Monthly Indicators. December Quick Facts % % Year-Over-Year Change Year-Over-Year Change - 1.3% - 1.4% % + 0.1% - 1.4% + 2.

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1 Monthly Indicators A RESEARCH TOOL PROVIDED BY THE MASSACHUSETTS ASSOCIATION OF REALTORS 2018 Home prices were consistently up again in most markets in 2018 but at reduced levels compared to recent years. High demand for few homes for sale fueled price increases, but evidence is mounting that inventory will finally improve in This may apply some downward pressure on prices for beleaguered home buyers. A fourth interest rate hike by the Federal Reserve in 2018 spooked the stock market to close out the year. The Fed has indicated that the number of rate increases in 2019 will be halved, which may be of little comfort to an already compressed consumer. New Listings were down 1.4 percent for single-family homes but were up 2.9 percent for condominium properties. Closed Sales decreased 9.1 percent for single-family homes and 11.6 percent for condominium properties. The Median Sales Price was down 1.3 percent to $375,000 for single-family homes and 1.4 percent to $355,000 for condominium properties. Months Supply of Inventory decreased 12.0 percent for single-family units but remained flat for condominium units. Unemployment rates remained remarkably low again in 2018, and wages continued to improve for many U.S. households. It is generally good for all parties involved in real estate transactions when wages grow, but the percentage of increase, on average, has not kept pace with home price increases. This created an affordability crux in the second half of Housing affordability will remain an important storyline in Quick Facts Closed Sales 4,129 1,504 Only Only - 9.1% % Year-Over-Year Year-Over-Year Median Sales Price $375,000 $355,000 Only Only - 1.3% - 1.4% Year-Over-Year Year-Over-Year Homes for Sale 10,508 3,294 Only Only % + 0.1% Year-Over-Year Year-Over-Year New Listings 2, Only Only - 1.4% + 2.9% Year-Over-Year Year-Over-Year Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of January 7, All data from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS, Inc. and MLS Property Information Network, Inc. Provided by MAR. Report 2019 ShowingTime.

2 Market Overview Key market metrics for the current month and year-to-date figures for Homes Only. Key Metrics select the desired metric to jump to that page Historical Sparkbars / YTD 2017 YTD / Closed Sales 4,544 4, % 57,630 56, % Median Sales Price $380,000 $375, % $377,000 $397, % Affordability Index % % Homes for Sale 11,912 10, % Months Supply % Final Days on Market % % Cumulative Days on Market % % Pct. of Orig. Price Received 96.1% 95.3% - 0.8% 97.3% 97.5% + 0.2% New Listings 2,400 2, % 73,545 74, % All data from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS, Inc. and MLS Property Information Network, Inc. Provided by MAR. Report 2019 ShowingTime. 2

3 Market Overview Key market metrics for the current month and year-to-date figures for Properties Only. Key Metrics select the desired metric to jump to that page Historical Sparkbars / YTD 2017 YTD / Closed Sales 1,702 1, % 22,335 21, % Median Sales Price $359,900 $355, % $350,000 $375, % Affordability Index % % Homes for Sale 3,292 3, % Months Supply % Final Days on Market % % Cumulative Days on Market % % Pct. of Orig. Price Received 98.5% 97.5% - 1.0% 99.3% 99.4% + 0.1% New Listings % 26,968 27, % All data from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS, Inc. and MLS Property Information Network, Inc. Provided by MAR. Report 2019 ShowingTime. 3

4 Closed Sales A count of the actual sales that closed in a given month. 57,766 57,630 4,867 56,444 4,544 4,129 1,788 21,929 22,335 21,887 1,702 1, % -6.6% -9.1% -0.4% -4.8% % + 8.7% - 0.2% -2.1% + 5.7% + 1.9% - 2.0% January , % 1, % February , % 1, % March , % 1, % April , % 1, % May , % 2, % June , % 2, % July , % 2, % August , % 2, % September , % 1, % October , % 1, % November , % 1, % , % 1, % Total 56, % 21, % Historical Closed Sales by Month 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 All data from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS, Inc. and MLS Property Information Network, Inc. Provided by MAR. Report 2019 ShowingTime. 4

5 Median Sales Price Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month. $380,000 $375,000 $354,950 $359,900 $355,000 $397,500 $341,000 $377,000 $375,000 $355,000 $335,000 $350, % + 7.1% -1.3% + 5.3% + 5.5% -1.4% + 2.9% + 6.2% + 5.4% + 3.8% + 4.5% + 7.1% January 2018 $367, % $355, % February 2018 $350, % $359, % March 2018 $367, % $395, % April 2018 $384, % $378, % May 2018 $405, % $386, % June 2018 $430, % $393, % July 2018 $421, % $400, % August 2018 $415, % $388, % September 2018 $390, % $340, % October 2018 $390, % $353, % November 2018 $395, % $375, % 2018 $375, % $355, % Median $397, % $375, % Historical Median Sales Price by Month $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 All data from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS, Inc. and MLS Property Information Network, Inc. Provided by MAR. Report 2019 ShowingTime. 5

6 Housing Affordability Index This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability % -2.8% -4.8% -9.6% -1.8% -4.5% - 7.7% -1.9% % -8.0% -0.9% % January % % February % % March % % April % % May % % June % % July % % August % % September % % October % % November % % % % Average % % Historical Housing Affordability Index by Month All data from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS, Inc. and MLS Property Information Network, Inc. Provided by MAR. Report 2019 ShowingTime. 6

