march 2014 greater boston real estate market trends report
DESCRIPTION
Here's March 2014’s Monthly Indicators report from the Greater Boston Association of Realtors Buyer demand continues to be high, but a lack of homes for sale has resulted in a drop of closed sales in March 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 new listings added in March is a positive sign for the market. • March single-family home sales – Down 11.5% over last year. • March Single-family median prices were UP 8.3% to $314,063. 18 straight months of increases. • March condo sales UP 4.2% and median prices UP 11.2% ($300,154) • Inventory in March Down 13.9% to 16,961 and Condominium available Down 23.7% to 4,733 • SF listings added to the market in March up 12% over last year. (7,110 from 6,347 in 2013) • Condo listings added to the market Down 0.8% over last year. (2,651 from 2,672 in 2013)TRANSCRIPT
Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®
March 2014 Quick Facts
23456789
10111213
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
Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of April 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.
- 11.9%Year-Over-Year(YoY) Change inClosed Sales
Single-Family Only
During this year's spring refresh, seller activity is the first item on the watch list. Low inventory has been a national headline grabber, and many are eager to see if this is the year that brings a bevy of new properties to market for ready-to-buyers. Investor activity and cash purchases should be monitored, as well, along with any increases in new construction. And although interest rates are up from their all-time lows, borrowing costs are still remarkably affordable. It's cheaper to own than to rent in most of the country.
New Listings in the Greater Boston region were up 8.6 percent for detached homes but decreased 10.1 percent for condominiums. Closed Sales decreased 11.9 percent for detached homes but increased 1.6 percent for condominiums.
The Median Sales Price was up 16.3 percent to $500,000 for single-family properties and 7.8 percent to $436,500 for condominiums. Months Supply of Inventory decreased 4.8 percent for single-family units and 27.8 percent for townhouse-condo units.
Consumers are in better shape for the current financial landscape, just in time for the primary home-buying season. Along with an uptick in consumer confidence, GDP growth was revised up to 2.6 percent by the Commerce Department. Consumer spending has risen and claims for unemployment benefits have decreased. Economic health fuels housing market growth. Employed, confident people with rising incomes tend to purchase real property.
+ 1.6%Year-Over-Year(YoY) Change inClosed Sales
Condominium Only
- 5.1%Year-Over-Year(YoY) Change inClosed SalesAll Properties
Single-Family Market Overview
Condominium Market Overview
Closed Sales
Median Sales Price
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 Mar-2013 Mar-2014 + / – YTD 2013 YTD 2014 + / –
1,518 - 7.3%
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 | 2
New Listings 1,343 1,459 + 8.6% 3,197 3,129 - 2.1%
Closed Sales 616 543 - 11.9% 1,638
$490,813 + 14.1%
107
121 96
83
-- -- --
2,377 1,994
3.7 - 4.8%
$500,000 + 16.3% $430,000
109
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory 3.9
$430,101
Pending Sales
Median Sales Price
- 7.1%2,3121,164 1,120 - 3.8% 2,488
- 16.1% -- --
- 21.0% 121 97 - 19.8%
--
94.4% 96.3%
- 23.8%
+ 2.0%Percent of OriginalList Price Received
Days on Market Until Sale
95.2%
- 23.1%
+ 2.0%
82
97.0%
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
Condominium Market Overview Key market metrics for the current month and year-to-date figures for Condominium Properties Only.
Key Metrics Historical Sparklines Mar-2013 Mar-2014 + / – YTD 2013 YTD 2014 + / –
- 11.6%
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 | 3
New Listings 1,342 1,206 - 10.1% 3,194 2,824
+ 1.4%
Pending Sales 1,162 1,031 - 11.3% 2,530 2,367 - 6.4%
Percent of OriginalList Price Received
97.6% 98.9% + 1.3% 96.8% 98.2%
--
Days on Market Until Sale 71 65 - 8.7% 84 68 - 18.6%
Months Supply of Inventory 2.8 2.0 - 27.8% -- --
- 18.0%
Inventory of Homes for Sale 1,735 1,273 - 26.6% -- -- --
Housing Affordability Index 128 109 - 15.2% 135 111
+ 0.4%
Median Sales Price $405,000 $436,500 + 7.8% $379,000 $424,930 + 12.1%
Closed Sales 628 638 + 1.6% 1,577 1,583
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
Closed Sales A count of the actual sales that have closed in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Apr-2013 767 + 4.4% 805 + 6.5%
May-2013 1,096 + 10.0% 1,068 + 6.4%
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 899 + 10.4% 790 + 3.1%
Jan-2014 569 - 4.7% 525 + 2.1%
Feb-2014 406 - 4.5% 420 - 3.4%
Mar-2014 543 - 11.9% 638 + 1.6%
Total 11,243 + 5.7% 10,383 + 5.8%
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
