january 2013's monthly indicators report
DESCRIPTION
Here's January 2013's Monthly Indicators report from the Greater Boston Association of Realtors®TRANSCRIPT
Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®
January 2013 Quick Facts
+ 15.3%Year-Over-Year(YoY) Change inClosed Sales
Single-Family Only
The idea of doing data analysis is about as exciting to some as renewing a driver's license. Sometimes watching monthly figures can feel like watching grass grow. Try to ignore the confusion of high school statistics class – those regressions and cotangents can't hurt you anymore. The number crunching is done for you, so let the trend be your friend. And for the first time since 2006, the numbers are largely positive. Let's look at the cheat sheet.
+ 22.3%Year-Over-Year(YoY) Change inClosed Sales
Condominium Only
+ 18.4%Year-Over-Year(YoY) Change inClosed SalesAll Properties
23456789
10111213
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
Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of February 22, 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 down 6.3 percent for detached homes and 4.2 percent for condominiums. Closed Sales increased 15.3 percent for detached homes and 22.3 percent for condominiums.
The Median Sales Price was up 6.0 percent to $430,000 for single-family properties and 3.5 percent to $367,250 for condominiums. Months Supply of Inventory decreased 42.8 percent for single-family units and 52.8 percent for townhouse-condo units.
It's important to watch the economy, since job growth directly fuels home purchases and since the housing industry generates jobs. The economy has added about 6.1 million jobs over the past 35 months, a sluggish but encouraging trend. Interest rates are slowly moving higher in some regions, though the affordability picture remains extremely attractive.
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 Jan-2012 Jan-2013 + / – YTD 2012 YTD 2013 + / –
602 + 15.3%Closed Sales 522 602 + 15.3% 522
$430,000 + 6.0%
120 122
3,649 2,407
$430,000 + 6.0% $405,500
Housing Affordability Index
Inventory of Homes for Sale
$405,500Median Sales Price
- 34.0% -- --
+ 1.7% 120 122 + 1.7%
--
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
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 963 902 - 6.3% 963 902 - 6.3%
130 109
-- -- --4.0 - 42.8%
130
Months Supply of Inventory 7.0
Pending Sales + 8.1%584540 584 + 8.1% 540
90.5% 93.8%
- 16.3%
+ 3.7%Percent of OriginalList Price Received
Days on Market Until Sale
90.5%
- 16.3%
+ 3.7%
109
93.8%
1 2010 1 2011 1 2012 1 2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
Condominium Market Overview Key market metrics for the current month and year-to-date figures for Condominium Properties Only.
Key Metrics Historical Sparklines Jan-2012 Jan-2013 + / – YTD 2012 YTD 2013 + / –
+ 4.0%
Inventory of Homes for Sale 2,970 1,715 - 42.3% -- -- --
Housing Affordability Index 136 141 + 4.0% 136 141
