1. Monthly Indicators
January 2014
Activity Snapshot
- 7.1%
The same factors that catalyzed widespread market recovery in 2012 and 2013
are likely to continue in 2014, though perhaps at a more moderate pace. That's
not a bad thing, since the market is returning to a stable, healthy state. Potential
trends to watch for in 2014 include increased seller activity, more new
construction and fewer foreclosures on the market. Inventory is another metric
to watch this year.
New Listings decreased 5.7 percent to 10,303. Pending Sales were up 13.2
percent to 7,433. Inventory levels shrank 3.8 percent to 37,070 units.
Prices marched higher. The Median Sales Price increased 25.4 percent to
$141,100. Days on Market was down 8.9 percent to 82 days. Absorption rates
improved as Months Supply of Inventory was down 5.6 percent to 5.1 months.
Given how far the market has come, it's a good time for folks to reassess their
situation. Many who were hesitant to sell in recent years may find themselves in
a completely different position. Getting a fresh comparative market analysis
might be a good idea. Interest rates remain attractive and should remain below
their long-term average, but they are expected to creep higher in 2014.
Politicians are gearing up for midterm elections, so pay close attention to
campaign messaging as relates to real estate or mortgage financing. Job
growth is still fundamental and is likely to dominate this election cycle.
+ 25.4%
- 3.8%
One-Year Change in
Closed Sales
One-Year Change in
Median Sales Price
One-Year Change in
Homes for Sale
A research tool provided by the Georgia Association of REALTORS®.
Residential real estate activity comprised of single-family properties,
townhomes and condominiums combined. Percent changes are
calculated using rounded figures.
Activity Overview
New Listings
Pending Sales
Closed Sales
Days on Market Until Sale
Median Sales Price
Average Sales Price
Percent of Original List Price Received
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory
2
3
4
5
6
7
8
9
10
11
12
Click on desired metric to jump to that page.
Changes in methodology were implemented in October 2012 to provide a more accurate count of inventory and related metrics. Due to MLS purging rules, activity before 2008 cannot be updated and therefore shifts in the trendlines may occur.
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing.

2. Activity Overview
Key metrics by report month and for year-to-date (YTD) starting from the first of the year.
Key Metrics
Historical Sparkbars
1-2013
1-2012
1-2013
1-2012
1-2013
1-2012
1-2013
1-2012
1-2013
1-2012
1-2013
1-2012
1-2013
- 8.9%
90
82
- 8.9%
$141,100
+ 25.4%
$112,500
$141,100
+ 25.4%
$183,834
+ 22.6%
$150,007
$183,834
+ 22.6%
93.6%
+ 0.3%
93.3%
93.6%
+ 0.3%
236
- 24.8%
314
236
- 24.8%
37,070
- 3.8%
--
--
--
5.1
- 5.6%
--
--
--
1-2014
Months Supply of Inventory
1-2011
82
1-2014
Inventory of Homes for Sale
1-2011
- 7.1%
1-2014
Affordability Index
1-2011
4,976
1-2014
Pct. of Orig. Price Received
1-2011
5,356
1-2014
Average Sales Price
1-2011
- 7.1%
1-2014
Median Sales Price
1-2011
4,976
5.4
1-2013
+ 13.2%
38,545
1-2012
7,433
1-2014
Days on Market Until Sale
1-2011
6,564
314
1-2013
+ 13.2%
93.3%
1-2012
7,433
Percent Change
1-2014
Closed Sales
1-2011
- 5.7%
$150,007
1-2013
10,303
$112,500
1-2012
YTD 2013 YTD 2014
1-2014
Pending Sales
1-2011
10,922
90
1-2013
- 5.7%
5,356
1-2012
10,303
6,564
1-2011
Percent Change
10,922
New Listings
1-2014
1-2014
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 2

3. New Listings
A count of the properties that have been newly listed on the market in a given month.
January
New Listings
Year to Date
Prior Year
Percent Change
February 2013
-4.3%
12,530
11,931
+5.0%
11,843
11,564
+2.4%
11,958
10,853
+10.2%
11,336
10,936
+3.7%
10,551
9,318
+13.2%
October 2013
10,303
12,881
September 2013
10,303
12,332
May 2013
August 2013
10,922
-6.3%
April 2013
11,801
-10.7%
13,239
July 2013
10,922
11,566
12,399
June 2013
11,801
10,329
March 2013
11,215
10,186
+10.1%
November 2013
9,113
7,947
+14.7%
December 2013
2012
- 7.4%
2013
- 5.7%
- 12.7%
2014
2012
- 7.4%
2013
- 5.7%
+9.6%
2014
7,228
6,596
January 2014
- 12.7%
10,303
10,922
-5.7%
12-Month Avg
10,928
10,662
+2.5%
Historical New Listings by Month
25,000
20,000
15,000
10,000
5,000
1-2004
1-2005
1-2006
1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 3

