Here’s January 2015’s Monthly Indicators report from the Greater Boston Association of Realtors® Boston Real Estate Market Trends: January home sales closed lower compared to last year as low inventory and end of month snow pushed off some closings. Median prices continued to go up as supply continues to be down. Sellers are waiting out Mother Nature to add their homes to the market keeping new listings down in January. • January single-family home sales – UP +0.3% over last year and median prices UP +8.4% at $493,000 • January condo sales DOWN -18.5% and median prices UP +9.9% at $454,750 • Inventory in January DOWN -15.6% to 1,714 and condominiums DOWN -27.6% to 991 • SF listings added to the market in January DOWN -0.8% over last year. (753 from 759 in 2014) • Condo listings added to the market DOWN -10.5% over last year. (674 from 753 in 2014)

1. Monthly IndicatorsA RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®
January 2015 Quick Facts
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Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of February 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.
+ 0.3%
Year-Over-Year
(YoY) Change in
Closed Sales
Single-Family Only
It's already evident that 2015 will be marked by talk of changing mortgage rates
and regulations. Rates should stay low, but consumers and finance experts
alike believe that we're at or near rate bottoms. Early indications point to more
sales, more listings, more new construction and more excitement. It's not
expected to be the overblown land grab of the early 2000s, but it should feel like
a healthy market, which, in and of itself, may feel like an odd sensation to real
estate practitioners accustomed to the boom and bust of the 21st century.
New Listings in the Greater Boston region were down 0.8 percent for Single-
Family homes and 10.5 percent for Condominiums. Closed Sales increased 0.3
percent for Single-Family homes but decreased 18.5 percent for
Condominiums.
The Median Sales Price was up 8.4 percent to $493,000 for Single-Family
properties and 9.9 percent to $454,750 for Condominiums. Months Supply
of Inventory decreased 15.9 percent for Single-Family units and 11.2
percent for Condominiums.
The 3 percent downpayment programs from Fannie Mae and Freddie Mac
should help potential new homeowners, but in a recent member survey by the
Independent Community Bankers of America, three-fourths of respondents
stated that regulatory burdens are hurting their ability to loan money. The wider
economy shows slight wage increases and gas prices near five-year lows but
rising along with extended daylight and buyer demand. These various economic
pushes and pulls can turn stagnant markets into exciting ones. It's all in how
you look at it.
- 18.5%
Year-Over-Year
(YoY) Change in
Closed Sales
Condominium Only
- 8.5%
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 Jan-2014 Jan-2015 + / – YTD 2014 YTD 2015 + / –
95.6% 95.9%
+ 14.1%
+ 0.3%
Percent of Original
List Price Received
Days on Market Until Sale
95.6%
+ 14.1%
+ 0.3%
89
95.9%
Pending Sales
Median Sales Price
+ 26.7%670529 670 + 26.7% 529
- 15.6% -- --
- 0.5% 93 93 - 0.5%
--
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory 3.3
$455,000 + 8.4%
78
93 93
89
-- -- --
2,032 1,714
2.8 - 15.9%
$493,000 + 8.4% $455,000
78
617 + 0.3%
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 759 753 - 0.8% 759 753 - 0.8%
Closed Sales 615 617 + 0.3% 615
$493,000
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015

3. Condominium Market Overview
Key market metrics for the current month and year-to-date figures for Condominium Properties Only.
Key Metrics Historical Sparklines Jan-2014 Jan-2015 + / – YTD 2014 YTD 2015 + / –
- 18.5%
Median Sales Price $413,750 $454,750 + 9.9% $413,750 $454,750 + 9.9%
Closed Sales 540 440 - 18.5% 540 440
- 2.0%
Inventory of Homes for Sale 1,369 991 - 27.6% -- -- --
Housing Affordability Index 103 101 - 2.0% 103 101
--
Days on Market Until Sale 63 59 - 6.4% 63 59 - 6.4%
Months Supply of Inventory 2.5 2.3 - 11.2% -- --
+ 0.7%
Pending Sales 603 560 - 7.1% 603 560 - 7.1%
Percent of Original
List Price Received
97.2% 97.9% + 0.7% 97.2% 97.9%
- 10.5%
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. | 3
New Listings 753 674 - 10.5% 753 674
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015

4. Closed Sales
A count of the actual sales that have closed in a given month.