+ 22.3%
Median Sales Price $355,000 $367,250 + 3.5% $355,000 $367,250 + 3.5%
Closed Sales 412 504 + 22.3% 412 504
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
- 4.2%
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 | 3
New Listings 954 914 - 4.2% 954 914
+ 3.2%
Pending Sales 483 618 + 28.0% 483 618 + 28.0%
Percent of OriginalList Price Received
93.0% 96.0% + 3.2% 93.0% 96.0%
--
Days on Market Until Sale 125 88 - 29.6% 125 88 - 29.6%
Months Supply of Inventory 7.2 3.4 - 52.8% -- --
1 2010 1 2011 1 2012 1 2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
Closed Sales A count of the actual sales that have closed in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Feb-2012 464 + 32.2% 384 + 12.3%
Mar-2012 648 + 16.5% 607 + 11.0%
Apr-2012 743 + 12.6% 758 + 20.1%
May-2012 1,005 + 20.5% 1,012 + 32.1%
Jun-2012 1,510 + 21.3% 1,264 + 20.3%
Jul-2012 1,279 + 25.3% 1,040 + 21.6%
Aug-2012 1,299 + 26.0% 1,203 + 25.2%
Sep-2012 766 - 1.2% 753 + 16.4%
Oct-2012 791 + 28.6% 711 + 38.9%
Nov-2012 906 + 32.5% 759 + 35.1%
Dec-2012 824 + 11.8% 765 + 19.0%
Jan-2013 602 + 15.3% 504 + 22.3%
460
400
522
412
602
504
January
20132012 20132012
460
400
522
412
602
504
Year to Date
20132012 201320122011 2011 2011 2011
Total 10,837 + 20.0% 9,760 + 23.1%
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 | 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
+22.3%+3.0%+13.5%
Single-Family Condominium+22.3%+3.0%+13.5%+15.3% +15.3%
Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Feb-2012 $395,000 + 3.9% $370,000 + 6.2%
Mar-2012 $414,838 - 1.5% $340,000 + 4.6%
Apr-2012 $418,500 - 2.9% $371,500 + 4.6%
May-2012 $465,000 + 1.4% $381,000 + 4.4%
Jun-2012 $503,250 - 0.3% $400,000 + 6.7%
Jul-2012 $510,000 + 2.0% $387,000 + 6.3%
Aug-2012 $490,000 - 1.8% $380,000 + 3.0%
Sep-2012 $430,475 - 4.3% $375,000 + 2.0%
Oct-2012 $430,000 + 10.3% $366,265 + 5.1%
Nov-2012 $448,250 + 6.0% $380,000 + 8.4%
Dec-2012 $470,000 + 6.8% $383,000 + 11.0%
Jan-2013 $430,000 + 6.0% $367,250 + 3.5%
$449,000
$356,000
$405,500
$355,000
$430,000
$367,250
January
20132012 20132012
$449,000
$356,000
$405,500
$355,000
$430,000
$367,250
Year to Date
20132012 201320122011 2011 2011 2011
Median $460,000 + 2.2% $380,000 + 5.6%
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 | 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
+3.5%-0.3%-9.7%
Single-Family Condominium+3.5%-0.3%-9.7%+6.0% +6.0%
Housing Affordability Index
Single-FamilyYoY
ChangeCondominium
YoYChange
Feb-2012 124 + 10.4% 131 + 8.3%
Mar-2012 118 + 15.0% 141 + 8.8%
Apr-2012 116 + 16.0% 129 + 8.2%
May-2012 106 + 10.2% 127 + 7.2%
Jun-2012 100 + 11.7% 124 + 4.9%
Jul-2012 101 + 11.2% 130 + 6.9%
Aug-2012 105 + 14.1% 132 + 9.1%
Sep-2012 121 + 18.5% 137 + 11.6%
Oct-2012 120 + 2.3% 139 + 6.8%
Nov-2012 117 + 6.5% 135 + 4.3%
Dec-2012 113 + 6.5% 136 + 2.9%
Jan-2013 122 + 1.7% 141 + 4.0%
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.
