April 2013's Monthly Indicators report - Boston Real Estate Market Trends

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Here's April 2013's Monthly Indicators report from the Greater Boston Association of Realtors®. What's going on in the Boston real estate market? …

Here's April 2013's Monthly Indicators report from the Greater Boston Association of Realtors®. What's going on in the Boston real estate market?
• Shortage of homes to buy has pushed sales down in April as buyer interest remains high.
• Prices continue to move up because demand for available homes to buy is outpacing supply.
• Sellers are gaining confidence as new listings added to the market jumped in April.

More in: Real Estate , Business
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  • 1. Monthly IndicatorsA RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®April 2013 Quick Facts+ 4.0%Year-Over-Year(YoY) Change inClosed SalesSingle-Family OnlyThe S&P/Case-Shiller Home Price Index recently showed that home prices in 20major metropolitan areas had increased at the strongest pace since the bubbleyears. At long last, major national indices are telling the story that local MLSdata users have known for months or even years. Yes, the housing market isrecovering. The recovery varies by geography and market segment, but thingsare certainly better than they have been and are showing no signs of letting up.+ 6.1%Year-Over-Year(YoY) Change inClosed SalesCondominium Only+ 5.1%Year-Over-Year(YoY) Change inClosed SalesAll Properties2345678910111213Inventory of Homes for SaleClick on desired metric to jump to that page.Months Supply of InventoryDays On Market Until SalePercent of Original List Price ReceivedCity of Boston OverviewPending SalesNew ListingsData is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of May 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 14.1 percent for detachedhomes and 12.9 percent for condominiums. Closed Sales increased 4.0 percentfor detached homes and 6.1 percent for condominiums.The Median Sales Price was up 13.5 percent to $475,000 for single-familyproperties and 4.7 percent to $389,000 for condominiums. Months Supply ofInventory decreased 39.9 percent for single-family units and 43.2 percent fortownhouse-condo units.The prickliest thorns in our collective side are still lack of inventory and subduedlisting activity. In some neighborhoods, consumers have 50 or 60 percent feweroptions from which to choose than they did a few years ago. Thats causingbidding wars in popular areas. Despite the competitive landscape for buyers,housing remains one of the brightest lights in an otherwise subdued economicrecovery.Single-Family Market OverviewCondominium Market OverviewClosed SalesMedian Sales PriceHousing Affordability Index
  • 2. Single-Family Market OverviewKey market metrics for the current month and year-to-date figures for Single-Family Homes Only.Key Metrics Historical Sparklines Apr-2012 Apr-2013 + / – YTD 2012 YTD 2013 + / –2,438 + 2.5%Closed Sales 743 773 + 4.0% 2,378$440,000 + 7.3%118 1135,024 3,141$475,000 + 13.5% $410,000Housing Affordability IndexInventory of Homes for Sale$418,500Median Sales Price- 37.5% -- --- 4.7% 120 120 - 0.1%--4-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-2013All 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 | 2New Listings 1,798 2,052 + 14.1% 6,088 5,375 - 11.7%120 104-- -- --4.1 - 39.9%128Months Supply of Inventory 6.8Pending Sales + 12.5%3,7151,142 1,433 + 25.5% 3,30392.2% 95.1%- 18.7%+ 3.1%Percent of OriginalList Price ReceivedDays on Market Until Sale93.5%- 22.0%+ 3.4%9496.7%4 2010 4 2011 4 2012 4 20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-2013
