Here’s February 2014’s Monthly Indicators report from the Greater Boston Association of Realtors® ... Buyer demand continues to be high, but a lack of homes for sale has resulted in a drop of closed sales in February 2014. Prices continue to move up because demand for available homes to buy is outpacing supply. Inventory continues to shrink from the same time the year before. What the market needs are homeowners to commit to selling to get us to full recovery and more building. • February single-family home sales – Down 5.9% over last year. • February Single-family median prices were UP 7.3% to $294,950. 17 straight months of increases. • February condo sales UP 1% and median prices UP 9.1% ($283,000) • Inventory in February Down 18.9% to 15,739 and Condominium available Down 27% to 4,407 • SF listings added to the market in February up 4.3% over last year. (4,742 from 4,547 in 2013) • Condo listings added to the market Down 3.6% over last year. (1,861 from 1,930 in 2013)

1. Monthly IndicatorsA RESEARCH TOOL PROVIDED BY THE GREATER BOSTON ASSOCIATION OF REALTORS®
February 2014 Quick Facts
- 5.2%
Year-Over-Year
(YoY) Change in
Closed Sales
Single-Family Only
It's tempting to confuse market normalization with a possible slowdown. But
those equipped with high-quality MLS data know better. As mortgage
delinquencies fade, banks are listing bargain-priced product less often. That
means investor activity – which accounts for a substantial market share – is
moderating. That's not to say that rates and prices aren't still attractive to owner-
occupant buyers. They most certainly are. Some short-term volatility is
expected as part of a normal market readjustment.
- 4.4%
Year-Over-Year
(YoY) Change in
Closed Sales
Condominium Only
- 4.8%
Year-Over-Year
(YoY) Change in
Closed Sales
All Properties
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 March 17, 2014. 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.
New Listings in the Greater Boston region were down 4.7 percent for detached
homes and 7.1 percent for condominiums. Closed Sales decreased 5.2 percent
for detached homes and 4.4 percent for condominiums.
The Median Sales Price was up 11.4 percent to $478,900 for single-family
properties and 14.3 percent to $400,000 for condominiums. Months Supply of
Inventory decreased 22.5 percent for single-family units and 27.0 percent for
townhouse-condo units.
The economy has more or less shuffled along, despite some climate-induced
surprises to job growth and new construction. There is no denying the fact that
we've now seen 47 straight months of private job growth, creating 8.5 million
new payrolls. There's still work to be done. Thankfully, with such low inventory
levels, many builders are bullish on new construction. The spring market is
budding, and it should be an interesting one.
Single-Family Market Overview
Condominium Market Overview
Closed Sales
Median Sales Price
Housing Affordability Index
Inventory of Homes for Sale
Click on desired metric to jump to that page.
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 Feb-2013 Feb-2014 + / – YTD 2013 YTD 2014 + / –
Median Sales Price
- 26.5% -- --
- 18.2% 122 98 - 19.1%
--
Housing Affordability Index
Inventory of Homes for Sale
$430,000 + 12.8%
122 99
2,401 1,764
$478,900 + 11.4% $430,000
969 - 5.2%Closed Sales 425 403 - 5.2% 1,022
$485,000
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
94.0% 95.8%
- 24.0%
+ 2.0%
Percent of Original
List Price Received
Days on Market Until Sale
94.1%
- 19.7%
+ 2.0%
89
96.0%
Pending Sales - 6.3%1,241702 708 + 0.9% 1,324
Months Supply of Inventory 5.6
111 83
-- -- --4.4 - 22.5%
110
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
New Listings 984 938 - 4.7% 1,854 1,672 - 9.8%
2 2011 2 2012 2 2013 2 2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014

3. Condominium Market Overview
Key market metrics for the current month and year-to-date figures for Condominium Properties Only.
Key Metrics Historical Sparklines Feb-2013 Feb-2014 + / – YTD 2013 YTD 2014 + / –
- 0.9%
Median Sales Price $350,000 $400,000 + 14.3% $360,000 $410,000 + 13.9%
Closed Sales 435 416 - 4.4% 949 940
- 19.7%
Inventory of Homes for Sale 1,700 1,187 - 30.2% -- -- --
Housing Affordability Index 146 117 - 19.9% 143 115
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
--
Days on Market Until Sale 95 77 - 19.7% 92 69 - 24.7%
Months Supply of Inventory 3.9 2.9 - 27.0% -- --
+ 1.5%
Pending Sales 712 747 + 4.9% 1,368 1,363 - 0.4%
Percent of Original
List Price Received
96.7% 98.1% + 1.5% 96.2% 97.7%
- 12.5%
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. | Click for Cover Page | 3
New Listings 950 883 - 7.1% 1,852 1,620
2 2011 2 2012 2 2013 2 2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014

