With mortgage rates still ticking upwards, Florida's housing sector in May continued to adjust to changing market conditions, including a greater inventory of homes available for sale in many areas. Statewide, the existing-home median price rose 11 percent to $256,400 last month; a year ago, it was $232,000, according to the Florida Association of Realtors(R) (FAR). A total of 18,680 existing single-family homes sold statewide last month, a decrease of 24 percent from the 24,523 homes sold during the previous May, according to FAR.
In 2001, the statewide median sales price was $125,200, which is an increase of about 104.7 percent over the five-year-period, according to FAR records. The median is a typical market price where half the homes sold for more, half sold for less.
Nationally, the median sales price for existing single-family homes was $222,700 in April, up 4.3 percent from a year earlier, according to the National Association of Realtors(R) (NAR). In California, the statewide median resales price was $562,380 in March; in Massachusetts, it was $354,000; in Maryland, it was $305,720; and in New York, it was $263,000.
Home sales across the nation are settling into a slower pace, which is good for the long-term health of the sector, according to NAR housing industry analysts. Still, NAR expects 2006 to be the third strongest sales year on record. Analysts note that the adjusting housing market will continue to provide a strong underlying base to the economy, while slower appreciation will help to preserve long-term affordability.
Looking to Florida's existing condominium market, sales of existing condos also decreased in May, with a total of 5,725 condos sold statewide compared to 8,337 in May 2005 for a 31 percent decline, according to FAR. The statewide median sales price for condos remained relatively flat last month at $222,000; a year ago, it was $222,100. The national median existing condo price in April 2006 also was $222,000.
According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage was 6.60 percent last month, up from 5.72 percent in May 2005. 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 1,732 existing homes changed hands last month compared to 1,671 homes sold in May 2005 for a 4 percent gain. The market's median existing home price rose 15 percent to $208,700; a year ago, it was $181,700. A total of 230 existing condos sold in Jacksonville in May for a 35 percent increase over the 170 condos sold the previous year. The market's median existing condo price rose 3 percent to $170,900; a year ago, it was $166,700.
"The range of housing options and prices available in the Jacksonville area is one of the attractions here," says Kay Seitzinger, president of the Northeast Florida Association of Realtors and assistant manager with the South Beach office of Watson Realty Corp. in Jacksonville Beach. "The economy continues to be very strong, there are new businesses coming to the area and our jobs outlook is solid now and for the future. The market is adjusting and rising inventory levels offer buyers more opportunities."
Of the state's smaller markets, the Pensacola MSA reported a 1 percent increase in existing home sales in May, with 589 homes sold compared to 582 homes sold a year earlier. The area's median existing home sales price rose 8 percent to $170,600; a year ago, it was $158,600. Sixty-seven existing condos sold in Pensacola last month compared to 70 condos sold in May 2005 for a drop of 4 percent. The market's median existing condo price rose 31 percent to $196,700; a year ago, it was $150,000.
"The forecast for the Panhandle remains good for housing sales," says Auby Smith, president of the Pensacola Association of Realtors and broker for Real Estate Counselors in Pensacola. "We're expecting an increase in military expenditures, which is good for the area's economy. Buyers have a variety of housing choices at reasonable prices, especially when you consider some of the costs of waterfront property in other areas."
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 2006 to May 2005, based on Realtor transactions within the MSAs. The other chart compares the volume of existing condo sales and median sales prices in May 2006 to May 2005, based on Realtor transactions 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 nearly 155,000 members in 68 boards/associations.
