FLORIDA HOUSING MARKET - FIRST QUARTER 2007 - A BUYERS MARKET!!!!!
HERE IS A REPORT ON THE FLORIDA HOUSING MARKET FOR THE FIRST QUARTER OF 2007. THIS REPORT COMES FROM THE FLORIDA ASSOCIATION OF REALTORS
In first quarter 2007, Florida's housing sector continued to mirror the national pattern, with higher inventory levels of homes for sale, median prices edging down and soft sales reflecting a buyer's market in many areas.
Statewide, sales of single-family existing homes totaled 33,748 during the three-month period, a decrease of 26 percent compared to 45,844 homes sold during the same time a year earlier, according to the Florida Association of Realtors(r) (FAR).
The statewide existing-home median sales price was $237,000 in the first quarter; a year ago, it was $243,500 for a decrease of 3 percent. In 2002, the first-quarter statewide median sales price was $129,600, which reflects an increase of about 82.9 percent over the five-year period. The median is a typical market price where half the homes sold for more, half for less.
To gain insight into current trends in Florida 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. The first quarter 2007 survey, released in March, found that a growing number of respondents believe that home prices are staying even with inflation, said Wayne Archer, the center's director.
"We see that as a benchmark," he said. "When prices maintain the same level as inflation, then we're probably in some kind of equilibrium. It indicates the market is stabilizing."
It appears that residential development may have bottomed out, according to the study. Given the scale of the residential development market, Archer noted this would be good news for all real estate markets and for Florida real estate properties in general.
Continuing low mortgage rates remain another positive influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 6.22 percent in first quarter 2007; one year earlier, it averaged 6.24 percent.
The latest industry outlook from the National Association of Realtors(r) (NAR) predicts that stricter lending standards and a decline in subprime mortgage originations will have an impact on existing home sales this year. "Home buyers today are purchasing for the long term, generally with a realistic expectation of modest gains over time," says NAR Senior Economist Lawrence Yun. "We see this as a soft landing with home sales rising gradually in the second half of the year and prices recovering a bit later."
Looking to Florida's existing condominium market, sales of existing condos also decreased during the quarter, with a total of 10,537 condos sold statewide compared to 15,031 in first quarter 2006 for a 30 percent decline, according to FAR. The statewide median sales price for condos remained flat at $210,800 for the three-month period; a year ago, it was $209,900.
Among the state's larger markets, the Jacksonville metropolitan statistical area (MSA) reported 3,373 existing homes sold for the quarter, a decrease of 14 percent compared to the 3,903 homes sold a year earlier. The market's existing-home median sales price increased 1 percent to $199,500; a year earlier, it was $197,100. A total of 385 existing condos sold in the
market over the three-month period, down 23 percent from first quarter 2006, while the existing-condo median price decreased 7 percent to $152,300.
The Gainesville MSA, one of the smaller markets in the state, reported that 562 homes changed hands in the first quarter, down 23 percent compared to 729 homes sold a year earlier. Over the same period, the market's existing- home median home price rose 3 percent to $217,100; a year earlier, it was $211,100. A total of 143 existing condos sold in the Gainesville area during the first quarter, a decrease of 40 percent from the previous year, while the existing-condo median price rose 8 percent to $166,800.
Two charts showing statistics for real estate in Florida and its MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in the first quarter of 2007 to the first quarter of 2006, 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 first quarter 2007 to first quarter 2006, based on Realtor closed transactions from local Realtor boards/associations within the MSAs.
The Florida Association of Realtors (FAR), the voice for florida real estate, provides programs, services, continuing education, research and legislative representation to its 150,000 members in 68 boards/associations.
