ORLANDO, Fla., June 26 /PRNewswire/ -- Florida Realtors(R) statewide
continued to report positive signs in their local housing markets, with an
uptick in existing home and condominium sales in May 2008 from April,
according to the latest housing statistics released by the Florida Association
of Realtors(R) (FAR). A total of 12,175 existing single-family homes sold in
May, up 8.7 percent over the previous month when 11,200 homes changed hands
statewide. Existing condo sales statewide rose 3 percent, with a total of
4,018 units sold in May compared with 3,900 condos in April.
The median price for both existing single-family homes and existing condos
increased slightly as well during the one-month period. The existing-home
median price in May was $203,300, up 2.2 percent from April's median price of
$198,900. The median price of an existing condo last month was $181,800, up
1.5 percent from April's figure of $179,200.
In the latest National Association of Realtors(R) (NAR) housing outlook,
Chief Economist Lawrence Yun noted that pending sales contracts have increased
markedly in areas experiencing significant price drops. "Bargain hunters have
entered the market en masse, especially in areas that have experienced
double-digit price declines, but it's unclear if they are investors or
owner-occupants," he said. "Sharp price reductions are leading to a quicker
discovery of price equilibrium points." Pending sales are based on contracts
signed but not yet closed.
In the year-to-year comparison, a total of 12,175 existing homes sold
statewide last month while 12,882 homes sold in May 2007 for a decrease of 5
percent, according to FAR. Florida's median sales price for existing homes
last month was $203,300; a year ago, it was $239,000 for a 15 percent
decrease. But, looking back to May 2003, the statewide median sales price for
single-family homes has increased about 34.5 percent over the
five-year-period, according to FAR records -- at that time, the statewide
existing-home median price was $151,200. The median is the midpoint; half the
homes sold for more, half for less.
In a year-to-year comparison for condos, 4,018 units sold statewide
compared to 4,458 in May 2007 for a 10 percent decline. The statewide
existing-condo median sales price last month was $181,800; in May 2007 it was
$210,200 for a 14 percent decrease. NAR reported the national median existing
condo price was $214,900 in April 2008.
The national median sales price for existing single-family homes in April
2008 was $200,700, down 8.5 percent from a year earlier, according to NAR. In
California, the statewide median resales price was $403,870 in April; in
Massachusetts, it was $314,900; in Maryland, it was $292,447; and in New York,
it was $215,000.
Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.04
percent, down from the average rate of 6.26 percent in May 2007, according to
Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to
90 days after sales contracts are written.
Once again, several of Florida's metropolitan statistical areas (MSAs)
reported gains in existing home sales for the month; a few MSAs also showed an
uptick in condo sales. Realtors around the state reported an increase in buyer
interest in their markets, noting more home showings, telephone calls, and
other business activity, as well as higher pending home sales in many areas.
Among the state's larger markets, the Sarasota-Bradenton MSA reported a
total of 858 homes sold in May compared to 772 homes a year ago for an 11
percent increase. The existing home median sales price was $246,200; a year
ago, it was $294,700 for a 16 percent decrease. A total of 331 existing condos
sold in the MSA last month compared to 339 condos the previous May for a
decrease of 2 percent. The market's existing condo median price remained
stable at $246,400; a year ago, it was $246,200.
Stephen Lingley, president of the Venice Area Board of Realtors and a
broker-associate with SKY Sotheby's International Realty, said that buyers in
the area appear to be deciding that now is the right time to take action.
"We're seeing an increase in sales activity as the people who have been
hesitating are starting to move on choice properties," he says. "There are
people that are able, willing and eager to buy: They're ready to make a
commitment. Pricing the properties right [to sell] is a key element in the
market, and sellers are certainly more willing to negotiate. We are seeing a
pretty good upswing in sales."
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 in May 2008 to May 2007 based on Realtor transactions; the other
compares the volume of existing, condominium sales and median sales prices May
2008 to May 2007 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 125,000 members in 67 boards/associations.
Editor's Note: You may wish to use this information with today's release
from the National Association of Realtors.
