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For Immediate Release                    

Sept. 18, 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 August 2012 Real Estate Figures
No shift in 2012 trends: inventory in normal range; number of sales and prices up year to date; sales taking place faster.

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

There were 1,516 closed sales; a 1.7 percent increase year to date. Of that number, 914 were traditional sales and 602 (39.7 percent) were lender-mediated sales.

Sale prices continue on the upswing, with August's median price of $141,750 marking a 4.8 increase year to date and a 3.5 increase over last August. Average sales price during August rose to $196,294, equating to a 5.6 percent year to date increase and a 9.9 percent increase over August 2011.

Breaking down sales prices into property types, the median price of traditional homes year over year was flat, but sales prices for lender-mediated properties jumped 15.7 percent.

Inventory of homes for sale dropped 30.4 percent to hit 8,915. This equates to a 5.7 months' supply of homes for sale; within normal range. By comparison, there was an inventory of 12,804 homes for sale last August.

Sales are moving faster, staying on market in August an average of 110 days; and year to date an average of 113 days.

Consumer interest in owning a home is not waning, as evidenced by a 34.3 percent year over year increase in pending sales to reach 2,011. Year to date, pending sales are up 15.5 percent.

It is interesting to note that 15.6 percent of sales in August were sold for a price higher than the listing price. Demand for properties below $200,000 in particular is stimulating multiple and higher offers.

NEFAR President Dane Leslie says, "A return to a normal inventory level, combined with faster sales and steady sales price increases, has resulted in a substantially more stable 2012 real estate market. We are also seeing far less lender-mediated properties entering the market; only 760 of the 2,239 new listings in August were lender-mediated."

For extensive market statistics, see 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 4,900 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.

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