In the news release, Florida’s Existing Home Sales Slower in September 2007, issued earlier today by Florida Association of Realtors over PR Newswire, the Florida Sales Report – September 2007 Single-Family, Existing Homes chart, the line item for Fort Myers-Cape Coral, under the Median Sales Price % Chge column should read “-11” rather than “-1” as incorrectly transmitted by PR Newswire.
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Florida's Existing Home Sales Slower in September 2007
ORLANDO, Fla., Oct. 24 /PRNewswire/ — Mirroring the national trend, turmoil in the mortgage market impacted Florida's housing sector in September, despite continued low unemployment rates and other positive economic activity. Statewide, sales of existing single-family homes totaled 8,688 last month while 14,044 homes sold in September 2006 for a decrease of 38 percent in the year-to-year comparison, according to the Florida Association of Realtors(R) (FAR).
Housing industry analysts previously predicted that mortgage disruptions would affect home sales in September. The National Association of Realtors'(R) (NAR) latest market outlook expects conditions for the mortgage industry to improve in the coming months and that widening credit availability will help homebuyers. Keeping the current housing market in perspective, 2007 will be the fifth highest year on record for existing-home sales, says NAR Senior Economist Lawrence Yun. “Although sales are off from an unsustainable peak in 2005, there is a historically high level of home sales taking place this year,” he says. “One out of 16 American households is buying a home this year.”
Florida's median sales price for existing single-family homes last month was $221,200; a year ago, it was $243,300 for a 9 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In September 2002, the statewide median sales price for single-family homes was $139,600, for an increase of 58.5 percent over the five-year-period, according to FAR records.
The national median sales price for existing single-family homes in August 2007 was $223,900, essentially even with the year-ago figure, according to NAR. In California, the statewide median resales price was $588,970 in August; in Massachusetts, it was $357,000; in Maryland, it was $315,850; and in New York, it was $255,000.
Sales of existing condominiums in Florida also decreased last month, with a total of 2,557 condos sold statewide compared to 4,032 in September 2006 for a 37 percent decline, according to FAR. The statewide median sales price for condos last month was $194,200, down 4 percent from September 2006's condo median price of $202,800. NAR reported the national median existing condo price was $228,500 in August 2007.
Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.38 percent, according to Freddie Mac, which was lower than the average rate of 6.40 percent in September 2006. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state's larger markets, the Jacksonville Metropolitan Statistical Area (MSA) reported 878 existing homes sold last month compared to 1,191 homes sold a year ago for a 26 percent decrease. The market's median sales price for homes was $194,800; it was $190,800 in September 2006 for a 2 percent increase. A total of 113 existing condos changed hands in the MSA last month, down 14 percent from the 132 condos sold the previous year. The existing condo median sales price in September was $162,700; a year ago, it was $185,500 for a 12 percent decrease.
“Northeast Florida is a wonderful place to live,” says Hank Oltmanns, president of the Northeast Florida Association of Realtors and broker-owner of A Broker's Choice Realty. “The unemployment rate in Jacksonville is between 3 to 4 percent, and new business is always coming into the area and generating jobs. The St. Johns River offers access to anywhere in the world. Jacksonville offers all the amenities of a big city, yet the lifestyle here is relaxed and laid-back.”
Among the state's smaller markets, the Panama City MSA reported a total of 102 homes sold in September compared to 113 homes a year ago for a 10 percent decrease. The existing home median sales price was $184,000; a year ago, it was $203,000 for a 9 percent decrease. A total of 38 existing condos sold in the MSA last month compared to 32 condos the previous September for a 19 percent increase. The market's existing condo median price was $250,000; a year ago, it was $262,500 for a decrease of 5 percent.
Scott Bowman, president of the Bay County Association of Realtors and a broker-sales manager with Prudential Shimmering Sands Realty, says that the area's investment in new infrastructure is attracting buyers' interest. “A lot of things have been happening in our market over the past few years: We've widened our roads, built a new bridge and had a new airport site approved,” he says. “The injection of new infrastructure is having a good impact on the market, along with expanding industries. For example, there's a company wanting to use the Panama City port facility for a wood pellet [a renewable energy source] plant they're planning in the northern part of our county.”
Two charts showing statistics for Florida and its 20 MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices; the other compares the volume of existing, condominium sales and median sales price in September 2007 to September 2006 based on Realtor transactions.
The Florida Association of Realtors(R), the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its 150,000 members in 67 boards/associations.
Florida Sales Report – September 2007
Single-Family, Existing Homes
Realtor Sales Median Sales Price
Statewide &
Metropolitan September September % September September %
Statistical Areas 2007 2006 Chge 2007 2006 Chge
(MSAs)
STATEWIDE*(1) 8,688 14,044 -38 $221,200 $243,300 -9
STATEWIDE-YEAR-TO- 103,843 146,632 -29 $237,400 $248,700 -5
DATE
Daytona Beach (2) 441 612 -28 $192,700 $207,100 -7
Fort Lauderdale 401 741 -46 $345,200 $370,300 -7
Fort Myers-Cape Coral 327 693 -53 $231,600 $261,400 -1
Fort Pierce-Port St.
