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News Release

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For Immediate Release
March 13, 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 February 2013 Real Estate Sales Statistics
Key results: Closed sales, pending sales and prices ... moving on up. Time on market and inventory ... down we go.

JACKSONVILLE, Fla. - The Northeast Florida Association of Realtors announces real estate market statistics for February 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.

Northeast Florida's real estate market is back in business. February's closed sales of 1,396 were an 11.5 percent increase over a year ago. Of the 1,396 sales, 787 were traditional and 609 were lender-mediated.

Median sales price in February was $135,025; up 15.7 percent from February 2012. The price increases were applicable to both categories; up 7.8 percent from a year ago on traditional sales and up 16.3 percent on lender-mediated sales.

Sales are moving more briskly, taking an average of 103 days to sell; 14.9 percent less time than 121 days a year ago.

An inventory of 7,914 homes for sale in February was down 31.5 percent from 11,559 homes in February 2012. The steady drop in inventory and increase in sales has left just 4.7 months' work of inventory on hand (42 percent less than a year ago). A five- to six-month inventory is considered a balanced market.

Pending sales (where a contract has been written but the sale has not closed) spiked up to 2,055 in February; 36.9 percent higher than a year ago.

NEFAR President Carol Zingone says, "Northeast Florida's market is in an upward cycle, with prices and sales steadily increasing. Pending sales are an interesting indicator to watch. While lack of mortgage qualifications or other issues mean that not every pending sale will result in a closed sale, the intent is clear; people want and are buying homes."

For these and other real estate market statistics, 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.

New - our 2013 Lender Mediated Reports are expanded to feature an even closer look at lender mediated properties. One important feature of the expanded report is a look at the quantity and percentage of lender mediated properties that are now entering the sales arena (see New Listings chart on page 3). Prior lender mediated reports offered closed sales data, but also looking at lender mediated properties from among the new listings provides a clearer and more current picture of what is happening in the market.

*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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