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For Immediate Release                    

July 18, 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 June 2011 Real Estate Sales Statistics
Pending sales increase 34 percent, inventory down nearly 29 percent, overall median sales price decreases 4.1 percent.

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

Consumers interest in buying homes hasn't waned, as evidenced by 1,831 pending sales; a 34 percent year-over-year increase. There is a slow down between contract signing and the closing table, though, with June marking a 15.1 percent decrease in actual sales from a year ago to arrive at 1,529.

The average sale price was up seven percent over a year ago while the median price decreased 4.1 percent. Of the 1,529 properties sold, 862 were traditional sales and 667 were lender-mediated sales. While the traditional sales median increased 3.5 percent to reach $176,000, the lender-mediated median price fell to $89,700; a 10.3 percent drop. Combining the two types of sales resulted in a 4.1 median price decrease overall.  

Despite the bumpy road, the inventory of homes for sale is moving in the right direction. There were 11,776 homes for sale in June, down 28.8 percent from last year. This equates to an 8.4 month's supply. A market is considered balanced when there is a five- to six-month supply on hand.

NEFAR President Dane Leslie says, "The steady reduction in the number of homes for sale is an encouraging sign for the real estate market. As the volume of available properties continues to decrease, particularly the lender-mediated properties, greater stabilization should be on the horizon."

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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