The real estate market in the Greater Boston region experienced positive trends in the third quarter of 2015. New listings increased 10.9% for single-family homes and 11.3% for condominiums. Closed sales rose 15% for single-family homes and 4.1% for condominiums. Median sales prices increased 7.5% for single-family homes to $455,000 and 3.4% for condominiums to $428,500. Months of inventory decreased significantly. Overall, the housing market remains healthy with continued job growth and low interest rates.

1. Monthly IndicatorsA RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®
September 2015 Quick Facts
2
3
4
5
6
7
8
9
10
11
12
13
Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of October 16, 2015. 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.
+ 15.0%
Year-Over-Year
(YoY) Change in
Closed Sales
Single-Family Only
The third quarter of 2015 has ticked its last tock with the hands pointing firmly
upon a reliable clock of a market. Although noon and 6:30 fluctuations are
present even within the same states and cities, the overall tempo of real estate
potential is experiencing a healthy number of good omens. The job market has
shown continual improvement, jobless rates are down, real average hourly and
weekly earnings have been up and there has been good news in new household
formation.
New Listings in the Greater Boston region were up 10.9 percent for single-
family homes and 11.3 percent for condominiums. Closed Sales increased 15.0
percent for single-family homes and 4.1 percent for condominiums.
The Median Sales Price was up 7.5 percent to $455,000 for single-family
properties and 3.4 percent to $428,500 for condominiums. Months Supply of
Inventory decreased 21.9 percent for single-family units and 10.1 percent for
townhouse-condo units.
With positive economic news coming from many angles, there are no imminent
factors to prepare for beyond the typical seasonal drop-off. From the mouths of
market-analyzing pundits, we are in the midst of one of the healthiest housing
markets in the past 15 years. The one thing we were anticipating in September,
an increase in interest rates, did not happen. It most likely will before year's end.
Until then, get out and enjoy the season.
+ 4.1%
Year-Over-Year
(YoY) Change in
Closed Sales
Condominium Only
+ 10.1%
Year-Over-Year
(YoY) Change in
Closed Sales
All Properties
Single-Family Market Overview
Condominium Market Overview
Closed Sales
Median Sales Price
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory
Days On Market Until Sale
Percent of Original List Price Received
City of Boston Overview
Pending Sales
New Listings

2. Single-Family Market Overview
Key market metrics for the current month and year-to-date figures for Single-Family Homes Only.
Key Metrics Historical Sparklines Sep-2014 Sep-2015 + / – YTD 2014 YTD 2015 + / –
97.5% 98.0%
+ 3.0%
+ 0.5%
Percent of Original
List Price Received
Days on Market Until Sale
96.7%
- 4.7%
+ 0.8%
64
97.5%
Pending Sales
Median Sales Price
+ 10.4%11,6401,058 1,350 + 27.6% 10,539
- 10.1% -- --
- 4.0% 94 93 - 1.1%
--
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory 4.0
$423,450 + 4.3%
67
103 99
70
-- -- --
4,306 3,870
3.2 - 21.9%
$455,000 + 7.5% $465,000
68
10,616 + 5.8%
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. | 2
New Listings 1,839 2,040 + 10.9% 15,178 15,805 + 4.1%
Closed Sales 1,066 1,226 + 15.0% 10,036
$485,000
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015

3. Condominium Market Overview
Key market metrics for the current month and year-to-date figures for Condominium Properties Only.
Key Metrics Historical Sparklines Sep-2014 Sep-2015 + / – YTD 2014 YTD 2015 + / –
- 1.0%
Median Sales Price $414,500 $428,500 + 3.4% $417,000 $450,000 + 7.9%
Closed Sales 862 897 + 4.1% 8,041 7,960
- 4.4%
Inventory of Homes for Sale 1,958 1,832 - 6.4% -- -- --
Housing Affordability Index 106 105 - 0.2% 105 100
--
Days on Market Until Sale 53 52 - 2.8% 56 51 - 8.6%
Months Supply of Inventory 2.3 2.0 - 10.1% -- --
+ 0.7%
Pending Sales 836 895 + 7.1% 8,407 8,682 + 3.3%
Percent of Original
List Price Received
99.0% 99.4% + 0.4% 99.5% 100.2%
+ 3.6%
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. | 3
New Listings 1,277 1,421 + 11.3% 10,512 10,893
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015

