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For Immediate Release                    
Aug. 12, 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 July 2010 Real Estate Sales Figures
Pending sales still up while closed sales and prices dip, primarily due to lender-mediated properties.
 

JACKSONVILLE, Fla. - The Northeast Florida Association of Realtors (NEFAR) announces real estate market statistics for July 2010. Statistics encompass both single-family residential and condo sales.

The July figures provide a look at the first month's data after the June 30 closing deadline of the federal home buyer's tax credit. While pending sales in northeast Florida jumped 18 percent from a year ago, closed sales and pricing did not mimic the upward momentum. There were 1,648 pending sales this July compared to last July's 1,397. Closed sales of 1,248 this July were down 12.8 percent from last July's 1,432.

The median sales price was $138,000, down 13.7 percent from last year's $159,900. The average sale price was $171,413; a drop of 10.2 percent from last July's median of $190,967.

The large volume of lender-mediated sales continues to skew overall pricing down. NEFAR President Carol Hill says, “While year-over-year prices dropped just three percent for the 667 traditional sales in July, the 581 lender-mediated sales prices dropped 15.2 percent. When you lump the two groups together, the total price drop was 13.7 percent.” The median sales price in July was $174,000 for traditional sales and $95,000 for lender-mediated sales.

Market absorption continues at a slow and steady pace, with 10.7 months of supply on hand in July 2010 as opposed to last July’s 14.7 months.

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 5,300 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.

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