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For Immediate Release                    

Jan. 17, 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

December Real Estate Sales Results Announced; 2011 Annual Report Now Available

Pending sales up, closed sales and prices down, market teeters on supply / demand balance - 16,550 homes sold during 2011 nearly 2007 level.  


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

Pending sales - those on which a contract has been written but the sale has not closed - spiked up 24.5 over December 2010. Closed sales didn't fare as well; dropping 5.1 percent year-over-year to reach 1,393 for the month. Of the closed sales, 721 were traditional sales and 672 (48.2 percent) were lender-mediated sales.

Overall prices took a 2.7 percent dip, with the median price of $130,000 in December 2010 dropping to $126,500 in December 2011.

Inventory of homes for sale dropped a sharp 31.8 percent; marking a continuing trend of absorption. The months' supply of homes reached 6.7 in December. A market is considered balanced when there is a five- to six-month supply of homes.

NEW - A 2011 Annual Report is now available. The Annual Report furnishes highlights for the year as well as comparisons to annual activity from 2007 - 2011. A property type review (single family versus townhouse and condos) along with a distressed home review is also included.

Tidbits from the 2011 Annual Report:

1) Closed sales of 16,550 during 2011 were very strong; just under the 16,781 mark achieved in 2007. After dropping sharply in 2008, the number of closed sales have risen each year since.

2) 2011's inventory of homes is the lowest point during the five year period of review (2007 - 2011).

3) The number of new listings during 2011 is also the lowest figure during the five year period.

4) No surprise - the price of traditional home sales reflect far greater stability than do sales prices of lender-mediated properties.

NEFAR President Dane Leslie says, "Despite fluctuations within the economy, there were 16,550 homes sold in northeast Florida during 2011. With closed and pending sales demonstrating consumer demand, job creation is the strongest element needed to bolster and sustain consumer confidence." 

All statistics above, plus numerous others, are included in the FREE market reports available on the Newsroom | Market Stats tab of www.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 birds-eye look specifically at lender-mediated sales and how they compare to traditional sales. 3) Our new 2011 Annual Report provides an extensive review of all 2011 activity, with comparisons from 2007 forward.

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 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 do not represent the full extent of Realtor sales in those counties.

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