The document provides a monthly summary of housing market indicators for the Greater Boston region. Key points include: - Closed home sales increased 15.3% for single-family homes and 22.3% for condominiums compared to the previous January. - The median sales price rose 6.0% for single-family homes to $430,000 and 3.5% for condominiums to $367,250. - Inventory levels decreased substantially while months supply of inventory also declined, signaling a stronger seller's market.

1. Monthly Indicators
A RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®
January 2013 Quick Facts
The idea of doing data analysis is about as exciting to some as renewing a
driver's license. Sometimes watching monthly figures can feel like watching
+ 18.4% + 15.3% + 22.3%
grass grow. Try to ignore the confusion of high school statistics class – those Year-Over-Year Year-Over-Year Year-Over-Year
regressions and cotangents can't hurt you anymore. The number crunching is (YoY) Change in (YoY) Change in (YoY) Change in
done for you, so let the trend be your friend. And for the first time since 2006, Closed Sales Closed Sales Closed Sales
the numbers are largely positive. Let's look at the cheat sheet. All Properties Single-Family Only Condominium Only
New Listings in the Greater Boston region were down 6.3 percent for detached
homes and 4.2 percent for condominiums. Closed Sales increased 15.3 percent Single-Family Market Overview 2
for detached homes and 22.3 percent for condominiums. Condominium Market Overview 3
Closed Sales 4
The Median Sales Price was up 6.0 percent to $430,000 for single-family
properties and 3.5 percent to $367,250 for condominiums. Months Supply of Median Sales Price 5
Inventory decreased 42.8 percent for single-family units and 52.8 percent for Housing Affordability Index 6
townhouse-condo units.
Inventory of Homes for Sale 7
It's important to watch the economy, since job growth directly fuels home Months Supply of Inventory 8
purchases and since the housing industry generates jobs. The economy has Days On Market Until Sale 9
added about 6.1 million jobs over the past 35 months, a sluggish but
encouraging trend. Interest rates are slowly moving higher in some regions,
Percent of Original List Price Received 10
though the affordability picture remains extremely attractive. 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 February 22, 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 Jan-2012 Jan-2013 +/– YTD 2012 YTD 2013 +/–
Closed Sales 522 602 + 15.3% 522 602 + 15.3%
1-2010 1-2011 1-2012 1-2013
Median Sales Price $405,500 $430,000 + 6.0% $405,500 $430,000 + 6.0%
1-2010 1-2011 1-2012 1-2013
Housing Affordability Index 120 122 + 1.7% 120 122 + 1.7%
1-2010 1-2011 1-2012 1-2013
Inventory of Homes for Sale 3,649 2,407 - 34.0% -- -- --
1-2010
1 2010 1-2011
1 2011 1-2012
1 2012 1-2013
1 2013
Months Supply of Inventory 7.0 4.0 - 42.8% -- -- --
1-2010 1-2011 1-2012 1-2013
Days on Market Until Sale 130 109 - 16.3% 130 109 - 16.3%
1-2010 1-2011 1-2012 1-2013
Percent of Original
90.5% 93.8% + 3.7% 90.5% 93.8% + 3.7%
List Price Received
1-2010 1-2011 1-2012 1-2013
Pending Sales 540 584 + 8.1% 540 584 + 8.1%
1-2010 1-2011 1-2012 1-2013
New Listings 963 902 - 6.3% 963 902 - 6.3%
1-2010 1-2011 1-2012 1-2013
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

