Greater Boston Real Estate Market Data, September 2012
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Greater Boston Real Estate Market Data, September 2012

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Here's September 2012's Monthly Indicators report from the Greater Boston Association of Realtors®

Here's September 2012's Monthly Indicators report from the Greater Boston Association of Realtors®

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Greater Boston Real Estate Market Data, September 2012 Greater Boston Real Estate Market Data, September 2012 Presentation Transcript

  • Monthly IndicatorsA RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®September 2012 Quick FactsMost housing metrics should follow their usual, autumnal movements – higherinventory and days on market, fewer sales, lower prices. That applies only to + 4.3% - 3.2% + 13.4%month-to-month seasonal trends; most indicators should still show Year-Over-Year Year-Over-Year Year-Over-Yearimprovement on a year-over-year basis. As you already know, all real estate is (YoY) Change in (YoY) Change in (YoY) Change inlocal – down to the city neighborhood, suburban development and exurban lot. Closed Sales Closed Sales Closed SalesLets dive into some local figures. All Properties Single-Family Only Condominium OnlyNew Listings in the Greater Boston region were down 9.7 percent for detachedhomes and 9.8 percent for condominiums. Pending Sales increased 31.3 Single-Family Market Overview 2percent for single-family homes and 40.9 percent for condominiums. Condominium Market Overview 3 Closed Sales 4The Median Sales Price was down 4.3 percent to $430,000 for single-familyproperties but increased 1.4 percent to $372,800 for condominiums. Months Median Sales Price 5Supply of Inventory decreased 27.8 percent for single-family units and 47.6 Housing Affordability Index 6percent for townhouse-condo units. Inventory of Homes for Sale 7Not to get negative like a political TV ad, but sluggish job growth, persistently Months Supply of Inventory 8high gas prices, drought-induced spikes in food prices and other global events Days On Market Until Sale 9could threaten consumer confidence. The Feds mortgage purchases droveFreddie Macs average 30-year fixed-rate mortgage survey to an all-time low of Percent of Original List Price Received 103.40 percent. Employment growth remains critical, providing the very jobs that Pending Sales 11will stimulate housing demand and higher prices as well as alleviate New Listings 12beleaguered homeowners. 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 October 16, 2012. 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.
  • Single-Family Market OverviewKey market metrics for the current month and year-to-date figures for Single-Family Homes Only. Key Metrics Historical Sparklines Sep-2011 Sep-2012 +/– YTD 2011 YTD 2012 +/– Closed Sales 784 759 - 3.2% 7,015 8,318 + 18.6% 9-2009 9-2010 9-2011 9-2012 Median Sales Price $449,500 $430,000 - 4.3% $464,000 $461,000 - 0.6% 9-2009 9-2010 9-2011 9-2012 Housing Affordability Index 101 116 + 15.2% 98 109 + 11.6% 9-2009 9-2010 9-2011 9-2012 Inventory of Homes for Sale 5,638 3,943 - 30.1% -- -- -- 9-2009 9 2009 9-2010 9 2010 9-2011 9 2011 9-2012 9 2012 Months Supply of Inventory 7.2 5.2 - 27.8% -- -- -- 9-2009 9-2010 9-2011 9-2012 Days on Market Until Sale 101 88 - 13.2% 103 100 - 2.9% 9-2009 9-2010 9-2011 9-2012 Percent of Original 93.2% 94.6% + 1.5% 93.4% 94.4% + 1.1% List Price Received 9-2009 9-2010 9-2011 9-2012 Pending Sales 665 873 + 31.3% 7,186 8,837 + 23.0% 9-2009 9-2010 9-2011 9-2012 New Listings 1,590 1,436 - 9.7% 13,086 12,812 - 2.1% 9-2009 9-2010 9-2011 9-2012 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
