Positive trends continue: closed and pending sales increase, share of lender-mediated sales decrease, supply very close to balanced.
JACKSONVILLE, Fla. - The Northeast Florida Association of Realtors (NEFAR) announces real estate market statistics for January 2012. Statistics encompass both single-family residential and condo sales.
Historically a slow month for real estate activity, January's pending sales nonetheless jumped nearly 23 percent year over year (from 1,250 in 2011 to 1,534 in 2012). Closed sales were on a different track, coming in at 977 as opposed to last January's 1,042. Traditional and lender-mediated sales were a nearly even mix, with 489 traditional sales and 488 lender-mediated.
While overall inventory continues to trend downward, condos moved with a little more gusto than single-family properties during the past year. Year-over-year, the number of single-family properties for sale dropped 28.9 percent, whereas the condo-townhouse inventory dropped 40.2 percent. Total inventory dropped 30.3 percent, from 14,605 units last January to 10,180 this January.
Taking a bird's eye look at pricing and the correlation to inventory, consumers looking for a bargain and investors alike snapped up many lower priced units during the past year. Condos priced at $149,999 or less saw the greatest activity; dropping 52.5 percent in inventory year-over-year. Single-family properties also saw the most movement in that same price range, with inventory of homes dropping 33.4 percent. Conversely, January 2012's activity indicates that the strongest category for pending sales was in the $500,000 to $999,999 range, for both condos and single-family properties. Contracts written for properties in this price range jumped 15.5 percent for single-family properties and 37.2 percent for condos.
Median sales prices in January declined 5.7 percent to reach $115,000; from a $122,000 median in January 2011. The traditional sales price median came in at $160,000 while the lender-mediated price was $74,250.
NEFAR President Dane Leslie says, "The number of homes on the market continues to steadily decline and supply now sits at 6.9 months; teetering just above the five- to six-month timeframe considered balanced. These are encouraging and welcomed indicators, but improvements in the length of time necessary for lender-mediated properties to close and job creation are still needed to stimulate the market further."
All statistics above, plus numerous others, are included in the FREE market reports available on the Newsroom | Market Stats tab of www.NEFAR.com. Three reports 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 targeted look specifically at lender-mediated sales and how they compare to traditional sales. 3) The 2011 Annual Report provides an extensive review of all 2011 activity, with comparisons from 2007 forward.
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 4,700 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.
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