NEFAR Releases March 2012 Real Estate Sales Results
Many positive indicators for month: inventory and new listings downs, supply of homes in balance, sales prices increase, percentage of lender-mediated sales decline.
JACKSONVILLE, Fla. - The Northeast Florida Association of Realtors (NEFAR) announces real estate market statistics for February 2012. Statistics encompass both single-family residential and condo sales.
March, the start of what has traditionally been considered the spring selling season, was a robust month of positive indicators for the northeast Florida real estate market. Year over year, inventory shrank 30.4 percent to reach 9,783 available properties. The sharp reduction in inventory that has set the pace for many months resulted in a 6.5 months' supply of homes for sales. A five- to six-month supply is considered a balanced market. New listings dropped 10 percent year over year, coming in at 2,410 for the month.
Median and average sales prices both posted increases for the month: a 4.8 percent increase for median and a 10.4 increase for average. The percent of original list price received also showed a gain; up 2.8 percent from March 2011 to March 2012. The number of days properties were on the market prior to sale moved slightly in the right direction as well; down 3.9 percent from a year ago (reaching 119 days).
While closed sales of 1,419 reflected a 7.2 percent drop from a year ago, they were nonetheless welcomed increases over closed sales of 977 in January and 1,180 in February. Pending sales hit 2,018 - a 17.4 percent jump from a year ago and increases from January's 1,534 and February's 1,750.
The percentage of lender-mediated sales also showed a stronger market: 40 percent, or 567, of total sales were lender-mediated while 852 were traditional sales.
NEFAR President Dane Leslie says, "Sixty percent (5,913) of the total 9,783 local available properties for sale at the end of March were priced under $200,000 and inventory keeps declining. Anyone who is still waiting around for the absolute best deal for a new home or investment should take a closer look at what is happening and make their move soon."
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.