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May 15, 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 April 2013 Housing Sales Results
Low inventory spurs multiple offers and prices rising but housing still a bargain: largest percentage of homes listed below $150,000.

JACKSONVILLE, Fla. - The Northeast Florida Association of Realtors announces real estate market statistics for April 2013. Except where otherwise indicated, statistics reflect combined results for single-family residential and condominium properties.

The story for Northeast Florida's real estate market continues to be falling inventory and steadily rising prices. Despite those two significant pieces of the puzzle, housing affordability is still remarkably good. Of the 7,869 properties in April's for sale inventory, the largest chunk (3,119) were priced at $149,999 or below.

Sales were brisk in April, with 1,840 properties changing hands. This closed sales figure was a 26.1 percent jump over last April and up 22.8 percent year-to-date.

The share of closed sales that were lender-mediated was 38.3 percent. The amount of lender-mediated properties now hitting the market continues to decrease, however, with just 2,102 lender-mediated properties in inventory this April versus 4,725 last April.

Pending sales (those on which a contract has been written but have not yet closed) rose 48.8 percent from a year ago, coming in at 2,432.

Lack of inventory is the result of sales activity moving rapidly and new listings not entering the market at the same pace. The 7,869 homes in inventory is a 31.7 percent reduction from the 11,529 in inventory a year ago. Months' supply of homes for sale is now at 4.4; down 45 percent from a year ago. A market is considered balanced when there is a five- to six-month supply.

With less options available, multiple offers on many properties is now routine. Competition causes upward ticks in price and 18.2 percent of properties sold for more than the listed price during April. A $152,000 median sales price for the month is 12.6 percent higher than April 2012's median of $135,000 and a 13.9 percent increase year-to-date.

NEFAR President Carol Zingone says, "With Northeast Florida boasting home prices that are still very affordable but inventory very low, the average time that homes are staying on the market is getting shorter. In April, the average days on market was just 98; down 14.8 percent from 115 days a year ago."

For these and numerous 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.

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.

*As all Nassau and St. Johns County Realtors are not participants of the NEFMLS; reports provided do not represent the full extent of Realtor sales in those counties.

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