97
120120
136
122
141
January
97
120120
136
122
141
Year to Date
20132012 20132012 20132012 201320122011 2011 2011 2011
Average 114 +10.3% 134 +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 | 6
Single-Family Condominium
60
70
80
90
100
110
120
130
140
150
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
+4.0%+13.4%+24.3%
Single-Family Condominium+4.0%+13.4%+24.3%+1.7% +1.7%
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
Feb-2012 4,040 + 6.7% 3,256 - 16.7%
Mar-2012 4,664 + 2.0% 3,689 - 21.2%
Apr-2012 5,014 - 4.5% 3,842 - 25.7%
May-2012 5,111 - 9.8% 3,655 - 29.9%
Jun-2012 4,792 - 15.3% 3,389 - 33.4%
Jul-2012 4,364 - 20.9% 3,125 - 33.6%
Aug-2012 4,016 - 24.1% 2,722 - 35.4%
Sep-2012 4,216 - 24.3% 2,840 - 34.2%
Oct-2012 3,925 - 26.5% 2,602 - 36.4%
Nov-2012 3,271 - 27.9% 2,194 - 38.8%
Dec-2012 2,406 - 33.3% 1,642 - 41.6%
Jan-2013 2,407 - 34.0% 1,715 - 42.3%
3,734 3,6723,649
2,970
2,407
1,715
January
20132012 201320122011 2011
Average 4,019 - 17.5% 2,889 - 31.7%
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
-42.3%-19.1%-2.3% -34.0%
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
Feb-2012 8.7 - 19.3% 8.5 - 25.8%
Mar-2012 7.2 - 12.5% 6.1 - 29.0%
Apr-2012 6.7 - 15.2% 5.1 - 38.1%
May-2012 5.1 - 25.1% 3.6 - 46.9%
Jun-2012 3.2 - 30.2% 2.7 - 44.6%
Jul-2012 3.4 - 36.8% 3.0 - 45.4%
Aug-2012 3.1 - 39.8% 2.3 - 48.4%
Sep-2012 5.5 - 23.5% 3.8 - 43.5%
Oct-2012 5.0 - 42.8% 3.7 - 54.2%
Nov-2012 3.6 - 45.5% 2.9 - 54.7%
Dec-2012 2.9 - 40.4% 2.1 - 50.9%
Jan-2013 4.0 - 42.8% 3.4 - 52.8%
8.1
9.2
7.0 7.2
4.03.4
January
20132012 201320122011 2011
Average 4.9 - 26.4% 4.0 - 38.5%
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
-52.8%-21.5%-13.9% -42.8%
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
Feb-2012 134 + 3.7% 123 - 9.8%
Mar-2012 130 - 3.1% 117 - 4.6%
Apr-2012 120 - 1.7% 98 - 16.8%
May-2012 96 - 5.9% 86 - 11.9%
Jun-2012 90 - 0.2% 75 - 20.4%
Jul-2012 80 - 3.9% 71 - 20.6%
Aug-2012 87 - 5.8% 76 - 18.3%
Sep-2012 89 - 12.0% 85 - 18.1%
Oct-2012 90 - 17.6% 84 - 11.4%
Nov-2012 89 - 17.9% 76 - 30.5%
Dec-2012 97 - 12.4% 84 - 30.0%
Jan-2013 109 - 16.3% 88 - 29.6%
114
131130125
109
88
January
114
131130125
109
88
Year to Date
20132012 20132012 20132012 201320122011 2011 2011 2011
Total 97 - 7.7% 79 - 17.3%
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 | 9
Single-Family Condominium
40
60
80
100
120
140
160
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
-29.6%-4.7%+14.7%
Single-Family Condominium-29.6%-4.7%+14.7%-16.3% -16.3%
Percent of Original List Price Received
Single-FamilyYoY
ChangeCondominium
YoYChange
Feb-2012 91.2% + 0.3% 93.4% + 1.5%
Mar-2012 93.0% + 0.7% 94.0% + 0.9%
Apr-2012 93.5% + 0.8% 95.7% + 2.0%
May-2012 95.4% + 1.1% 96.1% + 1.0%
Jun-2012 95.3% + 0.8% 96.4% + 1.8%
Jul-2012 95.8% + 1.6% 96.6% + 1.7%
Aug-2012 94.8% + 1.5% 96.3% + 2.2%
Sep-2012 94.6% + 1.5% 96.4% + 2.3%
Oct-2012 94.3% + 2.8% 95.9% + 2.5%
Nov-2012 94.6% + 2.3% 96.2% + 2.5%
Dec-2012 94.2% + 2.2% 96.2% + 3.4%
Jan-2013 93.8% + 3.7% 96.0% + 3.2%
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.