Florida Sales Report - May 2006
Single-Family, Existing Homes
Realtor Sales Median Sales Price
Statewide &
Metropolitan May May % May May %
Statistical Areas 2006 2005 Chge 2006 2005 Chge
(MSAs)
STATEWIDE 18,680 24,523 -24 $256,400 $232,000 11
STATEWIDE YEAR-TO-DATE 80,852 105,899 -24 $249,900 $216,500 15
Daytona Beach 962 1,445 -33 $231,500 $197,900 17
Fort Lauderdale 862 1,067 -19 $379,800 $367,000 3
Fort Myers-Cape Coral 993 1,309 -24 $286,500 $273,500 5
Fort Pierce-Port
St. Lucie 519 662 -22 $252,300 $253,200 --
Fort Walton Beach 380 466 -18 $238,700 $261,600 -9
Gainesville 332 461 -28 $207,500 $169,600 22
Jacksonville 1,732 1,671 4 $208,700 $181,700 15
Lakeland-Winter Haven 524 545 -4 $177,900 $137,400 29
Melbourne-
Titusville-Palm Bay 601 797 -25 $228,300 $227,900 --
Miami 875 1,189 -26 $379,700 $354,900 7
Naples 313 524 -40 $507,900 $503,000 1
Ocala 465 526 -12 $171,500 $137,100 25
Orlando 2,898 3,657 -21 $267,000 $218,600 22
Panama City 187 255 -27 $236,800 $240,100 -1
Pensacola 589 582 1 $170,600 $158,600 8
Punta Gorda 340 398 -15 $211,500 $216,200 -2
Sarasota-Bradenton 834 1,234 -32 $322,600 $316,600 2
Tallahassee 523 513 2 $172,600 $164,700 5
Tampa-St. Petersburg-
Clearwater (1) 3,548 5,482 -35 $230,900 $196,100 18
West Palm Beach-
Boca Raton 982 1,335 -26 $391,000 $390,900 --
(1) Data from the Hernando County Association of Realtors was not
available.
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 - May 2006
Existing Condominiums
Realtor Sales Median Sales Price
Statewide &
Metropolitan May May % May May %
Statistical Areas 2006 2005 Chge 2006 2005 Chge
(MSAs)
STATEWIDE 5,725 8,337 -31 $222,000 $222,100 --
STATEWIDE-YEAR-TO-DATE 26,659 36,769 -27 $219,600 $209,300 5
Daytona Beach (1) 73 200 -64 $222,500 $266,700 -17
Fort Lauderdale 929 1,331 -30 $212,300 $194,900 9
Fort Myers-Cape Coral 250 620 -60 $320,800 $285,800 12
Fort Pierce-Port
St. Lucie 85 103 -17 $202,100 $206,300 -2
Fort Walton Beach 140 293 -52 $400,000 $490,800 -19
Gainesville 167 97 72 $135,700 $120,400 13
Jacksonville (2) 230 170 35 $170,900 $166,700 3
Lakeland-Winter Haven 24 24 -- $106,700 $66,700 60
Melbourne-
Titusville-Palm Bay 60 246 -76 $196,700 $220,000 -11
Miami 1,101 1,214 -9 $250,900 $233,100 8
Naples 291 590 -51 $369,200 $395,000 -7
Ocala (3) N/A N/A N/A N/A N/A N/A
Orlando 468 425 10 $163,300 $161,500 1
Panama City 131 96 36 $330,000 $375,000 -12
Pensacola 67 70 -4 $196,700 $150,000 31
Punta Gorda 5 88 -94 $275,000 $211,500 30
Sarasota-Bradenton 336 584 -42 $274,200 $275,800 -1
Tallahassee (4) N/A N/A N/A N/A N/A N/A
Tampa-St. Petersburg-
Clearwater (5) 816 1,266 -36 $178,000 $157,000 13
West Palm Beach-
Boca Raton 552 920 -40 $218,900 $198,600 10
(1) Data from the New Smyrna Beach Board of Realtors was not available.
(2) Data from the St. Augustine-St. Johns County Board of Realtors was not
available.
(3) Data from the Ocala-Marion County Association of Realtors was not
available.
(4) Historical data from the Tallahassee Board of Realtors was not
available.
(5) Data from the Hernando County Association of Realtors was not
available.
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.
DATASOURCE: Florida Association of Realtors(R)
CONTACT: Marla Martin, Communications Manager, ext. 2326, or Jeff
Zipper, Vice President of Communications, ext. 2314, both of Florida
Association of Realtors, +1-407-438-1400
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