  • Condominium Market OverviewKey market metrics for the current month and year-to-date figures for Condominium Properties Only. Key Metrics Historical Sparklines Sep-2011 Sep-2012 +/– YTD 2011 YTD 2012 +/– Closed Sales 648 735 + 13.4% 6,220 7,417 + 19.2% 9-2009 9-2010 9-2011 9-2012 Median Sales Price $367,500 $372,800 + 1.4% $360,000 $379,000 + 5.3% 9-2009 9-2010 9-2011 9-2012 Housing Affordability Index 121 132 + 9.1% 123 130 + 5.7% 9-2009 9-2010 9-2011 9-2012 Inventory of Homes for Sale 4,322 2,568 - 40.6% -- -- -- 9-2009 9 2009 9-2010 9 2010 9-2011 9 2011 9-2012 9 2012 Months Supply of Inventory 6.7 3.5 - 47.6% -- -- -- 9-2009 9-2010 9-2011 9-2012 Days on Market Until Sale 103 85 - 17.7% 104 88 - 15.3% 9-2009 9-2010 9-2011 9-2012 Percent of Original 94.2% 96.4% + 2.4% 94.1% 95.7% + 1.7% List Price Received 9-2009 9-2010 9-2011 9-2012 Pending Sales 518 730 + 40.9% 6,344 7,910 + 24.7% 9-2009 9-2010 9-2011 9-2012 New Listings 1,281 1,155 - 9.8% 11,730 10,743 - 8.4% 9-2009 9-2010 9-2011 9-2012 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
  • Closed SalesA count of the actual sales that have closed in a given month. September Year to Date Single-Family YoY Change Condominium YoY Change Oct-2011 619 + 6.0% 513 + 6.4% 8,318 784 Nov-2011 690 + 8.8% 562 + 11.1% 759 735 7,417 7,195 7,015 Dec-2011 745 + 1.2% 644 - 1.7% 672 648 6,663 6,220 Jan-2012 526 + 12.6% 413 + 2.7% 577 Feb-2012 474 + 33.5% 385 + 12.2% Mar-2012 656 + 16.3% 608 + 10.9% Apr-2012 752 + 12.1% 757 + 19.6% May-2012 1,017 + 20.4% 1,013 + 32.1% Jun-2012 1,529 + 21.4% 1,268 + 20.0% Jul-2012 1,291 + 25.2% 1,038 + 21.4% Aug-2012 1,314 + 26.5% 1,200 + 24.1% 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 Sep-2012 759 - 3.2% 735 + 13.4% +16.7% -3.2% +12.3% +13.4% -2.5% +18.6% -6.6% +19.2% Total 10,372 + 15.6% 9,136 + 16.2% 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
  • Median Sales PriceMedian price point for all closed sales, not accounting for seller concessions, in a given month.September Year to Date Single-Family YoY Change Condominium YoY Change Oct-2011 $390,000 - 11.6% $349,000 + 4.8% $464,000 $461,000 $440,000 $449,500 $454,000 Nov-2011 $423,000 - 4.6% $350,500 - 7.3% $430,000 Dec-2011 $440,000 + 1.1% $344,750 - 2.9% $379,000 $367,500 $372,800 $355,000 $347,500 $360,000 Jan-2012 $405,000 - 9.0% $349,950 - 1.7% Feb-2012 $391,875 + 3.4% $371,000 + 6.6% Mar-2012 $412,500 - 0.9% $340,000 + 4.8% Apr-2012 $414,850 - 3.3% $370,750 + 5.6% 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% 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 Sep-2012 $430,000 - 4.3% $372,800 + 1.4% +2.2% -4.3% +3.5% +1.4% +2.2% -0.6% +3.6% +5.3% Median $450,000 - 1.7% $373,000 + 3.6% 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
