Market Data, December 2012

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Here's November's Monthly Indicators report from the Greater Boston Association of Realtors®

Here's November's Monthly Indicators report from the Greater Boston Association of Realtors®

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  • 1. Monthly IndicatorsA RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®December 2012 Quick FactsIt was largely a year of recovery for housing across our nation. Markets resolvedto shed their excess weight, appeal to both existing homeowners and renters + 14.5% + 11.8% + 17.5%alike, and learn to play nicer with banks. Hey, three for three isnt too bad. But Year-Over-Year Year-Over-Year Year-Over-Yeartheres more work to be done. Heres how the final month of 2012 finished up. (YoY) Change in (YoY) Change in (YoY) Change in Closed Sales Closed Sales Closed SalesNew Listings in the Greater Boston region were down 20.0 percent for detached All Properties Single-Family Only Condominium Onlyhomes and 19.3 percent for condominiums. Closed Sales increased 11.8percent for detached homes and 17.5 percent for condominiums. Single-Family Market Overview 2The Median Sales Price was up 6.8 percent to $470,000 for single-family Condominium Market Overview 3properties and 10.3 percent to $380,000 for condominiums. Months Supply ofInventory decreased 44.0 percent for single-family units and 52.7 percent for Closed Sales 4townhouse-condo units. Median Sales Price 5 Housing Affordability Index 6Economic growth is on an upward trend and several prominent housing indicescontinue to showcase market turnaround. Momentum is on our side, though it Inventory of Homes for Sale 7wont necessarily be fast, consistent or universal. But after five or six Months Supply of Inventory 8challenging years, its a welcomed change of pace. Plenty of opportunity lies Days On Market Until Sale 9ahead. Heres to a healthy and prosperous year! Percent of Original List Price Received 10 Pending Sales 11 New Listings 12 City of Boston Overview 13 Click on desired metric to jump to that page. Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of January 16, 2013. All data from MLS Property Information Network, Inc. Provided by Greater Boston Association of REALTORS® and the Massachusetts Association of REALTORS®. Powered by 10K Research and Marketing.
  • 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 Dec-2011 Dec-2012 +/– YTD 2011 YTD 2012 +/– Closed Sales 745 833 + 11.8% 9,069 10,886 + 20.0% 12-2009 12-2010 12-2011 12-2012 Median Sales Price $440,000 $470,000 + 6.8% $450,000 $457,500 + 1.7% 12-2009 12-2010 12-2011 12-2012 Housing Affordability Index 104 108 + 3.5% 102 110 + 8.0% 12-2009 12-2010 12-2011 12-2012 Inventory of Homes for Sale 3,669 2,296 - 37.4% -- -- -- 12-2009 12-2010 12-2011 12-2012 Months Supply of Inventory 4.9 2.8 - 44.0% -- -- -- 12-2009 12-2010 12-2011 12-2012 Days on Market Until Sale 112 98 - 12.8% 104 98 - 5.9% 12-2009 12-2010 12-2011 12-2012 Percent of Original 92.1% 94.2% + 2.3% 93.1% 94.4% + 1.4% List Price Received 12-2009 12-2010 12-2011 12-2012 Pending Sales 570 624 + 9.5% 9,181 11,101 + 20.9% 12-2009 12-2010 12-2011 12-2012 New Listings 459 367 - 20.0% 15,386 14,926 - 3.0% 12-2009 12-2010 12-2011 12-2012 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
