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

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Here's February 2013's Monthly Indicators report from the Greater Boston Association of Realtors®

Here's February 2013's Monthly Indicators report from the Greater Boston Association of Realtors®

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February 2013's Monthly Indicators report - Boston Real Estate Market Trends February 2013's Monthly Indicators report - Boston Real Estate Market Trends Presentation Transcript

  • Monthly IndicatorsA RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®February 2013 Quick FactsThe sun is shining brighter for longer, the birds are chirping a bit louder andpeople have a renewed spring in their step. And then theres the climate. Home + 0.7% - 7.5% + 10.7%buyers and sellers are readying themselves for an exciting spring market. Year-Over-Year Year-Over-Year Year-Over-YearBuyers are motivated by an attractive affordability environment, while more and (YoY) Change in (YoY) Change in (YoY) Change inmore sellers are receiving near top dollar for their home. Weve come a long Closed Sales Closed Sales Closed Salesway over the past 12 to 18 months but were not there yet. Heres how February All Properties Single-Family Only Condominium Onlystacked up.New Listings in the Greater Boston region were down 22.2 percent for detached Single-Family Market Overview 2homes and 15.5 percent for condominiums. Closed Sales decreased 7.5 Condominium Market Overview 3percent for detached homes but increased 10.7 percent for condominiums. Closed Sales 4The Median Sales Price was up 8.8 percent to $429,900 for single-family Median Sales Price 5properties but decreased 5.2 percent to $350,750 for condominiums. Months Housing Affordability Index 6Supply of Inventory decreased 30.6 percent for single-family units and 46.9 Inventory of Homes for Sale 7percent for townhouse-condo units. Months Supply of Inventory 8A few consumers may feel less confident due to Washingtons latest self- Days On Market Until Sale 9inflicted crisis. Others would advise not to read the news in the first place. Thefact is, the economy continues to grow, but at a snails pace. Sequestration is Percent of Original List Price Received 10more of a nuisance than a real threat to recovery; and theres significant Pending Sales 11pent–up demand from renters, first-timers, parental basement dwellers and New Listings 12investors to counteract it. 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 March 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.
  • Single-Family Market OverviewKey market metrics for the current month and year-to-date figures for Single-Family Homes Only. Key Metrics Historical Sparklines Feb-2012 Feb-2013 +/– YTD 2012 YTD 2013 +/– Closed Sales 464 429 - 7.5% 987 1,033 + 4.7% 2-2010 2-2011 2-2012 2-2013 Median Sales Price $395,000 $429,900 + 8.8% $402,000 $430,000 + 7.0% 2-2010 2-2011 2-2012 2-2013 Housing Affordability Index 124 122 - 2.0% 122 122 - 0.6% 2-2010 2-2011 2-2012 2-2013 Inventory of Homes for Sale 4,040 2,592 - 35.8% -- -- -- 2-2010 2 2010 2-2011 2 2011 2-2012 2 2012 2-2013 2 2013 Months Supply of Inventory 8.7 6.0 - 30.6% -- -- -- 2-2010 2-2011 2-2012 2-2013 Days on Market Until Sale 134 109 - 18.6% 132 109 - 17.5% 2-2010 2-2011 2-2012 2-2013 Percent of Original 91.2% 94.1% + 3.2% 90.8% 93.9% + 3.4% List Price Received 2-2010 2-2011 2-2012 2-2013 Pending Sales 639 683 + 6.9% 1,179 1,269 + 7.6% 2-2010 2-2011 2-2012 2-2013 New Listings 1,319 1,026 - 22.2% 2,282 1,929 - 15.5% 2-2010 2-2011 2-2012 2-2013 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
