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For Immediate Release                    

March 16, 2012
 
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 February 2012 Real Estate Sales Results

Inventory within balanced range, little change in pricing, closed sales dip slightly while pending sales up 26.5 percent.

JACKSONVILLE, Fla. - The Northeast Florida Association of Realtors (NEFAR) announces real estate market statistics for February 2012. Statistics encompass both single-family residential and condo sales.

In a trend that shows no sign of slowing down, pending sales were up significantly year-over-year, coming in at 1,750; a 26.5 percent increase from last February's 1,383. Closed sales dipped 2.6 percent to reach 1,180 for the month, compared to last February's 1,212. Of the total number of sales, 620 were traditional and 560 (47.5 percent) were lender-mediated.

Little change was reflected in the year-over-year median overall sales price; dipping just 0.2 percent to arrive at $119,700 (last February was $120,000.)

Inventory shrank to 9,977; a 30.3 percent drop from last February's 14,321. Although new listings picked up by 2.9 percent in February, the steady absorption of homes over recent months has resulted in an inventory of just 6.7 months. A five- to six-month supply is considered a balanced market.

NEFAR President Dane Leslie says, "With rapidly declining inventory, potential home buyers and investors are finding today's real estate market - particularly in the lower-tiered price ranges - quite different from a year ago. Inventory of available properties under $150,000 has dropped 37 percent since last February and those in the $150,000 to $199,999 range have dropped 30.5 percent."

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 targeted look specifically at lender-mediated sales and how they compare to traditional sales. 3) The 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 nearly 4,700 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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