4. Pending Sales
A count of the properties on which offers have been accepted in a given month.
January
Pending Sales
Year to Date
Prior Year
Percent Change
February 2013
2012
2013
2014
2012
2013
+ 13.2%
2014
8,258
8,237
+0.3%
7,877
7,971
-1.2%
7,675
7,499
+2.3%
7,543
7,483
+0.8%
6,548
5,861
+11.7%
7,136
7,028
+1.5%
6,107
6,137
-0.5%
December 2013
5,776
5,384
+7.3%
January 2014
- 1.6%
+6.1%
November 2013
+ 25.6%
7,944
October 2013
+ 13.2%
8,428
September 2013
- 1.6%
-5.9%
August 2013
+ 25.6%
-10.0%
8,130
April 2013
6,564
7,357
7,648
July 2013
6,668
6,564
6,623
June 2013
6,668
7,433
March 2013
May 2013
7,433
7,433
6,564
+13.2%
12-Month Avg
7,254
7,133
+1.7%
Historical Pending Sales by Month
11,000
10,000
9,000
8,000
7,000
6,000
5,000
4,000
1-2004
1-2005
1-2006
1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 4

5. Closed Sales
A count of the actual sales that closed in a given month.
January
Closed Sales
Year to Date
Prior Year
Percent Change
February 2013
2012
2013
+ 35.7%
2014
2012
- 1.6%
2013
- 7.1%
2014
8,555
7,982
+7.2%
8,105
8,457
-4.2%
8,369
8,081
+3.6%
8,065
8,412
-4.1%
6,731
6,701
+0.4%
6,960
7,287
-4.5%
6,158
6,555
-6.1%
December 2013
6,683
6,266
+6.7%
January 2014
- 7.1%
+0.7%
November 2013
- 1.6%
7,183
October 2013
+ 35.7%
7,231
September 2013
4,976
April 2013
August 2013
4,976
5,356
-7.3%
July 2013
5,445
-6.5%
7,596
June 2013
5,356
6,130
7,045
May 2013
5,445
5,730
March 2013
4,976
5,356
-7.1%
12-Month Avg
7,051
7,167
-1.6%
Historical Closed Sales by Month
12,000
10,000
8,000
6,000
4,000
1-2004
1-2005
1-2006
1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 5

6. 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
Days on Market
Year to Date
Prior Year
Percent Change
February 2013
2012
- 8.9%
2013
- 4.7%
2014
2012
- 10.9%
2013
- 8.9%
2014
77
91
-15.4%
June 2013
76
89
-14.6%
72
90
-20.0%
74
92
-19.6%
71
90
-21.1%
76
96
-20.8%
76
93
-18.3%
December 2013
82
95
-13.7%
January 2014
- 10.9%
-14.6%
November 2013
- 4.7%
96
October 2013
82
82
May 2013
September 2013
82
-13.0%
August 2013
90
-13.7%
100
April 2013
101
90
102
87
July 2013
101
88
March 2013
82
90
-8.9%
12-Month Avg*
78
94
-17.0%
* Average Days on Market of all properties from February 2013 through January
2014. This is not the average of the individual figures above.
Historical Days on Market Until Sale by Month
120
110
100
90
80
70
1-2004
1-2005
1-2006
1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 6

7. Median Sales Price
Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
January
Median Sales Price
Year to Date
Prior Year
Percent Change
February 2013
2012
2013
+ 25.4%
- 18.6%
2014
2012
+ 29.3%
2013
+ 25.4%
2014
$147,500
$109,100
+35.2%
$155,000
$114,000
+36.0%
$159,900
$116,000
+37.8%
$153,450
$112,550
+36.3%
$145,000
$112,500
+28.9%
$147,000
$110,000
+33.6%
$143,000
$116,000
+23.3%
December 2013
$149,900
$120,050
+24.9%
January 2014
+ 29.3%
+31.4%
November 2013
- 18.6%
$105,000
October 2013
$87,000
$138,000
September 2013
$87,000
April 2013
July 2013
$112,500
+35.6%
August 2013
$112,500
+37.6%
$98,090
May 2013
$141,100
$86,500
$133,000
June 2013
$141,100
$119,000
March 2013
$141,100
$112,500
+25.4%
12-Month Med*
$145,000
$110,000
+31.8%
* Median Sales Price of all properties from February 2013 through January 2014.
This is not the average of the individual figures above.
Historical Median Sales Price by Month
$180,000
$160,000
$140,000
$120,000
$100,000
$80,000
1-2004
1-2005
1-2006
1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 7

8. Average Sales Price
Average sales price for all closed sales, not accounting for seller concessions, in a given month.
January
Average Sales Price
Year to Date
Prior Year
Percent Change
February 2013
2012
2013
- 13.3%
2014
2012
+ 18.8%
2013
+ 22.6%
2014
+25.8%
$158,895
+26.1%
$200,449
$159,798
+25.4%
$196,077
$151,920
+29.1%
$184,580
$152,671
+20.9%
$186,149
$151,839
+22.6%
$181,285
$154,535
+17.3%
December 2013
$194,136
$164,515
+18.0%
January 2014
+ 22.6%
$152,407
$200,410
November 2013
+ 18.8%
$191,721
October 2013
- 13.3%
+21.6%
September 2013
$126,224
$147,373
August 2013
$126,224
$179,243
June 2013
$150,007
+24.5%
July 2013
$150,007
+24.2%
$138,996
May 2013
$183,834
$127,280
$173,039
April 2013
$183,834
$158,107
March 2013
$183,834
$150,007
+22.6%
12-Month Avg*
$186,881
$151,166
+23.6%
* Average Sales Price of all properties from February 2013 through January 2014.
This is not the average of the individual figures above.
Historical Average Sales Price by Month
$240,000
$220,000
$200,000
$180,000
$160,000
$140,000
$120,000
1-2004
1-2005
1-2006
1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 8

