April 2014 Activity Snapshot

One-Year Change in One-Year Change inClosed Sales Median Sales Price

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Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS® MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing.

Pending SalesClosed SalesDays on Market Until SaleMedian Sales PriceAverage Sales PricePercent of List Price Received

The public has finally grown used to talk of a real estate market in recovery. With prices going up, people are starting to wonder if a new bubble is forming. Most metropolitan markets are somewhere between recovery and normalization. Supply is still tight but improving in some areas. What housing really needs is further job and wage growth to support healthy demand levels fueled by new household formations.

New Listings in Greater Baton Rouge decreased 0.6 percent to 1,259. Pending Sales were up 17.1 percent to 1,022. Inventory levels shrank 9.4 percent to 3,880 units.

Prices were still a bit soft. The Median Sales Price decreased 4.2 percent to $171,385. Days on Market remained flat at 91 days. Absorption rates improved as Months Supply of Inventory was down 17.2 percent to 5.3 months.

April's job growth was above expectations. Growth is likely to accelerate through the year, but the types of jobs being created is also important. We're producing more low-wage jobs as opposed to high-wage jobs. That's not conducive to increasing the number of potential buyers. It also means less disposable income sloshing around. Even so, some local markets may pause but are unlikely to falter thanks to suppressed supply levels and an improving sales mix. Don't confuse temporarily weak demand indicators for stagnation.

Homes for Sale

A research tool provided by the Greater Baton Rouge Association of REALTORS®. Residential real estate activity comprised of single-family properties, townhomes and condominiums combined. Percent changes are calculated using rounded figures.

Activity OverviewNew Listings

Housing Affordability IndexInventory of Homes for SaleMonths Supply of Inventory

Monthly Indicators

0.0% - 4.2% - 9.4%One-Year Change in

Activity Overview

Key Metrics Historical Sparkbars 4-2013 4-2014 Percent Change YTD 2013 YTD 2014 Percent Change

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS® MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 2

+ 0.1%

Affordability Index 157 151 - 3.8% 165 152 - 7.9%

Pct. of List Price Received 96.8% 97.1% + 0.3% 96.8% 96.9%

--

-- --

Homes for Sale 4,283 3,880 - 9.4% -- --

Months Supply 6.4 5.3 - 17.2% --

+ 0.1%

Average Sales Price $207,359 $200,636 - 3.2% $195,141 $195,817 + 0.3%

Median Sales Price $178,950 $171,385 - 4.2% $170,000 $170,250

+ 0.5%

Days on Market 91 91 0.0% 95 92 - 3.2%

Closed Sales 797 797 0.0% 2,570 2,582

Key metrics by report month and for year-to-date (YTD) starting from the first of the year.

New Listings 1,266 1,259 - 0.6% 4,373 - 6.8%

Pending Sales 873 1,022 + 17.1% 3,023 3,281 + 8.5%

4,693

4-2011 4-2012 4-2013 4-2014

4-2011 4-2012 4-2013 4-2014

4-2011 4-2012 4-2013 4-2014

4-2011 4-2012 4-2013 4-2014

4-2011 4-2012 4-2013 4-2014

4-2011 4-2012 4-2013 4-2014

4-2011 4-2012 4-2013 4-2014

4-2011 4-2012 4-2013 4-2014

4-2011 4-2012 4-2013 4-2014

4-2011 4-2012 4-2013 4-2014

New Listings

Prior Year Percent Change

May 2013 1,249 1,218 +2.5%

June 2013 1,181 1,115 +5.9%

July 2013 1,212 1,178 +2.9%

August 2013 1,179 999 +18.0%

September 2013 1,085 919 +18.1%

October 2013 1,066 1,072 -0.6%

November 2013 809 814 -0.6%

December 2013 668 608 +9.9%

January 2014 992 1,191 -16.7%

February 2014 1,000 1,023 -2.2%

March 2014 1,122 1,213 -7.5%

April 2014 1,259 1,266 -0.6%

12-Month Avg 1,069 1,051 +1.7%

Historical New Listings by Month

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS® MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 3

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

New Listings

1,142 1,266 1,259

2012 2013 2014

April

0

1,000

2,000

3,000

4,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

4,379 4,693

4,373

2012 2013 2014

Year to Date

- 6.8% + 10.9% - 0.6% + 7.2% - 1.1% - 0.8%

Pending Sales

Prior Year Percent Change

May 2013 829 764 +8.5%

June 2013 770 691 +11.4%

July 2013 786 767 +2.5%

August 2013 753 583 +29.2%

September 2013 610 582 +4.8%

October 2013 687 650 +5.7%

November 2013 578 539 +7.2%

December 2013 492 479 +2.7%

January 2014 677 608 +11.3%

February 2014 683 666 +2.6%

March 2014 899 876 +2.6%

April 2014 1,022 873 +17.1%

12-Month Avg 732 673 +8.8%

Historical Pending Sales by Month

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS® MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 4

A count of the properties on which offers have been accepted in a given month.

