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For Immediate Release                    

Oct. 12, 2011
Staff Contact
Melanie Green, Communications Director
Voice (904) 394-9494, ext. 1204
Fax (904) 398-8025

NEFAR President
Dane Leslie
Voice (904) 288-6205

NEFAR Announces September 2011 Real Estate Sales Results

Positive trends continue: closed and pending sales increase, share of lender-mediated sales decrease, supply very close to balanced.

JACKSONVILLE, Fla. - The Northeast Florida Association of Realtors (NEFAR) announces real estate market statistics for September 2011. Statistics encompass both single-family residential and condo sales.

Closed sales year-over-year posted a modest gain of just under one percent, to reach 1,315. Pending sales gained more traction, increasing 24.1 percent, from 1,231 last September to 1,528 this year. There were 701 traditional sales in September and 614 (or 46.7 percent) of lender-mediated sales.

Inventory decreased a strong 32.4 percent to come in at 11,011 properties, down from last September's 16,280. Northeast Florida's market is showing strong signs of heading toward supply / demand normalcy, dropping 33.6 percent; from 11.6 months last September to 7.7 months this September. A market is considered balanced when there is roughly a five- to six-month supply of properties.

New listings were down 23.4 percent, dropping from 2,709 in September 2010 to 2,076 September 2011.

Median prices were a bit of a departure from the usual, with traditional sales prices dropping 6.5 percent year-over-year while lender-mediated prices actually rose 4.9 percent. Combining the two property type sales resulted in a 4.6 percent median price drop overall.

NEFAR President Dane Leslie says, "Northeast Florida continues to see gains in our housing market. Homes are steadily being bought and sold and the excess inventory of a year or more ago is nearly gone. While the pace may be slow and steady, we are assuredly much stronger than we were a year ago

All of the statistics above, plus numerous others, are included in the FREE statistics reports available on the Newsroom | Market Stats tab of www.NEFAR.com. Two report categories 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 birds-eye look specifically at lender-mediated sales and how they compare to traditional sales. Time-savings tip: For the quickest review of key indicators for the month, see page 2 (Market Overview) of he Monthly Indicators Report.

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 nearly 4,900 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.

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

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