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News Release

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For Immediate Release
Feb. 20, 2013

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

2013 NEFAR President
Carol Zingone
Voice (904) 993-9048

NEFAR Releases January 2013 Real Estate Sales Statistics
Key results: low inventory creating competition for properties; prices increasing; 36.2 percent of properties sold for more than listed price.

JACKSONVILLE, Fla. - The Northeast Florida Association of Realtors announces real estate market statistics for January 2013. Statistics encompass both single-family residential and condo sales, combined. A 2012 Annual Report on the Northeast Florida Housing Market is also now available.

Closed sales of 1,274 represented a 25.1 percent increase over last January's 1,018 figure. Of the 1,274 sales, 702 were traditional and 572 (44.9 percent) were lender-mediated sales. Pending sales spiked up 46.7 percent, reaching 1,997 in January 2013 versus 1,361 in January 2012.

Inventory, which has been declining for many months, dropped 31.7 percent from a year ago to reach 7,816 properties. The 42 percent plunge in supply from January 2012 to January 2013 left only 4.7 months in inventory. A market is considered balanced when there is a five- to six-month supply.

Prices are still rallying. The $136,000 overall median sales price in January 2013 was 23.6 percent higher than January 2012's $110,000. Looking at the overall price increase more closely, the $179,000 traditional sales median is 8.8 percent higher and the $86,250 lender-mediated median is 21.5 percent higher than a year ago.

Homes are selling faster these days, averaging 101 days on market in January 2013 versus 120 days on market in January 2012.

NEFAR President Carol Zingone says, "Northeast Florida's greatly reduced inventory of homes has become a significant factor for potential home buyers, with competition for properties and upticks in price being the result. More than one third (36.2 percent) of all sales in January closed for more than the listing price. It's the basic rule of supply and demand in strong play."

For these and many more real estate market facts, take advantage of 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) Annual Reports - 2011 and 2012 are available - give an extensive year in review, with comparisons from the four preceding years included.

*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 5,000 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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