The document analyzes housing market dynamics in Philadelphia over a two year period from March 2008 to March 2010. It shows that the months supply of housing inventory decreased from 8 months in March 2008 to 6 months in March 2010, a 27.1% decline. The months supply of inventory is a measure calculated by dividing current listings by the monthly sales rate. The data indicates that between 2008-2010, the Philadelphia housing market transitioned from a buyer's market to a seller's market as the supply of homes decreased relative to monthly demand.

1. Market Dynamics Prudential Fox & Roach
Months Supply of Inventory (BrokerMetrics® Calculation)
2 Years (Monthly) 03/01/08 - 03/31/10
KEY INFORMATION
Mar-08 Mar-10 Change Percent Change
MSI 8 6 -2 -27.1
MLS: TReND Period: 2 Years (Monthly) Price: All Construction Type: All Bedrooms: All Bathrooms: All Lot Size: All
Property Types: Residential: (Single Family, Twin/Semi-Detached, Unit/Flat, Row/Townhouse/Cluster, Mobile, Other) Sq Ft: All
Counties: Philadelphia
BrokerMetrics® 1 of 2 04/21/10
Information not guaranteed. © 2010 - 2011 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors).

2. Market Dynamics Prudential Fox & Roach
Months Supply of Inventory (BrokerMetrics® Calculation)
2 Years (Monthly) 03/01/08 - 03/31/10
Time # For Sale Last # Under
Period MSI NAR MSI Day of Month Contract # Sold
Mar-10 6.0 8.6 8,724 1,454 1,014
Feb-10 8.7 13.9 8,697 995 625
Jan-10 10.5 13.3 8,898 851 668
Dec-09 11.9 9.7 8,511 717 877
Nov-09 11.6 7.1 9,427 810 1,328
Oct-09 7.8 8.3 9,497 1,219 1,142
Sep-09 7.6 9.3 9,550 1,259 1,032
Aug-09 9.2 8.5 9,637 1,053 1,136
Jul-09 8.9 8.6 9,755 1,099 1,132
Jun-09 8.9 9.0 9,992 1,120 1,111
May-09 9.2 9.6 10,019 1,093 1,039
Apr-09 9.2 11.2 10,059 1,099 895
Mar-09 9.4 12.2 9,830 1,041 803
Feb-09 12.2 15.4 9,715 798 629
Jan-09 13.0 14.8 9,388 724 635
Dec-08 14.4 11.9 9,306 648 784
Nov-08 14.1 13.3 10,077 717 755
Oct-08 13.5 10.9 10,177 752 933
Sep-08 11.1 10.2 10,369 933 1,021
Aug-08 10.2 8.8 10,222 1,003 1,165
Jul-08 9.6 8.7 10,506 1,092 1,208
Jun-08 9.2 8.1 10,407 1,132 1,277
May-08 8.7 8.5 10,399 1,193 1,223
Apr-08 8.2 9.2 10,415 1,268 1,136
Mar-08 8.2 9.5 10,189 1,238 1,076
BrokerMetrics® 2 of 2 04/21/10
Information not guaranteed. © 2010 - 2011 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors).