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For Immediate Release                    
Nov. 16, 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 October 2010 Real Estate Sales Figures
Pending and closed sales drop although inventory is going down, while sales prices are skewed by lender-mediated sales

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

Pending sales decreased 13 percent from last October, dropping from 1,472 to 1,280. The cessation of any federal stimulus and a temporary moratorium on foreclosures and short sales by some lenders during the month may be contributing factors. Closed sales were also down, dropping 31.4 percent from last October's 1,411 to reach 968 this year.

Both median and average prices dipped slightly. The median price of $142,550 was 1.7 percent less than $145,000 last October. The average sale price of $173,892 this October was two percent less than last year's $177,494. The overall price drops were the result of lender-mediated sales. Traditional median sale prices actually rose 6.6 percent over last year, but the 22 percent price drop for lender-mediated sales combined to create the 1.7 percent decrease. 

Month's supply of inventory did head in the right direction; dropping 24.4 percent from last October's 13 months to 9.8 months worth of supply on hand.

NEFAR President Carol Hill says, "In large part, October's real estate sales figures weren't anything new. For the past several months we've continued to see modest price gains for traditional sales that are offset by the downward pricing of lender-mediated properties. Interest rates and home prices are clearly in the buyer's favor."

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. Separate monthly foreclosure/short sale reports are also available on the Newsroom | Market Stats tab of the Web 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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