4. Closed Sales
A count of the actual sales that have closed in a given month.
Single-Family
YoY
Change
Condominium
YoY
Change
Oct-2014 1,048 - 3.8% 865 + 7.1%
Nov-2014 960 - 7.8% 651 - 14.2%
Dec-2014 1,116 + 3.2% 811 - 2.9%
Jan-2015 742 + 1.4% 481 - 15.3%
Feb-2015 554 + 6.5% 449 - 0.2%
Mar-2015 711 - 0.1% 579 - 16.3%
Apr-2015 787 - 8.7% 677 - 21.9%
May-2015 1,084 - 10.1% 948 - 5.1%
Jun-2015 1,872 + 11.2% 1,376 + 8.4%
Jul-2015 1,911 + 9.9% 1,342 + 12.2%
Aug-2015 1,729 + 14.1% 1,211 + 6.4%
Sep-2015 1,226 + 15.0% 897 + 4.1%
Total 13,740 + 3.7% 10,287 - 1.5%
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. | 4
1,139
932
1,066
862
1,226
897
Single-Family Condominium
September
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014 Jan-2015
Historical Closed Sales Activity Single-Family Condominium
+4.1%-7.5%-6.4%
20152014 20152014
10,678
8,524
10,036
8,041
10,616
7,960
Single-Family Condominium
Year to Date
-1.0%-5.7%-6.0%
20152014 20152014
+15.0% +5.8%
2013 2013 2013 2013

5. Median Sales Price
Median price point for all closed sales, not accounting for seller concessions, in a given month.
Single-Family
YoY
Change
Condominium
YoY
Change
Oct-2014 $435,000 + 3.6% $394,000 - 0.6%
Nov-2014 $450,000 + 8.4% $415,000 + 5.1%
Dec-2014 $443,500 + 2.0% $425,000 + 4.9%
Jan-2015 $446,000 + 6.7% $443,000 + 10.9%
Feb-2015 $438,500 + 7.6% $407,135 + 4.4%
Mar-2015 $432,500 + 1.3% $449,000 + 6.9%
Apr-2015 $470,000 + 6.8% $438,500 + 10.5%
May-2015 $480,000 + 3.4% $456,325 + 9.3%
Jun-2015 $526,655 + 3.3% $459,500 + 4.5%
Jul-2015 $525,000 + 4.0% $460,000 + 9.8%
Aug-2015 $497,100 + 1.4% $460,000 + 9.8%
Sep-2015 $455,000 + 7.5% $428,500 + 3.4%
Median $475,000 + 5.0% $440,000 + 6.7%
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. | 5
$431,500
$395,000
$423,450 $414,500
$455,000
$428,500
Single-Family Condominium
September
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
$600,000
Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014 Jan-2015
Historical Median Sales Price Single-Family Condominium
+3.4%+4.9%-1.9%
20152014 20152014
$440,000
$390,000
$465,000
$417,000
$485,000
$450,000
Single-Family Condominium
Year to Date
+7.9%+6.9%+5.7%
20152014 20152014
+7.5% +4.3%
2013 2013 2013 2013

6. Housing Affordability Index
Single-Family
YoY
Change
Condominium
YoY
Change
Oct-2014 102 - 3.0% 113 + 1.1%
Nov-2014 99 - 12.1% 108 - 9.3%
Dec-2014 101 - 1.4% 106 - 4.2%
Jan-2015 103 + 1.0% 103 - 2.8%
Feb-2015 105 - 1.2% 113 + 1.9%
Mar-2015 105 + 3.4% 101 - 2.0%
Apr-2015 97 - 0.3% 104 - 3.6%
May-2015 96 + 0.4% 101 - 5.0%
Jun-2015 86 - 1.1% 98 - 2.3%
Jul-2015 84 - 3.1% 96 - 8.2%
Aug-2015 90 - 0.4% 97 - 8.0%
Sep-2015 99 - 4.0% 105 - 0.2%
Average 97 -1.8% 104 -3.6%
This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessary
to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
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. | 6
103
112
103 106
99
105
Single-Family Condominium
September
50
60
70
80
90
100
110
120
130
140
150
Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014 Jan-2015
Historical Housing Affordability Index Single-Family Condominium
-0.2%-5.9%+0.7%
101
114
94
105
93
100
Single-Family Condominium
Year to Date
-4.4%-7.6%-6.5%
20152014 20152014 20152014 20152014
-4.0% -1.1%
2013 2013 2013 2013

