Inventory rapidly shrinks; competition for dwindling supply drives prices up. Closed sales, pending sales and prices still on the upswing.
JACKSONVILLE, Fla. – The Northeast Florida Association of Realtors announces real estate market statistics for December 2012. Statistics encompass both single-family residential and condo sales, combined. A 2012 Annual Report on the Northeast Florida Housing Market is also now available.
Here are key indicators from the December and 2012 Annual Housing Report:
- There were 1,555 closed sales in December; a 7.5 percent increase over December 2011’s 1,446.
- December’s 17,718 closed sales were a 6.2 percent increase over 16,690 closed sales a year ago. (These are 2012 compared to 2011 figures)
- Pending sales of 1,748 in December 2012 marked a significant 43.4 percent increase over the 1,220 pending sales in December 2011.
- Prices continue to increase. The December 2012 median sales price was $142,950; a 14.4 percent jump from $125,000 last December.
- The median sales price for the entire year of 2012 was $133,500; up 6.8 percent over 2011’s $125,000 median.
- Looking more closely at prices, the median sales price for lender-mediated properties rose 17.1 percent in December over the prior year, while traditional sales prices rose 6.9 percent from December 2011.
- Inventory continues to shrink, coming in at 7,558 homes in December 2012. This is a 33.5 percent drop from the 11,373 inventory level in December 2011.
- Months’ supply of homes for sale plunged to just 4.6 months in December, down 43.3 percent from December 2011’s eight months.
- Lender-mediated sales made up 43 percent of the total sales in December. There were 699 lender-mediated sales and 886 traditional sales.
NEFAR President Carol Zingone says, “Northeast Florida’s inventory of properties for sale is now so low that it is not at all uncommon for sellers to receive offers from multiple competing buyers. This competition is driving up sales prices, with 17.4 percent of property sales in December being for more than the asking 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) Annual Reports (2011 and 2012 are available) give an extensive year in review, with comparisons from the four preceding years included.