7801 Deercreek Club Rd., Jacksonville, FL 32256

Dec. 11, 2014

Staff Contact
Melanie Green, Communications Director
Voice (904) 394-9139
Fax (904) 398-8025

2014 NEFAR President
Linda McMorrow
Voice (904) 626-9900

November 2014 Housing Stats; Prices Up and Inventory Down
2,326 new listings added to market but inventory at lower than balanced levels. Sales drop to 1,611 but median price up to $161,500.

JACKSONVILLE, Fla. - November 2014 housing sales reports are now posted by the Northeast Florida Association of Realtors on NEFAR.com. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.

Despite 2,325 new listings hitting the market during November, the overall inventory of 9,573 homes equates to only 4.7 months on hand; less than the five- to six-months inventory that is considered a balanced market. Less options for buyers to pick from may have affected closed sales for the month, as the 1,611 sales were 2.6 percent less than a year ago and down from October's 1,906 and September's 1,997. Closed sales are up 6.8 percent year to date, though, with 21,523 homes having sold through the end of November.

Pending sales increased 15.3 percent year over year to reach 1,827; down a bit from September's 2,066 and October's 2,193 pendings.

Median sales price notched upward 4.2 percent from a year ago to reach $161,500. There were 11.3 percent of the sales that went for more than the original listed price; again due to reduced inventory and competition among buyers.

Another factor that is creating change for buyers is the reduction in rock bottom priced lender mediated properties available. During November, only 21.7 percent (2,080) of the 9,573 in inventory were lender mediated properties, yet 29.7 percent (479) of the 1,611 sales for the month were lender mediated.

2014 NEFAR President Linda McMorrow says, "Sales prices are increasing and more sellers are listing their homes, yet overall inventory is low due to the strong sales demand we’ve experienced throughout the year, even with the dip in November."

For these and numerous other real estate market statistics, take advantage of the FREE market reports available on the Market Stats tab of
NEFAR.com. Three reports are available: 1) The Monthly Indicators and Housing Supply Overview Report summarizes complete activity for NEFAR's entire service area plus *partial information for St. Johns County and Nassau County. 2) Lender Mediated sales reports offer a targeted look specifically at lender mediated sales and how they compare to traditional sales. 3) Annual Reports - 2011, 2012 and 2013 are available - give an extensive year in review, with comparisons from the four preceding years included.

*As all Nassau and St. Johns County Realtors are not participants of the NEFMLS; reports provided do not represent the full extent of Realtor sales in those counties.

The Northeast Florida Association of Realtors provides professional development, political advocacy, professional standards administration, media relations, and promotional activities and exchange of information among its members. NEFAR serves as the voice for real estate in northeast Florida; serving the public through efforts to protect private property rights and community affairs programs. NEFAR is Northeast Florida's largest professional association, comprising more than 6,000 members working in all facets of the real estate industry, including residential and commercial sales as well as property management. All statistics in NEFAR's reports are based on data compiled from NEFAR's wholly owned subsidiary, the Northeast Florida Multiple Listing Service (NEFMLS). NEFAR is headquartered in Jacksonville, with satellite Service Centers in Orange Park, Jacksonville Beach, Palatka and World Golf Village.

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