  • 3. Condominium Market OverviewKey market metrics for the current month and year-to-date figures for Condominium Properties Only. Key Metrics Historical Sparklines Dec-2011 Dec-2012 +/– YTD 2011 YTD 2012 +/– Closed Sales 645 758 + 17.5% 7,941 9,680 + 21.9% 12-2009 12-2010 12-2011 12-2012 Median Sales Price $344,500 $380,000 + 10.3% $359,011 $379,000 + 5.6% 12-2009 12-2010 12-2011 12-2012 Housing Affordability Index 130 131 + 0.6% 125 131 + 4.4% 12-2009 12-2010 12-2011 12-2012 Inventory of Homes for Sale 2,819 1,568 - 44.4% -- -- -- 12-2009 12-2010 12-2011 12-2012 Months Supply of Inventory 4.4 2.1 - 52.7% -- -- -- 12-2009 12-2010 12-2011 12-2012 Days on Market Until Sale 120 84 - 30.4% 105 87 - 17.8% 12-2009 12-2010 12-2011 12-2012 Percent of Original 93.0% 96.2% + 3.4% 94.0% 95.8% + 2.0% List Price Received 12-2009 12-2010 12-2011 12-2012 Pending Sales 471 515 + 9.3% 7,967 9,882 + 24.0% 12-2009 12-2010 12-2011 12-2012 New Listings 389 314 - 19.3% 13,649 12,511 - 8.3% 12-2009 12-2010 12-2011 12-2012 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
  • 4. Closed SalesA count of the actual sales that have closed in a given month.December Year to Date Single-Family YoY Change Condominium YoY Change Jan-2012 526 + 12.6% 414 + 3.0% 833 10,886 Feb-2012 474 + 33.5% 385 + 12.2% 736 745 758 9,680 Mar-2012 657 + 16.5% 608 + 10.9% 9,149 9,069 655 645 Apr-2012 752 + 12.1% 759 + 19.7% 8,306 7,941 May-2012 1,017 + 20.4% 1,013 + 32.1% Jun-2012 1,529 + 21.4% 1,270 + 20.2% Jul-2012 1,293 + 25.4% 1,041 + 21.8% Aug-2012 1,316 + 26.7% 1,206 + 24.7% Sep-2012 773 - 1.4% 754 + 16.4% Oct-2012 798 + 28.9% 712 + 38.8% Nov-2012 918 + 33.0% 760 + 35.2% 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 Dec-2012 833 + 11.8% 758 + 17.5% +1.2% +11.8% -1.5% +17.5% -0.9% +20.0% -4.4% +21.9% Total 10,886 + 20.0% 9,680 + 21.9% Single-Family Condominium Single-Family CondominiumHistorical Closed Sales Activity Single-Family Condominium1,8001,6001,4001,2001,000 800 600 400 200 Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 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
  • 5. Median Sales PriceMedian price point for all closed sales, not accounting for seller concessions, in a given month.December Year to Date Single-Family YoY Change Condominium YoY Change Jan-2012 $405,000 - 9.0% $350,000 - 1.7% $470,000 $450,000 $450,000 $457,500 Feb-2012 $391,875 + 3.4% $371,000 + 6.6% $435,000 $440,000 Mar-2012 $411,000 - 1.3% $340,000 + 4.8% $380,000 $379,000 $355,000 $349,900 $359,011 Apr-2012 $414,850 - 3.3% $370,750 + 5.0% $344,500 May-2012 $465,000 + 1.3% $381,000 + 4.4% Jun-2012 $500,000 - 0.2% $400,000 + 6.7% Jul-2012 $510,000 + 2.2% $387,000 + 6.3% Aug-2012 $489,450 - 1.9% $380,000 + 3.5% Sep-2012 $430,000 - 4.3% $375,000 + 2.0% Oct-2012 $429,000 + 10.0% $365,883 + 4.8% Nov-2012 $445,550 + 5.3% $380,000 + 8.4% 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 Dec-2012 $470,000 + 6.8% $380,000 + 10.3% +1.1% +6.8% -3.0% +10.3% 0.0% +1.7% +2.6% +5.6% Median $457,500 + 1.7% $379,000 + 5.6% Single-Family Condominium Single-Family CondominiumHistorical Median Sales Price Single-Family Condominium$550,000$500,000$450,000$400,000$350,000$300,000$250,000 Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 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
  • 6. Housing Affordability IndexThis 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.December Year to Date Single-Family YoY Change Condominium YoY Change 130 131 131 125 Jan-2012 113 + 17.4% 129 + 9.3% 118 120 Feb-2012 119 + 7.9% 125 + 4.9% 108 110 104 102 Mar-2012 114 + 11.5% 135 + 5.6% 98 95 Apr-2012 112 + 13.1% 124 + 4.8% May-2012 102 + 7.2% 122 + 4.2% Jun-2012 97 + 8.5% 118 + 1.9% Jul-2012 96 + 7.9% 124 + 3.9% Aug-2012 100 + 11.0% 127 + 5.5% Sep-2012 116 + 15.2% 131 + 8.5% Oct-2012 115 - 0.4% 133 + 4.1% Nov-2012 112 + 4.1% 129 + 1.4% 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 Dec-2012 108 + 3.5% 131 + 0.6% +5.9% +3.5% +9.9% +0.6% +7.0% +8.0% +4.8% +4.4% Average 109 +8.9% 127 +4.6% Single-Family Condominium Single-Family CondominiumHistorical Housing Affordability Index Single-Family Condominium140130120110100 90 80 70 60 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 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