  • 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.September Year to Date Single-Family YoY Change Condominium YoY Change 132 130 Oct-2011 116 + 19.3% 128 + 2.2% 120 121 122 123 116 Nov-2011 108 + 10.0% 128 + 12.8% 109 101 Dec-2011 104 + 5.9% 130 + 9.8% 99 96 98 Jan-2012 113 + 17.4% 129 + 9.3% Feb-2012 119 + 7.9% 125 + 4.9% Mar-2012 113 + 11.2% 135 + 5.6% Apr-2012 112 + 13.1% 124 + 4.3% 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% 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 Sep-2012 116 + 15.2% 132 + 9.1% +1.9% +15.2% +0.7% +9.1% +1.8% +11.6% +0.7% +5.7% Average 108 +11.2% 127 +6.1% Single-Family Condominium Single-Family CondominiumHistorical Housing Affordability Index Single-Family Condominium140130120110100 90 80 7060Jan-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
  • Inventory of Homes for SaleThe number of properties available for sale in active status at the end of a given month.September Single-Family YoY Change Condominium YoY Change Oct-2011 5,415 - 0.1% 4,094 - 20.9% 5,602 5,638 5,334 Nov-2011 4,598 - 3.4% 3,588 - 21.0% Dec-2011 3,651 - 3.0% 2,803 - 20.9% 4,322 Jan-2012 3,685 - 2.9% 2,962 - 19.5% 3,943 Feb-2012 4,074 + 6.2% 3,251 - 17.0% Mar-2012 4,687 + 1.3% 3,676 - 21.6% 2,568 Apr-2012 5,026 - 5.5% 3,823 - 26.2% May-2012 5,111 - 10.8% 3,620 - 30.7% Jun-2012 4,755 - 16.9% 3,308 - 35.1% Jul-2012 4,273 - 23.6% 2,990 - 36.6% Aug-2012 3,827 - 28.7% 2,525 - 40.1% 2010 2011 2012 2010 2011 2012 Sep-2012 3,943 - 30.1% 2,568 - 40.6% +0.6% 30 1% -30.1% -19.0% -40.6% Average 4,420 - 10.9% 3,267 - 27.8% Single-Family CondominiumHistorical Inventory of Homes for Sale Single-Family Condominium9,0008,0007,0006,0005,0004,0003,0002,000 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
  • 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.September Single-Family YoY Change Condominium YoY Change 9.2 Oct-2011 8.7 - 5.7% 8.0 - 25.7% 8.3 Nov-2011 6.7 - 11.2% 6.4 - 28.9% 7.2 Dec-2011 4.9 - 4.2% 4.4 - 19.6% 6.7 Jan-2012 7.0 - 13.8% 7.2 - 21.7% Feb-2012 8.6 - 20.5% 8.4 - 26.0% 5.2 Mar-2012 7.1 - 12.9% 6.0 - 29.3% Apr-2012 6.7 - 15.6% 5.1 - 38.3% 3.5 May-2012 5.0 - 25.9% 3.6 - 47.5% Jun-2012 3.1 - 31.6% 2.6 - 45.9% Jul-2012 3.3 - 39.0% 2.9 - 47.8% Aug-2012 2.9 - 43.6% 2.1 - 51.7% 2010 2011 2012 2010 2011 2012 Sep-2012 5.2 - 27.8% 3.5 - 47.6% -13.7% -27.8% -27.9% -47.6% Average 5.6 - 16.0% 4.7 - 30.4% 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
  • Days on Market Until SaleAverage number of days between when a property is listed and when an offer is accepted in a given month.September Year to Date Single-Family YoY Change Condominium YoY Change Oct-2011 108 + 3.7% 95 - 14.8% 107 104 Nov-2011 110 + 4.1% 109 + 7.7% 101 103 103 101 99 100 Dec-2011 112 - 0.3% 120 + 12.0% 92 88 85 88 Jan-2012 130 + 15.0% 124 - 5.1% Feb-2012 134 + 2.9% 123 - 9.8% Mar-2012 130 - 3.5% 118 - 4.2% Apr-2012 120 - 1.4% 98 - 16.3% May-2012 96 - 6.4% 86 - 12.0% Jun-2012 90 - 0.1% 75 - 19.5% Jul-2012 81 - 4.4% 71 - 20.7% Aug-2012 88 - 5.4% 76 - 18.4% 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 Sep-2012 88 - 13.2% 85 - 17.7% +2.8% -13.2% -3.5% -17.7% +11.8% -2.9% +3.4% -15.3% Total 102 - 1.9% 85 - 10.5% 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
