Pending Home Sales Increase Nearly 40 Percent, Actual Sales Down 10.6 Percent | Real Estate

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Pending Home Sales Increase Nearly 40 Percent, Actual Sales Down 10.6 Percent
Real Estate
Pending Home Sales Increase Nearly 40 Percent, Actual Sales Down 10.6 Percent

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

A 33.9 percent year-over-year increase in pending sales (those on which contracts are written but the sale has not finalized) demonstrates strong consumer interest in homeownership. There were 1,311 pending sales in May 2010 which increased to 1,756 this May. Closed sales went in the opposite direction, declining from 1,544 last May to 1,381 this May for a 10.6 percent drop.

The median price of traditional sales rose 5.5 percent, arriving at $168,800. Lender-mediated pricing continues on a downward trajectory; the median price of $81,000 in May was a 14.7 percent drop from a year ago.  

Days on market until sale jumped 21 percent, with 119 days being the average number of days between when a property was listed and when an offer was accepted. Despite that, homes are being absorbed more quickly over a year ago, with months’ supply of inventory dropping 23.7 percent to reach 8.9 months on hand.  

NEFAR President Dane Leslie says, “The increase in pending sales gives a clear signal that consumers want to buy homes. The leap from robust pending sales to a decline in actual sales, however, is indicative of several factors including increased tightening of mortgage lending. The large volume of lender-mediated properties also hampers efforts to bring sales to fruition.” 

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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