ORLANDO, Fla., March 24 /PRNewswire/ -- Turmoil in the mortgage market continued to impact Florida's housing sector in February. Statewide, sales of existing single-family homes totaled 8,310 last month while 11,132 homes sold in February 2007 for a decrease of 25 percent in the year-to-year comparison, according to the Florida Association of Realtors(R) (FAR).
According to the latest forecast by the National Association of Realtors(R) (NAR), the volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas. NAR Chief Economist Lawrence Yun says, "The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions. Therefore, a notable rise in home sales can be anticipated in the second half of the year." Florida's median sales price for existing single-family homes last month was $198,900; a year ago, it was $237,000 for a 16 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In February 2003, the statewide median sales price for single-family homes was $140,500, an increase of about 41.6 percent over the five-year-period, according to FAR records.
The national median sales price for existing single-family homes in January 2008 was $198,700, down 5.1 percent from a year earlier, according to NAR. In California, the statewide median resales price was $430,370 in January; in Massachusetts, it was $321,000; in Maryland, it was $286,520; and in New York, it was $240,000.
Sales of existing condominiums in Florida also decreased last month, with a total of 2,765 condos sold statewide compared to 3,375 in February 2007 for an 18 percent decline, according to FAR. The statewide median sales price for condos last month was $175,600, down 20 percent from February 2007's condo median price of $218,900. NAR reported the national median existing condo price was $220,400 in January 2008.
Last month, interest rates for a 30-year fixed-rate mortgage averaged 5.92 percent, down from the average rate of 6.29 percent in February 2007, according to Freddie Mac. 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 401 existing homes sold last month compared to 560 homes sold a year ago for a 28 percent decrease. The market's median sales price for homes was $344,600; it was $374,300 in February 2007 for a 8 percent decrease. A total of 438 existing condos changed hands in the MSA last month, down 5 percent from the 462 condos sold the previous year. The existing condo median sales price in February was $159,300; a year ago, it was $209,600 for a 24 percent decrease.
Says John J. Mike, chairman of the Realtors Association of the Palm Beaches and a sales associate with Prudential Florida WCI Realty, "Our members are reporting that activity levels have picked up in recent weeks. The softening of prices has certainly been appealing to buyers who were on the fence about entering the housing market. In addition, people are beginning to discover the reality of Amendment 1, particularly where portability of their property tax savings are concerned." Among the state's smaller markets, the Punta Gorda MSA reported a total of 201 homes sold in February compared to 216 homes a year ago for a 7 percent decrease. The existing home median sales price was $151,300; a year ago, it was $201,100 for a 25 percent decrease. A total of 24 existing condos sold in the MSA last month compared to 30 condos the previous February for a 20 percent decrease. The market's existing condo median price was $110,000; a year ago, it was $136,700 for a decrease of 20 percent.
Bill Dryburgh, president of the Punta Gorda-Port Charlotte-North Port Association of Realtors and a sales associate with Coldwell Banker Residential LLC, says the area's waterfront and unspoiled scenic beauty continue to attract new residents. "The recent action taken by the Federal Reserve will help stabilize the mortgage market, which in turn will help the housing market," he says. "I believe we're also starting to see some movement in sales activity due to the passage of Amendment 1 and its portability provision." 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 February 2008 to February 2007 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices February 2008 to February 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 150,000 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 - February 2008
Single-Family, Existing Homes
Realtor Sales Median Sales Price
Statewide &
Metropolitan February February % February February %
Statistical Areas 2008 2007 Chge 2008 2007 Chge
(MSAs) STATEWIDE* (1) 8,310 11,132 -25 $198,900 $237,000 -16
STATEWIDE-YEAR-TO-DATE 15,207 20,690 -27 $202,500 $239,200 -15
Daytona Beach 450 586 -23 $171,700 $211,300 -19
Fort Lauderdale 360 498 -28 $307,700 $362,200 -15
Fort Myers-Cape Coral 445 445 - $211,900 $254,200 -17
Fort Pierce-Port
St. Lucie 263 252 4 $172,900 $239,000 -28
Fort Walton Beach 158 185 -15 $197,500 $216,900 -9
Gainesville 141 184 -23 $176,400 $216,700 -19
Jacksonville 687 1,141 -40 $180,200 $198,100 -9
Lakeland-Winter Haven 228 299 -24 $151,800 $174,300 -13
Melbourne-Titusville-
Palm Bay 357 503 -29 $164,400 $195,500 -16
Miami 244 417 -41 $306,100 $381,400 -20
Marco Island (2) 27 17 59 $510,000 $529,200 -4
Ocala 181 318 -43 $147,000 $175,900 -16
Orlando 1,053 1,529 -31 $225,400 $263,500 -14
Panama City 80 125 -36 $183,300 $206,300 -11
Pensacola 242 297 -19 $148,600 $163,800 -9
Punta Gorda 201 216 -7 $151,300 $201,100 -25
Sarasota-Bradenton 608 672 -10 $254,200 $319,000 -20
Tallahassee 219 264 -17 $180,300 $182,700 -1
Tampa-St. Petersburg-
Clearwater 1,515 2,146 -29 $178,900 $207,400 -14
West Palm Beach-
Boca Raton 401 560 -28 $344,600 $374,300 -8 (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 Real Estate Research Center.
Florida Sales Report - February 2008
Existing Condominiums
Realtor Sales Median Sales Price
Statewide &
Metropolitan February February % February February %
Statistical Areas 2008 2007 Chge 2008 2007 Chge
(MSAs) STATEWIDE* (1) 2,765 3,375 -18 $175,600 $218,900 -20
STATEWIDE-YEAR-TO-DATE 5,031 6,924 -27 $181,600 $214,400 -15
Daytona Beach 102 91 12 $238,200 $246,400 -3
Fort Lauderdale 459 562 -18 $139,700 $194,800 -28
Fort Myers-Cape Coral 181 152 19 $199,200 $245,200 -19
Fort Pierce-Port
St. Lucie 58 60 -3 $126,700 $186,700 -32
Fort Walton Beach 41 60 -32 $335,000 $388,200 -14
Gainesville 31 41 -24 $135,000 $175,700 -23
Jacksonville 92 104 -12 $142,500 $181,500 -21
Lakeland-Winter Haven 7 20 -65 $ 75,000 $144,000 -48
Melbourne-Titusville-
Palm Bay 37 103 -64 $152,500 $168,800 -10
Miami 235 432 -46 $293,300 $279,500 5
Marco Island (2) 39 28 39 $410,000 $500,000 -18
Ocala 7 9 -22 $ 58,800 $115,000 -49
Orlando 125 225 -44 $162,800 $170,300 -4
Panama City 35 33 6 $255,000 $350,000 -27
Pensacola 36 37 -3 $160,000 $150,000 7
Punta Gorda 24 30 -20 $110,000 $136,700 -20
Sarasota-Bradenton 210 278 -24 $211,500 $357,500 -41
Tallahassee 7 39 -82 $123,300 $151,000 -18
Tampa-St. Petersburg-
Clearwater 414 411 1 $153,100 $171,200 -11
West Palm Beach-
Boca Raton 438 462 -5 $159,300 $209,600 -24 (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 Real Estate Research Center. DATASOURCE: Florida Association of Realtors CONTACT: 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 Web site: http://media.living.net/
|