Monthly Indicators

December 2014 Quick Facts

A RESEARCH TOOL PROVIDED BY METRO MLS FOR ACTIVITY IN THE 4-COUNTY MILWAUKEE METROPOLITAN AREA

+ 3.0%

Change inMedian Sales Price

- 3.9%

Change inInventory

+ 4.7%

Change inClosed Sales

It has been another recovery year in 2014 but not the same as 2013. With a broad pattern of rising prices and stable to improving inventory, the market has shifted from being drastically undersupplied to approaching equilibrium. Price gains are still positive but less robust than last year. The metrics to watch in 2015 include days on market, percent of list price received and absorption rates, as these can offer deeper and more meaningful insights into the future

Market Overview 2New Listings 3Pending Sales 4Closed Sales 5Days on Market Until Sale 6Median Sales Price 7Average Sales Price 8

9Housing Affordability Index 10Inventory of Homes for Sale 11Months Supply of Inventory 12

Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. Current as of January 10, 2015. All data from Metro MLS. Powered by 10K Research and Marketing.

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Percent of List Price Received

direction of housing.

New Listings in the Milwaukee region decreased 2.1 percent to 904. Pending Sales were down 15.5 percent to 722. Inventory levels fell 3.9 percent to 6,056 units.

Prices continued to gain traction. The Median Sales Price increased 3.0 percent to $170,000. Days on Market was down 8.1 percent to 84 days. Sellers were encouraged as Months Supply of Inventory was down 1.5 percent to 4.5 months.

Interest rates remained lower than anyone expected for the entire year. That trend snowballed with solid and accelerating private job growth to empower more consumers to buy homes. This coupled nicely on the governmental side with mortgage debt forgiveness and interest deduction preservation. Student loan debt, sluggish wage growth and a lack of sufficient mortgage liquidity still remain hurdles to greater recovery.

Market Overview Key market metrics for the current month and year-to-date figures.

Key Metrics Historical Sparklines 12-2013 12-2014 + / – YTD 2013 YTD 2014 + / –

16,189 - 2.0%

91 84

$ $

Days on Market Until Sale

1,074 1,124 + 4.7% 16,521

New Listings

Pending Sales

Closed Sales

+ 3.4%

854 722 - 15.5% 16,422 16,022 - 2.4%

25,021923 904 - 2.1% 24,193

$ $

- 8.1% 89 82 - 7.1%

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

187

6,302

183 + 1.5%

--

$205,414 $211,751 + 3.1%

$165,000 $170,000

$211,610 + 4.0%

91.3% 92.6%

Housing Affordability Index

Median Sales Price

Average Sales Price

Percent of OriginalList Price Received

$203,395

+ 3.0% $170,500 $177,500

+ 0.5%

+ 4.1%

+ 1.5% 93.0% 93.4%

All data comes from Metro MLS. for activity in the 4-County Milwaukee Metropolitan Area. Powered by 10K Research and Marketing. | Click for Cover Page | 2

4.6

191 + 2.6%

- 3.9%

- 1.5%

6,056

4.5

181

--

-- --

--

--Months Supplyof Homes for Sale

Inventory of Homes for Sale

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

12-2011 12-2012 12-2013 12-2014

New Listings A count of the properties that have been newly listed on the market in a given month.

MonthPrior Year

Current Year

+ / –

January 1,680 1,670 -0.6%

February 1,784 1,762 -1.2%

March 2,300 2,419 +5.2%

April 2,615 2,815 +7.6%

May 2,714 2,805 +3.4%

June 2,498 2,799 +12.0%

July 2,384 2,424 +1.7%

August 2,242 2,188 -2.4%

September 1,987 2,099 +5.6%

October 1,835 1,869 +1.9%

November 1,231 1,267 +2.9%

December 923 904 -2.1%

983923 904

December

23,520 24,193 25,021

Year To Date

+3.4%-6.1% -2.1% +2.9%

12-Month Avg 2,016 2,085 +3.4%

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2012 2013 2014

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

Historical New Listing Activity

2012 2013 2014

Pending Sales A count of the properties on which contracts have been accepted in a given month.

