2014 Local Real Estate Year In Review

2014 YEAR IN REVIEW LOCAL MARKET REAL ESTATE YEAR IN REVIEW

2014 YEAR IN REVIEW LOCAL MARKET REAL ESTATE YEAR IN REVIEW

CANTON, GEORGIA

Geographies I Track Closely

Measures Tracked

• • • • • • • •

• • • • • • •

Cherokee County Canton Milton Alpharetta Woodstock Buckhead Cumming Forsyth County

Active Listings vs Year Ago (YAG) Active Listings vs Previous Month Median List Price Days On Market Median Sales Price Units Sold vs Year Ago (YAG) Units Sold vs Previous Month

Canton Topline Overview •

Inventory: Year over year Active Listings in Canton were up 10 of 12 months versus last year, with double digit percent increases occurring in 6 of those months (months of April thru Aug and Nov).

Across all 8 metro Atlanta markets I track, inventory levels were tight during the first quarter versus prior year levels, but then were stronger during the summer months versus the previous year.

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List Price: The Median List Price was higher all 12 months this year, versus same month prior year.

On average, the spread has been ~$25K (on ave +9.4%), where the 2014 Median List Price for the month has been higher than 2013. A reflection that home values are higher, mirroring the trends we see nationally.

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Days On Market: Days on Market was a mixed bag in the Canton Market. Homes for sale in Canton spent fewer Days on Market 2014 vs 2013 in the months of May and June and then again August thru October. Earlier in the year, specifically in the months of March and April, homes were on the market longer in Canton this year vs last (+33% and +24%, respectively). In fact, the Canton market and Cherokee County market were the only two markets where Days On Market have not been lower on a somewhat consistent basis vs prior year. Days On Market have been lower at least 8 months vs prior year for 5 of the other 6 markets I track closely. Canton and Cherokee County have been lower vs prior year 5 months and 4 months, respectively.

Canton Topline Overview •

Sales Price: The Median Sales Price was been higher than same month prior year each month, with the exception of the summer months of June thru Sept. This isn’t so much a commentary on home values as it is a highlight on the mix of homes actually sold during that 4 month period. Supporting this assertion is the fact that during 3 of those 4 months where the median price was lower than same month last year, inventory levels were up double digit percentages. Historically, as supply expands, prices contract. Conversely, the tighter inventory is, the higher prices tend to be and last year inventory was tighter.

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Units Sold: Units Sold were down versus same month prior year 9 of 12 months this year in the Canton Market, with the months of Sept and Oct representing the only two months where current month sales exceeded prior year sales. The suspected culprits for this trend are headwinds from mortgage interest rates , continued tight credit conditions and arguably an economy that is underachieving. Although nominal mortgage rates remain low by historical standards, all else equal, higher rates raise the cost of financing a home purchase, which puts downward pressure on housing demand and residential investment. Existing home sales growth in 2015 is predicted to be more favorable nationally, with existing home sales expected to grow +8%, according to Kiplinger’s 2015 Economic Outlook.

Active Listings vs YAG Canton 750 700 650 600 550

2014

500

2013

450 400

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Active listings in the 1st quarter of this year were flat versus same month prior year, but were higher by double digits in the April-May-June-July-Aug time period (April +14%, May +21%, June +21%, July +18%, Aug +14%). Listings in the 4th quarter were stronger than same month prior year (Oct, Nov, Dec).

Similar results were replicated across 5 of the 7 remaining geographies we track closely, where monthly year over year inventory levels increased by double digits (ex Cherokee Cty & Forsyth Cty). Inventory levels in Forsyth County did finish the year strong, posting double digit increases in the months of Oct-Nov-Dec.

Active Listings vs Previous Month Canton 800 700 600 500 400 300 200 100 0

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Current Month Previous Month

Active listings, current month versus prior month, consistently grew through the first 7 months of 2014, followed by declines versus prior month in the months of Aug, Sept, Nov and Dec.

Median List Price (000's) Canton $350.0 $300.0 $250.0 $200.0 $150.0

2014

$100.0

2013

$50.0 $0.0

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Median list prices in Canton have been, on average, approximately +$25K higher than historical 2013 levels, month over month, across each of the 12 months in 2014. Median List Prices in 2014 have hovered around the $284K mark, whereas last year it was around $259K.