  • Condominium Market OverviewKey market metrics for the current month and year-to-date figures for Condominium Properties Only. Key Metrics Historical Sparklines Feb-2012 Feb-2013 +/– YTD 2012 YTD 2013 +/– Closed Sales 384 425 + 10.7% 796 936 + 17.6% 2-2010 2-2011 2-2012 2-2013 Median Sales Price $370,000 $350,750 - 5.2% $360,000 $360,000 0.0% 2-2010 2-2011 2-2012 2-2013 Housing Affordability Index 132 146 + 11.0% 135 143 + 6.1% 2-2010 2-2011 2-2012 2-2013 Inventory of Homes for Sale 3,257 1,915 - 41.2% -- -- -- 2-2010 2 2010 2-2011 2 2011 2-2012 2 2012 2-2013 2 2013 Months Supply of Inventory 8.5 4.5 - 46.9% -- -- -- 2-2010 2-2011 2-2012 2-2013 Days on Market Until Sale 123 93 - 24.6% 124 90 - 27.1% 2-2010 2-2011 2-2012 2-2013 Percent of Original 93.4% 96.8% + 3.6% 93.2% 96.3% + 3.4% List Price Received 2-2010 2-2011 2-2012 2-2013 Pending Sales 635 644 + 1.4% 1,118 1,263 + 13.0% 2-2010 2-2011 2-2012 2-2013 New Listings 1,141 964 - 15.5% 2,095 1,878 - 10.4% 2-2010 2-2011 2-2012 2-2013 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 | 3
  • Closed SalesA count of the actual sales that have closed in a given month. February Year to Date Single-Family YoY Change Condominium YoY Change Mar-2012 648 + 16.5% 607 + 11.0% 464 Apr-2012 743 + 12.6% 758 + 20.1% 429 425 1,033 987 May-2012 1,005 + 20.5% 1,012 + 32.1% 384 936 351 Jun-2012 1,510 + 21.3% 1,264 + 20.3% 342 811 796 742 Jul-2012 1,279 + 25.3% 1,040 + 21.6% Aug-2012 1,299 + 26.0% 1,204 + 25.3% Sep-2012 766 - 1.2% 753 + 16.4% Oct-2012 791 + 28.6% 711 + 38.9% Nov-2012 907 + 32.6% 760 + 35.2% Dec-2012 824 + 11.8% 767 + 19.3% Jan-2013 604 + 15.5% 511 + 24.0% 2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013 Feb-2013 429 - 7.5% 425 + 10.7% +32.2% -7.5% +12.3% +10.7% +21.7% +4.7% +7.3% +17.6% Total 10,805 + 18.2% 9,812 + 23.1% 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 Jan-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 | 4
  • Median Sales PriceMedian price point for all closed sales, not accounting for seller concessions, in a given month.February Year to Date Single-Family YoY Change Condominium YoY Change Mar-2012 $414,838 - 1.5% $340,000 + 4.6% Apr-2012 $418,500 - 2.9% $371,500 + 4.6% $429,900 $430,000 $409,130 $402,000 May-2012 $465,000 + 1.4% $381,000 + 4.4% $395,000 $380,000 $370,000 $348,500 $350,750 $350,000 $360,000 $360,000 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 $447,500 + 5.8% $380,000 + 8.4% Dec-2012 $470,000 + 6.8% $382,000 + 10.7% Jan-2013 $430,000 + 6.2% $370,000 + 4.2% 2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013 Feb-2013 $429,900 + 8.8% $350,750 - 5.2% +3.9% +8.8% +6.2% -5.2% -1.7% +7.0% +2.9% 0.0% Median $461,000 + 2.4% $379,000 + 5.3% 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 Jan-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 | 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.February Year to Date Single-Family YoY Change Condominium YoY Change 146 143 Mar-2012 117 + 15.8% 141 + 9.5% 