Lucie 258 336 -23 $202,000 $244,300 -17
Fort Walton Beach 154 267 -42 $215,200 $231,400 -7
Gainesville 169 215 -21 $205,300 $206,400 -1
Jacksonville 878 1,191 -26 $194,800 $190,800 2
Lakeland-Winter Haven 223 387 -42 $165,500 $168,900 -2
Melbourne-Titusville-
Palm Bay 304 514 -41 $189,700 $206,200 -8
Miami 360 769 -53 $372,300 $371,700 —
Naples-Marco Island*(3) 16 25 -36 $450,000 $537,500 -16
Ocala 166 387 -57 $163,200 $168,000 -3
Orlando 1,049 2,015 -48 $233,800 $265,000 -12
Panama City 102 113 -10 $184,000 $203,000 -9
Pensacola 307 466 -34 $159,800 $167,900 -5
Punta Gorda 189 226 -16 $170,000 $213,200 -20
Sarasota-Bradenton 500 665 -25 $244,300 $287,600 -15
Tallahassee 248 395 -37 $178,700 $185,000 -3
Tampa-St. Petersburg-
Clearwater (4) 1,691 2,803 -40 $200,700 $222,100 -10
West Palm Beach-Boca
Raton 471 566 -17 $355,300 $365,500 -3
(1) *Statewide figure includes data from the Naples Board of Realtors.
(2) Data from the New Smyrna Beach Board of Realtors is not available.
(3) *Data is only from the Marco Island Association of Realtors.
(4) Data from the Hernando County Association of Realtors now included in
the totals from 2006 and 2007.
Editor's note: Sales numbers represent totals of Realtors' closed transactions from local Realtor boards/associations within the MSAs.
This information is based on a survey of MLS sales levels from Florida's Realtor boards/associations. MSAs are defined by the 2000 Census. Source: Florida Association of Realtors and the University of Florida Real Estate Research Center.
Florida Sales Report – September 2007
Existing Condominiums
Realtor Sales Median Sales Price
Statewide &
Metropolitan September September % September September %
Statistical Areas 2007 2006 Chge 2007 2006 Chge
(MSAs)
STATEWIDE* (1) 2,557 4,032 -37 $194,200 $202,800 -4
STATEWIDE-YEAR-TO-
DATE 32,543 44,872 -27 $204,900 $209,400 -2
Daytona Beach (2) 62 104 -40 $270,000 $170,000 59
Fort Lauderdale 397 647 -39 $174,600 $205,800 -15
Fort Myers-Cape Coral 102 168 -39 $224,000 $231,500 -3
Fort Pierce-Port St.
Lucie 50 51 -2 $225,000 $221,900 1
Fort Walton Beach 45 37 22 $338,900 $157,500 115
Gainesville 43 63 -32 $152,900 $165,000 -7
Jacksonville 113 132 -14 $162,700 $185,500 -12
Lakeland-Winter Haven 6 20 -70 $85,000 $130,000 -35
Melbourne-Titusville-
Palm Bay 66 112 -41 $176,700 $223,300 -21
Miami 355 666 -47 $275,000 $270,800 2
Naples-Marco Island*(3) 23 31 -26 $350,000 $458,300 -23
Ocala (4) N/A N/A N/A N/A N/A N/A
Orlando 131 366 -64 $163,000 $163,400 —
Panama City 38 32 19 $250,000 $262,500 -5
Pensacola 37 37 – $275,000 $212,500 29
Punta Gorda 14 48 -71 $180,000 $178,200 1
Sarasota-Bradenton 186 206 -10 $250,000 $235,100 6
Tallahassee 17 45 -62 $137,500 $143,000 -4
Tampa-St. Petersburg-
Clearwater (5) 411 576 -29 $159,000 $155,100 3
West Palm Beach-Boca
Raton 360 504 -29 $180,000 $220,500 -18
(1)*Statewide figure includes data from the Naples Board of Realtors.
(2) Data from the New Smyrna Beach Board of Realtors is not available.
(3) *Data is only from the Marco Island Association of Realtors.
(4) Historical data from the Ocala-Marion County Association of Realtors
for 2006 was not available.
(5) Data from the Hernando County Association of Realtors now included in
the totals from 2006 and 2007.
Editor's note: Sales numbers represent totals of Realtors' closed transactions from local Realtorboards/associations within the MSAs.
This information is based on a survey of MLS sales levels from Florida's Realtor boards/associations. MSAs are defined by the 2000 Census. Source: Florida Association of Realtors and the University of Florida Real Estate Research Center.
SOURCE Florida Association of Realtors
© 2007 PR Newswire. All Rights Reserved.
