The Northeast Florida Association of Realtors Market Stats for 2012 indicate improvement in every category for the first time in the previous six years.
Pending sales in December 2012 of 1,748 contracts written are 43% more than December 2011. Pending sales for the last 4 months have been between 23% and 44% higher than the previous year. We have 17% more pending sales for the year than in the previous year.
The closed sales of 1,555 transactions in December are 8% higher than last December. We have 6% more closings for the year 2012 than in 2011. The number of closings is improving, but the process is still very difficult due to the lending and appraisal regulations. Lender-mediated properties accounted for 43% of the closings in December which is down from 48% last December.
The days a property is on the market until sale averaged 112 days in 2012 which is 7% fewer days than 121 days in 2011. The days on market is almost completely dependent on pricing. Properties priced reasonably based on real market research result in a reasonable sales period.
The median sales price in December of $142,950 is up 14% from the previous December price of $125,000. The year to date median sales price is $133,500 which is 7% higher than the 2011 median price of $125,000.
The average sales price in December of $199,258 is up 22% from the previous December price of $163,620. The year to date average sales price is $179,482 which is 8% higher than the 2011 average price of $166,097.
The inventory continues to decline with 7,558 homes for sale in December 2012 which is 34% less than the 11,373 available in December 2012. We now have 4.6 months supply of inventory which is less than the 5 to 6 months for a balanced market. As I have mentioned before, when a good property hits the market, it is not unusual to see multiple offers.
Call St. Johns County Top Real Estate Agent, Suzy Evans, For More Information on Buying or Selling A Home! (904) 347-5447