4. Closed Sales
A count of the actual sales that have closed in a given month.
Single-Family
YoY
Change
Condominium
YoY
Change
Mar-2013 616 - 3.8% 628 + 3.6%
Apr-2013 767 + 4.4% 805 + 6.5%
May-2013 1,096 + 10.0% 1,068 + 6.4%
Jun-2013 1,481 - 1.1% 1,246 - 1.0%
Jul-2013 1,488 + 18.0% 1,252 + 20.7%
Aug-2013 1,428 + 11.6% 1,276 + 6.2%
Sep-2013 919 + 22.4% 887 + 18.7%
Oct-2013 855 + 10.5% 764 + 7.5%
Nov-2013 791 - 11.4% 711 - 5.8%
Dec-2013 898 + 10.3% 790 + 3.1%
Jan-2014 566 - 5.2% 524 + 1.9%
Feb-2014 403 - 5.2% 416 - 4.4%
462
384
425 435
403 416
February
20142013 20142013
980
794
1,022
949969 940
Year to Date
20142013 201420132012 2012 2012 2012
Total 11,308 + 6.0% 10,367 + 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. | Click for Cover Page | 4
Single-Family Condominium
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
Historical Closed Sales Activity Single-Family Condominium
-4.4%+13.3%-8.0%
Single-Family Condominium
-0.9%+19.5%+4.3%-5.2% -5.2%

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
Mar-2013 $430,101 + 3.6% $405,000 + 19.1%
Apr-2013 $480,000 + 14.3% $387,500 + 4.3%
May-2013 $500,000 + 7.2% $410,000 + 7.5%
Jun-2013 $545,000 + 8.1% $420,000 + 5.0%
Jul-2013 $533,000 + 4.1% $400,500 + 3.5%
Aug-2013 $521,000 + 5.5% $416,250 + 9.5%
Sep-2013 $502,500 + 15.5% $410,000 + 9.3%
Oct-2013 $474,000 + 9.0% $416,750 + 13.8%
Nov-2013 $480,000 + 6.7% $410,500 + 8.0%
Dec-2013 $500,000 + 6.4% $420,400 + 10.5%
Jan-2014 $485,838 + 13.0% $420,500 + 13.9%
Feb-2014 $478,900 + 11.4% $400,000 + 14.3%
$397,000
$370,000
$430,000
$350,000
$478,900
$400,000
February
20142013 20142013
$403,000
$360,000
$430,000
$360,000
$485,000
$410,000
Year to Date
20142013 201420132012 2012 2012 2012
Median $501,000 + 7.7% $410,000 + 8.2%
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. | Click for Cover Page | 5
Single-Family Condominium
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
$550,000
Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014
Historical Median Sales Price Single-Family Condominium
+14.3%-5.4%+8.3%
Single-Family Condominium
+13.9%0.0%+6.7%+11.4% +12.8%

6. Housing Affordability Index
Single-Family
YoY
Change
Condominium
YoY
Change
Mar-2013 121 + 3.4% 128 - 8.8%
Apr-2013 112 - 5.3% 136 + 2.9%
May-2013 104 - 4.8% 124 - 4.9%
Jun-2013 90 - 11.8% 114 - 9.2%
Jul-2013 92 - 9.2% 120 - 8.5%
Aug-2013 93 - 11.2% 114 - 13.9%
Sep-2013 98 - 18.5% 118 - 14.0%
Oct-2013 103 - 13.4% 116 - 16.6%
Nov-2013 108 - 6.7% 125 - 7.6%
Dec-2013 99 - 11.9% 117 - 14.6%
Jan-2014 97 - 22.5% 110 - 22.9%
Feb-2014 99 - 18.2% 117 - 19.9%
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.
124
132
122
146
99
117
February
122
135
122
143
98
115
Year to Date
20142013 20142013 20142013 201420132012 2012 2012 2012
Average 101 -10.8% 120 -11.5%
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. | Click for Cover Page | 6
Single-Family Condominium
60
70
80
90
100
110
120
130
140
150
160
Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014
Historical Housing Affordability Index Single-Family Condominium
-19.9%+11.2%-1.6%
Single-Family Condominium
-19.7%+6.1%-0.3%-18.2% -19.1%

