december 2013 greater boston real estate market trends report
DESCRIPTION
Here’s December 2013′s Monthly Indicators report from the Greater Boston Association of Realtors®: December sales close to back on track after dip in November as buyer demand continues to be strong. 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. What the market needs are homeowners to commit to selling to get us to full recovery. 2013 was a positive year for the market as it gets closer to full recovery. • December single-family home sales – Down 0.2% over last year. • December Single-family median prices were UP 6.3% to $320,000. Fifteen straight months of increases. • December condo sales UP 5.8% and median prices UP 8% ($305,000) • Inventory in December Down 21.7 to 15,194 and Condominium homes available Down 28% to 4,094 • SF listings added to the market in December UP 4.6% over last year. (2,463 from 2,354 in 2012) • Condo listings added to the market up 3.7% over last year. (908 from 876 in 2012) http://blog.unitboston.com/?p=2400TRANSCRIPT
Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®
December 2013 Quick Facts
+ 9.3%Year-Over-Year(YoY) Change inClosed Sales
Single-Family Only
In its entirety, 2013 proved to be a good year for housing. Home sales and prices were broadly higher across the nation, while foreclosure loads, the number of homes for sale and the number of days it took to sell a home were all much lower. Multiple-offer situations became commonplace again and prices in many areas rallied to multi-year highs. This, of course, varied by location and segment, but the proverbial glass appeared to be more than half full throughout the year.
+ 1.3%Year-Over-Year(YoY) Change inClosed Sales
Condominium Only
+ 5.4%Year-Over-Year(YoY) Change inClosed SalesAll Properties
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10111213
Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of January 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.
New Listings in the Greater Boston region were up 11.5 percent for detached homes and 18.6 percent for condominiums. Closed Sales increased 9.3 percent for detached homes and 1.3 percent for condominiums.
The Median Sales Price was up 6.4 percent to $500,000 for single-family properties and 11.2 percent to $423,250 for condominiums. Months Supply of Inventory decreased 37.0 percent for single-family units and 30.8 percent for townhouse-condo units.
Housing is fortified by confident consumers and good jobs. The year 2013 was marked by a slowly improving labor market stunted by political gridlock, and the Federal Reserve's long-awaited taper announcement was not surprising. Interest rates remain low (but upwardly mobile), prices are still affordable, the employment picture looks decent and the stock market is up nearly 30.0 percent from this time last year. It's no wonder that buyers were active in 2013. Here's to more of the same in 2014.
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
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 Dec-2012 Dec-2013 + / – YTD 2012 YTD 2013 + / –
Median Sales Price
- 31.2% -- --
- 11.9% 115 100 - 12.7%
--
Housing Affordability Index
Inventory of Homes for Sale
$470,000 + 7.6%
113 99
2,343 1,613
$500,000 + 6.4% $459,900
11,442 + 6.9%Closed Sales 819 895 + 9.3% 10,707
$495,000
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
94.4% 97.0%
- 30.5%
+ 2.8%Percent of OriginalList Price Received
Days on Market Until Sale
94.2%
- 28.6%
+ 1.8%
69
95.9%
Pending Sales + 6.9%11,619504 510 + 1.2% 10,871
Months Supply of Inventory 2.9
97 68
-- -- --1.8 - 37.0%
98
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 355 396 + 11.5% 14,394 14,701 + 2.1%
12 2010 12 2011 12 2012 12 2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
Condominium Market Overview Key market metrics for the current month and year-to-date figures for Condominium Properties Only.
