The document provides a monthly real estate market report for the Greater Boston area in December 2012. Key metrics for single-family homes and condominiums are presented, including year-over-year changes in closed sales (+11.8% and +17.5%), median sales prices (+6.8% and +10.3%), housing affordability index (+3.5% and +0.6%), inventory (-37.4% and -44.4%), and months supply (-44.0% and -52.7%). The report concludes that while the housing market recovery is ongoing, continued improvement is needed.

1. Monthly Indicators
A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®
December 2012 Quick Facts
It was largely a year of recovery for housing across our nation. Markets resolved
to 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 isn't too bad. But Year-Over-Year Year-Over-Year Year-Over-Year
there's more work to be done. Here's how the final month of 2012 finished up. (YoY) Change in (YoY) Change in (YoY) Change in
Closed Sales Closed Sales Closed Sales
New Listings in the Greater Boston region were down 20.0 percent for detached All Properties Single-Family Only Condominium Only
homes and 19.3 percent for condominiums. Closed Sales increased 11.8
percent for detached homes and 17.5 percent for condominiums.
Single-Family Market Overview 2
The Median Sales Price was up 6.8 percent to $470,000 for single-family Condominium Market Overview 3
properties and 10.3 percent to $380,000 for condominiums. Months Supply of
Inventory decreased 44.0 percent for single-family units and 52.7 percent for
Closed Sales 4
townhouse-condo units. Median Sales Price 5
Housing Affordability Index 6
Economic growth is on an upward trend and several prominent housing indices
continue to showcase market turnaround. Momentum is on our side, though it
Inventory of Homes for Sale 7
won't necessarily be fast, consistent or universal. But after five or six Months Supply of Inventory 8
challenging years, it's a welcomed change of pace. Plenty of opportunity lies Days On Market Until Sale 9
ahead. Here's 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 Overview
Key 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 Overview
Key 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 Sales
A 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 Condominium
Historical Closed Sales Activity Single-Family Condominium
1,800
1,600
1,400
1,200
1,000
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 Price
Median 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 Condominium
Historical 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 Index
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.
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 Condominium
Historical Housing Affordability Index Single-Family Condominium
140
130
120
110
100
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 Sale
The 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 Condominium
Historical Inventory of Homes for Sale Single-Family Condominium
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
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 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.
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 Condominium
Historical Months Supply of Inventory Single-Family Condominium
14
12
10
8
6
4
2
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 | 8

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.
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 Condominium
Historical Days on Market Until Sale Single-Family Condominium
160
140
120
100
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 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.
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 Condominium
Historical Percent of Original List Price Received Single-Family Condominium
99%
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 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).
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 Condominium
Historical Pending Sales Activity Single-Family Condominium
1,400
1,200
1,000
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 Listings
A 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 Condominium
Historical New Listing Activity Single-Family Condominium
2,750
2,500
2,250
2,000
1,750
1,500
1,250
1,000
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 Overview
Key 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