ORLANDO, Fla., Jan. 24 /PRNewswire/ -- Florida's housing market followed
the national trend in 2007, as mortgage industry issues and a sluggish economy
impacted sales and prices. By year's end, a total of 130,241 homes sold
statewide for a 29 percent decrease compared to the 183,988 homes sold in
2006, according to the Florida Association of Realtors(R) (FAR). However, 2007
is expected to be the fifth highest sales year on record for existing-home
sales, according to the National Association of Realtors(R) (NAR).
"What we experienced during the five-year boom cycle (2001-2005) was not a
normal housing market," notes 2008 FAR President Chuck Bonfiglio. "It was a
market like we have never seen before. Existing-home median prices went up
statewide over the past five years by some 60 percent; prices only declined in
2007 from 2006 by 5 percent. People are still experiencing a sizable return on
their investment if they have owned their home over the past six years. The
outlook for 2008 is that the housing market should start to normalize, that we
should see some gains by the end of the year. Continued efforts to resolve
Florida's property insurance and property tax issues will also help revitalize
our state's housing market."
The latest market outlook from NAR predicts that, as conditions for the
mortgage industry continue to improve, existing-home sales should hold fairly
steady over the next few months, rise later in the year and continue to
improve in 2009. "A meaningful recovery in existing-home sales could occur as
early as this spring, or it may be further delayed toward late 2008," says NAR
Senior Economist Lawrence Yun. "Our consumer survey shows buyers today are in
it for the long haul, planning to stay in their home for a median of 10 years.
This is a wise approach to housing because the data shows the longer you own,
the better your investment."
Florida's median sales price for existing single-family homes for year-end
2007 was $233,600; a year ago, it was $247,100 for a 5 percent decrease. The
median is the midpoint; half the homes sold for more, half for less. At the
end of 2002, the statewide median sales price for single-family homes was
$137,800, for an increase of 69.5 percent over the five-year-period, according
to FAR records.
Sales of existing condominiums in Florida also decreased last year, with a
total of 41,478 condos sold statewide compared to 56,877 in 2006 for a 27
percent decline, according to FAR. The statewide median sales price for condos
at year-end was $205,100, down 3 percent from the 2006 year-end condo median
price of $211,500. NAR reported the national median existing condo price was
$223,500 in October 2007.
Interest rates for a 30-year fixed-rate mortgage at the end of 2007
averaged 6.34 percent, according to Freddie Mac, down from the average rate of
6.41 percent at the end of 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 West Palm Beach-Boca Raton
Metropolitan Statistical Area (MSA) reported 6,971 existing homes sold last
year compared to 8,640 homes sold in 2006 for a 19 percent decrease. The
market's median sales price for homes was $369,400; in 2006, it was $384,700
for a 4 percent decrease. A total of 5,674 existing condos changed hands in
the MSA last year, down 8 percent from the 6,139 condos sold in 2006. The
existing condo median sales price in 2007 was $198,000; in 2006, it was
$220,400 for a 10 percent decrease.
"It's absolutely critical now for people to work with a knowledgeable
local Realtor who can help guide them through the process of buying or selling
a home," says John Mike, president of the Realtors Association of the Palm
Beaches and a Realtor-sales associate with Prudential Florida WCI Realty.
"We're more than just a technological resource for a real estate transaction:
A professional Realtor is a fountain of information and knowledge to have on
your side when making one of the biggest financial investments most people
will ever make. Just like in the military, you need the right intelligence to
make the right decisions. When you go out to do battle in the real estate
market, you ought to be armed with the best intelligence on the local housing
market and community. That's what a local Realtor will provide."
Among the state's smaller markets, the Gainesville MSA reported a total of
2,644 homes sold in 2007 compared to 3,174 homes the previous year for a 17
percent decrease. The existing home median sales price was $210,400; in 2006,
it was $213,200 for a 1 percent decline. A total of 939 existing condos sold
in the MSA last year compared to 1,284 condos sold in 2006 for a 27 percent
decrease. The market's existing condo median price was $154,900; in 2006, it
was $153,400 for an increase of 1 percent.
J. Parrish, president of the Gainesville Alachua County Association of
Realtors and president of Coldwell Banker M.M. Parrish, Realtors, says
retirement trends for baby boomers likely will benefit the area. "You hear the
research on how boomers are retiring earlier than their parents did, and that
they want a more active lifestyle," he says. "Therefore, they're retiring to
places where they can find the amenities of continued education, sports and
cultural activities associated with university towns like Gainesville."