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
Mar-2013 2,377 - 40.7% 1,732 - 47.0%
Apr-2013 2,769 - 34.8% 1,974 - 40.1%
May-2013 3,037 - 30.7% 2,070 - 35.0%
Jun-2013 3,029 - 26.7% 2,024 - 31.9%
Jul-2013 2,860 - 25.1% 1,856 - 32.3%
Aug-2013 2,752 - 23.6% 1,737 - 28.4%
Sep-2013 2,991 - 20.5% 1,950 - 22.9%
Oct-2013 2,864 - 17.6% 1,876 - 19.2%
Nov-2013 2,382 - 20.2% 1,556 - 22.4%
Dec-2013 1,779 - 22.5% 1,218 - 20.0%
Jan-2014 1,713 - 25.3% 1,178 - 25.5%
Feb-2014 1,764 - 26.5% 1,187 - 30.2%
3,557
2,905
2,401
1,7001,764
1,187
February
20142013 201420132012 2012
Average 2,526 - 26.8% 1,697 - 31.1%
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. | Click for Cover Page | 7
Single-Family Condominium
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
Historical Inventory of Homes for Sale Single-Family Condominium
-30.2%-41.5%-32.5% -26.5%

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
Mar-2013 3.9 - 38.4% 2.8 - 48.9%
Apr-2013 3.6 - 37.6% 2.5 - 43.8%
May-2013 2.8 - 37.0% 1.9 - 38.9%
Jun-2013 2.0 - 25.9% 1.6 - 31.1%
Jul-2013 1.9 - 36.5% 1.5 - 43.9%
Aug-2013 1.9 - 31.5% 1.4 - 32.5%
Sep-2013 3.3 - 35.0% 2.2 - 35.0%
Oct-2013 3.3 - 25.4% 2.5 - 24.8%
Nov-2013 3.0 - 9.9% 2.2 - 17.6%
Dec-2013 2.0 - 29.8% 1.5 - 22.5%
Jan-2014 3.0 - 21.2% 2.2 - 27.0%
Feb-2014 4.4 - 22.5% 2.9 - 27.0%
7.7 7.6
5.6
3.9
4.4
2.9
February
20142013 201420132012 2012
Average 2.7 - 34.3% 2.0 - 40.1%
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. | Click for Cover Page | 8
Single-Family Condominium
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
Historical Months Supply of Inventory Single-Family Condominium
-27.0%-48.3%-26.6% -22.5%

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
Mar-2013 107 - 17.4% 71 - 39.0%
Apr-2013 93 - 22.8% 63 - 35.1%
May-2013 75 - 22.3% 51 - 40.3%
Jun-2013 56 - 37.8% 43 - 42.4%
Jul-2013 47 - 41.6% 38 - 46.2%
Aug-2013 48 - 45.1% 40 - 47.0%
Sep-2013 57 - 36.1% 49 - 42.0%
Oct-2013 59 - 33.7% 47 - 43.9%
Nov-2013 65 - 27.2% 51 - 33.6%
Dec-2013 70 - 28.0% 55 - 34.2%
Jan-2014 79 - 27.3% 63 - 28.7%
Feb-2014 89 - 19.7% 77 - 19.7%
134
123
111
95
89
77
February
132
124
110
92
83
69
Year to Date
20142013 20142013 20142013 201420132012 2012 2012 2012
Total 65 - 31.9% 49 - 37.5%
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. | Click for Cover Page | 9
Single-Family Condominium
30
50
70
90
110
130
150
Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014
Historical Days on Market Until Sale Single-Family Condominium
-19.7%-22.6%-16.7%
Single-Family Condominium
-24.7%-26.3%-17.1%-19.7% -24.0%

10. Percent of Original List Price Received
Single-Family
YoY
Change
Condominium
YoY
Change
Mar-2013 95.2% + 2.3% 97.6% + 3.8%
Apr-2013 96.7% + 3.5% 98.8% + 3.2%
May-2013 97.8% + 2.6% 99.5% + 3.5%
Jun-2013 98.4% + 3.3% 99.7% + 3.5%
Jul-2013 98.1% + 2.4% 99.9% + 3.5%
Aug-2013 97.9% + 3.3% 99.7% + 3.5%
Sep-2013 97.3% + 3.0% 99.0% + 2.6%
Oct-2013 97.2% + 3.0% 98.8% + 3.1%
Nov-2013 96.3% + 1.7% 98.9% + 2.8%
Dec-2013 95.9% + 1.7% 98.0% + 1.9%
Jan-2014 95.7% + 1.9% 97.4% + 1.6%
Feb-2014 96.0% + 2.0% 98.1% + 1.5%
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.
91.3% 93.4%94.1% 96.7%96.0% 98.1%
February
90.8% 93.2%94.0% 96.2%95.8% 97.7%
Year to Date
20142013 20142013 20142013 201420132012 2012 2012 2012
Average 97.2% + 2.7% 99.0% + 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. | Click for Cover Page | 10
Single-Family Condominium
89%
91%
93%
95%
97%
99%
101%
Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014
Historical Percent of Original List Price Received Single-Family Condominium
+1.5%+3.5%+3.2%
Single-Family Condominium
+1.5%+3.2%+3.5%+2.0% +2.0%