Single-Family
YoY
Change
Condominium
YoY
Change
Feb-2014 430 - 5.5% 426 - 3.8%
Mar-2014 587 - 10.8% 659 + 3.3%
Apr-2014 715 - 10.5% 833 + 2.0%
May-2014 1,033 - 9.9% 957 - 11.3%
Jun-2014 1,474 - 4.4% 1,226 - 2.5%
Jul-2014 1,537 - 0.6% 1,154 - 9.2%
Aug-2014 1,344 - 10.9% 1,097 - 15.0%
Sep-2014 909 - 6.6% 831 - 7.2%
Oct-2014 889 - 3.1% 828 + 6.3%
Nov-2014 806 - 4.8% 616 - 14.8%
Dec-2014 955 + 1.3% 783 - 2.1%
Jan-2015 617 + 0.3% 440 - 18.5%
Total 11,296 - 5.5% 9,850 - 6.5%
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
628
520
615
540
617
440
Single-Family Condominium
January
200
400
600
800
1,000
1,200
1,400
1,600
1,800
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
-18.5%+3.8%-2.1%
20152014 20152014
628
520
615
540
617
440
Single-Family Condominium
Year to Date
-18.5%+3.8%-2.1%
20152014 20152014
+0.3% +0.3%
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
Feb-2014 $456,000 + 9.9% $400,000 + 14.9%
Mar-2014 $482,000 + 17.0% $430,000 + 7.0%
Apr-2014 $498,000 + 8.3% $416,000 + 9.5%
May-2014 $520,099 + 7.2% $427,400 + 5.4%
Jun-2014 $558,000 + 6.3% $449,000 + 6.9%
Jul-2014 $540,000 + 3.8% $427,000 + 7.0%
Aug-2014 $527,500 + 4.5% $425,000 + 3.7%
Sep-2014 $465,000 - 4.1% $427,500 + 5.0%
Oct-2014 $480,000 + 5.5% $403,925 - 1.5%
Nov-2014 $509,000 + 10.7% $429,500 + 5.3%
Dec-2014 $499,900 + 2.6% $433,500 + 3.8%
Jan-2015 $493,000 + 8.4% $454,750 + 9.9%
Median $512,500 + 6.1% $429,000 + 5.9%
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
$416,500
$365,250
$455,000
$413,750
$493,000
$454,750
Single-Family Condominium
January
$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
+9.9%+13.3%+9.2%
20152014 20152014
$416,500
$365,250
$455,000
$413,750
$493,000
$454,750
Single-Family Condominium
Year to Date
+9.9%+13.3%+9.2%
20152014 20152014
+8.4% +8.4%
2013 2013 2013 2013

6. Housing Affordability Index
Single-Family
YoY
Change
Condominium
YoY
Change
Feb-2014 94 - 17.4% 108 - 21.0%
Mar-2014 90 - 22.0% 100 - 14.7%
Apr-2014 86 - 17.5% 103 - 18.4%
May-2014 85 - 11.4% 103 - 9.9%
Jun-2014 79 - 5.5% 98 - 6.0%
Jul-2014 82 - 4.2% 103 - 7.0%
Aug-2014 84 - 3.1% 104 - 2.4%
Sep-2014 94 + 3.0% 102 - 5.9%
Oct-2014 93 - 4.8% 110 + 2.0%
Nov-2014 88 - 13.9% 104 - 9.5%
Dec-2014 90 - 2.1% 104 - 3.2%
Jan-2015 93 - 0.5% 101 - 2.0%
Average 88 -8.3% 103 -8.2%
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
117
133
93
103
93
101
Single-Family Condominium
January
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
-2.0%-22.7%-19.9%
117
133
93
103
93
101
Single-Family Condominium
Year to Date
-2.0%-22.7%-19.9%
20152014 20152014 20152014 20152014
-0.5% -0.5%
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
Feb-2014 2,165 - 15.3% 1,448 - 17.0%
Mar-2014 2,376 - 5.6% 1,533 - 13.5%
