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For Immediate Release                    

April 19, 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 March 2011 Real Estate Sales Statistics

Pending sales up nearly four percent year-over-year, closed sales down, inventory being absorved but lender-mediated properties driving prices down.

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

Pending sales - properties on which contracts were written but the sale had not closed - were up 3.9 percent over March 2010, reaching 1,909. Closed sales did not fare as well, with 1,438 closed sales representing a 7.1 percent decline from last March.

Sale prices in March also lagged behind last year's figures. The March 2010 median sales price was $137,500 but this March's median dropped 10.9 percent to $122,500.

Of the 1,438 homes sold during March, 612 were traditional sales and 826 were lender-mediated sales. While the $174,000 median sales price of traditional homes actually increased 8.7 percent year-over-year, the lender-mediated properties' median sales price dropped to $88,500; a 13.2 percent decline. 

Months supply of inventory is tilting toward normalcy, dropping 26.8 percent to reach nine months of inventory on hand. A market is considered balanced when there is five- to six-months worth of inventory. 

NEFAR President Dane Leslie says, "After last year’s federal tax incentives to buy a home, it is not a big surprise to see a drop in March 2011’s numbers. With pending sales continuing to be robust, however, there is clearly demonstrated interest from consumers who have the desire to buy a home."

The figures above, plus a wealth of 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.

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 4,900 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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