640 606 616 628
543
638
Single-Family Condominium
March
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 Jan-2014
Historical Closed Sales Activity Single-Family Condominium
+1.6% +3.6% -3.8%
2014 2013 2014 2013
1,620
1,400
1,638 1,577 1,518
1,583
Single-Family Condominium
Year to Date
+0.4% +12.6% +1.1%
2014 2013 2014 2013
-11.9% -7.3%
2012 2012 2012 2012
Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Apr-2013 $480,000 + 14.3% $387,500 + 4.3%
May-2013 $500,000 + 7.2% $410,000 + 7.5%
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% $420,400 + 10.5%
Jan-2014 $486,575 + 13.2% $421,500 + 14.2%
Feb-2014 $479,950 + 11.6% $400,000 + 14.3%
Mar-2014 $500,000 + 16.3% $436,500 + 7.8%
Median $507,613 + 9.2% $412,250 + 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 | 5
$415,000
$340,000
$430,101 $405,000
$500,000
$436,500
Single-Family Condominium
March
$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 Jan-2014
Historical Median Sales Price Single-Family Condominium
+7.8% +19.1% +3.6%
2014 2013 2014 2013
$409,500
$350,000
$430,000
$379,000
$490,813
$424,930
Single-Family Condominium
Year to Date
+12.1% +8.3% +5.0%
2014 2013 2014 2013
+16.3% +14.1%
2012 2012 2012 2012
Housing Affordability Index
Single-FamilyYoY
ChangeCondominium
YoYChange
Apr-2013 112 - 5.3% 136 + 2.9%
May-2013 104 - 4.8% 124 - 4.9%
Jun-2013 90 - 11.8% 114 - 9.2%
Jul-2013 92 - 9.2% 120 - 8.5%
Aug-2013 93 - 11.0% 115 - 13.9%
Sep-2013 98 - 18.5% 118 - 14.0%
Oct-2013 103 - 13.4% 116 - 16.6%
Nov-2013 108 - 6.7% 125 - 7.6%
Dec-2013 99 - 11.9% 117 - 14.6%
Jan-2014 96 - 22.6% 110 - 23.0%
Feb-2014 99 - 18.4% 117 - 19.9%
Mar-2014 96 - 21.0% 109 - 15.2%
Average 99 -12.9% 118 -12.0%
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.
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
117
141
121 128
96
109
Single-Family Condominium
March
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 Jan-2014
Historical Housing Affordability Index Single-Family Condominium
-15.2% -8.8% +3.4%
119
137
121
135
97
111
Single-Family Condominium
Year to Date
-18.0% -1.2% +2.2%
2014 2013 2014 2013 2014 2013 2014 2013
-21.0% -19.8%
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
Apr-2013 2,769 - 34.8% 1,978 - 40.0%
May-2013 3,039 - 30.7% 2,077 - 34.8%
Jun-2013 3,031 - 26.6% 2,032 - 31.6%
Jul-2013 2,865 - 24.9% 1,865 - 31.9%
Aug-2013 2,758 - 23.4% 1,747 - 28.0%
Sep-2013 3,000 - 20.3% 1,965 - 22.3%
Oct-2013 2,884 - 17.1% 1,895 - 18.4%
Nov-2013 2,420 - 18.9% 1,581 - 21.1%
Dec-2013 1,844 - 19.7% 1,252 - 17.8%
Jan-2014 1,806 - 21.2% 1,227 - 22.5%
Feb-2014 1,904 - 20.7% 1,262 - 25.8%
Mar-2014 1,994 - 16.1% 1,273 - 26.6%
Average 2,526 - 23.8% 1,680 - 28.1%
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 | 7
4,006
3,268
2,377
1,735 1,994
1,273
Single-Family Condominium
March
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 Jan-2014
Historical Inventory of Homes for Sale Single-Family Condominium
-26.6% -46.9% -40.7%
2014 2013 2014 2013
-16.1%
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
Apr-2013 3.6 - 37.6% 2.5 - 43.7%
May-2013 2.8 - 37.0% 1.9 - 38.7%
Jun-2013 2.0 - 25.9% 1.6 - 30.9%
Jul-2013 1.9 - 36.4% 1.5 - 43.6%
Aug-2013 1.9 - 31.4% 1.4 - 32.2%
Sep-2013 3.3 - 34.9% 2.2 - 34.5%
Oct-2013 3.4 - 24.9% 2.5 - 24.1%
Nov-2013 3.1 - 8.4% 2.2 - 16.3%
Dec-2013 2.1 - 27.3% 1.6 - 20.3%
Jan-2014 3.2 - 17.4% 2.3 - 24.1%
Feb-2014 4.7 - 17.0% 3.0 - 23.2%
Mar-2014 3.7 - 4.8% 2.0 - 27.8%
Average 2.7 - 31.1% 2.0 - 36.6%
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 | 8
6.3
5.4
3.9
2.8
3.7
2.0
Single-Family Condominium
March
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 Jan-2014
Historical Months Supply of Inventory Single-Family Condominium
-27.8% -48.8% -38.4%
2014 2013 2014 2013
-4.8%
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
Apr-2013 93 - 22.8% 63 - 35.1%
May-2013 75 - 22.3% 51 - 40.3%
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 - 34.2%
Jan-2014 79 - 27.5% 63 - 28.8%
Feb-2014 89 - 19.7% 79 - 17.7%
Mar-2014 82 - 23.1% 65 - 8.7%
Total 64 - 32.4% 48 - 35.8%
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
130
117 107
71 82
65
Single-Family Condominium
March
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 Jan-2014
Historical Days on Market Until Sale Single-Family Condominium
-8.7% -39.0% -17.4%
131 121
109
84 83
68
Single-Family Condominium
Year to Date
-18.6% -31.0% -17.1%
2014 2013 2014 2013 2014 2013 2014 2013
-23.1% -23.8%
2012 2012 2012 2012
Percent of Original List Price Received
Single-FamilyYoY
ChangeCondominium
YoYChange
Apr-2013 96.7% + 3.5% 98.8% + 3.2%
May-2013 97.8% + 2.6% 99.5% + 3.5%
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 96.0% + 2.0% 98.1% + 1.5%
Mar-2014 97.0% + 2.0% 98.9% + 1.3%
Average 97.3% + 2.7% 99.1% + 2.9%
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 | 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.