Apr-2014 2,838 - 3.1% 1,720 - 14.9%
May-2014 3,318 + 2.8% 1,881 - 11.6%
Jun-2014 3,383 + 4.5% 1,836 - 12.1%
Jul-2014 3,296 + 7.4% 1,755 - 9.2%
Aug-2014 3,137 + 5.8% 1,593 - 12.9%
Sep-2014 3,390 + 5.6% 1,760 - 14.2%
Oct-2014 3,290 + 6.6% 1,768 - 10.8%
Nov-2014 2,618 - 0.2% 1,438 - 14.2%
Dec-2014 1,919 - 6.4% 1,045 - 23.2%
Jan-2015 1,714 - 15.6% 991 - 27.6%
Average 2,787 - 0.2% 1,564 - 14.5%
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
2,433
1,632
2,032
1,369
1,714
991
Single-Family Condominium
January
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
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
-27.6%-16.1%-16.5%
20152014 20152014
-15.6%
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
Feb-2014 5.0 - 10.4% 3.4 - 13.7%
Mar-2014 4.0 + 5.8% 2.3 - 16.2%
Apr-2014 4.0 + 8.2% 2.1 - 16.6%
May-2014 3.2 + 14.0% 2.0 - 0.3%
Jun-2014 2.3 + 9.3% 1.5 - 9.8%
Jul-2014 2.1 + 8.0% 1.5 - 0.0%
Aug-2014 2.3 + 18.7% 1.5 + 2.4%
Sep-2014 3.7 + 13.0% 2.1 - 7.6%
Oct-2014 3.7 + 9.9% 2.1 - 16.1%
Nov-2014 3.2 + 4.9% 2.3 + 0.7%
Dec-2014 2.0 - 7.6% 1.3 - 21.6%
Jan-2015 2.8 - 15.9% 2.3 - 11.2%
Average 2.9 + 0.0% 1.8 - 14.5%
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. | 8
3.9
3.1
3.3
2.5
2.8
2.3
Single-Family Condominium
January
0
2
4
6
8
10
12
14
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
-11.2%-19.2%-14.7%
20152014 20152014
-15.9%
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
Feb-2014 92 - 15.4% 79 - 17.5%
Mar-2014 85 - 21.2% 67 - 7.3%
Apr-2014 83 - 11.3% 57 - 12.7%
May-2014 58 - 22.4% 50 - 4.0%
Jun-2014 54 - 4.6% 45 + 5.1%
Jul-2014 53 + 11.9% 49 + 27.2%
Aug-2014 56 + 16.2% 51 + 25.3%
Sep-2014 65 + 13.1% 52 + 6.2%
Oct-2014 66 + 11.2% 51 + 8.3%
Nov-2014 72 + 9.1% 54 + 3.5%
Dec-2014 75 + 7.9% 54 - 3.7%
Jan-2015 89 + 14.1% 59 - 6.4%
Total 66 - 0.4% 51 + 3.5%
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. | 9
109
89
78
63
89
59
Single-Family Condominium
January
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
-6.4%-28.5%-28.7%
109
89
78
63
89
59
Single-Family Condominium
Year to Date
-6.4%-28.5%-28.7%
20152014 20152014 20152014 20152014
+14.1% +14.1%
2013 2013 2013 2013

10. Percent of Original List Price Received
Single-Family
YoY
Change
Condominium
YoY
Change
Feb-2014 96.0% + 2.0% 98.1% + 1.4%
Mar-2014 96.8% + 1.8% 98.7% + 1.2%
Apr-2014 97.9% + 1.3% 99.6% + 0.9%
May-2014 98.7% + 1.0% 100.8% + 1.3%
Jun-2014 99.1% + 0.7% 100.8% + 1.1%
Jul-2014 98.5% + 0.5% 100.0% + 0.1%
Aug-2014 98.0% + 0.2% 100.1% + 0.4%
Sep-2014 96.7% - 0.4% 99.1% + 0.2%
Oct-2014 96.6% - 0.5% 98.6% - 0.1%
Nov-2014 96.4% + 0.3% 98.2% - 0.6%
Dec-2014 95.4% - 0.6% 98.0% - 0.0%
Jan-2015 95.9% + 0.3% 97.9% + 0.7%
Average 97.5% + 0.4% 99.4% + 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.