Days On Market Canton 110 100 90 80 70

2014

60

2013

50 40

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Average Days on Market in Canton were higher during the months of Jan-Feb-March-April and then again in July, Nov and Dec. In fact, DoM were up single digit %’s in each of those months, with the exception of March (+33%) and April (+24%), where DoM were greater this year vs last year. The lengthier DoM averages for the 1st qtr are likely a function of the hang over effect from the brutal winter.

Median Sales Price (000's) Canton $250.0 $230.0 $210.0 $190.0

2014 2013

$170.0 $150.0

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In 2013, the Median Sales Price rose incrementally the first 6 months of the year. In 2014, we saw more erratic fluctuations. The Median Sales Price in Canton in 2014 was higher than same month prior year 8 of 12 months.

Units Sold Canton 170 150 130 110 90 70 50 30

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2014 2013

Units Sold across Canton were down versus same month prior year 9 of 12 months. Similar declines were evident across all 7 of the remaining local markets I track closely.

Video Market Update Recap: Canton 2014 Active Listings vs YAG LY TY Active Listings vs Prev Month Pre Mo TM Median List Price (000's) TY LY Days On Market LY TY Median Sale Price (000's) TY LY Pre Mo Units Sold vs YAG LY TY Units Sold vs Prev Mo TM Pre Mo

Jan -1% 510 504 4% 483 504 $280.0 $249.9 2% 82 84 $199.9 $156.8 $189.6 0% 67 67 -46% 125 67

Feb 2% 527 536 5% 510 536 $279.9 $239.9 3% 80 82 $194.0 $168.4 $199.9 -55% 104 47 -45% 85 47

March 0% 568 569 5% 544 569 $279.5 $249.9 33% 75 100 $229.0 $174.3 $198.0 -19% 140 114 65% 69 114

April 14% 567 644 11% 582 644 $277.0 $250.0 24% 62 77 $188.0 $185.0 $231.9 -22% 125 98 -22% 98 125

May 21% 581 702 7% 659 702 $275.0 $249.9 -17% 63 52 $232.5 $203.9 $190.0 -36% 148 95 -17% 95 115

June 21% 588 709 0% 712 709 $269.5 $257.0 -11% 65 58 $212.5 $220.0 $229.9 -4% 136 130 23% 130 106

July 18% 607 716 1% 712 716 $279.9 $260.0 4% 51 53 $207.0 $212.0 $207.0 -8% 169 155 1% 155 154

Aug 14% 595 677 -6% 722 677 $285.0 $268.5 -3% 58 56 $200.7 $205.0 $208.5 -12% 156 138 -23% 138 180

Sept -11% 590 523 -23% 677 523 $299.9 $269.5 -5% 60 57 $210.0 $220.0 $199.5 19% 117 139 -13% 139 160

Oct 2% 587 599 4% 578 599 $299.0 $259.9 -2% 63 62 $203.2 $187.0 $210.0 2% 134 137 -14% 137 159

Nov 10% 541 596 -1% 602 596 $293.7 $279.6 2% 63 64 $210.0 $209.0 $200.0 -19% 104 84 -41% 84 142

Dec 9% 507 553 -9% 600 553 $283.3 $275.9 9% 69 75 $216.0 $188.0 $210.0 -32% 126 86 -7% 86 92

2014 YEAR IN REVIEW LOCAL MARKET REAL ESTATE YEAR IN REVIEW

CHEROKEE COUNTY, GEORGIA

Geographies I Track Closely

Measures Tracked

• • • • • • • •

• • • • • • •

Cherokee County Canton Milton Alpharetta Woodstock Buckhead Cumming Forsyth County

Active Listings vs Year Ago (YAG) Active Listings vs Previous Month Median List Price Days On Market Median Sales Price Units Sold vs Year Ago (YAG) Units Sold vs Previous Month

Cherokee County Topline Overview •

Inventory: August was a robust month for Active Listings in Cherokee County, where Active Listings were up +18% vs Aug LY. Active Listings in July and Sept were off -9% and -12%, respectively, versus same month prior year. The remaining 9 months in 2014 saw Active Listing levels at parity or marginally stronger/weaker than same month prior year. As home values continue to rise to a level where more homeowners are not “under water,” you can expect inventory levels to escalate.