  • 7. Inventory of Homes for SaleThe number of properties available for sale in active status at the end of a given month.December Single-Family YoY Change Condominium YoY Change Jan-2012 3,708 - 2.4% 2,979 - 19.1% 3,769 3,669 3,546 Feb-2012 4,100 + 6.7% 3,270 - 16.5% Mar-2012 4,726 + 2.1% 3,700 - 21.1% 2,819 Apr-2012 5,074 - 4.7% 3,854 - 25.7% May-2012 5,178 - 9.7% 3,666 - 29.8% 2,296 Jun-2012 4,857 - 15.3% 3,395 - 33.4% Jul-2012 4,423 - 21.0% 3,128 - 33.7% 1,568 Aug-2012 4,049 - 24.7% 2,716 - 35.6% Sep-2012 4,244 - 24.8% 2,831 - 34.6% Oct-2012 3,910 - 27.9% 2,585 - 37.0% Nov-2012 3,218 - 30.2% 2,155 - 40.1% 2010 2011 2012 2010 2011 2012 Dec-2012 2,296 - 37.4% 1,568 - 44.4% -2.7% -37.4% -20.5% -44.4% Average 4,149 - 16.2% 2,987 - 30.5% Single-Family CondominiumHistorical Inventory of Homes for Sale Single-Family Condominium9,0008,0007,0006,0005,0004,0003,0002,0001,000 Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 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
  • 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.December Single-Family YoY Change Condominium YoY Change 5.4 Jan-2012 7.0 - 13.4% 7.2 - 21.4% 5.1 4.9 Feb-2012 8.6 - 20.1% 8.5 - 25.6% 4.4 Mar-2012 7.2 - 12.4% 6.1 - 28.9% Apr-2012 6.7 - 14.9% 5.1 - 37.9% May-2012 5.1 - 25.0% 3.6 - 46.9% Jun-2012 3.2 - 30.2% 2.7 - 44.6% 2.8 Jul-2012 3.4 - 37.0% 3.0 - 45.5% 2.1 Aug-2012 3.1 - 40.5% 2.3 - 48.4% Sep-2012 5.5 - 23.8% 3.8 - 43.8% Oct-2012 4.9 - 44.1% 3.6 - 54.6% Nov-2012 3.5 - 47.5% 2.8 - 55.7% 2010 2011 2012 2010 2011 2012 Dec-2012 2.8 - 44.0% 2.1 - 52.7% -3.8% -44.0% -19.3% -52.7% Average 5.0 - 24.2% 4.2 - 36.5% Single-Family CondominiumHistorical Months Supply of Inventory Single-Family Condominium141210 8 6 4 2Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 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
  • 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.December Year to Date Single-Family YoY Change Condominium YoY Change Jan-2012 130 + 15.0% 124 - 5.0% 105 Feb-2012 134 + 2.9% 123 - 9.8% 120 104 102 113 112 95 98 Mar-2012 131 - 3.1% 118 - 4.2% 107 98 87 Apr-2012 120 - 1.4% 98 - 16.9% 84 May-2012 96 - 6.4% 86 - 12.0% Jun-2012 90 - 0.1% 75 - 19.5% Jul-2012 81 - 4.5% 71 - 20.6% Aug-2012 88 - 5.4% 76 - 18.3% Sep-2012 89 - 12.1% 85 - 18.0% Oct-2012 91 - 16.4% 84 - 11.6% Nov-2012 90 - 17.7% 76 - 30.5% 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 Dec-2012 98 - 12.8% 84 - 30.4% -0.3% -12.8% +11.8% -30.4% +9.6% -5.9% +3.3% -17.8% Total 98 - 5.9% 80 - 16.2% Single-Family Condominium Single-Family CondominiumHistorical Days on Market Until Sale Single-Family Condominium160140120100 80 60 40 Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 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