93.0% 94.0% 95.2% 97.6% 97.0% 98.9%
Single-Family Condominium
March
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 Jan-2014
Historical Percent of Original List Price Received Single-Family Condominium
+1.3% +3.8% +2.3%
91.7% 93.5% 94.4% 96.8% 96.3% 98.2%
Single-Family Condominium
Year to Date
+1.4% +3.4% +3.0%
2014 2013 2014 2013 2014 2013 2014 2013
+2.0% +2.0%
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
Apr-2013 1,380 + 12.4% 1,269 + 9.1%
May-2013 1,477 + 15.6% 1,257 + 6.7%
Jun-2013 1,283 + 9.4% 1,089 + 9.9%
Jul-2013 976 + 4.6% 951 + 19.6%
Aug-2013 887 + 15.2% 758 + 4.0%
Sep-2013 835 - 2.0% 782 + 6.8%
Oct-2013 940 + 8.3% 814 + 3.0%
Nov-2013 701 + 3.1% 635 + 7.1%
Dec-2013 476 - 5.0% 420 - 8.5%
Jan-2014 516 - 17.0% 607 - 7.5%
Feb-2014 676 - 3.7% 729 + 2.4%
Mar-2014 1,120 - 3.8% 1,031 - 11.3%
Total 11,267 + 4.6% 10,342 + 3.8%
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
1,142 1,065
1,164 1,162 1,120 1,031
Single-Family Condominium
March
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 Jan-2014
Historical Pending Sales Activity Single-Family Condominium
-11.3% +9.1% +1.9%
2,500 2,362
2,488 2,530 2,312 2,367
Single-Family Condominium
Year to Date
-6.4% +7.1% -0.5%
2014 2013 2014 2013 2014 2013 2014 2013
-3.8% -7.1%
2012 2012 2012 2012
New Listings A count of the properties that have been newly listed on the market in a given month.
Single-FamilyYoY
ChangeCondominium
YoYChange
Apr-2013 1,994 + 14.6% 1,661 + 13.5%
May-2013 1,981 + 14.4% 1,532 + 12.6%
Jun-2013 1,505 + 15.1% 1,223 + 7.9%
Jul-2013 1,116 + 12.4% 993 + 12.3%
Aug-2013 1,030 + 6.0% 867 + 11.7%
Sep-2013 1,455 + 6.3% 1,253 + 11.0%
Oct-2013 1,219 + 18.7% 1,009 + 17.2%
Nov-2013 651 + 4.5% 554 + 0.4%
Dec-2013 397 + 13.4% 361 + 17.6%
Jan-2014 732 - 15.9% 739 - 18.1%
Feb-2014 938 - 4.7% 879 - 7.5%
Mar-2014 1,459 + 8.6% 1,206 - 10.1%
Total 14,477 + 8.8% 12,277 + 5.3%
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 | 12
1,936
1,700
1,343 1,342 1,459
1,206
Single-Family Condominium
March
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 Jan-2014
Historical New Listing Activity Single-Family Condominium
-10.1% -21.1% -30.6%
4,127
3,738
3,197 3,194 3,129 2,824
Single-Family Condominium
Year to Date
-11.6% -14.6% -22.5%
2014 2013 2014 2013 2014 2013 2014 2013
+8.6% -2.1%
2012 2012 2012 2012
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 Mar-2013 Mar-2014 + / – YTD 2013 YTD 2014 + / –
- 13.3%
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 | 13
New Listings 722 647 - 10.4% 1,755 1,521
+ 1.4%
Pending Sales 632 559 - 11.6% 1,370 1,256 - 8.3%
Percent of OriginalList Price Received
97.6% 99.1% + 1.6% 96.9% 98.2%
--
Days on Market Until Sale 65 61 - 6.0% 73 65 - 10.7%
Months Supply of Inventory 2.4 1.9 - 19.1% -- --
- 19.8%
Inventory of Homes for Sale 847 654 - 22.8% -- -- --
Housing Affordability Index 121 96 - 21.0% 121 97
+ 2.6%
Median Sales Price $415,000 $500,000 + 20.5% $408,750 $485,000 + 18.7%
Closed Sales 352 336 - 4.5% 849 871
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014
3-2011 3-2012 3-2013 3-2014