The Northeast Florida Association of Realtors (NEFAR) released the 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.”
Source: Northeast Florida Association of Realtors and First Coast News