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 at year-end 2007 to year-end 2006 based on Realtor transactions;
the other compares the volume of existing condominium sales and median sales
prices in year-end 2007 to year-end 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 - Year End 2007
Single-Family, Existing Homes
Realtor Sales Median Sales Price
Statewide &
Metropolitan Year End Year End % Year End Year End %
Statistical Areas 2007 2006 Chge 2007 2006 Chge
(MSAs)
STATEWIDE* (1) 130,241 183,988 -29 $233,600 $247,100 -5
Daytona Beach 6,701 8,774 -24 $197,300 $217,700 -9
Fort Lauderdale 6,127 8,373 -27 $363,100 $367,800 -1
Fort Myers-Cape Coral 5,383 8,518 -37 $257,000 $273,600 -6
Fort Pierce-Port St. Lucie 3,376 4,965 -32 $226,100 $253,200 -11
Fort Walton Beach 2,419 2,861 -15 $217,800 $231,400 -6
Gainesville 2,644 3,174 -17 $210,400 $213,200 -1
Jacksonville 12,501 16,405 -24 $197,200 $200,600 -2
Lakeland-Winter Haven 3,340 5,160 -35 $168,900 $176,200 -4
Melbourne-Titusville-
Palm Bay 5,181 6,423 -19 $193,600 $220,300 -12
Miami 5,289 8,692 -39 $380,100 $375,800 1
Naples-Marco Island*(2) 293 328 -11 $523,700 $530,800 -1
Ocala 2,979 5,347 -44 $168,600 $167,800 -
Orlando 17,143 27,212 -37 $248,900 $262,900 -5
Panama City 1,361 1,504 -10 $199,300 $211,200 -6
Pensacola 4,188 5,196 -19 $164,800 $165,600 -
Punta Gorda 2,436 3,264 -25 $186,900 $217,900 -14
Sarasota-Bradenton 8,103 9,067 -11 $285,700 $306,100 -7
Tallahassee 3,833 4,929 -22 $179,400 $177,600 1
Tampa-St. Petersburg-
Clearwater (3) 24,215 37,190 -35 $209,100 $224,800 -7
West Palm Beach-Boca Raton 6,971 8,640 -19 $369,400 $384,700 -4
(1) *Statewide figure includes data from the Naples Board of Realtors;
except for December, as historical data from Naples for December 2006
is not available.
(2) *Does not include data from the Naples Board of Realtors.
(3) Data from the Hernando County Association of Realtors now included in
the totals from 2006 and 2007.
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 - Year End 2007
Existing Condominiums
Realtor Sales Median Sales Price
Statewide &
Metropolitan Year End Year End % Year End Year End %
Statistical Areas 2007 2006 Chge 2007 2006 Chge
(MSAs)
STATEWIDE* (1) 41,478 56,877 -27 $205,100 $211,500 -3
Daytona Beach 1,015 1,147 -12 $249,800 $244,500 2
Fort Lauderdale 6,533 8,996 -27 $187,600 $208,600 -10
Fort Myers-Cape Coral 1,706 2,150 -21 $236,700 $298,900 -21
Fort Pierce-
Port St. Lucie 782 807 -3 $192,000 $203,700 -6
Fort Walton Beach 780 724 8 $384,000 $293,900 31
Gainesville 939 1,284 -27 $154,900 $153,400 1
Jacksonville 1,581 2,026 -22 $166,900 $168,600 -1
Lakeland-Winter Haven 170 272 -38 $126,700 $117,900 7
Melbourne-Titusville-
Palm Bay 1,187 1,611 -26 $177,300 $199,300 -11
Miami 5,772 9,822 -41 $272,000 $257,500 6
Naples-Marco Island*(2) 323 415 -22 $386,300 $460,600 -16
Ocala (3) N/A N/A N/A N/A N/A N/A
Orlando 2,141 4,933 -57 $158,500 $166,100 -5
Panama City 483 352 37 $280,100 $315,000 -11
Pensacola 486 657 -26 $276,800 $176,800 57
Punta Gorda 308 610 -50 $155,300 $169,600 -8
Sarasota-Bradenton 3,197 3,317 -4 $253,800 $263,900 -4
Tallahassee 355 457 -22 $149,300 $146,300 2
Tampa-St. Petersburg-
Clearwater (4) 5,932 8,523 -30 $169,400 $172,300 -2
West Palm Beach-
Boca Raton 5,674 6,139 -8 $198,000 $220,400 -10
(1) *Statewide figure includes data from the Naples Board of Realtors;
except for December, as historical data from Naples for December
2006 is not available.
(2) *Does not include data from the Naples Board of Realtors.
(3) Historical data from the Ocala-Marion County Association of Realtors
for 2006 was not available.
(4) Data from the Hernando County Association of Realtors now included in
the totals from 2006 and 2007.
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.
Editor's Note: You may wish to use this information with today's release
from the National Association of Realtors.
SOURCE Florida Association of Realtors
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