3. Condominium Market Overview
Key market metrics for the current month and year-to-date figures for Condominium Properties Only.
Key Metrics Historical Sparklines Jan-2012 Jan-2013 +/– YTD 2012 YTD 2013 +/–
Closed Sales 412 504 + 22.3% 412 504 + 22.3%
1-2010 1-2011 1-2012 1-2013
Median Sales Price $355,000 $367,250 + 3.5% $355,000 $367,250 + 3.5%
1-2010 1-2011 1-2012 1-2013
Housing Affordability Index 136 141 + 4.0% 136 141 + 4.0%
1-2010 1-2011 1-2012 1-2013
Inventory of Homes for Sale 2,970 1,715 - 42.3% -- -- --
1-2010
1 2010 1-2011
1 2011 1-2012
1 2012 1-2013
1 2013
Months Supply of Inventory 7.2 3.4 - 52.8% -- -- --
1-2010 1-2011 1-2012 1-2013
Days on Market Until Sale 125 88 - 29.6% 125 88 - 29.6%
1-2010 1-2011 1-2012 1-2013
Percent of Original
93.0% 96.0% + 3.2% 93.0% 96.0% + 3.2%
List Price Received
1-2010 1-2011 1-2012 1-2013
Pending Sales 483 618 + 28.0% 483 618 + 28.0%
1-2010 1-2011 1-2012 1-2013
New Listings 954 914 - 4.2% 954 914 - 4.2%
1-2010 1-2011 1-2012 1-2013
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

4. Closed Sales
A count of the actual sales that have closed in a given month.
January Year to Date Single-Family
YoY
Change
Condominium
YoY
Change
Feb-2012 464 + 32.2% 384 + 12.3%
Mar-2012 648 + 16.5% 607 + 11.0%
602 602
Apr-2012 743 + 12.6% 758 + 20.1%
522 504 522 504 May-2012 1,005 + 20.5% 1,012 + 32.1%
460 460
Jun-2012 1,510 + 21.3% 1,264 + 20.3%
400 412 400 412
Jul-2012 1,279 + 25.3% 1,040 + 21.6%
Aug-2012 1,299 + 26.0% 1,203 + 25.2%
Sep-2012 766 - 1.2% 753 + 16.4%
Oct-2012 791 + 28.6% 711 + 38.9%
Nov-2012 906 + 32.5% 759 + 35.1%
Dec-2012 824 + 11.8% 765 + 19.0%
2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013
Jan-2013 602 + 15.3% 504 + 22.3%
+13.5% +15.3% +3.0% +22.3% +13.5% +15.3% +3.0% +22.3%
Total 10,837 + 20.0% 9,760 + 23.1%
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 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

5. Median Sales Price
Median price point for all closed sales, not accounting for seller concessions, in a given month.
January Year to Date Single-Family
YoY
Change
Condominium
YoY
Change
Feb-2012 $395,000 + 3.9% $370,000 + 6.2%
$449,000 $449,000 Mar-2012 $414,838 - 1.5% $340,000 + 4.6%
$430,000 $430,000
$405,500 $405,500 Apr-2012 $418,500 - 2.9% $371,500 + 4.6%
$367,250 $367,250
$356,000 $355,000 $356,000 $355,000 May-2012 $465,000 + 1.4% $381,000 + 4.4%
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 $448,250 + 6.0% $380,000 + 8.4%
Dec-2012 $470,000 + 6.8% $383,000 + 11.0%
2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013
Jan-2013 $430,000 + 6.0% $367,250 + 3.5%
-9.7% +6.0% -0.3% +3.5% -9.7% +6.0% -0.3% +3.5%
Median $460,000 + 2.2% $380,000 + 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 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

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.
January Year to Date Single-Family
YoY
Change
Condominium
YoY
Change
141 141 Feb-2012 124 + 10.4% 131 + 8.3%
136 136
Mar-2012 118 + 15.0% 141 + 8.8%
120 122 120 120 122 120 Apr-2012 116 + 16.0% 129 + 8.2%
May-2012 106 + 10.2% 127 + 7.2%
97 97
Jun-2012 100 + 11.7% 124 + 4.9%
Jul-2012 101 + 11.2% 130 + 6.9%
Aug-2012 105 + 14.1% 132 + 9.1%
Sep-2012 121 + 18.5% 137 + 11.6%
Oct-2012 120 + 2.3% 139 + 6.8%
Nov-2012 117 + 6.5% 135 + 4.3%
Dec-2012 113 + 6.5% 136 + 2.9%
2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013
Jan-2013 122 + 1.7% 141 + 4.0%
+24.3% +1.7% +13.4% +4.0% +24.3% +1.7% +13.4% +4.0%
Average 114 +10.3% 134 +6.9%
Single-Family Condominium Single-Family Condominium
Historical Housing Affordability Index Single-Family Condominium
150
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 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