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List Price: The Median List Price was higher all 12 months in 2014 versus same month prior year. On average, the spread has been ~$25K, where the 2014 median for the month has been higher than 2013. A reflection that home values are improving.

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Days On Market: DoM were higher 8 of 12 months in 2014, versus same month prior year. We saw similar results for the Canton and Woodstock markets, except that the configuration of the months we saw a decline were slightly different. This result is unusual and not replicated across any of the 5 remaining geographies we monitor closely.

Cherokee County Topline Overview •

Sales Price: The Median Sales Price was higher all 12 months versus same month prior year. The average spread was ~$20K, with the average in 2014 at $196K and 2013 $176K. Further confirmation that home values are rising.

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Units Sold: Units Sold were down 10 of 12 months in 2014, versus same moth prior year. The percent decline was actually off double digits in 8 of those 10 months. The suspected culprits for this trend are headwinds from mortgage interest rates , continued tight credit conditions and arguably an economy that is underachieving. Although nominal mortgage rates remain low by historical standards, all else equal, higher rates raise the cost of financing a home purchase, which puts downward pressure on housing demand and residential investment. Existing home sales growth in 2015 is predicted to be more favorable nationally, with existing home sales expected to grow +8%, according to Kiplinger’s 2015 Economic Outlook.

Active Listings vs YAG Cherokee County 1610 1560 1510 1460 1410 1360 1310 1260 1210 1160

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2014 2013

Active listings lagged or were at parity the first 6 months of this year and the last 3 months of the year. In between those periods, we had a July where Active Listings were down -9%, up +18% in Aug and down -12% in Sept.

Active Listings vs Previous Month Cherokee County 1750 1650 1550 1450 1350 1250

Current Month Previous Month

1150

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Active listings current month versus prior month were relatively consistent the first 8 months of the year, with fluctuations in the +1% (May) to -4% (July & Aug). The months of Sept and Oct we saw some unexplained wild fluctuations, this year versus last year (Sept -26% and Oct +40%).

Median List Price (000's) Cherokee County $270.0 $250.0 $230.0 $210.0

2014 2013

$190.0

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Median list prices in Cherokee County were higher all 12 months of 2014, versus same month prior year. The 2014 Cherokee County Median List Price was, on average, approximately +$24.9K higher than historical 2013 levels, month over month

Days On Market Cherokee County 90 80 70 60 50 40 30 20 10 0

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2014 2013

Days on Market for Cherokee County were higher 8 of 12 months in 2014, versus same month prior year. The only 4 months where we saw year over year DoM lower than the previous year were Jan (-15%), Feb (-24%), Aug (-5%) and Dec (-2%). We saw somewhat similar results in the Canton and Woodstock markets, but not in any of the remaining 5 geographies we track closely.

Median Sales Price (000's) Cherokee County $250.0 $200.0 $150.0 $100.0

2014 2013

$50.0

$0.0

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The Median Sales Price in Cherokee County was higher than same month prior year each of the 12 months of 2014. The average month over month variance 2014 vs 2013 was ~$20K.

Units Sold Cherokee County 450 400 350 300 250

2014

200

2013

150 100

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Units Sold across Cherokee County were down 10 of 12 months in 2014 vs 2013. The only two months where we had year over year increases were Sept (+14%) and Oct (+12%).

Again, similar results are common when you look across the remaining 7 Atlanta Metro geographies we track closely.

