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For Immediate Release                    

June 12, 2012
Staff Contact
Melanie Green, Communications Director
Voice (904) 394-9139
Fax (904) 398-8025

NEFAR President
Dane Leslie
Voice (904) 288-6205

NEFAR Releases May 2012 Real Estate Sales Results

Real estate recovery shown in May results: closed and pending sales up, prices up, inventory sharply down, lender-mediated sales dropping while traditional sales increase.

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

Improved market conditions in May offer continuing, additional evidence that Northeast Florida's real estate recovery is now taking place:

~ 1,503 closed sales for the month were a 3.7 percent increase over 1,450 last May
~ pending sales increased 36.3 percent year-over-year to reach 2,114
~ days on market prior to sale dropped 11.2 percent to come in at 106 days
~ the $133,900 median sales price was a three percent increase from May 2011's $130,000
~ a $183,316 average sales price was also an increase; up seven percent from a year ago
~ inventory of homes available for sale continue to decline; dropping 30 percent from May 2011 to arrive at 9,498 this May
~ months supply of homes for sale now stands at 6.2; a strong 38.5 percent drop from May 2011's 10 months (a five to six month supply is considered balanced)

The mix of traditional sales versus lender mediated sales continues to tip in the right direction as well. Of the 1,503 closed sales in May, 935 were traditional and 568 (37.8 percent) were lender mediated. The 935 traditional sales were a 24.5 increase from the amount of traditional sales a year ago, while the amount of lender mediated sales was 18.7 less than last May. Also of note is that the median sales price for lender mediated properties rose during May, up 5.1 percent from a year ago. 

NEFAR President Dane Leslie says, "NEFAR member Realtors report that receiving multiple offers on properties is now commonplace, particularly those priced below $200,000. With properties selling faster and prices rising, Northeast Florida's real estate market is moving and shaking." 
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.

*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.

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.

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