7. Inventory of Homes for Sale
The number of properties available for sale in active status at the end of a given month.
January Single-Family
YoY
Change
Condominium
YoY
Change
Feb-2012 4,040 + 6.7% 3,256 - 16.7%
3,734 3,649 3,672 Mar-2012 4,664 + 2.0% 3,689 - 21.2%
Apr-2012 5,014 - 4.5% 3,842 - 25.7%
2,970
May-2012 5,111 - 9.8% 3,655 - 29.9%
2,407 Jun-2012 4,792 - 15.3% 3,389 - 33.4%
Jul-2012 4,364 - 20.9% 3,125 - 33.6%
1,715 Aug-2012 4,016 - 24.1% 2,722 - 35.4%
Sep-2012 4,216 - 24.3% 2,840 - 34.2%
Oct-2012 3,925 - 26.5% 2,602 - 36.4%
Nov-2012 3,271 - 27.9% 2,194 - 38.8%
Dec-2012 2,406 - 33.3% 1,642 - 41.6%
2011 2012 2013 2011 2012 2013 Jan-2013 2,407 - 34.0% 1,715 - 42.3%
-2.3% -34.0% -19.1% -42.3% Average 4,019 - 17.5% 2,889 - 31.7%
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 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

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.
January Single-Family
YoY
Change
Condominium
YoY
Change
9.2 Feb-2012 8.7 - 19.3% 8.5 - 25.8%
8.1 Mar-2012 7.2 - 12.5% 6.1 - 29.0%
7.2 Apr-2012 6.7 - 15.2% 5.1 - 38.1%
7.0
May-2012 5.1 - 25.1% 3.6 - 46.9%
Jun-2012 3.2 - 30.2% 2.7 - 44.6%
Jul-2012 3.4 - 36.8% 3.0 - 45.4%
4.0 Aug-2012 3.1 - 39.8% 2.3 - 48.4%
3.4 Sep-2012 5.5 - 23.5% 3.8 - 43.5%
Oct-2012 5.0 - 42.8% 3.7 - 54.2%
Nov-2012 3.6 - 45.5% 2.9 - 54.7%
Dec-2012 2.9 - 40.4% 2.1 - 50.9%
2011 2012 2013 2011 2012 2013 Jan-2013 4.0 - 42.8% 3.4 - 52.8%
-13.9% -42.8% -21.5% -52.8% Average 4.9 - 26.4% 4.0 - 38.5%
Single-Family Condominium
Historical Months Supply of Inventory Single-Family Condominium
16
14
12
10
8
6
4
2
0
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 | 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.
January Year to Date Single-Family
YoY
Change
Condominium
YoY
Change
Feb-2012 134 + 3.7% 123 - 9.8%
130 131 130 131
125 125 Mar-2012 130 - 3.1% 117 - 4.6%
114 114 Apr-2012 120 - 1.7% 98 - 16.8%
109 109
May-2012 96 - 5.9% 86 - 11.9%
88 88 Jun-2012 90 - 0.2% 75 - 20.4%
Jul-2012 80 - 3.9% 71 - 20.6%
Aug-2012 87 - 5.8% 76 - 18.3%
Sep-2012 89 - 12.0% 85 - 18.1%
Oct-2012 90 - 17.6% 84 - 11.4%
Nov-2012 89 - 17.9% 76 - 30.5%
Dec-2012 97 - 12.4% 84 - 30.0%
2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013
Jan-2013 109 - 16.3% 88 - 29.6%
+14.7% -16.3% -4.7% -29.6% +14.7% -16.3% -4.7% -29.6%
Total 97 - 7.7% 79 - 17.3%
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 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

