The December 2011 Intown Atlanta Market Survey measures
market activity and changes for the residential real estate market as a whole
from December 1, 2008 to November 30, 2011.

The Average Sales Price for the 12 months ending November 30,
2011 was down slightly from $316,042 last month to $313,819, about .7 of 1% decrease. The Average Sales Price was down 11% from
last year’s number of $352,319. On November 30, 2009 the Average Sales Price was $368,201, 17% higher than today’s average.

Average Number of Days on the Market was 87 days over the last 12 months. It was only 84 days in 2009-10. In 2008-09, the Average Number of Days on the Market was 81 days. Thus, over one year, the average was up 4% and the two year change was an increase of 8%.

The Number of Units Sold during last 12 months was 1,593,
while in the 12 months ending November 30, 2010, 1,405 units sold. In 2008-09
1,448 units sold. The one year change was up 13% and over two years the number of sales was up 10%.

Annual Sales Volume for the last 12 months of 2010-11 was
$499,913,084 compared to $450,459,237 in ’09-‘10 and $423,365,014 in 2008-09. The one year change was up by 11% and the two year change was positive 18%. This month’s volume was down 1% or about $5 million from our November 2011 figure, fairly typical of the real estate market as we approach the Holiday
season

The good news in this month’s report is that the Number of Units Sold continues to increase and even though the Average Sales Price figure continues to slide, overall Sales Volume is up. This could be attributed to an increase in the number of foreclosures being sold by lenders. It also could be
caused by a slight improvement in the economy coupled with the continuation of
historically low interest rates. Looking back three or four years the Number of Units Sold is down by 20% to 25% which
means that the Intown Market still has a ways to go to reach the numbers
generated in 2007-2008, the last strong years for this market.