Florida Sales Report - 1st Quarter 2007
Single-Family, Existing Homes
Realtor Sales Median Sales Price
Statewide &
Metropolitan 1st 1st 1st 1st
Statistical Areas Qrtr. Qrtr. % Qrtr. Qrtr. %
(MSAs) 2007 2006 Chge 2007 2006 Chge
STATEWIDE 33,748 45,844 -26 $237,000 $243,500 -3
Daytona Beach 1,753 2,138 -18 $204,400 $223,100 -8
Fort Lauderdale 1,557 1,978 -21 $366,900 $366,600 -
Fort Myers-Cape Coral 1,551 2,388 -35 $264,900 $282,700 -6
Fort Pierce-
Port St. Lucie 842 1,317 -36 $240,000 $260,200 -8
Fort Walton Beach 556 708 -21 $215,900 $227,000 -5
Gainesville 562 729 -23 $217,100 $211,100 3
Jacksonville 3,373 3,903 -14 $199,500 $197,100 1
Lakeland-Winter Haven 874 1,343 -35 $174,000 $172,400 1
Melbourne-Titusville-
Palm Bay 1,376 1,507 -9 $200,900 $227,100 -12
Miami 1,579 2,125 -26 $386,300 $376,900 2
Naples-Marco Island*(1) 71 101 -30 $527,600 $535,300 -1
Ocala 1,030 1,464 -30 $162,100 $161,400 -
Orlando 4,736 7,094 -33 $257,400 $257,300 -
Panama City 318 384 -17 $198,100 $218,900 -10
Pensacola 979 1,193 -18 $163,200 $161,400 1
Punta Gorda 608 727 -16 $197,300 $225,900 -13
Sarasota-Bradenton 1,904 1,800 6 $290,500 $331,100 -12
Tallahassee 852 1,161 -27 $183,900 $176,800 4
Tampa-St. Petersburg-
Clearwater (2) 6,271 9,977 -37 $212,200 $217,300 -2
West Palm Beach-
Boca Raton 1,781 2,222 -20 $378,200 $392,900 -4
(1) *Data only from the Marco Island Association of Realtors; data from
the Naples Area Board of Realtors and Association of Real Estate
Professionals is not included.
(2) Data from the Hernando County Association of Realtors now included in
the totals from 2006 and 2007.
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 - 1st Quarter 2007
Existing Condominiums
Realtor Sales Median Sales Price
Statewide &
Metropolitan 1st 1st 1st 1st
Statistical Areas Qrtr. Qrtr. % Qrtr. Qrtr. %
(MSAs) 2007 2006 Chge 2007 2006 Chge
STATEWIDE 10,537 15,031 -30 $210,800 $209,900 -
Daytona Beach 262 274 -4 $226,500 $277,100 -18
Fort Lauderdale 1,781 2,475 -28 $196,600 $209,800 -6
Fort Myers-Cape Coral 508 696 -27 $255,300 $328,200 -22
Fort Pierce-
Port St. Lucie 198 210 -6 $196,700 $204,500 -4
Fort Walton Beach 244 261 -7 $407,800 $200,500 103
Gainesville 143 237 -40 $166,800 $154,300 8
Jacksonville 385 497 -23 $152,300 $163,800 -7
Lakeland-Winter Haven 56 57 -2 $140,000 $107,500 30
Melbourne-Titusville-
Palm Bay 321 497 35 $165,600 $211,300 -22
Miami 1,611 2,674 -40 $278,200 $256,500 8
Naples-Marco Island*(1) 87 120 -28 $501,100 $503,200 -
Ocala (2) N/A N/A N/A N/A N/A N/A
Orlando 731 1,501 -51 $166,800 $168,500 -1
Panama City 128 61 110 $325,800 $350,000 -7
Pensacola 100 162 -38 $150,000 $166,700 -10
Punta Gorda 93 190 -51 $143,300 $160,000 -10
Sarasota-Bradenton 856 802 7 $312,600 $273,000 15
Tallahassee 96 50 92 $152,500 $160,000 -5
Tampa-St. Petersburg-
Clearwater (3) 1,290 2,434 -47 $171,900 $177,100 -3
West Palm Beach-
Boca Raton 1,493 1,650 -10 $211,500 $220,200 -4
(1) *Data only from the Marco Island Association of Realtors; data from
the Naples Area Board of Realtors and Association of Real Estate
Professionals is not included.
(2) Data from the Ocala-Marion County Association of Realtors was not
available.
(3) Data from the Hernando County Association of Realtors now included in
the totals from 2006 and 2007.
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:
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