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For Immediate Release                    

Dec. 14, 2011
 
Staff Contact
Melanie Green, Communications Director
MGreen@NEFAR.org
Voice (904) 394-9139
Fax (904) 398-8025

NEFAR President
Dane Leslie
DaneLeslie@WatsonRealtyCorp.com
Voice (904) 288-6205


NEFAR Announces November 2011 Real Estate Sales Results

Closed and pending sales both on the rise, supply-demand nearing balance, bargain prices still in play.

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

Multiple points of northeast Florida's real estate picture continue to demonstrate a rebounding market. During November, closed sales and pending sales both saw positive increases year-over-year. Closed sales were up five percent, from 1,118 in 2010 to 1,174 this year. Pending sales went from 1,278 last year to 1,406; a healthy ten percent increase.

Of the 1,174 sales, 627 were traditional sales and 547 (46.6 percent) were lender-mediated.  

With closed sales tracking along an upward incline, the inventory of available homes is rapidly declining. There were 10,722 available properties in November; a sharp 30.8 percent plunge from last November's 15,498. As a result, the months supply of homes dropped to 7.4 in November, dropping 35.2 percent from last November's 11.4 months. A market is considered balanced when there is roughly a five- to six-month supply of properties.

New listings also shifted downward in November to arrive at 1,817; an 8.8 percent drop year-over-year.

Overall, median sales prices declined 7.7 percent to reach $130,000. When looked at by sales type, the $175,000 traditional sales median saw no change year-over-year. The $85,009 median for lender-mediated sales was a 5.5 percent drop from last November's $89,950 median

NEFAR President Dane Leslie says, "The good news in today's real estate market is that closed sales continue to increase over a year ago. Supply and demand, which drive the market, is nearing that intersecting point. The great news for consumers is that prices and mortgage rates are both still incredibly reasonable."

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 the Monthly Indicators report.

he 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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