Text Sizes: A A A

News Release

« Back

For Immediate Release                    
Dec. 16, 2009
Contact: Melanie Green, Communications Director
Voice (904) 394-9494, ext. 1204
Fax (904) 398-8025

NEFAR Announces November 2009 Real Estate Housing Statistics
Closed sales up 48.9 percent from November 2008, pending sales up 59 percent, prices remain low but inventory slowly being absorbed. 
la. - The Northeast Florida Association of Realtors (NEFAR) announces real estate market statistics for November 2009.

The passing of the home-buyer tax credit's initial expiration date didn't slow the urgency of home buyers in the Northeast Florida region, as November saw a continuation of the strong sales activity we've seen in previous months. Closed sales were up a hefty 48.9 percent over November 2008, with 1,184 this year versus last year's 795. Additionally, there were 1,343 signed purchase agreements (pending sales) during the month, up a strong 59.1 percent from a year ago.


More than 38 percent of the closed sales in November were foreclosures or short sales. Those lender-mediated properties, as well as the steady sales of homes in the more affordable price ranges, brought the overall median sales price down from a year ago by 9.3 percent to $145,145. Falling prices have combined with still-low mortgage rates to create a favorable affordability picture.


The absorption of housing inventory is headed in a positive direction, with 11.1 months of supply on hand during November 2009 versus 16.9 months on hand for November 2008. A market is considered balanced when there is a five-to-six months supply of available homes for purchase.


These figures, along with many others, are included in the FREE statistics packages available on the Newsroom | Market Stats tab of www.NEFAR.com. The statistics packages include a monthly report summarizing all activity for NEFAR's entire service area plus *partial information for St. Johns County and Nassau County. FREE foreclosure/short sale reports are also available in the same area of the site.


The Northeast Florida Association of Realtors is headquartered in Jacksonville with satellite service centers in Orange Park, Jacksonville Beach and Palatka. NEFAR is the largest professional/trade association in northeast Florida, serving more than 5,500 Realtor and affiliate/business partner members in Duval, Clay, Putnam and St. Johns counties. All statistics in NEFAR's market and foreclosure/short sale reports are based on data compiled from NEFAR's wholly owned subsidiary, the Northeast Florida Multiple Listing Service (NEFMLS).


* 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.