MonthPrior Year

Current Year

+ / –

January 1,041 917 -11.9%

February 1,184 1,036 -12.5%

March 1,485 1,321 -11.0%

April 1,691 1,665 -1.5%

May 1,834 1,755 -4.3%

June 1,729 1,789 +3.5%

July 1,639 1,752 +6.9%

August 1,535 1,465 -4.6%

September 1,233 1,341 +8.8%

October 1,220 1,280 +4.9%

November 977 979 +0.2%

December 854 722 -15.5%

856 854

722

December

15,07316,422 16,022

Year To Date

-2.4%-0.2% -15.5% +8.9%

12-Month Avg 1,369 1,335 -2.4%

All data comes from Metro MLS for activity in the 4-County Milwaukee Metropolitan Area. Powered by 10K Research and Marketing. | Click for Cover Page | 4

2012 2013 2014

300

600

900

1,200

1,500

1,800

2,100

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

Historical Pending Sales Activity

2012 2013 2014

Closed Sales A count of the actual sales that have closed in a given month.

MonthPrior Year

Current Year

+ / –

January 795 785 -1.3%

February 882 819 -7.1%

March 1,331 1,136 -14.7%

April 1,460 1,341 -8.2%

May 1,770 1,631 -7.9%

June 1,821 1,872 +2.8%

July 1,877 1,880 +0.2%

August 1,790 1,748 -2.3%

September 1,382 1,436 +3.9%

October 1,319 1,365 +3.5%

November 1,020 1,052 +3.1%

December 1,074 1,124 +4.7%

1,0011,074

1,124

December

14,921

16,521 16,189

Year To Date

-2.0%+7.3% +4.7% +10.7%

12-Month Avg 1,377 1,349 -1.9%

All data comes from Metro MLS for activity in the 4-County Milwaukee Metropolitan Area. Powered by 10K Research and Marketing. | Click for Cover Page | 5

2012 2013 2014

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

Historical Closed Sales Activity

2012 2013 2014

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.

MonthPrior Year

Current Year

+ / –

January 106 93 -12.9%

February 107 96 -10.1%

March 106 98 -7.7%

April 103 87 -16.1%

May 87 85 -1.9%

June 83 74 -10.7%

July 77 73 -5.5%

August 81 77 -5.0%

September 77 78 +1.8%

October 82 80 -2.8%

November 84 84 +0.1%

December 91 84 -8.1%

9991

84

December

106

8982

Year To Date

-7.1%-8.2% -8.1% -16.3%

12-Month Avg 89 82 -7.1%

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2012 2013 2014

50

60

70

80

90

100

110

120

130

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

Historical Days on Market Until Sale

2012 2013 2014

Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.

MonthPrior Year

Current Year

+ / –

January $140,000 $155,000 +10.7%

February $145,000 $150,500 +3.8%

March $159,500 $163,250 +2.4%

April $166,750 $162,100 -2.8%

May $173,000 $175,375 +1.4%

June $190,000 $188,500 -0.8%

July $181,900 $190,000 +4.5%

August $180,500 $192,000 +6.4%

September $170,000 $178,000 +4.7%

October $172,000 $183,800 +6.9%

November $163,500 $179,950 +10.1%

December $165,000 $170,000 +3.0%

$150,000$165,000 $170,000

December

$160,000$170,500

$177,500

Year To Date

+4.1%+10.0% +3.0% +6.6%

12-Month Med $170,500 $177,500 +4.1%

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2012 2013 2014

$135,000

$145,000

$155,000

$165,000

$175,000

$185,000

$195,000

$205,000

$215,000

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

Historical Median Sales Price

2012 2013 2014

Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month.

