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For Immediate Release                    
Dec. 7, 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 November 2010 Real Estate Sales Figures
Pending sales up 22 percent, inventory declining, traditional median sale prices on upward trend while lender-mediated prices continue to decline


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.

Northeast Florida's real estate market showed some signs of positive movement during November. The 1,394 pending sales in the region were a 22.2 percent increase over last November. Months supply of inventory - which should ideally fall between five and six months - also took a step in the right direction and was down to 9.6 months; a significant 24.6 percent decrease from last year.

Closed sales of 1,001 were a 24.6 percent drop from last year's 1,327. With a temporary stoppage of foreclosure sales and short sales by many large lenders during the past couple of months, this is not necessarily a surprise. 

A positive trend seems to be emerging in closed sales, however. While lender-mediated prices continue to drop, the median price of traditional sales has rallied every month since August, showing increases over their respective month in 2009. November's median price for traditional sales jumped 8.9 percent over last year's $160,000 to reach $174,250. Overall, median prices dropped 3.2 percent as a result of the 21.7 percent price decrease in lender-mediated sales.

NEFAR President Carol Hill says, "There were 514 traditional sales during November and 487 lender-mediated sales. We're encouraged that the median price of traditional home sales appears to be stabilizing and look forward to the day when the number of lender-mediated sales is greatly diminished."

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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