  • 3. Condominium Market OverviewKey market metrics for the current month and year-to-date figures for Condominium Properties Only.Key Metrics Historical Sparklines Apr-2012 Apr-2013 + / – YTD 2012 YTD 2013 + / –+ 1.2%Inventory of Homes for Sale 3,848 2,317 - 39.8% -- -- --Housing Affordability Index 132 135 + 2.6% 135 137+ 10.2%Median Sales Price $371,500 $389,000 + 4.7% $359,900 $383,000 + 6.4%Closed Sales 758 804 + 6.1% 2,161 2,3824-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-2013- 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 | 3New Listings 1,499 1,692 + 12.9% 5,335 4,941+ 3.4%Pending Sales 1,047 1,343 + 28.3% 3,171 3,623 + 14.3%Percent of OriginalList Price Received95.7% 98.8% + 3.3% 94.3% 97.5%--Days on Market Until Sale 98 63 - 35.3% 113 77 - 32.2%Months Supply of Inventory 5.1 2.9 - 43.2% -- --4 2010 4 2011 4 2012 4 20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-2013
  • 4. Closed SalesA count of the actual sales that have closed in a given month.Single-FamilyYoYChangeCondominiumYoYChangeMay-2012 1,005 + 20.5% 1,012 + 32.1%Jun-2012 1,511 + 21.4% 1,264 + 20.3%Jul-2012 1,279 + 25.3% 1,041 + 21.8%Aug-2012 1,299 + 26.0% 1,204 + 25.3%Sep-2012 766 - 1.2% 753 + 16.4%Oct-2012 791 + 28.6% 712 + 39.1%Nov-2012 907 + 32.4% 760 + 35.0%Dec-2012 824 + 11.8% 769 + 19.6%Jan-2013 605 + 15.7% 514 + 24.8%Feb-2013 431 - 7.1% 435 + 13.3%Mar-2013 629 - 2.9% 629 + 3.6%Apr-2013 773 + 4.0% 804 + 6.1%660631743 758773804April20132012 201320122,0271,9222,3782,1612,438 2,382Year to Date20132012 201320122011 2011 2011 2011Total 10,820 + 16.1% 9,897 + 21.3%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 | 4Single-Family Condominium2004006008001,0001,2001,4001,6001,800Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013Historical Closed Sales Activity Single-Family Condominium+6.1%+20.1%+12.6%Single-Family Condominium+10.2%+12.4%+17.3%+4.0% +2.5%
  • 5. Median Sales PriceMedian price point for all closed sales, not accounting for seller concessions, in a given month.Single-FamilyYoYChangeCondominiumYoYChangeMay-2012 $465,000 + 1.4% $381,000 + 4.4%Jun-2012 $502,500 - 0.5% $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% $368,133 + 5.6%Nov-2012 $447,500 + 5.9% $380,000 + 8.2%Dec-2012 $470,000 + 6.8% $381,000 + 10.4%Jan-2013 $430,000 + 6.2% $375,000 + 5.6%Feb-2013 $429,900 + 8.8% $350,000 - 5.4%Mar-2013 $430,000 + 3.7% $405,500 + 19.3%Apr-2013 $475,000 + 13.5% $389,000 + 4.7%$431,000$355,000$418,500$371,500$475,000$389,000April20132012 20132012$420,000$344,000$410,000$359,900$440,000$383,000Year to Date20132012 201320122011 2011 2011 2011Median $467,000 + 3.9% $383,000 + 5.7%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 | 5Single-Family Condominium$250,000$300,000$350,000$400,000$450,000$500,000$550,000Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013Historical Median Sales Price Single-Family Condominium+4.7%+4.6%-2.9%Single-Family Condominium+6.4%+4.6%-2.4%+13.5% +7.3%
