The February 2012 Intown Atlanta Market Survey measures
market activity and changes for the residential real estate market as a whole
from February 1, 2009 to January 31, 2012.

The Average Sales Price for the 12 months ending January 31,
2012 was down 10%-from $347,049 in January 2011 to $311,477 this January. On January 31, 2010, the Average Sales Price was $360,829. Over the last month, the
Average Sales Price fell slightly from $313,234 to $311,477.

Average Number of Days on the Market was 86 days over the last 12 months. It was only 81 days in 2009-10. In 2010-11, the Average Number of Days on the Market was also 86 days. Thus, over one year, the average was unchanged and the two year change
was an increase of 7%.

The Number of Units Sold during last 12 months was 1,631,
while in the 12 months ending January 31, 2011, 1,380 units sold. In 2009-10
1,467 units sold. The one year change was up 18% and over two years the number of sales was up 11%.

Annual Sales Volume for the last 12 months was $508,018,251 compared to $447,992,288 in 2010-11 and $422,932,693 in 2009-10. The one year change was up by 13% and the two year change was positive 20%. This month’s volume was up by
7/10 % or about $3.5 million from our December 2011 figure.

The continued good news in this month’s report is that the Number of Units Sold continues to increase and even though the Average SalesPrice figure continues to be flat, overall Sales Volume is up. More buyers are being attracted to a market
by low home prices and very low interest rates. I look for this to continue to be a pattern for the rest of 2012.