9. 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
Pct. of Orig. Price Received
Year to Date
Prior Year
Percent Change
February 2013
2012
2013
2014
2012
2013
2014
95.5%
92.5%
+3.2%
95.5%
92.9%
+2.8%
95.5%
93.1%
+2.6%
95.5%
93.2%
+2.5%
94.9%
93.3%
+1.7%
94.5%
93.7%
+0.9%
94.2%
93.8%
+0.4%
December 2013
93.9%
93.8%
+0.1%
January 2014
+ 0.3%
+4.0%
November 2013
+ 4.5%
91.5%
October 2013
+ 2.3%
95.2%
September 2013
+ 0.3%
+4.9%
August 2013
+ 4.5%
+6.0%
90.3%
July 2013
+ 2.3%
89.0%
94.7%
June 2013
89.3%
93.6%
94.3%
May 2013
93.3%
March 2013
April 2013
89.3%
93.6%
93.3%
93.6%
93.3%
+0.3%
12-Month Avg*
94.9%
92.5%
+2.6%
* Average Pct. of Orig. Price Received for all properties from February 2013 through
January 2014. This is not the average of the individual figures above.
Historical Percent of Original List Price Received by Month
98%
96%
94%
92%
90%
88%
86%
84%
1-2004
1-2005
1-2006
1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 9

10. Housing Affordability Index
This index measures housing affordability for the region. An index of 120 means the median household income is 120% of what is
necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
January
Affordability Index
Year to Date
Prior Year
Percent Change
February 2013
- 14.7%
2012
- 24.8%
2013
+ 26.0%
2014
2012
- 14.7%
2013
- 24.8%
2014
246
320
-23.1%
June 2013
224
312
-28.2%
July 2013
220
311
-29.3%
225
317
-29.0%
239
322
-25.8%
236
326
-27.6%
254
315
-19.4%
December 2013
235
309
-23.9%
January 2014
+ 26.0%
-17.8%
November 2013
236
326
October 2013
236
268
May 2013
314
-19.8%
September 2013
314
-20.7%
338
April 2013
368
372
271
August 2013
368
295
March 2013
236
314
-24.8%
12-Month Avg
246
246
0.0%
Historical Housing Affordability Index by Month
400
350
300
250
200
150
100
1-2004
1-2005
1-2006
1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 10

11. Inventory of Homes for Sale
The number of properties available for sale in active status at the end of a given month.
Homes for Sale
January
Prior Year
Percent Change
February 2013
-17.4%
49,186
-13.6%
43,006
47,870
-10.2%
42,881
46,205
-7.2%
43,060
45,077
-4.5%
42,833
44,351
-3.4%
41,858
42,067
-0.5%
December 2013
39,280
39,497
-0.5%
January 2014
37,070
38,545
-3.8%
12-Month Avg
2014
50,415
42,506
November 2013
2013
41,626
October 2013
2012
-20.1%
September 2013
- 3.8%
51,050
August 2013
- 24.3%
40,777
July 2013
- 21.7%
-20.2%
June 2013
37,070
-22.5%
50,515
May 2013
38,545
50,383
40,304
April 2013
50,931
39,033
March 2013
41,186
46,263
-11.0%
* Homes for Sale for all properties from February 2013 through January 2014. This
is not the average of the individual figures above.
Historical Inventory of Homes for Sale by Month
120,000
100,000
80,000
60,000
40,000
20,000
1-2004
1-2005
1-2006
1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 11

12. 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.
Months Supply
January
Prior Year
Percent Change
February 2013
-16.9%
6.9
-13.0%
6.1
6.6
-7.6%
6.1
6.4
-4.7%
6.0
6.4
-6.3%
6.0
6.2
-3.2%
5.9
5.9
0.0%
December 2013
5.5
5.5
0.0%
January 2014
5.1
5.4
-5.6%
12-Month Avg
2014
7.1
6.0
November 2013
2013
5.9
October 2013
2012
-19.4%
September 2013
- 5.6%
7.2
August 2013
- 27.0%
5.8
July 2013
- 31.5%
-20.8%
June 2013
5.1
-23.6%
7.2
May 2013
5.4
7.2
5.7
April 2013
7.4
5.5
March 2013
5.8
6.5
-10.8%
* Months Supply for all properties from February 2013 through January 2014. This
is not the average of the individual figures above.
Historical Months Supply of Inventory by Month
20.0
17.5
15.0
12.5
10.0
7.5
5.0
2.5
1-2004
1-2005
1-2006
1-2007
1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 12