  • 6. Housing Affordability IndexSingle-FamilyYoYChangeCondominiumYoYChangeMay-2012 109 + 13.2% 131 + 10.1%Jun-2012 102 + 14.6% 126 + 7.4%Jul-2012 102 + 13.9% 131 + 9.5%Aug-2012 105 + 14.0% 133 + 9.0%Sep-2012 121 + 17.2% 137 + 10.4%Oct-2012 120 + 3.2% 139 + 7.3%Nov-2012 117 + 6.7% 135 + 4.6%Dec-2012 113 + 6.8% 136 + 3.6%Jan-2013 125 + 3.7% 141 + 4.2%Feb-2013 122 - 2.0% 146 + 11.2%Mar-2013 121 + 3.4% 128 - 8.9%Apr-2013 113 - 4.7% 135 + 2.6%This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessaryto qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.100120118132113135April102123120135120137Year to Date20132012 20132012 20132012 201320122011 2011 2011 2011Average 114 +7.5% 135 +5.9%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 | 6Single-Family Condominium60708090100110120130140150160Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013Historical Housing Affordability Index Single-Family Condominium+2.6%+10.2%+18.1%Single-Family Condominium+1.2%+10.2%+17.5%-4.7% -0.1%
  • 7. Inventory of Homes for SaleThe number of properties available for sale in active status at the end of a given month.Single-FamilyYoYChangeCondominiumYoYChangeMay-2012 5,125 - 9.6% 3,662 - 29.7%Jun-2012 4,808 - 15.0% 3,398 - 33.2%Jul-2012 4,384 - 20.5% 3,137 - 33.3%Aug-2012 4,039 - 23.7% 2,742 - 34.9%Sep-2012 4,248 - 23.8% 2,866 - 33.6%Oct-2012 3,978 - 25.5% 2,641 - 35.4%Nov-2012 3,370 - 25.8% 2,253 - 37.2%Dec-2012 2,559 - 29.2% 1,726 - 38.6%Jan-2013 2,596 - 29.0% 1,833 - 38.3%Feb-2013 2,742 - 32.2% 2,014 - 38.2%Mar-2013 2,825 - 39.6% 2,171 - 41.2%Apr-2013 3,141 - 37.5% 2,317 - 39.8%5,252 5,1715,0243,8483,1412,317April20132012 201320122011 2011Average 3,651 - 25.2% 2,563 - 35.7%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 | 7Single-Family Condominium1,0002,0003,0004,0005,0006,0007,0008,0009,000Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013Historical Inventory of Homes for Sale Single-Family Condominium-39.8%-25.6%-4.3% -37.5%
  • 8. Months Supply of InventoryThe 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-FamilyYoYChangeCondominiumYoYChangeMay-2012 5.1 - 25.0% 3.6 - 46.8%Jun-2012 3.2 - 30.0% 2.7 - 44.5%Jul-2012 3.4 - 36.6% 3.0 - 45.2%Aug-2012 3.1 - 39.5% 2.3 - 48.1%Sep-2012 5.5 - 22.9% 3.8 - 43.0%Oct-2012 5.0 - 42.1% 3.7 - 53.6%Nov-2012 3.7 - 43.9% 3.0 - 53.5%Dec-2012 3.1 - 36.7% 2.2 - 48.7%Jan-2013 4.3 - 38.6% 3.6 - 50.6%Feb-2013 6.4 - 27.1% 4.6 - 45.5%Mar-2013 4.5 - 37.7% 3.5 - 43.3%Apr-2013 4.1 - 39.9% 2.9 - 43.2%8.0 8.26.85.14.12.9April20132012 201320122011 2011Average 4.3 - 35.4% 3.3 - 45.2%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 | 8Single-Family Condominium0246810121416Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013Historical Months Supply of Inventory Single-Family Condominium-43.2%-38.1%-15.0% -39.9%
  • 9. Days on Market Until SaleAverage number of days between when a property is listed and when an offer is accepted in a given month.Single-FamilyYoYChangeCondominiumYoYChangeMay-2012 96 - 5.9% 86 - 11.9%Jun-2012 90 - 0.1% 75 - 20.4%Jul-2012 80 - 3.9% 71 - 20.6%Aug-2012 87 - 5.8% 76 - 18.2%Sep-2012 89 - 12.0% 85 - 18.1%Oct-2012 90 - 17.6% 84 - 11.5%Nov-2012 89 - 17.9% 77 - 29.9%Dec-2012 97 - 12.4% 84 - 30.1%Jan-2013 109 - 16.5% 88 - 29.6%Feb-2013 111 - 17.2% 95 - 22.7%Mar-2013 107 - 17.7% 72 - 39.0%Apr-2013 94 - 22.0% 63 - 35.3%122117120989463April125 12512811310477Year to Date20132012 20132012 20132012 201320122011 2011 2011 2011Total 93 - 12.2% 73 - 22.0%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 | 9Single-Family Condominium406080100120140160Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013Historical Days on Market Until Sale Single-Family Condominium-35.3%-16.8%-1.7%Single-Family Condominium-32.2%-9.9%+2.4%-22.0% -18.7%
