ORLANDO, Fla., Nov. 18 FL-RealtorAssociation
ORLANDO, Fla., Nov. 18 /PRNewswire/ -- Sales of existing
single-family homes in Florida rose 5 percent in third quarter 2008 compared
to the same period last year, according to the latest housing statistics from
the Florida Association of Realtors(R) (FAR). A total of 33,203 existing homes
sold statewide in 3Q 2008; during the same period last year, a total of 31,558
existing homes sold statewide.
"Coming on the heels of positive sales activity in September, Florida's
existing home sales are once again above year-ago levels in the third
quarter," says 2008 FAR President Chuck Bonfiglio. "Despite lending
restrictions and the difficulties of finding affordable credit, we're seeing
buyers take advantage of homeownership opportunities in the current market --
buyers who want to make a long-term investment in their future. And, more than
ever, people are turning to Florida Realtors to find the professional
expertise, knowledge and friendly guidance they need to make the complex
process of buying or selling their home go more easily and smoothly."
The statewide existing-home median sales price was $185,400 in the third
quarter; a year ago, it was $233,200 for a decrease of 20 percent. In 2003,
the third-quarter statewide median sales price was $163,700, which reflects an
increase of about 13.3 percent over the five-year period. The median is a
typical market price where half the homes sold for more, half for less.
Twelve of Florida's metropolitan statistical areas (MSAs) reported
increased sales of existing homes in the third quarter compared to the same
three-month-period a year ago, while seven MSAs also showed gains in condo
sales. A number of local markets have reported increased sales activity over
the past few months, according to FAR.
Florida Realtors continued to report positive signs for the state's
housing sector in the third quarter, including an increase in pending home
sales (based on contracts signed but not closed) and a slower rate of
expansion of inventory levels in some areas.
To gain insight into current trends in Florida's real estate industry, the
University of Florida's Bergstrom Center for Real Estate Studies conducts a
quarterly survey of industry executives, market research economists, real
estate scholars and other experts. According to the third quarter 2008 survey,
the investment outlook for various types of properties remains steady. "People
who have responded to our surveys have not lost their faith in Florida as a
place to be and a place to invest," said Dr. Wayne Archer, director of UF's
Bergstrom Center for Real Estate Studies. "We have 40 pages of comments from
our respondents, and although the dominant theme is the disruption of
financing, perhaps the second theme, as one person put it, is people being on
the sidelines with full pads and helmets just waiting to jump back in."
Over the long term, Florida stands to benefit from the migration of new
residents, particularly as baby boomers age, Archer said, adding that the
Sunshine State's mild climate and outdoor amenities continue to make it an
attractive retirement destination.
In the year-to-year quarterly comparison for condo sales, 9,472 units sold
statewide for the quarter compared to 9,680 in 3Q 2007 for a 2 percent
decrease. The statewide existing-condo median sales price was $160,000 for the
three-month period; in 3Q 2007, it was $196,000 for an 18 percent decrease.
Continuing low mortgage rates remain another favorable influence on the
housing sector. According to Freddie Mac, the national commitment rate for a
30-year conventional fixed-rate mortgage averaged 6.32 percent in third
quarter 2008; one year earlier, it averaged 6.55 percent.
The latest industry outlook from the National Association of Realtors(R)
(NAR) cautions the housing sector likely faces disruptions from the
still-stabilizing credit market. "Inventory remains high, and price declines
are pressuring owners," said NAR Chief Economist Lawrence Yun. "Additional
housing stimulus would stabilize prices more quickly, which in turn would
bring faster stability to Wall Street. Removing the repayment feature on the
first-time buyer tax credit and permanently raising loan limits would bring
more buyers into the market and further reduce inventory."
Two charts showing statistics for Florida and its MSAs are attached. One
chart compares the volume of existing, single-family home sales and median
sales prices in the third quarter of 2008 to the third quarter of 2007, based
on Realtor closed transactions from local Realtor boards/associations within
the MSAs. The second chart compares the volume of existing condo sales and
median sales prices in third quarter 2008 to third quarter 2007, based on
Realtor closed transactions from local Realtor boards/associations within the
MSAs.