Pending Sales

790 873

1,022

2012 2013 2014

April

0

500

1,000

1,500

2,000

2,500

3,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

2,756 3,023

3,281

2012 2013 2014

Year to Date

+ 8.5% + 10.5% + 17.1% + 9.7% + 30.4% + 28.2%

Closed Sales

Prior Year Percent Change

May 2013 836 737 +13.4%

June 2013 852 772 +10.4%

July 2013 839 721 +16.4%

August 2013 902 618 +46.0%

September 2013 730 698 +4.6%

October 2013 662 650 +1.8%

November 2013 587 557 +5.4%

December 2013 643 537 +19.7%

January 2014 523 479 +9.2%

February 2014 606 536 +13.1%

March 2014 656 758 -13.5%

April 2014 797 797 0.0%

12-Month Avg 719 655 +9.8%

Historical Closed Sales by Month

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS® MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 5

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

Closed Sales

611

797 797

2012 2013 2014

April

0

500

1,000

1,500

2,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

2,193

2,570 2,582

2012 2013 2014

Year to Date

+ 0.5% + 30.4% 0.0% + 17.2% + 21.2% + 18.4%

Days on Market Until Sale

Prior Year Percent Change

May 2013 92 99 -7.1%

June 2013 81 91 -11.0%

July 2013 76 88 -13.6%

August 2013 78 104 -25.0%

September 2013 80 102 -21.6%

October 2013 85 95 -10.5%

November 2013 86 90 -4.4%

December 2013 79 86 -8.1%

January 2014 86 100 -14.0%

February 2014 94 99 -5.1%

March 2014 94 93 +1.1%

April 2014 91 91 0.0%

12-Month Avg* 85 95 -10.5%

Historical Days on Market Until Sale by Month

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS® MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 6

Average number of days between when a property is listed and when an offer is accepted in a given month.

Days on Market

* Average Days on Market of all properties from May 2013 through April 2014. This is not the average of the individual figures above.

101 91 91

2012 2013 2014

April

0

20

40

60

80

100

120

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

104 95 92

2012 2013 2014

Year to Date

- 3.2% - 9.9% 0.0% - 8.7% - 10.6% - 1.9%

Median Sales Price

Prior Year Percent Change

May 2013 $173,500 $170,000 +2.1%

June 2013 $177,900 $168,000 +5.9%

July 2013 $176,650 $171,707 +2.9%

August 2013 $176,000 $170,700 +3.1%

September 2013 $169,900 $169,900 0.0%

October 2013 $170,858 $166,150 +2.8%

November 2013 $174,000 $172,900 +0.6%

December 2013 $179,500 $165,000 +8.8%

January 2014 $167,500 $162,000 +3.4%

February 2014 $164,950 $172,450 -4.3%

March 2014 $177,900 $168,048 +5.9%

April 2014 $171,385 $178,950 -4.2%

12-Month Med* $174,000 $169,900 +2.4%

Historical Median Sales Price by Month

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS® MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 7

Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.

Median Sales Price

* Median Sales Price of all properties from May 2013 through April 2014. This is not the average of the individual figures above.

$163,385 $178,950

$171,385

2012 2013 2014

April

$0

$50,000

$100,000

$150,000

$200,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

$160,000 $170,000 $170,250

2012 2013 2014

Year to Date

+ 0.1% + 9.5% - 4.2% + 6.3% - 0.2% - 2.7%

Average Sales Price

Prior Year Percent Change

May 2013 $197,982 $196,757 +0.6%

June 2013 $203,750 $191,762 +6.3%

July 2013 $202,854 $194,814 +4.1%

August 2013 $202,850 $198,977 +1.9%

September 2013 $193,265 $197,728 -2.3%

October 2013 $197,266 $186,355 +5.9%

November 2013 $197,549 $205,357 -3.8%

December 2013 $203,204 $193,059 +5.3%

January 2014 $178,590 $174,690 +2.2%

February 2014 $193,480 $196,109 -1.3%

March 2014 $205,850 $194,552 +5.8%

April 2014 $200,636 $207,359 -3.2%

12-Month Avg* $198,791 $195,317 +1.8%

Historical Average Sales Price by Month

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS® MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 8

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

Average Sales Price

* Average Sales Price of all properties from May 2013 through April 2014. This is not the average of the individual figures above.