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.
January Year to Date Single-Family
YoY
Change
Condominium
YoY
Change
Feb-2012 91.2% + 0.3% 93.4% + 1.5%
Mar-2012 93.0% + 0.7% 94.0% + 0.9%
96.0% 96.0% Apr-2012 93.5% + 0.8% 95.7% + 2.0%
90.9% 90.5% 93.8% 92.3% 93.0% 90.9% 90.5% 93.8% 92.3% 93.0%
May-2012 95.4% + 1.1% 96.1% + 1.0%
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%
2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013
Jan-2013 93.8% + 3.7% 96.0% + 3.2%
-0.5% +3.7% +0.7% +3.2% -0.5% +3.7% +0.7% +3.2%
Average 94.5% + 1.6% 95.9% + 2.1%
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 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

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).
January Year to Date Single-Family
YoY
Change
Condominium
YoY
Change
Feb-2012 639 + 22.2% 635 + 24.3%
618 618 Mar-2012 982 + 25.1% 1,009 + 32.2%
584 584
Apr-2012 1,142 + 21.7% 1,047 + 24.6%
540 540
483 483 May-2012 1,326 + 23.1% 1,266 + 28.9%
423 423 Jun-2012 1,255 + 13.3% 1,040 + 19.4%
407 407
Jul-2012 1,045 + 26.4% 831 + 9.1%
Aug-2012 896 + 17.1% 817 + 22.5%
Sep-2012 842 + 28.0% 718 + 38.6%
Oct-2012 870 + 17.9% 821 + 38.9%
Nov-2012 793 + 17.5% 666 + 18.5%
Dec-2012 599 + 6.4% 507 + 8.3%
2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013
Jan-2013 584 + 8.1% 618 + 28.0%
+27.7% +8.1% +18.7% +28.0% +27.7% +8.1% +18.7% +28.0%
Total 10,973 + 19.3% 9,975 + 24.4%
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 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

12. New Listings
A count of the properties that have been newly listed on the market in a given month.
January Year to Date Single-Family
YoY
Change
Condominium
YoY
Change
Feb-2012 1,319 + 50.1% 1,141 + 5.6%
Mar-2012 2,008 + 3.3% 1,740 - 11.7%
963 974 954 963 974 954 Apr-2012 1,798 - 8.8% 1,499 - 13.0%
902 914 902 914
837 837 May-2012 1,783 - 4.6% 1,387 - 7.6%
Jun-2012 1,351 - 15.4% 1,152 - 14.2%
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 648 - 3.4% 562 - 10.2%
Dec-2012 364 - 19.5% 317 - 18.3%
2011 2012 2013 2011 2012 2013 2011 2012 2013 2011 2012 2013
Jan-2013 902 - 6.3% 914 - 4.2%
+15.1% -6.3% -2.1% -4.2% +15.1% -6.3% -2.1% -4.2%
Total 14,693 - 4.1% 12,438 - 8.5%
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
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

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 Jan-2012 Jan-2013 +/– YTD 2012 YTD 2013 +/–
Closed Sales 240 266 + 10.8% 240 266 + 10.8%
1-2010 1-2011 1-2012 1-2013
Median Sales Price $380,000 $412,500 + 8.6% $380,000 $412,500 + 8.6%
1-2010 1-2011 1-2012 1-2013
Housing Affordability Index 120 122 + 1.7% 120 122 + 1.7%
1-2010 1-2011 1-2012 1-2013
Inventory of Homes for Sale 1,572 809 - 48.5% -- -- --
1-2010
1 2010 1-2011
1 2011 1-2012
1 2012 1-2013
1 2013
Months Supply of Inventory 6.6 3.0 - 53.6% -- -- --
1-2010 1-2011 1-2012 1-2013
Days on Market Until Sale 120 76 - 36.2% 120 76 - 36.2%
1-2010 1-2011 1-2012 1-2013
Percent of Original
92.9% 96.4% + 3.8% 92.9% 96.4% + 3.8%
List Price Received
1-2010 1-2011 1-2012 1-2013
Pending Sales 267 302 + 13.1% 267 302 + 13.1%
1-2010 1-2011 1-2012 1-2013
New Listings 569 483 - 15.1% 569 483 - 15.1%
1-2010 1-2011 1-2012 1-2013
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