  • 10. Percent of Original List Price ReceivedSingle-FamilyYoYChangeCondominiumYoYChangeMay-2012 95.4% + 1.1% 96.1% + 1.0%Jun-2012 95.3% + 0.8% 96.3% + 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% + 2.4%Nov-2012 94.6% + 2.4% 96.2% + 2.5%Dec-2012 94.2% + 2.2% 96.2% + 3.4%Jan-2013 93.8% + 3.6% 96.0% + 3.3%Feb-2013 94.1% + 3.2% 96.7% + 3.5%Mar-2013 95.1% + 2.4% 97.6% + 3.8%Apr-2013 96.7% + 3.4% 98.8% + 3.3%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.92.8% 93.8%93.5% 95.7%96.7% 98.8%April91.9% 93.0%92.2% 94.3%95.1% 97.5%Year to Date20132012 20132012 20132012 201320122011 2011 2011 2011Average 95.0% + 2.0% 96.6% + 2.4%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 | 10Single-Family Condominium89%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-2013Historical Percent of Original List Price Received Single-Family Condominium+3.3%+2.0%+0.8%Single-Family Condominium+3.4%+1.4%+0.4%+3.4% +3.1%
  • 11. Pending SalesA 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-FamilyYoYChangeCondominiumYoYChangeMay-2012 1,325 + 23.0% 1,266 + 28.9%Jun-2012 1,254 + 13.2% 1,039 + 19.3%Jul-2012 1,044 + 26.2% 830 + 8.9%Aug-2012 894 + 16.9% 815 + 22.4%Sep-2012 839 + 27.5% 716 + 38.2%Oct-2012 868 + 17.6% 817 + 38.2%Nov-2012 784 + 16.3% 661 + 17.6%Dec-2012 594 + 5.7% 499 + 6.6%Jan-2013 576 + 6.7% 605 + 25.3%Feb-2013 670 + 4.9% 647 + 2.2%Mar-2013 1,036 + 5.5% 1,028 + 2.0%Apr-2013 1,433 + 25.5% 1,343 + 28.3%9388401,1421,0471,4331,343April2,6692,5213,3033,1713,715 3,623Year to Date20132012 20132012 20132012 201320122011 2011 2011 2011Total 11,317 + 16.5% 10,266 + 19.5%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 | 11Single-Family Condominium2004006008001,0001,2001,400Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013Historical Pending Sales Activity Single-Family Condominium+28.3%+24.6%+21.7%Single-Family Condominium+14.3%+25.8%+23.8%+25.5% +12.5%
  • 12. New ListingsA count of the properties that have been newly listed on the market in a given month.Single-FamilyYoYChangeCondominiumYoYChangeMay-2012 1,783 - 4.6% 1,387 - 7.6%Jun-2012 1,352 - 15.3% 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 1,079 - 4.5% 882 - 2.0%Nov-2012 649 - 3.3% 562 - 10.2%Dec-2012 365 - 19.2% 319 - 17.8%Jan-2013 903 - 6.2% 915 - 4.1%Feb-2013 1,027 - 22.1% 966 - 15.3%Mar-2013 1,393 - 30.6% 1,368 - 21.4%Apr-2013 2,052 + 14.1% 1,692 + 12.9%1,9721,7231,7981,4992,0521,692April5,632 5,7496,0885,3355,3754,941Year to Date20132012 20132012 20132012 201320122011 2011 2011 2011Total 14,045 - 10.2% 12,088 - 8.4%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 | 12Single-Family Condominium02505007501,0001,2501,5001,7502,0002,2502,5002,750Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013Historical New Listing Activity Single-Family Condominium+12.9%-13.0%-8.8%Single-Family Condominium-7.4%-7.2%+8.1%+14.1% -11.7%
  • 13. City of Boston – Market OverviewKey market metrics for the current month and year-to-date figures for the City of Boston.Key Metrics Historical Sparklines Apr-2012 Apr-2013 + / – YTD 2012 YTD 2013 + / –- 0.1%Inventory of Homes for Sale 2,064 1,175 - 43.1% -- -- --Housing Affordability Index 118 113 - 4.7% 120 120+ 2.0%Median Sales Price $382,750 $413,000 + 7.9% $379,500 $411,500 + 8.4%Closed Sales 421 403 - 4.3% 1,227 1,2514-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-2013- 9.9%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 | 13New Listings 836 954 + 14.1% 3,044 2,742+ 3.5%Pending Sales 605 725 + 19.8% 1,781 1,966 + 10.4%Percent of OriginalList Price Received95.3% 98.5% + 3.3% 94.2% 97.5%--Days on Market Until Sale 103 54 - 47.1% 112 67 - 40.5%Months Supply of Inventory 4.9 2.9 - 40.5% -- --4 2010 4 2011 4 2012 4 20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-20134-2010 4-2011 4-2012 4-2013