Key Metrics Historical Sparklines Dec-2012 Dec-2013 + / – YTD 2012 YTD 2013 + / –
+ 7.4%
Median Sales Price $380,500 $423,250 + 11.2% $379,000 $405,000 + 6.9%
Closed Sales 766 776 + 1.3% 9,655 10,370
- 12.2%
Inventory of Homes for Sale 1,531 1,073 - 29.9% -- -- --
Housing Affordability Index 137 116 - 15.2% 137 120
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
--
Days on Market Until Sale 84 55 - 35.0% 87 53 - 38.8%
Months Supply of Inventory 2.0 1.4 - 30.8% -- --
+ 3.2%
Pending Sales 459 441 - 3.9% 9,811 10,595 + 8.0%
Percent of OriginalList Price Received
96.2% 98.1% + 1.9% 95.8% 98.9%
+ 3.7%
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 | 3
New Listings 307 364 + 18.6% 12,229 12,676
12 2010 12 2011 12 2012 12 2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
Closed Sales A count of the actual sales that have closed in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Jan-2013 601 + 15.1% 514 + 24.8%
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% 1,069 + 5.9%
Jun-2013 1,489 - 0.9% 1,248 - 1.2%
Jul-2013 1,491 + 17.4% 1,255 + 20.9%
Aug-2013 1,441 + 11.6% 1,276 + 6.2%
Sep-2013 926 + 22.0% 891 + 19.1%
Oct-2013 867 + 10.3% 764 + 7.3%
Nov-2013 796 - 11.8% 708 - 6.5%
Dec-2013 895 + 9.3% 776 + 1.3%
736
643
819766
895
776
December
20132012 20132012
8,9587,918
10,7079,655
11,44210,370
Year to Date
20132012 201320122011 2011 2011 2011
Total 11,442 + 6.9% 10,370 + 7.4%
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
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
+1.3%+19.1%+11.3%
Single-Family Condominium+7.4%+21.9%+19.5%+9.3% +6.9%
Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Jan-2013 $430,000 + 6.2% $369,250 + 4.0%
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% $415,500 + 9.3%
Sep-2013 $500,500 + 16.4% $410,000 + 9.3%
Oct-2013 $468,000 + 8.5% $416,750 + 13.9%
Nov-2013 $475,000 + 6.4% $410,250 + 8.0%
Dec-2013 $500,000 + 6.4% $423,250 + 11.2%
$440,458
$345,000
$470,000
$380,500
$500,000
$423,250
December
20132012 20132012
$452,500
$360,000
$459,900
$379,000
$495,000
$405,000
Year to Date
20132012 201320122011 2011 2011 2011
Median $495,000 + 7.6% $405,000 + 6.9%
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
Single-Family Condominium
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013
Historical Median Sales Price Single-Family Condominium
+11.2%+10.3%+6.7%
Single-Family Condominium+6.9%+5.3%+1.6%+6.4% +7.6%
Housing Affordability Index
Single-FamilyYoY
ChangeCondominium
YoYChange
Jan-2013 125 + 3.7% 143 + 5.6%
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 - 13.8%
Sep-2013 98 - 19.0% 118 - 14.0%
Oct-2013 104 - 13.1% 116 - 16.6%
Nov-2013 109 - 6.4% 125 - 7.6%
Dec-2013 99 - 11.9% 116 - 15.2%
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.
105
132
113
137
99
116
December
103
127115
137
100
120
Year to Date
20132012 20132012 20132012 201320122011 2011 2011 2011
Average 106 -7.2% 125 -6.6%
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 | 6
Single-Family Condominium
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
-15.2%+3.7%+6.9%
Single-Family Condominium-12.2%+7.9%+11.4%-11.9% -12.7%
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
Jan-2013 2,345 - 30.6% 1,593 - 42.4%
Feb-2013 2,453 - 32.5% 1,706 - 41.8%
Mar-2013 2,420 - 40.6% 1,736 - 47.3%
Apr-2013 2,813 - 34.9% 1,977 - 40.4%
May-2013 3,086 - 30.8% 2,075 - 35.3%
Jun-2013 3,084 - 26.7% 2,031 - 32.0%
Jul-2013 2,905 - 25.3% 1,857 - 32.7%
Aug-2013 2,793 - 23.8% 1,727 - 29.4%
Sep-2013 3,002 - 21.5% 1,928 - 24.3%
Oct-2013 2,847 - 19.5% 1,828 - 21.9%
Nov-2013 2,315 - 23.7% 1,465 - 27.3%
Dec-2013 1,613 - 31.2% 1,073 - 29.9%
3,414
2,6852,343
1,5311,613
1,073
December
20132012 201320122011 2011
Average 2,640 - 28.6% 1,750 - 34.7%
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 | 7
Single-Family Condominium
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013
Historical Inventory of Homes for Sale Single-Family Condominium
-29.9%-43.0%-31.4% -31.2%
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
Jan-2013 3.9 - 39.7% 3.1 - 53.8%
Feb-2013 5.7 - 27.0% 3.9 - 48.6%
Mar-2013 3.9 - 38.1% 2.8 - 49.0%
Apr-2013 3.6 - 37.9% 2.5 - 44.0%
May-2013 2.8 - 37.4% 1.9 - 38.9%
Jun-2013 2.1 - 26.1% 1.6 - 31.2%
Jul-2013 1.9 - 36.3% 1.5 - 44.3%
Aug-2013 1.9 - 31.7% 1.4 - 33.5%
Sep-2013 3.2 - 35.6% 2.2 - 36.5%
Oct-2013 3.3 - 27.0% 2.4 - 27.2%
Nov-2013 2.9 - 13.6% 2.1 - 22.3%
Dec-2013 1.8 - 37.0% 1.4 - 30.8%
4.6
4.2
2.9
2.01.8
1.4
December
20132012 201320122011 2011
Average 2.9 - 36.9% 2.1 - 44.3%
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 | 8
Single-Family Condominium
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
-30.8%-52.1%-38.3% -37.0%
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
Jan-2013 109 - 16.4% 88 - 29.1%
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 - 44.3% 40 - 47.6%
Sep-2013 58 - 35.1% 50 - 41.0%
Oct-2013 59 - 33.8% 47 - 44.4%
Nov-2013 65 - 26.8% 51 - 33.4%
Dec-2013 69 - 28.6% 55 - 35.0%
111120
97
84
69
55
December
104 10598
87
68
53
Year to Date
20132012 20132012 20132012 201320122011 2011 2011 2011
Total 68 - 30.5% 51 - 37.0%
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
Single-Family Condominium
30
50
70
90
110
130
150
Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013
Historical Days on Market Until Sale Single-Family Condominium
-35.0%-30.0%-12.7%
Single-Family Condominium-38.8%-17.7%-5.8%-28.6% -30.5%
Percent of Original List Price Received
Single-FamilyYoY
ChangeCondominium
YoYChange
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 96.3% + 1.7% 98.8% + 2.8%
Dec-2013 95.9% + 1.8% 98.1% + 1.9%
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.