  • 10. Percent of Original List Price ReceivedPercentage 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.December Year to Date Single-Family YoY Change Condominium YoY Change Jan-2012 90.5% - 0.4% 92.8% + 0.5% Feb-2012 91.2% + 0.3% 93.4% + 1.5% 96.2% 94.4% 94.0% 95.8% Mar-2012 93.0% + 0.8% 94.0% + 0.9% 91.3% 92.1% 94.2% 93.0% 93.0% 93.6% 93.1% 94.4% Apr-2012 93.5% + 0.9% 95.7% + 2.0% May-2012 95.4% + 1.2% 96.1% + 1.0% Jun-2012 95.3% + 0.8% 96.3% + 1.7% Jul-2012 95.7% + 1.5% 96.6% + 1.7% Aug-2012 94.8% + 1.5% 96.2% + 2.2% Sep-2012 94.5% + 1.5% 96.4% + 2.4% Oct-2012 94.3% + 2.8% 95.9% + 2.4% Nov-2012 94.6% + 2.3% 96.2% + 2.5% 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 Dec-2012 94.2% + 2.3% 96.2% + 3.4% +1.0% +2.3% +0.1% +3.4% -0.6% +1.4% -0.4% +2.0% Average 94.4% + 1.4% 95.8% + 2.0% Single-Family Condominium Single-Family CondominiumHistorical Percent of Original List Price Received Single-Family Condominium99%98%97%96%95%94%93%92%91%90%89% Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 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
  • 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).December Year to Date Single-Family YoY Change Condominium YoY Change Jan-2012 545 + 26.7% 484 + 18.6% 11,101 624 Feb-2012 652 + 23.3% 635 + 24.0% 570 9,882 Mar-2012 994 + 24.6% 1,012 + 32.3% 542 9,132 9,181 515 Apr-2012 1,153 + 21.8% 1,049 + 24.3% 471 8,200 7,967 442 May-2012 1,339 + 23.1% 1,268 + 28.9% Jun-2012 1,269 + 13.4% 1,047 + 19.5% Jul-2012 1,057 + 26.6% 835 + 9.4% Aug-2012 912 + 18.0% 821 + 22.5% Sep-2012 855 + 28.8% 720 + 39.0% Oct-2012 896 + 20.4% 823 + 38.8% Nov-2012 805 + 17.7% 673 + 19.5% 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 Dec-2012 624 + 9.5% 515 + 9.3% +5.2% +9.5% +6.6% +9.3% +0.5% +20.9% -2.8% +24.0% Total 11,101 + 20.9% 9,882 + 24.0% Single-Family Condominium Single-Family CondominiumHistorical Pending Sales Activity Single-Family Condominium1,4001,2001,000 800 600 400 200 Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 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
  • 12. New ListingsA count of the properties that have been newly listed on the market in a given month.December Year to Date Single-Family YoY Change Condominium YoY Change Jan-2012 975 + 14.4% 958 - 1.8% 15,859 15,386 15,937 Feb-2012 1,336 + 51.3% 1,145 + 5.8% 489 14,926 Mar-2012 2,023 + 3.1% 1,741 - 12.0% 459 13,649 433 Apr-2012 1,812 - 9.3% 1,504 - 13.1% 12,511 389 367 May-2012 1,810 - 4.1% 1,391 - 7.5% 314 Jun-2012 1,371 - 15.2% 1,155 - 14.1% Jul-2012 1,036 - 13.1% 905 - 7.6% Aug-2012 1,012 - 8.5% 792 - 7.4% Sep-2012 1,440 - 9.4% 1,157 - 9.7% Oct-2012 1,087 - 6.2% 883 - 2.1% Nov-2012 657 - 3.7% 566 - 9.9% 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 Dec-2012 367 - 20.0% 314 - 19.3% +6.0% -20.0% -20.4% -19.3% -3.0% -3.0% -14.4% -8.3% Total 14,926 - 3.0% 12,511 - 8.3% Single-Family Condominium Single-Family CondominiumHistorical New Listing Activity Single-Family Condominium2,7502,5002,2502,0001,7501,5001,2501,000 750 500 250 Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 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
  • 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 Dec-2011 Dec-2012 +/– YTD 2011 YTD 2012 +/– Closed Sales 366 422 + 15.3% 4,397 5,436 + 23.6% 12-2009 12-2010 12-2011 12-2012 Median Sales Price $389,750 $400,000 + 2.6% $375,000 $400,000 + 6.7% 12-2009 12-2010 12-2011 12-2012 Housing Affordability Index 104 108 + 3.5% 102 110 + 8.0% 12-2009 12-2010 12-2011 12-2012 Inventory of Homes for Sale 1,464 700 - 52.2% -- -- -- 12-2009 12-2010 12-2011 12-2012 Months Supply of Inventory 4.0 1.7 - 58.5% -- -- -- 12-2009 12-2010 12-2011 12-2012 Days on Market Until Sale 114 76 - 33.3% 101 82 - 19.3% 12-2009 12-2010 12-2011 12-2012 Percent of Original 93.4% 95.6% + 2.3% 93.8% 95.6% + 2.0% List Price Received 12-2009 12-2010 12-2011 12-2012 Pending Sales 286 268 - 6.3% 4,458 5,522 + 23.9% 12-2009 12-2010 12-2011 12-2012 New Listings 251 157 - 37.5% 7,733 7,014 - 9.3% 12-2009 12-2010 12-2011 12-2012 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