Text Sizes: A A A

News Release

« Back

For Immediate Release
Nov. 15, 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 September 2012 Real Estate Figures
Trends noted: inventory sharply down, prices keep rising, lender-mediated homes being cleared out.

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

Northeast Florida's real estate market maintained positive momentum in October. There were 1,489 closed sales; a 3.7 percent increase year to date and a 19.3 percent increase over last October. Pending sales jumped substantially to reach 1,940; a 15.8 percent increase year to date and 45 percent higher than last October's 1,338.

Sales prices continued to increase. The median sales price of $137,950 was 7.9 percent higher than a year ago and a 5.6 percent increase year to date. Average sales price showed similar activity, rising from $163,253 last October to $175,784 this year; a 7.7 percent increase within a year. Year to date, the average sales price is up 5.8 percent.

Inventory of homes has plummeted, dropping 30.5 percent from 12,468 a year ago to reach 8.667. There were 8.8 months of supply on hand in October 2011, which has dropped 38.8 percent and now sits at just 5.4 months.

Of the 1,489 closed sales, 823 were traditional sales and 666 (or 44.7 percent) were lender-mediated. With the pool of inventory experiencing sharp reductions, there has been an uptick in the percentage of lender-mediated property sales over the past couple of months as these are being cleared out.

Even with 44.7 percent of sold properties having been lender-mediated for the month, homes are selling faster. A 111-day average days to sale during October was down 10.5 percent from last October's 124 days.

NEFAR President Dane Leslie says, "We continue to carefully review all related factors, but positive indicators in price, inventory levels, and speed of sales over many months now clearly indicate trends rather than sporadic blips in the market."

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 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.

# # #