MonthPrior Year

Current Year

+ / –

January $181,435 $190,484 +5.0%

February $173,264 $177,006 +2.2%

March $189,811 $189,744 -0.0%

April $200,478 $192,214 -4.1%

May $202,321 $205,401 +1.5%

June $227,483 $227,148 -0.1%

July $221,213 $224,917 +1.7%

August $218,972 $226,172 +3.3%

September $207,959 $213,691 +2.8%

October $200,459 $223,122 +11.3%

November $197,428 $220,864 +11.9%

December $203,395 $211,610 +4.0%

$185,236$203,395 $211,610

December

$190,649$205,414 $211,751

Year To Date

+ 3.1%+ 9.8% + 4.0% + 7.7%

12-Month Avg $205,414 $211,751 +3.1%

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2012 2013 2014

$170,000

$180,000

$190,000

$200,000

$210,000

$220,000

$230,000

$240,000

$250,000

$260,000

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

Historical Average Sales Price

2012 2013 2014

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.

MonthPrior Year

Current Year

+ / –

January 90.3% 91.8% +1.7%

February 89.6% 90.6% +1.0%

March 92.0% 92.4% +0.4%

April 93.0% 93.7% +0.8%

May 94.2% 93.8% -0.4%

June 94.7% 95.2% +0.6%

July 94.6% 94.8% +0.2%

August 93.7% 94.3% +0.6%

September 93.4% 93.0% -0.5%

October 92.6% 92.8% +0.3%

November 91.9% 92.2% +0.3%

December 91.3% 92.6% +1.5%

89.8% 91.3% 92.6%

December

90.7% 93.0% 93.4%

Year To Date

+0.5%+1.7% +1.5% +2.6%

12-Month Avg 93.0% 93.4% +0.5%

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2012 2013 2014

86%

88%

90%

92%

94%

96%

98%

100%

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

Historical Percent of Original List Price Received

2012 2013 2014

Housing Affordability Index

MonthPrior Year

Current Year

+ / –

January 233 198 -15.1%

February 223 205 -8.3%

March 202 190 -6.0%

April 194 190 -2.2%

May 183 180 -1.7%

June 159 168 +5.7%

July 167 166 -0.4%

August 166 165 -0.1%

September 178 176 -1.0%

October 176 176 -0.1%

November 188 178 -5.0%

December 187 191 +2.6%

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.

219

187 191

December

206

181 183

Year To Date

+1.5%-14.9% +2.6% -12.2%

12-Month Avg 188 182 -2.6%

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2012 2013 2014

90

110

130

150

170

190

210

230

250

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

Historical Housing Affordability Index

2012 2013 2014

Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month.

MonthPrior Year

Current Year

+ / –

January 6,929 6,352 -8.3%

February 7,005 6,479 -7.5%

March 7,222 6,980 -3.4%

April 7,609 7,588 -0.3%

May 7,941 8,074 +1.7%

June 8,179 8,408 +2.8%

July 8,217 8,374 +1.9%

August 8,190 8,312 +1.5%

September 8,170 8,157 -0.2%

October 7,832 7,644 -2.4%

November 7,231 6,985 -3.4%

December 6,302 6,056 -3.9%

6,9846,302 6,056

December

-3.9%-9.8%

12-Month Avg 7,569 7,451 -1.8%

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2012 2013 2014

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

13,000

14,000

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

Historical Inventory of Homes for Sale

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.

MonthPrior Year

Current Year

+ / –

January 5.4 4.7 -14.1%

February 5.5 4.8 -11.9%

March 5.6 5.2 -6.8%

April 5.9 5.7 -3.2%

May 6.1 6.1 +0.8%

June 6.1 6.3 +3.1%

July 6.1 6.3 +2.7%

August 6.0 6.2 +3.5%

September 6.0 6.1 +1.6%

October 5.7 5.7 -0.8%

November 5.3 5.2 -1.8%

December 4.6 4.5 -1.5%

5.6

4.6 4.5

December

-1.5%-17.2%

12-Month Avg 5.7 5.6 -2.2%

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2012 2013 2014

2

4

6

8

10

12

14

16

1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

Historical Months Supply of Inventory