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For Immediate Release                    
June 10, 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 May 2010 Real Estate Housing Statistics
Closed and pending sales up substantially over a year ago, pricing still soft with foreclosures prominent.
 
JACKSONVILLE, Fla. - The Northeast Florida Association of Realtors (NEFAR) 
announces real estate market statistics for May 2010. Statistics encompass both single-family residential and condo sales.

May saw homebuyers continuing to take advantage of the great affordability of area home prices. There were 1,432 closed sales; a 12.2 percent increase over May 2009. Pending sales followed the same track, with the 1,543 pendings representing a 14.2 increase from a year ago. Median and average prices remain relatively soft. Median prices dropped 15.7 percent while the average price dropped 8.5 percent from a year ago. 

NEFAR President Carol Hill says, "Although May was the first full month after the expiration of the federal home buyer's tax credit, it will take a few months to determine any sort of post tax credit trends from broader market trends; particularly as closed sales should remain strong throughout the end of June, as buyers wrap up before the June 30 closing date deadline."

Lender-mediated sales continue to make their mark. Out of the 1,432 closed sales in May, 608 were lender-mediated.

Market absorption and days-on-market are both heading in the right direction. Days on market in May was 100, down almost 11 percent from last May. There was 10.4 months supply of inventory, down a healthy 32.5 percent over last year. A market is considered balanced when there is a five- to six month supply of inventory. 

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 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 5,500 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.