July 2011 Real Estate Sales Results; Closed Sales Dip One Percent | Real Estate

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July 2011 Real Estate Sales Results; Closed Sales Dip One Percent
Real Estate
July 2011 Real Estate Sales Results; Closed Sales Dip One Percent

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

Pending sales of 1,661 in July marked an 18.3 increase from a year ago; indicative of continued consumer interest in buying a home at today’s very attractive prices. Actual closed sales of 1,353 took a one percent dip from last July’s 1,367.

July’s median sales price of $130,199 was a 5.6 percent decrease year-over-year, while the average sale price was up 5.1 percent.

Inventory continues to be absorbed, dropping 30.6 percent in July from a year ago. Months supply of inventory fell 31.3 percent to reach 8.2 months; a positive downward trend heading towards a balanced market of five- to six-months on hand.

NEFAR President Dane Leslie says, “Of the 1,353 homes sold in July, 754 were traditional and 599 were lender-mediated sales. Having 44.3 percent of sales being lender-mediated is higher than we would like, but we are encouraged that lender-mediated sales were in the minority in July and are optimistic by the continued absorption of these properties as the real estate market recovers.”

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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