%+6.4% +8.0%


Single-FamilyYoY

ChangeCondominium

YoYChange

Dec-2012 113 + 6.9% 137 + 3.7%

Jan-2013 125 + 3.7% 143 + 5.8%

Feb-2013 122 - 2.0% 146 + 11.2%

Mar-2013 123 + 4.5% 128 - 8.8%

Apr-2013 112 - 5.3% 136 + 2.7%

May-2013 104 - 4.8% 124 - 5.0%

Jun-2013 90 - 11.6% 114 - 9.2%

Jul-2013 92 - 9.4% 120 - 8.4%

Aug-2013 93 - 11.6% 115 - 13.7%

Sep-2013 98 - 19.1% 118 - 14.0%

Oct-2013 105 - 12.9% 116 - 16.6%

Nov-2013 109 - 6.4% 125 - 7.5%

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.

109

129

117

135

109

125

November

103

127

114

136

106

127

Year to Date

20132012 20132012 20132012 201320122011 2011 2011 2011

Average 107 -5.7% 127 -5.0%



60

70

80

90

100

110

120

130

140

150

160

Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013

Historical Housing Affordability Index Single-Family Condominium

-7.5%+4.6%+6.9%

Single-Family Condominium-6.7%+7.1%+11.5%-6.4% -7.7%

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-2012 2,339 - 31.5% 1,531 - 43.0%

Jan-2013 2,338 - 30.8% 1,593 - 42.4%

Feb-2013 2,445 - 32.7% 1,704 - 41.8%

Mar-2013 2,409 - 40.8% 1,734 - 47.3%

Apr-2013 2,796 - 35.2% 1,971 - 40.6%

May-2013 3,062 - 31.3% 2,066 - 35.6%

Jun-2013 3,052 - 27.5% 2,020 - 32.4%

Jul-2013 2,860 - 26.4% 1,839 - 33.3%

Aug-2013 2,733 - 25.4% 1,695 - 30.7%

Sep-2013 2,923 - 23.5% 1,879 - 26.2%

Oct-2013 2,727 - 22.8% 1,744 - 25.5%

Nov-2013 2,132 - 29.7% 1,330 - 34.0%

4,216

3,3933,032

2,0162,132

1,330

November

20132012 201320122011 2011

Average 2,651 - 29.9% 1,759 - 36.6%



1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000


Historical Inventory of Homes for Sale Single-Family Condominium

-34.0%-40.6%-28.1% -29.7%

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-2012 2.9 - 38.4% 2.0 - 52.1%