132 135 Apr-2012 118 + 18.1% 132 + 10.2% 124 122 122 122 120 119 May-2012 109 + 13.2% 131 + 10.1% 111 104 Jun-2012 102 + 14.4% 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 + 7.8% Nov-2012 117 + 6.8% 135 + 4.4% Dec-2012 113 + 6.8% 136 + 3.3% Jan-2013 125 + 3.7% 143 + 5.4% 2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013 Feb-2013 122 - 2.0% 146 + 11.0% +12.2% -2.0% +10.0% +11.0% +17.9% -0.6% +13.0% +6.1% Average 114 +10.4% 136 +8.2% Single-Family Condominium Single-Family CondominiumHistorical Housing Affordability Index Single-Family Condominium160150140130120110100 90 80 70 60 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-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 | 6
  • Inventory of Homes for SaleThe number of properties available for sale in active status at the end of a given month.February Single-Family YoY Change Condominium YoY Change Mar-2012 4,668 + 2.1% 3,691 - 21.1% 4,040 3,909 Apr-2012 5,018 - 4.4% 3,844 - 25.7% 3,785 May-2012 5,115 - 9.7% 3,657 - 29.8% 3,257 Jun-2012 4,797 - 15.2% 3,392 - 33.4% Jul-2012 4,372 - 20.7% 3,128 - 33.5% 2,592 Aug-2012 4,026 - 23.9% 2,729 - 35.2% 1,915 Sep-2012 4,232 - 24.1% 2,850 - 34.0% Oct-2012 3,947 - 26.1% 2,618 - 36.0% Nov-2012 3,319 - 26.8% 2,218 - 38.2% Dec-2012 2,480 - 31.3% 1,674 - 40.5% Jan-2013 2,486 - 31.9% 1,754 - 41.0% 2011 2012 2013 2011 2012 2013 Feb-2013 2,592 - 35.8% 1,915 - 41.2% +6.7% -35.8% -16.7% -41.2% Average 3,921 - 19.8% 2,789 - 33.2% 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 Jan-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 | 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.February Single-Family YoY Change Condominium YoY Change Mar-2012 7.2 - 12.4% 6.1 - 28.9% 11.4 Apr-2012 6.8 - 15.1% 5.1 - 38.1% 10.8 May-2012 5.1 - 25.1% 3.6 - 46.9% Jun-2012 3.2 - 30.1% 2.7 - 44.6% 8.7 8.5 Jul-2012 3.4 - 36.7% 3.0 - 45.3% Aug-2012 3.1 - 39.6% 2.3 - 48.3% 6.0 Sep-2012 5.5 - 23.2% 3.8 - 43.3% 4.5 Oct-2012 5.0 - 42.5% 3.7 - 53.9% Nov-2012 3.7 - 44.8% 2.9 - 54.3% Dec-2012 3.0 - 38.5% 2.2 - 50.1% Jan-2013 4.1 - 41.0% 3.4 - 52.4% 2011 2012 2013 2011 2012 2013 Feb-2013 6.0 - 30.6% 4.5 - 46.9% -19.3% -30.6% -25.8% -46.9% Average 4.7 - 29.3% 3.8 - 41.0% Single-Family CondominiumHistorical Months Supply of Inventory Single-Family Condominium16141210 8 6 4 2 0Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-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 | 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.February Year to Date Single-Family YoY Change Condominium YoY Change Mar-2012 130 - 3.1% 117 - 4.6% Apr-2012 120 - 1.7% 98 - 16.8% 134 137 134 129 132 May-2012 96 - 5.9% 86 - 11.9% 123 120 124 Jun-2012 90 - 0.2% 75 - 20.4% 109 109 Jul-2012 80 - 3.9% 71 - 20.6% 93 90 Aug-2012 87 - 5.8% 76 - 18.2% Sep-2012 89 - 12.0% 85 - 18.1% Oct-2012 90 - 17.6% 84 - 11.4% Nov-2012 89 - 18.0% 77 - 30.0% Dec-2012 97 - 12.4% 84 - 30.1% Jan-2013 109 - 16.5% 88 - 29.2% 2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013 Feb-2013 109 - 18.6% 93 - 24.6% +3.7% -18.6% -9.8% -24.6% +9.7% -17.5% -7.1% -27.1% Total 96 - 9.3% 78 - 18.2% 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 Jan-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 | 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.February Year to Date Single-Family YoY Change Condominium YoY