Housing Bubble
Florida's Home Sales Rise 10 Percent in November
Florida Realtors reported continuing strong home resales in November: A total of 11,630 existing single- family homes were sold statewide last month for a 10 percent gain over last year's sales activity of 10,613 homes, according to the Florida Association of Realtors® (FAR).
Last month, the statewide median sales price rose 11 percent to $141,500; a year ago, it was $127,500. In November 1997, the statewide median sales price was $95,400, translating to a gain of 48.3 percent over the five-year period. The median is the midpoint, which is a typical market price where half of the homes sold for more and half for less.
Florida's median sales price compares favorably to the national median sales price for existing single-family homes, which was $159,600 in October 2002 -- a 9.8 percent increase over last year. In California, the statewide median resales price was $322,730 in October; in North Carolina, it was $179,187; in Illinois, it was $164,300; and in Ohio, it was $142,831.
Interest rates for a 30-year fixed-rate mortgage averaged 6.03 percent in November, even lower than the 6.66 percent rate recorded last year. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state's larger metropolitan statistical areas (MSAs), the Orlando MSA reported higher figures in both sales and median price last month. A total of 2,016 existing single-family homes changed hands this November for an 8 percent increase over the 1,864 homes sold last year. The market's median sales price increased 12 percent to $135,000; in November 2001, it was $120,200.
Kim Goodwin-Dietz, president of the Osceola County Association of Realtors and a Realtor with Goodwin Realty & Associates Inc. in Kissimmee, credits historically low interest rates -- which have been hovering around 6 percent for weeks -- with sparking buyer interest. The metro Orlando area includes Osceola County.
"Increasingly, buyers are drawn to Osceola County because of its easy access to Orlando," Goodwin-Dietz says. "We've got that metropolitan feel without some of the problems, like traffic congestion, that usually go along with a big metro area. Our housing market is very affordable, too."
Other larger Florida MSAs with an increase in sales last month include: Fort Lauderdale, where 1,057 homes sold for a 21 percent gain; and Tampa-St. Petersburg-Clearwater, where 1,158 homes changed hands for a 5 percent increase. The median sales price in those markets also rose in November compared to a year ago: in Fort Lauderdale, an 18 percent jump to $202,800; and in Tampa-St. Petersburg-Clearwater, an 8 percent increase to $140,800.
Among the state's smaller to medium-size markets, sales activity stayed strong in the Daytona Beach MSA in November, with a total of 619 homes sold compared to 580 last year for a 7 percent increase. The area's median sales price jumped 30 percent over the same period to reach $122,400; a year ago, it was $94,500.
Jalene Stockhausen, a salesperson with Bill Mancinik, Realtor® in DeLand, says word is spreading that the Daytona Beach area has a lot to offer: beautiful beaches, affordable homes and a great quality of life.
"For the last three or four years, our market has been experiencing this upswing," she says. "The area has renewed its commitment to increasing commercial development and we've made progress in attracting new business, which means more jobs and more homebuyers.
Other smaller MSAs in the state also reported higher home resales last month, including: Naples, where 329 homes changed hands for a 34 percent boost; and Fort Myers-Cape Coral, where 694 homes sold for a 17 percent increase. The median sales price in those markets also rose over the same period: in Naples, a 15 percent gain to $272,900; and in Fort Myers-Cape Coral, a 6 percent increase to $139,300.
A chart showing statistics for Florida and its 20 MSAs is below. The chart compares the volume of existing, single-family home sales and median sales prices in November 2002 to November 2001, based on Realtor transactions.
Florida Sales Report -- November 2002
Single-Family, Existing Homes
Realtor Sales Median Sales Price
Statewide &
Metropolitan November November % November November %
Statistical Areas 2002 2001 Chge 2002 2001 Chge
(MSAs)
STATEWIDE 11,630 10,613 10% $141,500 $127,500 11%
Daytona Beach 619 580 7 $122,400 $94,500 30
Fort Lauderdale 1,057 871 21 $202,800 $172,400 18
Fort Myers
-- Cape Coral 694 593 17 $139,300 $131,200 6
Fort Pierce
-- Port St. Lucie 409 365 12 $133,300 $117,300 14
Fort Walton Beach 250 218 15 $133,500 $135,600 -2
Gainesville 187 142 32 $131,900 $121,700 8
Jacksonville 1,036 1,061 -2 $125,100 $118,900 5
Lakeland
-- Winter Haven 391 342 14 $88,500 $83,200 6
Melbourne
-- Titusville
-- Palm Bay 463 408 13 $121,100 $100,400 21
Miami 885 819 8 $194,800 $169,800 15
Naples 329 245 34 $272,900 $237,500 15
Ocala 366 341 7 $86,700 $93,600 -7
Orlando 2,016 1,864 8 $135,000 $120,200 12
Panama City 142 163 -13 $127,500 $98,800 29
Pensacola 334 280 19 $107,500 $107,100 --
Punta Gorda 293 264 11 $129,400 $113,800 14
Sarasota
-- Bradenton(1) 356 329 8 $176,800 $147,700 20
Tallahassee 189 227 -17 $132,900 $131,900 1
Tampa
-- St. Petersburg
-- Clearwater(2) 1,158 1,099 5 $140,800 $130,500 8
West Palm Beach
-- Boca Raton(3) N/A N/A N/A N/A N/A N/A
(1) Data for Manatee County and Englewood was not available.
(2) Hernando County data was not available.
(3) Data for the West Palm Beach-Boca Raton MSA was not available.
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.
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