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For Immediate Release                    

Feb. 17, 2011
Staff Contact
Melanie Green, Communications Director
Voice (904) 394-9494, ext. 1204
Fax (904) 398-8025

NEFAR President
Dane Leslie
Voice (904) 288-6205

NEFAR Announces January 2011 Real Estate Sales Results

Year-over-year, closed sales up nearly eight percent and pending sales up 21.6 percent. It's clearly a buyer's market as median prices still declining.

JACKSONVILLE, Fla. - The Northeast Florida Association of Realtors (NEFAR) announces real estate market statistics for January 2011. Statistics encompass both single-family residential and condo sales.

Pending sales of 1,396 were up 21.6 percent over last January's 1,148. Closed sales also hit a positive note with a 7.8 percent jump, from 921 in January 2010 to 993 in January 2011.

Sales prices did not fare as well. Median prices dropped nine percent year-over-year to $120,750; representing a composite median of $160,000 for traditional home sales and $82,500 for lender-mediated sales. Of the 993 homes sold in January, 586 were lender-mediated.

Because of the reduction in home sales prices, the housing affordability index rose 10.9 percent over last year, coming in at an astonishing 218. An HAI of 218 means that the median area household income is 218 percent of what is necessary to qualify for the median priced area home. 

NEFAR President Dane Leslie says, "We are witnessing a mixed bag of indicators. On the positive side, pending sales and closed sales continue to show slow and steady increases with housing prices offering incredible values for buyers. On the other end of the spectrum, the significant chunk of lender-mediated properties combined with high unemployment rates still negatively affects the economy and real estate is clearly at the forefront of those affects."

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 and Housing Supply Overview Report summarizing all activity for NEFAR's entire service area plus *partial information for St. Johns County and Nassau County. Separate Lender-Mediated sale reports are also available on the Web site.

If you don't regularly visit NEFAR.com to check out our Market Stats reports, it's time to give them another look! Beginning with the January sales figures, the reports have been revamped and expanded to provide more information in a cleaner, more modern format. You'll find a clickable Table of Contents that makes for easier navigation, a new Quick Facts dashboard on the Monthly Indicators Reports that highlights key metrics to give a top line summary of the month's trends, the Market Overview page has been moved to page two and enhanced with historical sparklines, and individual metric pages now include data tables going back 12 months. The Housing Supply Overview (formerly Housing Supply Outlook) section of the Monthly Indicators Report is also expanded and enhanced, among other changes.

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 5,000 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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