92.1% 93.0%94.2% 96.2%95.9% 98.1%
December
93.1% 94.0%94.4% 95.8%97.0% 98.9%
Year to Date
20132012 20132012 20132012 201320122011 2011 2011 2011
Average 97.0% + 2.8% 98.9% + 3.2%
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 | 10
Single-Family Condominium
89%
91%
93%
95%
97%
99%
101%
Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013
Historical Percent of Original List Price Received Single-Family Condominium
+1.9%+3.4%+2.3%
Single-Family Condominium+3.2%+2.0%+1.4%+1.8% +2.8%
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
Jan-2013 626 + 2.8% 657 + 18.8%
Feb-2013 713 - 5.8% 712 - 4.6%
Mar-2013 1,183 + 2.7% 1,166 + 9.3%
Apr-2013 1,389 + 12.5% 1,272 + 8.9%
May-2013 1,490 + 15.7% 1,263 + 7.0%
Jun-2013 1,292 + 9.8% 1,093 + 10.1%
Jul-2013 991 + 5.0% 960 + 20.5%
Aug-2013 899 + 15.1% 765 + 4.9%
Sep-2013 853 - 1.3% 793 + 8.2%
Oct-2013 955 + 9.3% 823 + 4.2%
Nov-2013 718 + 4.7% 650 + 9.1%
Dec-2013 510 + 1.2% 441 - 3.9%
474
414
504459
510
441
December
9,0917,952
10,8719,811
11,61910,595
Year to Date
20132012 20132012 20132012 201320122011 2011 2011 2011
Total 11,619 + 6.9% 10,595 + 8.0%
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
Single-Family Condominium
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013
Historical Pending Sales Activity Single-Family Condominium
-3.9%+10.9%+6.3%
Single-Family Condominium+8.0%+23.4%+19.6%+1.2% +6.9%
New Listings A count of the properties that have been newly listed on the market in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
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 2,009 + 14.3% 1,664 + 13.6%
May-2013 2,002 + 14.3% 1,539 + 12.9%
Jun-2013 1,522 + 15.1% 1,228 + 8.4%
Jul-2013 1,131 + 12.9% 998 + 12.5%
Aug-2013 1,043 + 6.1% 867 + 11.2%
Sep-2013 1,469 + 6.3% 1,252 + 10.8%
Oct-2013 1,231 + 17.6% 1,008 + 17.1%
Nov-2013 661 + 4.8% 553 0.0%
Dec-2013 396 + 11.5% 364 + 18.6%
447
383355
307
396364
December
14,794
13,40314,394
12,229
14,701
12,676
Year to Date
20132012 20132012 20132012 201320122011 2011 2011 2011
Total 14,701 + 2.1% 12,676 + 3.7%
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 | 12
Single-Family Condominium
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,250
2,500
2,750
Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013
Historical New Listing Activity Single-Family Condominium
+18.6%-19.8%-20.6%
Single-Family Condominium+3.7%-8.8%-2.7%+11.5% +2.1%
City of Boston – Market Overview Key market metrics for the current month and year-to-date figures for the City of Boston.
Key Metrics Historical Sparklines Dec-2012 Dec-2013 + / – YTD 2012 YTD 2013 + / –
+ 4.7%
Median Sales Price $400,000 $451,000 + 12.8% $400,000 $439,000 + 9.7%
Closed Sales 426 457 + 7.3% 5,421 5,677
- 12.7%
Inventory of Homes for Sale 700 554 - 20.9% -- -- --
Housing Affordability Index 113 99 - 11.9% 115 100
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
--
Days on Market Until Sale 76 57 - 25.5% 82 47 - 42.4%
Months Supply of Inventory 1.6 1.2 - 26.2% -- --
+ 3.1%
Pending Sales 240 254 + 5.8% 5,462 5,804 + 6.3%
Percent of OriginalList Price Received
95.6% 97.3% + 1.7% 95.6% 98.6%
+ 4.1%
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
New Listings 152 213 + 40.1% 6,827 7,106
12 2010 12 2011 12 2012 12 2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013
12-2010 12-2011 12-2012 12-2013