7 Inventory of Homes for Sale The number of properties available for sale in an active status at the end of a given month. 13,899 11,912 10,508 3,903 3,292 3, % % % % % + 0.1% January , % 3, % February , % 3, % March , % 3, % April , % 4, % May , % 4, % June , % 4, % July , % 4, % August , % 4, % September , % 4, % October , % 5, % November , % 4, % , % 3, % Average 14, % 4, % Historical Inventory of Homes for Sale by Month 40,000 30,000 20,000 10,000 0 All data from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS, Inc. and MLS Property Information Network, Inc. Provided by MAR. Report 2019 ShowingTime. 7

8 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 % % % % % 0.0% January % % February % % March % % April % % May % % June % % July % % August % % September % % October % % November % % % % Average % % Historical Months Supply of Inventory by Month All data from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS, Inc. and MLS Property Information Network, Inc. Provided by MAR. Report 2019 ShowingTime. 8

9 Final Days on Market Average number of days between when a property is last listed and when the final offer is accepted in a given month % % -3.6% -9.6% -6.4% + 2.3% -7.5% % % -7.7% % - 9.3% January % % February % % March % % April % % May % % June % % July % % August % % September % % October % % November % % % % Average % % Historical Final Days on Market by Month All data from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS, Inc. and MLS Property Information Network, Inc. Provided by MAR. Report 2019 ShowingTime. 9

10 Cumulative Days on Market Average number of days between when a property is first listed and when the final offer is accepted before closing in a given month % % -2.9% % % + 3.8% % % % -9.3% % - 7.5% January % % February % % March % % April % % May % % June % % July % % August % % September % % October % % November % % % % Average % % Historical Cumulative Days on Market by Month All data from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS, Inc. and MLS Property Information Network, Inc. Provided by MAR. Report 2019 ShowingTime. 10

11 Percent of Original List Price Received 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. 95.7% 96.1% 97.5% 98.5% 95.3% 97.5% 96.3% 97.3% 97.5% 98.5% 99.3% 99.4% + 1.6% + 0.4% -0.8% + 0.5% + 1.0% -1.0% + 0.8% + 1.0% + 0.2% + 0.4% + 0.8% + 0.1% January % + 0.9% 97.6% + 0.5% February % + 0.8% 98.6% + 0.9% March % + 0.7% 99.5% + 0.6% April % + 1.1% 100.3% + 1.0% May % + 0.6% 100.7% + 0.5% June % + 0.5% 100.6% + 0.1% July % + 0.5% 100.3% + 0.1% August % - 0.1% 99.4% 0.0% September % - 0.1% 98.9% - 0.4% October % - 0.6% 98.6% - 0.6% November % - 0.5% 98.4% - 0.4% % - 0.8% 97.5% - 1.0% Average 97.5% + 0.2% 99.4% + 0.1% Historical Percent of Original List Price Received by Month 102% 100% 98% 96% 94% 92% 90% 88% All data from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS, Inc. and MLS Property Information Network, Inc. Provided by MAR. Report 2019 ShowingTime. 11

12 New Listings A count of the properties that have been newly listed on the market in a given month. 75,380 73,545 74,629 2,431 2,400 2, ,096 26,968 27, % -1.3% -1.4% -9.4% % + 2.9% -4.1% - 2.4% + 1.5% -1.4% -0.5% + 2.4% January , % 1, % February , % 1, % March , % 2, % April , % 3, % May , % 3, % June , % 2, % July , % 2, % August , % 2, % September , % 2, % October , % 2, % November , % 1, % , % % Total 74, % 27, % Historical New Listings by Month 12,000 10,000 8,000 6,000 4,000 2,000 0 All data from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS, Inc. and MLS Property Information Network, Inc. Provided by MAR. Report 2019 ShowingTime. 12

13 Glossary of Terms A research tool provided by the Massachusetts Association of REALTORS Closed Sales A measure of home sales that were closed to completion during the report period. Median Sales Price A measure of home values in a market area where 50% of activity was higher and 50% was lower than this price point. Housing Affordability Index A measure of how affordable a region s housing is to its consumers. A higher number means greater affordability. The index is based on interest rates, median sales price and average income by county. Inventory of Homes for Sale A measure of the number of homes available for sale at a given time. Once a listing goes pending, sold or is taken off the market, it is no longer considered active. The availability of homes for sale has a big effect on supply-demand dynamics and home prices. 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. Final Days on Market Until Sale A measure of how many calendar days pass between when a listing becomes active (not pending) for the last time to the last time it goes pending directly before it is sold. A pending sale is defined as something classified as Pending, Active with a Flag, Contingent or Under Agreement. Cumulative Days on Market Until Sale A measure of the average number of calendar days that pass from when a listing is first listed to when a property goes into the last pending status before it is sold. Percent of Original List Price Received This is calculated as Total Sold Dollars (all sold prices added together) divided by Total Original Price (all original list prices added together). New Listings A measure of how much new supply is coming onto the market from sellers. It is calculated by counting all listings with a list date in the reporting period. All data from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS, Inc. and MLS Property Information Network, Inc. Provided by MAR. Report 2019 ShowingTime. 13