Jan-2013 3.9 - 39.9% 3.1 - 53.7%

Feb-2013 5.7 - 27.2% 3.9 - 48.7%

Mar-2013 3.9 - 38.4% 2.8 - 49.1%

Apr-2013 3.6 - 38.2% 2.4 - 44.2%

May-2013 2.8 - 37.8% 1.9 - 39.1%

Jun-2013 2.0 - 26.8% 1.6 - 31.6%

Jul-2013 1.9 - 37.3% 1.5 - 44.9%

Aug-2013 1.9 - 33.1% 1.3 - 34.7%

Sep-2013 3.2 - 37.2% 2.1 - 38.1%

Oct-2013 3.2 - 29.8% 2.3 - 30.4%

Nov-2013 2.7 - 20.0% 1.9 - 28.8%

6.2 6.0

3.4

2.72.7

1.9

November

20132012 201320122011 2011

Average 2.9 - 38.5% 2.1 - 46.3%



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

Historical Months Supply of Inventory Single-Family Condominium

-28.8%-55.8%-45.4% -20.0%

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-2012 97 - 12.7% 84 - 30.0%

Jan-2013 109 - 16.4% 88 - 29.4%

Feb-2013 111 - 17.0% 96 - 22.5%

Mar-2013 107 - 17.8% 71 - 39.1%

Apr-2013 94 - 22.1% 63 - 35.1%

May-2013 74 - 22.2% 51 - 40.3%

Jun-2013 56 - 37.6% 43 - 42.3%

Jul-2013 47 - 41.7% 38 - 46.3%

Aug-2013 49 - 44.2% 40 - 47.6%

Sep-2013 58 - 35.1% 50 - 41.0%

Oct-2013 60 - 33.7% 47 - 44.4%

Nov-2013 65 - 26.9% 51 - 33.4%

109 109

89

77

65

51

November

103 10498

87

68

53

Year to Date

20132012 20132012 20132012 201320122011 2011 2011 2011

Total 70 - 29.2% 52 - 36.3%



30

50

70

90

110

130

150


Historical Days on Market Until Sale Single-Family Condominium

-33.4%-29.7%-17.8%

Single-Family Condominium-39.2%-16.5%-5.2%-26.9% -30.7%

Percent of Original List Price Received

Single-FamilyYoY

ChangeCondominium

YoYChange

Dec-2012 94.2% + 2.3% 96.2% + 3.4%

Jan-2013 93.8% + 3.7% 95.8% + 3.1%

Feb-2013 94.1% + 3.1% 96.6% + 3.5%

Mar-2013 95.2% + 2.4% 97.6% + 3.8%

Apr-2013 96.7% + 3.4% 98.8% + 3.3%

May-2013 97.8% + 2.6% 99.5% + 3.5%

Jun-2013 98.4% + 3.2% 99.7% + 3.5%

Jul-2013 98.1% + 2.4% 99.9% + 3.5%

Aug-2013 97.9% + 3.2% 99.6% + 3.5%

Sep-2013 97.3% + 2.9% 99.0% + 2.6%

Oct-2013 97.2% + 3.0% 98.8% + 3.1%

Nov-2013 96.2% + 1.7% 98.8% + 2.7%

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.

92.4% 93.8%94.6% 96.2%96.2% 98.8%

November

93.2% 94.1%94.4% 95.8%97.1% 98.9%

Year to Date

20132012 20132012 20132012 201320122011 2011 2011 2011

Average 96.9% + 2.8% 98.7% + 3.3%



89%

91%

93%

95%

97%

99%

101%


Historical Percent of Original List Price Received Single-Family Condominium

+2.7%+2.5%+2.4%


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-2012 504 + 6.3% 459 + 10.9%

Jan-2013 627 + 3.0% 657 + 18.8%

Feb-2013 713 - 5.8% 713 - 4.4%

Mar-2013 1,184 + 2.8% 1,166 + 9.3%

Apr-2013 1,390 + 12.5% 1,272 + 8.9%

May-2013 1,496 + 16.1% 1,263 + 7.0%

Jun-2013 1,293 + 9.9% 1,094 + 10.2%

Jul-2013 994 + 5.3% 962 + 20.7%

Aug-2013 904 + 15.7% 768 + 5.3%

Sep-2013 856 - 0.9% 796 + 8.6%

Oct-2013 968 + 10.8% 833 + 5.4%

Nov-2013 740 + 7.9% 670 + 12.4%

614550

686

596

740

670

November

8,617

7,539

10,369

9,352

11,16510,194

Year to Date

20132012 20132012 20132012 201320122011 2011 2011 2011

Total 11,669 + 7.6% 10,653 + 9.1%



200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200


Historical Pending Sales Activity Single-Family Condominium

+12.4%+8.4%+11.7%


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

Single-FamilyYoY

ChangeCondominium

YoYChange

Dec-2012 355 - 20.6% 307 - 19.8%

Jan-2013 883 - 5.6% 907 - 2.5%

Feb-2013 998 - 21.7% 952 - 14.7%

Mar-2013 1,356 - 30.5% 1,344 - 21.1%

Apr-2013 2,008 + 14.2% 1,664 + 13.6%

May-2013 2,002 + 14.3% 1,540 + 13.0%

Jun-2013 1,522 + 15.1% 1,227 + 8.3%

Jul-2013 1,131 + 12.9% 997 + 12.4%

Aug-2013 1,043 + 6.1% 868 + 11.3%

Sep-2013 1,470 + 6.4% 1,250 + 10.6%

Oct-2013 1,233 + 17.8% 1,005 + 16.7%

Nov-2013 660 + 4.6% 554 + 0.2%

653617631

553

660

554

November

14,34713,020

14,039

11,922

14,306

12,308

Year to Date

20132012 20132012 20132012 201320122011 2011 2011 2011

Total 14,661 + 1.2% 12,615 + 2.5%



0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

2,750


Historical New Listing Activity Single-Family Condominium

+0.2%-10.4%-3.4%

Single-Family Condominium+3.2%-8.4%-2.1%+4.6% +1.9%

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


- 7.7%

Inventory of Homes for Sale 973 721 - 25.9% -- -- --

Housing Affordability Index 117 109 - 6.4% 114 106

+ 4.3%

Median Sales Price $400,000 $450,500 + 12.6% $400,000 $437,500 + 9.4%

Closed Sales 438 376 - 14.2% 4,995 5,209

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

+ 3.3%


New Listings 295 295 0.0% 6,675 6,893

+ 3.3%

Pending Sales 351 374 + 6.6% 5,222 5,575 + 6.8%

Percent of OriginalList Price Received

96.0% 98.2% + 2.3% 95.6% 98.7%

--

Days on Market Until Sale 69 49 - 29.1% 82 46 - 43.7%

Months Supply of Inventory 2.2 1.9 - 13.7% -- --

11 2010 11 2011 11 2012 11 2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

11-2010 11-2011 11-2012 11-2013

November 2013 Greater Boston Real Estate Market Trends Report

Real Estate

Transcript of November 2013 Greater Boston Real Estate Market Trends Report