Straight from NEFAR we have some great news. It appears as though we've finally hit the bottom and things are turning around! Call me with questions or concerns.
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."
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.
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."
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