Video Market Update Recap: Cherokee County 2014 Active Listings vs YAG LY TY Active Listings vs Prev Month Pre Mo TM Median List Price (000's) TY LY Days On Market LY TY Median Sale Price (000's) TY LY Pre Mo Units Sold vs YAG LY TY Units Sold vs Prev Mo TM Pre Mo

Jan -3% 1226 1189 0% 1185 1189 $250.0 $210.8 -15% 84 71 $181.0 $155.0 $183.5 -9% 182 166 -46% 305 166

Feb -1% 1226 1212 0% 1213 1212 $256.8 $215.5 -24% 79 60 $182.0 $160.0 $175.5 -29% 241 171 -26% 232 171

March -2% 1233 1208 -3% 1251 1208 $257.4 $229.5 10% 72 79 $200.5 $167.0 $182.5 -26% 367 270 16% 233 270

April 0% 1216 1217 -1% 1234 1217 $255.9 $230.0 25% 53 66 $179.5 $170.0 $201.0 -31% 348 240 -16% 240 287

May 1% 1252 1260 1% 1244 1260 $258.0 $233.9 20% 55 66 $200.0 $177.5 $180.0 -34% 397 261 -13% 261 300

June 0% 1264 1265 -2% 1287 1265 $250.6 $233.9 9% 58 63 $208.2 $189.5 $198.6 -24% 351 268 -8% 268 292

July -9% 1346 1221 -4% 1275 1221 $259.0 $236.9 18% 50 59 $196.0 $188.0 $205.0 -39% 423 257 -17% 257 310

Aug 18% 1343 1586 -4% 1650 1586 $256.3 $239.9 -5% 55 52 $197.5 $176.5 $194.9 -11% 388 344 -20% 344 431

Sept -12% 1336 1174 -26% 1587 1174 $265.0 $244.9 10% 52 57 $190.0 $180.0 $196.8 14% 294 336 -12% 336 380

Oct 1% 1400 1400 40% 1000 1400 $264.9 $239.9 11% 56 62 $194.6 $170.0 $190.8 12% 321 361 -5% 361 380

Nov 2% 1300 1300 -3% 1400 1300 $259.9 $240.5 5% 61 64 $210.0 $189.9 $194.0 -6% 263 246 -34% 246 371

Dec -2% 1200 1200 -10% 1000 1200 $260.0 $239.5 -2% 66 65 $209.9 $185.0 $208.0 -25% 312 234 -9% 234 258

2014 YEAR IN REVIEW LOCAL MARKET REAL ESTATE YEAR IN REVIEW

REMAINING MARKETS: • • • • • •

Milton Alpharetta Woodstock Buckhead Cumming Forsyth County

Video Market Update Recap: Milton 2014 Jan Active Listings vs YAG LY TY Active Listings vs Prev Month Pre Mo TM Median List Price (000's) TY LY Days On Market LY TY Median Sale Price (000's) TY LY Pre Mo Units Sold vs YAG LY TY Units Sold vs Prev Mo TM Pre Mo

3% 112 115 7% 107 115 $699.9 $607.5 -15% 72 61 $505.0 $615.0 $606.0 -27% 15 11 -54% 24 11

Feb 13% 114 129 10% 117 129 $682.0 $635.0 -48% 103 54 $517.0 $346.2 $513.8 -48% 23 12 -14% 14 12

March 25% 113 141 9% 129 141 $700.0 $625.0 -19% 96 78 $612.0 $462.7 $517.0 28% 18 23 28% 18 23

April 29% 120 155 7% 145 155 $725.0 $680.8 -9% 95 86 $518.5 $600.0 $622.5 5% 19 20 -23% 20 26

May 48% 120 177 12% 158 177 $669.0 $699.0 -52% 97 47 $559.5 $488.0 $540.2 -8% 39 36 64% 36 22

June 39% 134 186 3% 180 186 $699.0 $670.4 12% 68 76 $643.8 $560.0 $559.5 -14% 35 30 -25% 30 40

July 36% 140 190 -2% 193 190 $699.5 $671.3 -3% 58 56 $639.0 $613.8 $660.0 -22% 32 25 -31% 25 36

Aug 51% 133 201 2% 198 201 $699.0 $670.9 -10% 48 43 $455.0 $467.5 $631.8 -14% 35 30 0% 30 30

Sept 30% 126 164 -18% 201 164 $725.0 $742.0 70% 67 114 $478.0 $383.6 $455.0 11% 19 21 -38% 21 34

