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For Immediate Release                    
April 13, 2010
 
Staff Contact
Melanie Green, Communications Director
MGreen@NEFAR.org
Voice (904) 394-9494, ext. 1204
Fax (904) 398-8025

NEFAR President
Carol Hill
Carol.Hill@PrudentialNetworkRealty.com
Voice (904) 296-1906

NEFAR Announces March 2010 Real Estate Housing Statistics
March numbers show continuing increases in both closed and pending sales, downward prices favor buyers. 
 
JACKSONVILLE, Fla. - The Northeast Florida Association of Realtors (NEFAR) announces real estate market statistics for March 2010. All statistics represent single-family residential and condo sales.

Northeast Florida home buyers were very active in March, culminating in a significant 33.9 percent year-over-year increase - 1,449 in 2010 versus 1,082 in 2009 - in closed sales for the month. Pending sales continued to show more dramatic upturns, with 2,071 pending sales in 2010 compared to 1,208 last year; a 71.4 percent increase.

Sale prices continued on a downward trajectory. The median price of $138,000 was 12.1 percent less than last March's $157,000 median. The average price of $169,944 was nine percent less than year's $186,692.

Lender-mediated properties continue to be a large factor, represented by 707 lender mediated sales in March. The total market price declines are heavily influenced by lender mediated sales, with the year-over-year price decline for traditional property sales being 8.4 percent, while the lender mediated year-over-year decline was 15.3 percent.

The high level of affordability created by low prices, low mortgage rates, and tax credits are spurring buyers to action. NEFAR President Carol Hill says, "The continuing pattern of increased closed sales is quite encouraging. Another point worth noting is that the month's supply of inventory in March was 10.9 percent, down from 15.7 percent last March. We're clearly moving in the right direction as a market is considered balanced when there is roughly a five- to six month supply of homes available 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 Indicators 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 section of the site.

The Northeast Florida ssociation 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 5,500 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 Monthly Indicators and foreclosure/short sale 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.