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For Immediate Release                    

June 15, 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 May 2011 Real Estate Sales Statistics
Pending sales increase nearly 40 percent but actual sales down 10.6 percent. Median price of traditional sales increases while lender-mediated prices spiral down.

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

A 33.9 percent year-over-year increase in pending sales (those on which contracts are written but the sale has not finalized) demonstrates strong consumer interest in homeownership. There were 1,311 pending sales in May 2010 which increased to 1,756 this May. Closed sales went in the opposite direction, declining from 1,544 last May to 1,381 this May for a 10.6 percent drop.

The median price of traditional sales rose 5.5 percent, arriving at $168,800. Lender-mediated pricing continues on a downward trajectory; the median price of $81,000 in May was a 14.7 percent drop from a year ago. 

Days on market until sale jumped 21 percent, with 119 days being the average number of days between when a property was listed and when an offer was accepted. Despite that, homes are being absorbed more quickly over a year ago, with months' supply of inventory dropping 23.7 percent to reach 8.9 months on hand. 

NEFAR President Dane Leslie says, "The increase in pending sales gives a clear signal that consumers want to buy homes. The leap from robust pending sales to a decline in actual sales, however, is indicative of several factors including increased tightening of mortgage lending. The large volume of lender-mediated properties also hampers efforts to bring sales to fruition."

The statistics above, plus numerous 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 nearly 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 to not represent the full extent of Realtor sales in those counties.

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