Oct 49% 127 189 6% 179 189 $730.0 $699.9 -4% 70 67 $510.0 $444.0 $452.7 -15% 26 22 -8% 22 24

Nov 65% 115 190 0% 190 190 $749.9 $725.0 6% 94 100 $457.4 $585.9 $525.0 39% 18 25 9% 25 23

Dec 60% 108 173 -9% 190 173 $719.9 $700.0 9% 74 81 $582.5 $606.8 $514.6 -17% 24 20 -26% 20 27

Video Market Update Recap: Alpharetta 2014 Active Listings vs YAG LY TY Active Listings vs Prev Month Pre Mo TM Median List Price (000's) TY LY Days On Market LY TY Median Sale Price (000's) TY LY Pre Mo Units Sold vs YAG LY TY Units Sold vs Prev Mo TM Pre Mo

Jan -30% 677 471 -2% 480 471 $420.0 $339.0 -38% 85 53 $243.5 $230.0 $282.8 -41% 125 74 -53% 156 74

Feb -20% 664 530 10% 484 530 $425.0 $349.3 -39% 94 57 $238.5 $260.0 $255.7 -30% 131 92 -13% 106 92

March -13% 655 569 6% 539 569 $433.9 $375.0 -27% 75 55 $304.3 $275.0 $248.4 -31% 199 138 20% 115 138

April 0% 644 643 11% 580 643 $445.0 $361.8 -27% 64 47 $310.0 $276.3 $300.0 -41% 224 133 -6% 133 141

May 14% 638 728 10% 660 728 $442.0 $379.9 -20% 54 43 $294.2 $285.0 $308.5 4% 242 252 46% 252 173

June 24% 631 782 6% 736 782 $428.9 $354.8 -12% 41 36 $320.0 $283.8 $294.2 -9% 262 239 -15% 239 280

July 34% 589 790 0% 790 790 $402.4 $379.9 -20% 46 37 $341.5 $285.0 $317.5 -10% 267 240 -8% 240 260

Aug 32% 599 788 -1% 795 788 $403.3 $375.5 -12% 51 45 $315.0 $279.5 $317.9 -10% 238 214 -23% 214 278

Sept -1% 621 616 -22% 788 616 $428.9 $379.5 -4% 45 43 $295.5 $266.0 $315.0 8% 169 183 -18% 183 224

Oct 17% 601 703 7% 656 703 $425.0 $389.9 33% 46 61 $262.5 $266.0 $299.5 4% 183 191 -5% 191 202

Nov 24% 552 682 -4% 707 682 $429.0 $384.2 22% 49 60 $278.0 $254.5 $263.8 -9% 138 126 -34% 126 192

Dec 27% 496 629 -9% 694 629 $450.0 $379.3 -18% 62 51 $290.0 $282.8 $274.0 -16% 158 133 1% 133 132

Video Market Update Recap: Woodstock 2014 Active Listings vs YAG LY TY Active Listings vs Prev Month Pre Mo TM Median List Price (000's) TY LY Days On Market LY TY Median Sale Price (000's) TY LY Pre Mo Units Sold vs YAG LY TY Units Sold vs Prev Mo TM Pre Mo

Jan -11% 416 369 -4% 384 369 $234.9 $189.9 -42% 80 46 $166.0 $160.0 $181.5 -16% 81 68 -46% 126 68

Feb 5% 389 410 7% 382 410 $240.0 $189.9 -42% 72 42 $185.5 $156.0 $165.0 -19% 101 82 -17% 99 82

March 37% 349 479 11% 430 479 $235.9 $200.0 -16% 61 51 $173.5 $165.8 $185.0 -33% 160 107 -1% 108 107

April 49% 340 507 3% 490 507 $234.9 $209.9 -2% 45 44 $178.5 $168.0 $172.8 -23% 163 126 9% 126 116

May 54% 349 536 3% 522 536 $231.1 $217.0 16% 44 51 $185.3 $165.0 $180.8 -3% 177 172 8% 172 160

June 51% 366 551 -1% 556 551 $234.9 $210.0 -15% 52 44 $205.0 $180.0 $186.0 8% 145 156 -20% 156 195