Florida Sales Report - May 2008
Single-Family, Existing Homes
Realtor Sales Median Sales Price
Statewide &
Metropolitan
Statistical Areas
(MSAs)
May May % May May %
2008 2007 Chge 2008 2007 Chge
STATEWIDE* (1) 12,175 12,882 -5 $203,300 $239,000 -15
STATEWIDE-
YEAR-TO-DATE 48,779 59,538 -18 $201,600 $238,900 -16
Daytona Beach 607 644 -6 $174,100 $196,800 -12
Fort Lauderdale 530 574 -8 $296,800 $367,700 -19
Fort Myers-
Cape Coral 823 575 43 $212,400 $281,500 -25
Fort Pierce-
Port St. Lucie 392 315 24 $166,400 $228,500 -27
Fort Walton Beach 222 242 -8 $230,000 $219,700 5
Gainesville 245 299 -18 $204,300 $219,100 -7
Jacksonville 992 1,258 -21 $193,200 $207,500 -7
Lakeland-
Winter Haven 271 338 -20 $146,500 $171,000 -14
Melbourne-
Titusville-
Palm Bay 491 483 2 $163,100 $190,400 -14
Miami 339 494 -31 $320,900 $401,100 -20
Marco Island (2) 63 38 66 $517,100 $536,700 -4
Ocala 238 294 -19 $143,100 $173,600 -18
Orlando 1,489 1,729 -14 $215,500 $252,700 -15
Panama City 109 162 -33 $190,000 $210,800 -10
Pensacola 313 401 -22 $168,100 $170,000 -1
Punta Gorda 292 235 24 $154,600 $186,900 -17
Sarasota-
Bradenton 858 772 11 $246,200 $294,700 -16
Tallahassee 295 406 -27 $173,600 $174,900 -1
Tampa-
St. Petersburg-
Clearwater 2,270 2,241 1 $176,100 $209,300 -16
West Palm Beach-
Boca Raton 702 741 -5 $330,900 $387,800 -15
(1) *Statewide figure includes data from the Naples Board of Realtors.
(2) Data is only from the Marco Island Association of Realtors.
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 Bergstrom Center
for Real Estate Studies.
Florida Sales Report - May 2008
Existing Condominiums
Realtor Sales Median Sales Price
Statewide &
Metropolitan
Statistical Areas
(MSAs)
May May % May May %
2008 2007 Chge 2008 2007 Chge
STATEWIDE* (1) 4,018 4,458 -10 $181,800 $210,200 -14
STATEWIDE-
YEAR-TO-DATE 16,139 20,244 -20 $179,700 $216,100 -17
Daytona Beach 83 99 -16 $241,700 $208,300 16
Fort Lauderdale 639 655 -2 $138,900 $202,600 -31
Fort Myers-
Cape Coral 257 194 32 $205,900 $226,500 -9
Fort Pierce-
Port St. Lucie 94 118 -20 $203,800 $220,800 -8
Fort Walton Beach 86 85 1 $376,500 $345,800 9
Gainesville 64 98 -35 $143,100 $148,000 -3
Jacksonville 112 244 -54 $154,700 $175,400 -12
Lakeland-
Winter Haven 15 18 -17 $85,000 $133,300 -36
Melbourne-
Titusville-
Palm Bay 116 117 -1 $144,300 $182,000 -21
Miami 420 599 -30 $280,700 $272,000 3
Marco Island (2) 59 58 2 $501,700 $400,000 25
Ocala 9 13 -31 $82,500 $105,000 -21
Orlando 154 177 -13 $124,800 $155,600 -20
Panama City 52 51 2 $242,900 $255,000 -5
Pensacola 39 46 -15 $220,800 $150,000 47
Punta Gorda 31 31 - $135,700 $148,800 -9
Sarasota-
Bradenton 331 339 -2 $246,400 $246,200 -
Tallahassee 32 28 14 $130,000 $145,000 -10
Tampa-
St. Petersburg-
Clearwater 511 610 -16 $149,000 $166,000 -10
West Palm Beach-
Boca Raton 655 613 7 $159,800 $217,400 -26
(1) *Statewide figure includes data from the Naples Board of Realtors.
(2) Data is only from the Marco Island Association of Realtors.
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 Bergstrom Center
for Real Estate Studies.
SOURCE Florida Association of Realtors(R)
Marla Martin, Communications Manager, +1-407-438-1400, ext. 2326, or Jeff
Zipper, Vice President of Communications, +1-407-438-1400, ext. 2314, both of
Florida Association of Realtors(R)