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
Mar-2013 1,164 + 1.9% 1,164 + 9.3%
Apr-2013 1,380 + 12.4% 1,270 + 9.2%
May-2013 1,479 + 15.7% 1,257 + 6.7%
Jun-2013 1,284 + 9.5% 1,089 + 9.9%
Jul-2013 978 + 4.8% 952 + 19.7%
Aug-2013 887 + 15.2% 759 + 4.1%
Sep-2013 836 - 1.9% 785 + 7.2%
Oct-2013 942 + 8.5% 814 + 3.0%
Nov-2013 704 + 3.5% 635 + 6.9%
Dec-2013 478 - 4.6% 422 - 8.1%
Jan-2014 533 - 14.3% 616 - 6.1%
Feb-2014 708 + 0.9% 747 + 4.9%
753 744
702 712708
747
February
1,358
1,2971,324 1,368
1,241
1,363
Year to Date
20142013 20142013 20142013 201420132012 2012 2012 2012
Total 11,373 + 5.8% 10,510 + 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. | Click for Cover Page | 11
Single-Family Condominium
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
Jan-2003 Jan-2004 Jan-2005 Jan-2006 Jan-2007 Jan-2008 Jan-2009 Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014
Historical Pending Sales Activity Single-Family Condominium
+4.9%-4.3%-6.8%
Single-Family Condominium
-0.4%+5.5%-2.5%+0.9% -6.3%

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
Mar-2013 1,343 - 30.6% 1,342 - 21.1%
Apr-2013 1,995 + 14.7% 1,661 + 13.5%
May-2013 1,981 + 14.4% 1,531 + 12.6%
Jun-2013 1,505 + 15.1% 1,223 + 7.9%
Jul-2013 1,116 + 12.4% 993 + 12.3%
Aug-2013 1,030 + 6.0% 867 + 11.7%
Sep-2013 1,456 + 6.4% 1,253 + 11.0%
Oct-2013 1,218 + 18.6% 1,010 + 17.3%
Nov-2013 651 + 4.5% 554 + 0.4%
Dec-2013 395 + 12.9% 362 + 17.9%
Jan-2014 734 - 15.6% 737 - 18.3%
Feb-2014 938 - 4.7% 883 - 7.1%
1,268
1,112
984 950938
883
February
2,191
2,038
1,854 1,852
1,672 1,620
Year to Date
20142013 20142013 20142013 201420132012 2012 2012 2012
Total 14,362 + 3.3% 12,416 + 3.3%
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. | Click for Cover Page | 12
Single-Family Condominium
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
Historical New Listing Activity Single-Family Condominium
-7.1%-14.6%-22.4%
Single-Family Condominium
-12.5%-9.1%-15.4%-4.7% -9.8%

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 Feb-2013 Feb-2014 + / – YTD 2013 YTD 2014 + / –
+ 7.0%
Median Sales Price $384,000 $478,000 + 24.5% $405,000 $469,750 + 16.0%
Closed Sales 226 240 + 6.2% 497 532
- 19.1%
Inventory of Homes for Sale 832 618 - 25.7% -- -- --
Housing Affordability Index 122 99 - 18.2% 122 98
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
--
Days on Market Until Sale 82 78 - 5.2% 79 68 - 13.8%
Months Supply of Inventory 3.7 2.6 - 30.1% -- --
+ 1.3%
Pending Sales 406 394 - 3.0% 738 716 - 3.0%
Percent of Original
List Price Received
96.7% 98.1% + 1.4% 96.5% 97.7%
- 15.3%
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. | Click for Cover Page | 13
New Listings 559 483 - 13.6% 1,033 875
2 2011 2 2012 2 2013 2 2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014
2-2011 2-2012 2-2013 2-2014