Homes selling faster and for higher prices, inventory down more than 30 percent from a year ago.
JACKSONVILLE, Fla. – The Northeast Florida Association of Realtors announces real estate market statistics for September 2012. Statistics encompass both single-family residential and condo sales, combined.
The 1,870 pending sales for the month were up 15.5 percent year to date and 39.9 percent higher than September 2011. There were 1,279 closed sales in September; an increase of 1.4 percent year to date but a drop of 8.3 percent when compared to September 2011. Of the total 1,279 sales, 707 were traditional and 572 (44.7 percent) were lender-mediated.
The length of time a home stays on the market (Days On Market Until Sale) continues to decline, coming in at an average of 109 days for the month; a 6.8 percent drop year to date and a 5.2 percent drop from last year.
In addition to selling quicker, home prices are still tracking upward. A median price of $135,000 during September was an 5.5 percent increase year to date and an 8.9 percent increase from a year ago. The $183,938 average sales price was up 5.6 percent year to date and 7.2 percent higher than September 2011.
There were just 5.5 months of supply on hand during September, with inventory dropping to 8,789 properties (a 30.2 percent drop from 12,590 properties a year ago).
NEFAR President Dane Leslie says, “With a substantially reduced inventory of homes for sale and less lender-mediated properties coming on the market, competition for properties is increasing. During September, 9.6 percent of the sales were for an amount that exceeded the listed price.”
For extensive market statistics, see 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.
About NEFAR
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 more than 4,900 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 do not represent the full extent of Realtor sales in those counties.
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