7. Inventory of Homes for Sale
The number of properties available for sale in active status at the end of a given month.
Single-Family
YoY
Change
Condominium
YoY
Change
Oct-2014 4,189 + 7.6% 1,969 - 8.8%
Nov-2014 3,501 + 3.8% 1,650 - 10.1%
Dec-2014 2,774 + 2.7% 1,298 - 13.4%
Jan-2015 2,638 - 1.7% 1,310 - 13.2%
Feb-2015 2,431 - 14.2% 1,249 - 20.8%
Mar-2015 2,603 - 15.7% 1,395 - 17.1%
Apr-2015 3,331 - 7.6% 1,765 - 5.9%
May-2015 3,866 - 7.3% 1,942 - 4.8%
Jun-2015 3,995 - 5.7% 1,910 - 4.8%
Jul-2015 3,936 - 5.5% 1,804 - 6.5%
Aug-2015 3,736 - 7.2% 1,648 - 6.6%
Sep-2015 3,870 - 10.1% 1,832 - 6.4%
Average 3,406 - 5.1% 1,648 - 9.5%
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. | 7
4,062
2,229
4,306
1,958
3,870
1,832
Single-Family Condominium
September
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014 Jan-2015
Historical Inventory of Homes for Sale Single-Family Condominium
-6.4%-12.2%+6.0%
20152014 20152014
-10.1%
2013 2013

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.
Single-Family
YoY
Change
Condominium
YoY
Change
Oct-2014 4.0 + 11.8% 2.3 - 14.8%
Nov-2014 3.6 + 12.5% 2.5 + 4.8%
Dec-2014 2.5 - 0.5% 1.6 - 10.8%
Jan-2015 3.6 - 3.0% 2.7 + 2.5%
Feb-2015 4.4 - 19.4% 2.8 - 20.7%
Mar-2015 3.7 - 15.6% 2.4 - 0.9%
Apr-2015 4.2 + 1.2% 2.6 + 20.6%
May-2015 3.6 + 3.1% 2.0 + 0.3%
Jun-2015 2.1 - 15.2% 1.4 - 12.2%
Jul-2015 2.1 - 14.0% 1.3 - 16.7%
Aug-2015 2.2 - 18.6% 1.4 - 12.2%
Sep-2015 3.2 - 21.9% 2.0 - 10.1%
Average 3.1 - 2.5% 1.9 - 4.0%
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. | 8
3.6
2.4
4.0
2.3
3.2
2.0
Single-Family Condominium
September
0
2
4
6
8
10
12
14
16
Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014 Jan-2015
Historical Months Supply of Inventory Single-Family Condominium
-10.1%-5.0%+13.3%
20152014 20152014
-21.9%
2013 2013

9. Days on Market Until Sale
Average number of days between when a property is listed and when an offer is accepted in a given month.
Single-Family
YoY
Change
Condominium
YoY
Change
Oct-2014 71 + 13.0% 53 + 10.2%
Nov-2014 75 + 6.8% 57 + 0.5%
Dec-2014 79 + 11.2% 55 - 2.9%
Jan-2015 90 + 10.7% 63 - 3.5%
Feb-2015 105 + 11.2% 78 - 2.2%
Mar-2015 100 + 12.9% 69 - 0.4%
Apr-2015 90 + 4.7% 59 + 1.2%
May-2015 71 + 9.1% 47 - 8.4%
Jun-2015 60 + 2.0% 42 - 9.7%
Jul-2015 55 - 3.5% 41 - 18.7%
Aug-2015 61 + 2.8% 46 - 11.8%
Sep-2015 64 - 4.7% 52 - 2.8%
Total 71 + 4.7% 50 - 5.6%
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. | 9
64
50
67
53
64
52
Single-Family Condominium
September
30
50
70
90
110
130
150
170
Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014 Jan-2015
Historical Days on Market Until Sale Single-Family Condominium
-2.8%+6.3%+4.9%
73
55
68
56
70
51
Single-Family Condominium
Year to Date
-8.6%+0.2%-7.0%
20152014 20152014 20152014 20152014
-4.7% +3.0%
2013 2013 2013 2013

10. Percent of Original List Price Received
Single-Family
YoY
Change
Condominium
YoY
Change
Oct-2014 96.5% - 0.4% 98.5% - 0.1%
Nov-2014 96.3% + 0.2% 98.2% - 0.4%
Dec-2014 95.3% - 0.6% 97.9% + 0.1%
Jan-2015 95.6% + 0.3% 97.8% + 0.7%
Feb-2015 95.1% - 0.7% 97.9% - 0.1%
Mar-2015 96.2% - 0.2% 98.6% - 0.2%
Apr-2015 97.2% - 0.2% 100.3% + 1.0%
May-2015 98.8% + 0.6% 100.8% + 0.2%
Jun-2015 99.2% + 0.5% 101.6% + 0.9%
Jul-2015 99.1% + 1.0% 101.1% + 1.3%
Aug-2015 98.2% + 0.5% 100.5% + 0.5%
Sep-2015 97.5% + 0.8% 99.4% + 0.4%
Average 97.5% + 0.3% 99.8% + 0.5%
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. | 10
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.
96.9% 98.8%96.7% 99.0%97.5% 99.4%
Single-Family Condominium
September
89%
91%
93%
95%
97%
99%
101%
103%
105%
Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014 Jan-2015
Historical Percent of Original List Price Received Single-Family Condominium
+0.4%+0.2%-0.2%
96.8% 98.8%97.5% 99.5%98.0% 100.2%
Single-Family Condominium
Year to Date
+0.7%+0.8%+0.8%
20152014 20152014 20152014 20152014
+0.8% +0.5%
2013 2013 2013 2013

