The Stats Continue to Support Jacksonville Real Estate Stabilization

Posted by Howard Flaschen on Saturday, November 5th, 2011 at 5:05pm.

August Stats Show Continued Improvement in Jacksonville Housing Numbers

NEFAR Announces August 2011 Real Estate Sales Results
Indicators point toward recovery: closed and pending sales up, inventory and new listings down, median and average sale prices increase, percentage of lender-mediated sales down.

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

Closed sales were up 1.5 percent year-over-year, coming in at 1,441 sales for the month. Pending sales popped in August, jumping 24.4 percent year-over-year to reach 1,744.

Inventory in August was noteworthy, dropping 32.2 percent from a year ago to arrive at 11,167 properties for sale as opposed to last August's 16,464. The number of months supply of homes for sale also showed exceptional improvement year-over-year, dropping from 11.8 months last August to just 7.9 months this August; a 33.1 percent drop. A market is considered balanced when there is roughly a five- to six-month supply of properties, indicating that northeast Florida is on the cusp of that normalcy.

New listings were also markedly down, dropping 20.7 percent from 2,924 in August 2010 to 2,319 this August.

Prices also rallied a bit in August. The overall median sales price was $138,000; a 2.2 percent increase over $135,000 last August. The $180,823 average sale price was 6.6 percent higher than last August's $169,658.

The balance between traditional sales and lender-mediated sales also moved in the right direction. Of the 1,441 sales for the month, 626 (42.8 percent) were lender-mediated while 835 were traditional. Last August, more than 51 percent of sales were lender-mediated.

NEFAR President Dane Leslie says, "August was a month of numerous positive indicators, sending a clear signal that we are on the path to a stabilized market with recovery now in progress."

All of the statistics above, plus numerous others, are included in the FREE statistics reports available on the Newsroom | Market Stats tab Two report categories are available: 1) The Monthly Indicators and Housing Supply Overview Report summarizes complete activity for NEFAR's entire service area plus *partial information for St. Johns County and Nassau County. 2) Lender-Mediated sales reports offer a birds-eye look specifically at lender-mediated sales and how they compare to traditional sales. Time-savings tip: For the quickest review of key indicators for the month, see page 2 (Market Overview) of he Monthly Indicators Report.

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 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.

Howard Flaschen



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