Change Mar-2012 93.0% + 0.7% 94.0% + 0.9% Apr-2012 93.5% + 0.8% 95.7% + 2.0% 94.1% 96.8% 96.3% May-2012 95.4% + 1.1% 96.1% + 1.0% 90.9% 91.2% 92.0% 93.4% 90.9% 90.8% 93.9% 92.2% 93.2% 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% + 3.6% 96.0% + 3.3% 2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013 Feb-2013 94.1% + 3.2% 96.8% + 3.6% +0.3% +3.2% +1.5% +3.6% -0.1% +3.4% +1.1% +3.4% Average 94.7% + 1.7% 96.1% + 2.2% 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 Jan-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 | 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).February Year to Date Single-Family YoY Change Condominium YoY Change Mar-2012 982 + 25.1% 1,009 + 32.2% 1,269 1,263 Apr-2012 1,142 + 21.7% 1,047 + 24.6% 683 1,179 639 635 644 1,118 May-2012 1,326 + 23.1% 1,266 + 28.9% Jun-2012 1,255 + 13.3% 1,039 + 19.3% 523 946 918 511 Jul-2012 1,044 + 26.2% 831 + 9.1% Aug-2012 895 + 17.0% 815 + 22.2% Sep-2012 840 + 27.7% 717 + 38.4% Oct-2012 869 + 17.8% 820 + 38.7% Nov-2012 787 + 16.6% 664 + 18.1% Dec-2012 596 + 5.9% 503 + 7.5% Jan-2013 586 + 8.5% 619 + 28.2% 2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013 Feb-2013 683 + 6.9% 644 + 1.4% +22.2% +6.9% +24.3% +1.4% +24.6% +7.6% +21.8% +13.0% Total 11,005 + 18.2% 9,974 + 22.5% 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 Jan-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 | 11
  • New ListingsA count of the properties that have been newly listed on the market in a given month.February Year to Date Single-Family YoY Change Condominium YoY Change Mar-2012 2,008 + 3.3% 1,741 - 11.7% 1,319 2,282 Apr-2012 1,798 - 8.8% 1,499 - 13.0% 1,141 2,055 2,095 May-2012 1,783 - 4.6% 1,387 - 7.6% 1,081 1,929 1,878 1,026 Jun-2012 1,352 - 15.3% 1,152 - 14.2% 964 1,716 879 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 650 - 3.1% 561 - 10.4% Dec-2012 364 - 19.5% 317 - 18.3% Jan-2013 903 - 6.2% 914 - 4.2% 2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013 Feb-2013 1,026 - 22.2% 964 - 15.5% +50.1% -22.2% +5.6% -15.5% +33.0% -15.5% +1.9% -10.4% Total 14,404 - 8.6% 12,261 - 10.2% Single-Family Condominium Single-Family CondominiumHistorical New Listing Activity Single-Family Condominium2,7502,5002,2502,0001,7501,5001,2501,000 750 500 250 0 Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-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 | 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 Feb-2012 Feb-2013 +/– YTD 2012 YTD 2013 +/– Closed Sales 203 221 + 8.9% 444 490 + 10.4% 2-2010 2-2011 2-2012 2-2013 Median Sales Price $399,000 $385,000 - 3.5% $386,500 $406,750 + 5.2% 2-2010 2-2011 2-2012 2-2013 Housing Affordability Index 124 122 - 2.0% 122 122 - 0.6% 2-2010 2-2011 2-2012 2-2013 Inventory of Homes for Sale 1,725 949 - 45.0% -- -- -- 2-2010 2 2010 2-2011 2 2011 2-2012 2 2012 2-2013 2 2013 Months Supply of Inventory 8.5 4.3 - 49.5% -- -- -- 2-2010 2-2011 2-2012 2-2013 Days on Market Until Sale 120 80 - 33.4% 120 78 - 35.1% 2-2010 2-2011 2-2012 2-2013 Percent of Original 93.9% 96.9% + 3.2% 93.4% 96.6% + 3.5% List Price Received 2-2010 2-2011 2-2012 2-2013 Pending Sales 362 376 + 3.9% 629 681 + 8.3% 2-2010 2-2011 2-2012 2-2013 New Listings 648 570 - 12.0% 1,217 1,054 - 13.4% 2-2010 2-2011 2-2012 2-2013 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 | 13