  • 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.September Year to Date Single-Family YoY Change Condominium YoY Change Oct-2011 91.8% - 0.4% 93.6% + 0.1% Nov-2011 92.4% - 0.3% 93.8% - 0.2% 96.4% 94.6% 94.1% 95.7% Dec-2011 92.2% + 1.0% 93.0% + 0.1% 92.9% 93.2% 94.6% 92.7% 94.2% 94.1% 93.4% 94.4% Jan-2012 90.5% - 0.4% 92.8% + 0.5% Feb-2012 91.2% + 0.3% 93.4% + 1.5% Mar-2012 93.0% + 0.8% 94.0% + 0.9% 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% 96.3% + 2.2% 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 Sep-2012 94.6% + 1.5% 96.4% + 2.4% +0.3% +1.5% +1.6% +2.4% -0.7% +1.1% -0.5% +1.7% Average 93.9% + 0.9% 95.3% + 1.4% 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
  • 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).September Year to Date Single-Family YoY Change Condominium YoY Change Oct-2011 744 + 3.0% 594 + 7.2% 873 8,837 Nov-2011 684 + 16.7% 564 - 2.1% 7,910 Dec-2011 571 + 5.4% 471 + 6.3% 730 7,283 7,186 Jan-2012 546 + 26.7% 484 + 18.6% 665 6,629 6,344 616 Feb-2012 651 + 23.1% 636 + 24.2% 518 Mar-2012 1,000 + 25.3% 1,016 + 32.8% 499 Apr-2012 1,153 + 21.6% 1,049 + 24.3% May-2012 1,342 + 23.3% 1,272 + 29.0% Jun-2012 1,276 + 14.0% 1,052 + 20.0% Jul-2012 1,059 + 26.8% 847 + 10.9% Aug-2012 937 + 21.2% 824 + 23.0% 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 Sep-2012 873 + 31.3% 730 + 40.9% +8.0% +31.3% +3.8% +40.9% -1.3% +23.0% -4.3% +24.7% Total 10,836 + 19.9% 9,539 + 20.5% 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
  • New ListingsA count of the properties that have been newly listed on the market in a given month.September Year to Date Single-Family YoY Change Condominium YoY Change Oct-2011 1,159 - 2.3% 902 - 19.8% 1,692 1,590 1,621 Nov-2011 682 - 8.6% 628 - 11.8% 13,494 13,086 13,611 1,436 12,812 Dec-2011 459 + 6.0% 389 - 20.4% 1,281 11,730 Jan-2012 974 + 14.3% 958 - 1.8% 1,155 10,743 Feb-2012 1,336 + 51.3% 1,145 + 5.8% Mar-2012 2,023 + 3.1% 1,741 - 12.0% Apr-2012 1,811 - 9.3% 1,503 - 13.1% May-2012 1,810 - 4.1% 1,391 - 7.5% Jun-2012 1,372 - 15.1% 1,155 - 14.1% Jul-2012 1,036 - 13.1% 905 - 7.6% Aug-2012 1,014 - 8.3% 790 - 7.6% 2010 2011 2012 2010 2011 2012 2010 2011 2012 2010 2011 2012 Sep-2012 1,436 - 9.7% 1,155 - 9.8% -6.0% -9.7% -21.0% -9.8% -3.0% -2.1% -13.8% -8.4% Total 15,112 - 2.2% 12,662 - 9.9% 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
  • 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 Sep-2011 Sep-2012 +/– YTD 2011 YTD 2012 +/– Closed Sales 354 389 + 9.9% 3,423 4,179 + 22.1% 9-2009 9-2010 9-2011 9-2012 Median Sales Price $391,250 $389,000 - 0.6% $375,000 $400,000 + 6.7% 9-2009 9-2010 9-2011 9-2012 Housing Affordability Index 101 116 + 15.2% 98 109 + 11.6% 9-2009 9-2010 9-2011 9-2012 Inventory of Homes for Sale 2,334 1,280 - 45.2% -- -- -- 9-2009 9 2009 9-2010 9 2010 9-2011 9 2011 9-2012 9 2012 Months Supply of Inventory 6.6 3.3 - 50.1% -- -- -- 9-2009 9-2010 9-2011 9-2012 Days on Market Until Sale 95 74 - 21.9% 100 85 - 15.1% 9-2009 9-2010 9-2011 9-2012 Percent of Original 94.6% 96.1% + 1.7% 93.9% 95.6% + 1.7% List Price Received 9-2009 9-2010 9-2011 9-2012 Pending Sales 284 412 + 45.1% 3,507 4,419 + 26.0% 9-2009 9-2010 9-2011 9-2012 New Listings 739 639 - 13.5% 6,624 6,040 - 8.8% 9-2009 9-2010 9-2011 9-2012 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