The Florida Association of Realtors (FAR), 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 - 3rd Quarter 2008
Single-Family, Existing Homes
Statewide &Realtor Sales Median Sales Price
Metropolitan
Statistical 3rd Qrtr. 3rd Qrtr. % 3rd Qrtr. 3rd Qrtr. %
Areas (MSAs) 2008 2007 Chge 2008 2007 Chge
STATEWIDE* (1)33,20331,558 5 $185,400$233,200 -20
Daytona Beach 1,704 1,649 3 $164,900$199,700 -17
Fort Lauderdale1,796 1,49820 $277,900$364,400 -24
Fort Myers-Cape
Cora l2,198 1,27373 $147,800$243,800 -39
Fort Pierce-Port
St. Lucie 1,128 91623 $150,600$218,300 -31
Fort Walton Beach634 630 1 $204,700$224,300-9
Gainesville 487 724 -33 $184,400$207,300 -11
Jacksonville (2) 2,579 3,018 -15 $180,400$194,700-7
Lakeland-Winter
Haven 801 790 1 $137,700$170,400 -19
Melbourne-
Titusville-Palm
Bay 1,402 1,192 18 $150,500$196,500 -23
Miami 1,271 1,250 2 $287,300$380,400 -24
Marco Island (3) 8377 8 $446,400$519,800 -14
Ocala557 621 -10 $135,200$161,100 -16
Orlando4,689 4,00517 $198,200$247,700 -20
Panama City 296 388 -24 $192,300$202,300-5
Pensacola876 1,151 -24 $152,500$168,800 -10
Punta Gorda 529 597 -11 $138,900$178,600 -22
Sarasota-Bradenton 1,758 2,084 -16 $217,500$283,800 -23
Tallahassee 530 670 -21 $194,600$212,900-9
Tampa-St.
Petersburg
-Clearwater 6,502 5,91310 $169,700$210,700 -19
West Palm Beach-
Boca Raton1,797 1,644 9 $300,200$365,400 -18
(1) * Statewide figure includes data from the Naples Area Board of
Realtors.
(2) Data from the St. Augustine & St. Johns County Board of Realtors for
July was not available.
(3) 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 - 3rd Quarter 2008
Existing Condominium
Statewide &Realtor Sales Median Sales Price
Metropolitan
Statistical 3rd Qrtr. 3rd Qrtr. % 3rd Qrtr. 3rd Qrtr. %
Areas (MSAs) 2008 2007 Chge 2008 2007 Chge
STATEWIDE* (1) 9,4729,680 -2 $160,000$196,000 -18
Daytona Beach283 261 8 $221,100$277,500 -20
Fort Lauderdale1,6581,510 10 $134,000$181,300 -26
Fort Myers-Cape
Coral 495 359 38 $193,900$232,800 -17
Fort Pierce-Port
St. Lucie 177 152 16 $142,500$183,600 -22
Fort Walton Beach 166 157 6 $320,000$344,300 -7
Gainesville 206 358 -42 $144,500$154,600 -7
Jacksonville (2)275 392 -30 $147,300$163,500 -10
Lakeland-Winter
Haven 2437 -35 $120,000 $99,400 21
Melbourne
-Titusville
-Palm Bay 289 294 -2 $155,600$184,700 -16
Miami 1,231 1,290 -5 $219,800$272,000 -19
Marco Island (3) 9590 6 $378,100$354,500 7
Ocala1016 -38$58,000 $85,000 -32
Orlando 439 474 -7 $114,000$154,100 -26
Panama City 126 134 -6 $214,700$254,200 -16
Pensacola 114 133 -14 $275,000$297,500 -8
Punta Gorda 4650 -8 $120,000$163,300 -27
Sarasota-Bradenton 444 732 -39 $202,600$241,700 -16
Tallahassee 26 108 -76 $110,000 $94,700 16
Tampa-St.
Petersburg-
Clearwater 1,363 1,504 -9 $142,800$168,700 -15
West Palm Beach-
Boca Raton 1,480 1,235 20 $141,100$190,800 -26
(1) *Statewide figure includes data from the Naples Area Board of
Realtors.
(2) Data from the St. Augustine & St. Johns County Board of Realtors for
July was not available.
(3) 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