July 43% 394 562 -1% 567 562 $228.0 $211.3 7% 44 47 $194.0 $197.7 $196.0 -1% 170 168 -10% 168 186

Aug 36% 392 535 -7% 573 535 $239.0 $214.6 -4% 47 45 $196.8 $168.7 $189.9 -10% 164 148 -24% 148 194

Sept -6% 400 375 -30% 538 375 $246.5 $219.9 11% 45 50 $178.8 $175.0 $197.5 2% 131 134 -15% 134 157

Oct 10% 420 460 6% 436 460 $240.0 $224.9 0% 53 53 $190.0 $168.0 $179.5 28% 121 155 4% 155 149

Nov 2% 421 430 -7% 463 430 $240.0 $230.0 2% 53 54 $205.5 $179.0 $189.3 4% 107 111 -31% 111 160

Dec -3% 412 399 -8% 432 399 $246.5 $218.4 0% 59 59 $211.1 $181.8 $205.0 -9% 130 118 4% 118 114

Video Market Update Recap: Buckhead 2014 Active Listings vs YAG LY TY Active Listings vs Prev Month Pre Mo TM Median List Price (000's) TY LY Days On Market LY TY Median Sale Price (000's) TY LY Pre Mo Units Sold vs YAG LY TY Units Sold vs Prev Mo TM Pre Mo

Jan -20% 118 94 -8% 102 94 $1.7 $1.4 -29% 182 130 $605.9 $937.5 $649.0 -44% 9 5 -62% 5 13

Feb -20% 125 100 0% 100 100 $2.0 $1.4 -52% 116 56 $735.0 $694.5 $605.9 17% 6 7 0% 7 7

March -9% 937 850 10% 774 850 $615.0 $524.9 -23% 82 63 $329.0 $325.5 $279.0 -12% 234 207 49% 139 207

April 12% 130 146 24% 118 146 $1.7 $1.5 150% 48 120 $896.5 $647.5 $834.5 33% 12 16 60% 16 10

May 10% 126 138 -5% 145 138 $1.7 $1.5 -30% 54 38 $819.5 $646.6 $860.0 -23% 26 20 11% 20 18

June 4% 906 946 -3% 974 946 $672.5 $572.0 -6% 54 51 $350.0 $377.5 $376.9 0% 242 242 3% 242 234

July 5% 903 949 -1% 959 949 $659.0 $550.0 -24% 67 51 $305.0 $365.0 $334.0 -22% 267 209 -22% 209 269

Aug 8% 889 964 1% 957 964 $622.5 $561.9 -11% 53 47 $374.9 $325.0 $316.0 0% 216 215 -14% 215 250

Sept -6% 906 854 -11% 960 854 $595.0 $554.5 20% 50 60 $312.3 $321.0 $346.0 -4% 197 190 -21% 190 239

Oct 6% 886 938 6% 885 938 $559.0 $517.0 -5% 64 61 $300.0 $301.0 $299.9 31% 166 217 1% 217 214

Nov 5% 854 900 -5% 952 900 $559.0 $495.0 -18% 68 56 $380.0 $300.0 $300.0 -12% 180 158 -29% 158 223

Dec 11% 754 834 -8% 905 834 $532.5 $477.0 -20% 82 66 $346.8 $302.2 $341.0 -10% 186 167 -1% 167 168

Video Market Update Recap: Cumming 2014 Active Listings vs YAG LY TY Active Listings vs Prev Month Pre Mo TM Median List Price (000's) TY LY Days On Market LY TY Median Sale Price (000's) TY LY Pre Mo Units Sold vs YAG LY TY Units Sold vs Prev Mo TM Pre Mo

Jan -4% 839 808 8% 751 808 $318.5 $264.0 -24% 85 65 $276.0 $215.0 $270.0 -13% 137 119 -40% 119 199

Feb -6% 846 799 -1% 809 799 $319.9 $269.9 -8% 83 76 $244.4 $216.9 $274.9 -29% 174 124 -22% 124 159

March 2% 874 895 10% 811 895 $315.0 $275.0 -25% 81 61 $269.5 $239.9 $249.0 -8% 221 203 24% 164 203