90.9% 92.3%90.5% 93.0%93.8% 96.0%
January
90.9% 92.3%90.5% 93.0%93.8% 96.0%
Year to Date
20132012 20132012 20132012 201320122011 2011 2011 2011
Average 94.5% + 1.6% 95.9% + 2.1%
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 | 10
Single-Family Condominium
89%
90%
91%
92%
93%
94%
95%
96%
97%
98%
99%
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
+3.2%+0.7%-0.5%
Single-Family Condominium+3.2%+0.7%-0.5%+3.7% +3.7%
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
Feb-2012 639 + 22.2% 635 + 24.3%
Mar-2012 982 + 25.1% 1,009 + 32.2%
Apr-2012 1,142 + 21.7% 1,047 + 24.6%
May-2012 1,326 + 23.1% 1,266 + 28.9%
Jun-2012 1,255 + 13.3% 1,040 + 19.4%
Jul-2012 1,045 + 26.4% 831 + 9.1%
Aug-2012 896 + 17.1% 817 + 22.5%
Sep-2012 842 + 28.0% 718 + 38.6%
Oct-2012 870 + 17.9% 821 + 38.9%
Nov-2012 793 + 17.5% 666 + 18.5%
Dec-2012 599 + 6.4% 507 + 8.3%
Jan-2013 584 + 8.1% 618 + 28.0%
423 407
540483
584618
January
423 407
540483
584618
Year to Date
20132012 20132012 20132012 201320122011 2011 2011 2011
Total 10,973 + 19.3% 9,975 + 24.4%
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 | 11
Single-Family Condominium
200
400
600
800
1,000
1,200
1,400
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
+28.0%+18.7%+27.7%
Single-Family Condominium+28.0%+18.7%+27.7%+8.1% +8.1%
New Listings A count of the properties that have been newly listed on the market in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Feb-2012 1,319 + 50.1% 1,141 + 5.6%
Mar-2012 2,008 + 3.3% 1,740 - 11.7%
Apr-2012 1,798 - 8.8% 1,499 - 13.0%
May-2012 1,783 - 4.6% 1,387 - 7.6%
Jun-2012 1,351 - 15.4% 1,152 - 14.2%
Jul-2012 1,022 - 12.5% 902 - 7.6%
Aug-2012 1,001 - 8.7% 790 - 7.5%
Sep-2012 1,419 - 10.2% 1,153 - 9.6%
Oct-2012 1,078 - 4.6% 881 - 2.1%
Nov-2012 648 - 3.4% 562 - 10.2%
Dec-2012 364 - 19.5% 317 - 18.3%
Jan-2013 902 - 6.3% 914 - 4.2%
837
974963 954902 914
January
837
974963 954902 914
Year to Date
20132012 20132012 20132012 201320122011 2011 2011 2011
Total 14,693 - 4.1% 12,438 - 8.5%
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
-4.2%-2.1%+15.1%
Single-Family Condominium-4.2%-2.1%+15.1%-6.3% -6.3%
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 Jan-2012 Jan-2013 + / – YTD 2012 YTD 2013 + / –
+ 1.7%
Inventory of Homes for Sale 1,572 809 - 48.5% -- -- --
Housing Affordability Index 120 122 + 1.7% 120 122
+ 10.8%
Median Sales Price $380,000 $412,500 + 8.6% $380,000 $412,500 + 8.6%
Closed Sales 240 266 + 10.8% 240 266
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
- 15.1%
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 569 483 - 15.1% 569 483
+ 3.8%
Pending Sales 267 302 + 13.1% 267 302 + 13.1%
Percent of OriginalList Price Received
92.9% 96.4% + 3.8% 92.9% 96.4%
--
Days on Market Until Sale 120 76 - 36.2% 120 76 - 36.2%
Months Supply of Inventory 6.6 3.0 - 53.6% -- --
1 2010 1 2011 1 2012 1 2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013
1-2010 1-2011 1-2012 1-2013