June 2011 Homes Sales Figures Released; Pending Sales Increase 34 Percent | Real Estate

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June 2011 Homes Sales Figures Released; Pending Sales Increase 34 Percent
Real Estate

The Northeast Florida Association of Realtors (NEFAR) announces real estate market statistics for June 2011. Statistics encompass both single-family residential and condo sales.

Consumers interest in buying homes hasn’t waned, as evidenced by 1,831 pending sales; a 34 percent year-over-year increase. There is a slow down between contract signing and the closing table, though, with June marking a 15.1 percent decrease in actual sales from a year ago to arrive at 1,529.

The average sale price was up seven percent over a year ago while the median price decreased 4.1 percent. Of the 1,529 properties sold, 862 were traditional sales and 667 were lender-mediated sales. While the traditional sales median increased 3.5 percent to reach $176,000, the lender-mediated median price fell to $89,700; a 10.3 percent drop. Combining the two types of sales resulted in a 4.1 median price decrease overall.  

Despite the bumpy road, the inventory of homes for sale is moving in the right direction. There were 11,776 homes for sale in June, down 28.8 percent from last year. This equates to an 8.4 months’ supply. A market is considered balanced when there is a five- to six-month supply on hand.

NEFAR President Dane Leslie says, “The steady reduction in the number of homes for sale is an encouraging sign for the real estate market. As the volume of available properties continues to decrease, particularly the lender-mediated properties, greater stabilization should be on the horizon.” 

The statistics above, plus numerous others, are included in the FREE statistics packages available on the Newsroom | Market Stats tab of www.NEFAR.com. The statistics packages include a Monthly Indicators and Housing Supply Overview Report summarizing all activity for NEFAR’s entire service area plus *partial information for St. Johns County and Nassau County. Separate Lender-Mediated sale reports are also available.

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