94.0% 95.8%95.6% 97.2%95.9% 97.9%
Single-Family Condominium
January
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
+0.7%+1.5%+1.7%
94.0% 95.8%95.6% 97.2%95.9% 97.9%
Single-Family Condominium
Year to Date
+0.7%+1.5%+1.7%
20152014 20152014 20152014 20152014
+0.3% +0.3%
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
Feb-2014 677 - 6.6% 718 - 0.1%
Mar-2014 1,086 - 10.6% 1,012 - 13.9%
Apr-2014 1,289 - 10.4% 1,182 - 7.4%
May-2014 1,417 - 7.1% 1,091 - 14.5%
Jun-2014 1,345 + 0.1% 1,107 + 0.8%
Jul-2014 1,021 - 2.0% 887 - 7.0%
Aug-2014 853 - 9.3% 689 - 10.1%
Sep-2014 908 + 3.2% 811 + 2.9%
Oct-2014 1,018 + 3.4% 790 - 3.9%
Nov-2014 804 + 7.6% 641 0.0%
Dec-2014 565 + 14.4% 444 + 6.2%
Jan-2015 670 + 26.7% 560 - 7.1%
Total 11,653 - 1.8% 9,932 - 5.7%
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. | 11
668 665
529
603
670
560
Single-Family Condominium
January
200
400
600
800
1,000
1,200
1,400
1,600
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%-9.3%-20.8%
668 665
529
603
670
560
Single-Family Condominium
Year to Date
-7.1%-9.3%-20.8%
20152014 20152014 20152014 20152014
+26.7% +26.7%
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
Feb-2014 957 - 7.7% 900 - 5.9%
Mar-2014 1,509 + 8.2% 1,236 - 8.9%
Apr-2014 1,950 - 6.5% 1,513 - 10.0%
May-2014 2,141 + 3.5% 1,425 - 8.7%
Jun-2014 1,754 + 9.6% 1,268 + 2.2%
Jul-2014 1,246 + 3.5% 1,010 0.0%
Aug-2014 1,038 - 5.4% 738 - 17.4%
Sep-2014 1,570 + 3.3% 1,217 - 4.0%
Oct-2014 1,327 + 4.9% 1,039 + 1.6%
Nov-2014 644 - 7.5% 570 + 0.2%
Dec-2014 445 + 5.0% 366 - 1.1%
Jan-2015 753 - 0.8% 674 - 10.5%
Total 15,334 + 1.2% 11,956 - 5.7%
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. | 12
911 913
759 753753
674
Single-Family Condominium
January
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
-10.5%-17.5%-16.7%
911 913
759 753753
674
Single-Family Condominium
Year to Date
-10.5%-17.5%-16.7%
20152014 20152014 20152014 20152014
-0.8% -0.8%
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 Jan-2014 Jan-2015 + / – YTD 2014 YTD 2015 + / –
- 17.3%
Median Sales Price $465,000 $485,000 + 4.3% $465,000 $485,000 + 4.3%
Closed Sales 294 243 - 17.3% 294 243
- 0.5%
Inventory of Homes for Sale 688 521 - 24.3% -- -- --
Housing Affordability Index 93 93 - 0.5% 93 93
--
Days on Market Until Sale 60 59 - 2.6% 60 59 - 2.6%
Months Supply of Inventory 2.3 2.1 - 8.4% -- --
- 0.5%
Pending Sales 313 315 + 0.6% 313 315 + 0.6%
Percent of Original
List Price Received
97.4% 96.9% - 0.5% 97.4% 96.9%
- 8.4%
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 392 359 - 8.4% 392 359
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015
1-2012 1-2013 1-2014 1-2015