April 11% 845 938 3% 910 938 $319.7 $289.0 -18% 66 54 $267.4 $252.5 $268.0 -32% 277 189 -16% 189 224

May 15% 892 1022 7% 953 1022 $324.9 $299.9 -11% 63 56 $290.0 $247.5 $267.5 10% 266 293 12% 293 262

June 23% 889 1090 6% 1032 1090 $326.2 $299.0 -12% 56 49 $275.0 $259.2 $290.0 -4% 308 295 -12% 295 334

July 27% 894 1139 2% 1113 1139 $327.9 $300.0 -18% 51 42 $270.0 $255.0 $275.0 -20% 332 265 -21% 265 335

Aug 24% 900 1112 -4% 1158 1112 $324.1 $300.0 0% 56 56 $271.0 $260.3 $275.3 -9% 285 260 -18% 260 316

Sept -3% 856 827 -25% 1103 827 $330.0 $300.0 0% 60 60 $283.0 $242.0 $279.2 -10% 230 207 -28% 207 288

Oct 23% 823 1000 12% 902 1000 $324.2 $300.0 17% 52 61 $266.3 $250.0 $272.5 -2% 248 243 -1% 243 245

Nov 19% 827 984 -4% 1000 984 $331.0 $309.8 3% 72 74 $258.0 $221.5 $265.6 -13% 195 169 -31% 169 246

Dec 20% 779 937 -6% 999 937 $335.0 $299.9 -19% 74 60 $266.0 $270.1 $258.0 -9% 204 185 1% 185 183

Video Market Update Recap: Forsyth County 2014 Active Listings vs YAG LY TY Active Listings vs Prev Month Pre Mo TM Median List Price (000's) TY LY Days On Market LY TY Median Sale Price (000's) TY LY Pre Mo Units Sold vs YAG LY TY Units Sold vs Prev Mo TM Pre Mo

Jan -8% 1142 1050 6% 993 1050 $329.9 $275.0 -34% 90 59 $276.0 $218.4 $268.7 -20% 188 151 -45% 151 274

Feb -9% 1024 668 -2% 1062 1044 $330.0 $279.9 -18% 85 70 $249.9 $224.9 $270.0 -23% 227 175 -15% 175 205

March -15% 1196 1020 -4% 1058 1020 $329.9 $285.0 -21% 82 65 $270.0 $249.0 $255.0 -9% 301 273 17% 234 273

April -12% 1184 1041 0% 1037 1041 $337.8 $299.0 0% 62 62 $278.7 $256.0 $268.7 -42% 371 217 -26% 217 294

May -12% 1227 1079 3% 1050 1079 $339.4 $315.6 -5% 63 60 $290.0 $255.0 $280.0 -15% 373 317 6% 317 298

June -6% 1218 1149 5% 1091 1149 $338.5 $310.0 -2% 55 54 $296.0 $267.3 $294.5 -22% 412 322 -10% 322 358

July -4% 1219 1168 0% 1167 1168 $343.5 $315.0 -2% 52 51 $289.0 $260.3 $93.0 -36% 438 281 -22% 281 359

Aug 24% 1212 1501 -3% 1555 1501 $335.0 $310.0 -1% 55 54 $284.5 $260.3 $281.5 -7% 393 365 -20% 365 455

Sept -4% 1153 1111 -25% 1488 1111 $342.3 $314.0 0% 59 59 $287.5 $243.0 $286.0 -6% 298 281 -30% 281 402

Oct 20% 1100 1000 11% 1000 1000 $339.0 $314.9 11% 54 60 $270.0 $255.0 $280.0 0% 340 341 3% 341 332

Nov 17% 1000 1000 -5% 1000 1000 $342.3 $319.4 6% 67 71 $258.0 $235.5 $270.2 -11% 254 226 -35% 226 348

Dec 16% 1000 1000 -8% 1300 1000 $347.5 $314.9 -12% 67 59 $280.0 $269.1 $257.0 -11% 280 249 2% 249 243

FOR MORE INFORMATION REGARDING THE MARKET AND HOW IT IMPACTS YOU, PLEASE CONTACT JEANINE BLUMER AT

678-858-4927