$186,352 $207,359 $200,636

2012 2013 2014

April

$0

$50,000

$100,000

$150,000

$200,000

$250,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

$184,212 $195,141 $195,817

2012 2013 2014

Year to Date

+ 0.3% + 11.3% - 3.2% + 5.9% - 5.6% - 2.7%

Percent of List Price Received

Prior Year Percent Change

May 2013 96.8% 97.1% -0.3%

June 2013 97.1% 96.6% +0.5%

July 2013 96.7% 97.0% -0.3%

August 2013 97.3% 97.0% +0.3%

September 2013 97.3% 97.2% +0.1%

October 2013 96.5% 96.4% +0.1%

November 2013 96.7% 96.2% +0.5%

December 2013 97.1% 96.5% +0.6%

January 2014 96.8% 96.3% +0.5%

February 2014 96.4% 97.2% -0.8%

March 2014 97.1% 96.9% +0.2%

April 2014 97.1% 96.8% +0.3%

12-Month Avg* 96.9% 96.8% +0.1%

Historical Percent of List Price Received by Month

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS® MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 9

Percentage found when dividing a property’s sales price by its most recent list price, then taking the average for all properties sold in a given month, not accounting for seller concessions.

Pct. of List Price Received

* Average Pct. of List Price Received for all properties from May 2013 through April 2014. This is not the average of the individual figures above.

96.8% 96.8% 97.1%

2012 2013 2014

April

95%

96%

97%

98%

99%

100%

101%

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

96.6% 96.8% 96.9%

2012 2013 2014

Year to Date

+ 0.1% 0.0% + 0.3% + 0.2% + 0.1% 0.0%

Housing Affordability Index

Prior Year Percent Change

May 2013 156 158 -1.3%

June 2013 144 161 -10.6%

July 2013 146 160 -8.8%

August 2013 145 160 -9.4%

September 2013 152 164 -7.3%

October 2013 151 166 -9.0%

November 2013 157 161 -2.5%

December 2013 145 170 -14.7%

January 2014 152 175 -13.1%

February 2014 157 160 -1.9%

March 2014 146 164 -11.0%

April 2014 151 157 -3.8%

12-Month Avg 150 150 0.0%

Historical Housing Affordability Index by Month

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS® MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 10

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.

Affordability Index

163 157 151

2012 2013 2014

April

0

50

100

150

200

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

166 165 152

2012 2013 2014

Year to Date

- 7.9% - 3.7% - 3.8% - 0.6% + 10.1% + 12.9%

Inventory of Homes for Sale

Prior Year Percent Change

May 2013 4,358 4,701 -7.3%

June 2013 4,396 4,691 -6.3%

July 2013 4,430 4,670 -5.1%

August 2013 4,427 4,655 -4.9%

September 2013 4,506 4,518 -0.3%

October 2013 4,502 4,466 +0.8%

November 2013 4,379 4,359 +0.5%

December 2013 4,123 4,029 +2.3%

January 2014 4,064 4,207 -3.4%

February 2014 4,063 4,263 -4.7%

March 2014 3,963 4,239 -6.5%

April 2014 3,880 4,283 -9.4%

12-Month Avg* 4,258 4,423 -3.7%

Historical Inventory of Homes for Sale by Month

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS® MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 11

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

Homes for Sale

* Homes for Sale for all properties from May 2013 through April 2014. This is not the average of the individual figures above.

4,630 4,283

3,880

2012 2013 2014

April

0

1,000

2,000

3,000

4,000

5,000

6,000

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

- 7.5% - 9.4% - 10.3%

Months Supply of Inventory

Prior Year Percent Change

May 2013 6.4 7.7 -16.9%

June 2013 6.4 7.6 -15.8%

July 2013 6.5 7.4 -12.2%

August 2013 6.3 7.5 -16.0%

September 2013 6.4 7.2 -11.1%

October 2013 6.4 7.0 -8.6%

November 2013 6.2 6.8 -8.8%

December 2013 5.8 6.2 -6.5%

January 2014 5.7 6.4 -10.9%

February 2014 5.7 6.5 -12.3%

March 2014 5.5 6.4 -14.1%

April 2014 5.3 6.4 -17.2%

12-Month Avg* 6.0 6.9 -13.0%

Historical Months Supply of Inventory by Month

Current as of May 10, 2014. All data from the Greater Baton Rouge Association of REALTORS® MLS. Information deemed reliable but not guaranteed. Powered by 10K Research and Marketing. | Click for Cover Page | 12

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

* Months Supply for all properties from May 2013 through April 2014. This is not the average of the individual figures above.

7.7

6.4

5.3

2012 2013 2014

April

0

5

10

15

20

25

30

1-2003 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014

- 16.9% - 17.2% - 29.4%