11. Pending Sales
A 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-Family
YoY
Change
Condominium
YoY
Change
Oct-2014 1,171 + 2.8% 823 - 4.5%
Nov-2014 916 + 3.9% 654 - 2.5%
Dec-2014 651 + 9.6% 447 + 1.8%
Jan-2015 718 + 11.3% 558 - 11.7%
Feb-2015 667 - 15.9% 568 - 23.9%
Mar-2015 1,154 - 8.0% 981 - 6.8%
Apr-2015 1,581 + 7.2% 1,266 + 3.3%
May-2015 1,767 + 9.5% 1,279 + 13.4%
Jun-2015 1,824 + 20.5% 1,363 + 19.5%
Jul-2015 1,354 + 13.6% 958 + 3.3%
Aug-2015 1,225 + 23.2% 814 + 13.2%
Sep-2015 1,350 + 27.6% 895 + 7.1%
Total 14,378 + 9.3% 10,606 + 2.2%
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. | 11
1,058
815
1,058
836
1,350
895
Single-Family Condominium
September
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014 Jan-2015
Historical Pending Sales Activity Single-Family Condominium
+7.1%+2.6%0.0%
11,317
9,043
10,539
8,407
11,640
8,682
Single-Family Condominium
Year to Date
+3.3%-7.0%-6.9%
20152014 20152014 20152014 20152014
+27.6% +10.4%
2013 2013 2013 2013

12. New Listings
A count of the properties that have been newly listed on the market in a given month.
Single-Family
YoY
Change
Condominium
YoY
Change
Oct-2014 1,545 + 5.2% 1,081 + 0.3%
Nov-2014 794 - 10.1% 602 + 0.8%
Dec-2014 591 + 9.9% 395 + 0.5%
Jan-2015 894 - 4.6% 709 - 10.5%
Feb-2015 697 - 38.9% 616 - 33.5%
Mar-2015 1,545 - 13.0% 1,253 - 4.0%
Apr-2015 2,525 + 12.6% 1,746 + 11.4%
May-2015 2,584 + 4.2% 1,620 + 9.6%
Jun-2015 2,361 + 18.2% 1,542 + 16.5%
Jul-2015 1,715 + 14.5% 1,078 + 1.3%
Aug-2015 1,444 + 14.0% 908 + 16.9%
Sep-2015 2,040 + 10.9% 1,421 + 11.3%
Total 18,735 + 3.7% 12,971 + 3.1%
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. | 12
1,800
1,317
1,839
1,277
2,040
1,421
Single-Family Condominium
September
0
250
500
750
1,000
1,250
1,500
1,750
2,000
2,250
2,500
2,750
Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014 Jan-2015
Historical New Listing Activity Single-Family Condominium
+11.3%-3.0%+2.2%
15,253
11,359
15,178
10,512
15,805
10,893
Single-Family Condominium
Year to Date
+3.6%-7.5%-0.5%
20152014 20152014 20152014 20152014
+10.9% +4.1%
2013 2013 2013 2013

13. City of Boston – Market Overview
Key market metrics for the current month and year-to-date figures for the City of Boston.
Key Metrics Historical Sparklines Sep-2014 Sep-2015 + / – YTD 2014 YTD 2015 + / –
- 1.4%
Median Sales Price $461,000 $500,000 + 8.5% $469,000 $510,000 + 8.7%
Closed Sales 429 441 + 2.8% 4,122 4,064
- 1.1%
Inventory of Homes for Sale 986 960 - 2.6% -- -- --
Housing Affordability Index 103 99 - 4.0% 94 93
--
Days on Market Until Sale 50 48 - 4.2% 49 48 - 2.0%
Months Supply of Inventory 2.3 2.2 - 5.3% -- --
+ 0.4%
Pending Sales 424 443 + 4.5% 4,289 4,403 + 2.7%
Percent of Original
List Price Received
98.5% 98.9% + 0.4% 99.5% 99.9%
+ 1.8%
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. | 13
New Listings 684 764 + 11.7% 5,481 5,580
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015
9-2012 9-2013 9-2014 9-2015