ORLANDO, Fla., May 13 /PRNewswire/ -- Florida Realtors(R) reported
positive signs in their local housing markets during first quarter 2008,
noting a slower rate of expansion for inventory levels and an increase in
pending home sales (based on contracts signed but not closed) in some
areas.
In another positive note: Sales of existing condominiums improved from
fourth quarter 2007 to first quarter 2008, according to the latest housing
statistics from the Florida Association of Realtors(R) (FAR). A total of
8,581 existing condos sold statewide in 1Q 2008, an 8.3 percent increase
over 4Q 2007 when 7,923 units sold.
"If we look at what is happening month-over-month for 2008, it appears
that the bottom [of the housing slowdown] may be here," says 2008 FAR
President Chuck Bonfiglio. "We are now seeing more activity, more sales and
even prices starting to rise in some markets. So I believe that there are
some really good signs in many areas of our state."
Looking at the year-to-year quarterly comparison, a total of 25,443
single-family existing homes changed hands during the three-month period, a
decrease of 26 percent compared to 34,298 homes sold during the same time a
year earlier, according to FAR records. The statewide existing-home median
sales price was 02,300 in the first quarter; a year ago, it was 38,900
for a decrease of 15 percent. In 2003, the first-quarter statewide median
sales price was $145,600, which reflects an increase of 38.9 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'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. The first quarter 2008
survey, released in March, found the outlook for Florida remains stable
because of the state's fundamentals of good climate and in-migration. "It
sounds like an old song re- sung, but our respondents are still keeping the
faith in the real estate market," said Wayne Archer, director of UF's
Bergstrom Center for Real Estate Studies.
In a year-to-year quarterly comparison for condo sales, 8,581 units
sold statewide for the quarter compared to 11,116 in 1Q 2007 for a 23
percent decrease. The statewide existing-condo median sales price was
$178,400 for the three-month period; in 1Q 2007, it was 16,100 for a 17
percent decrease.
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 5.88 percent in first
quarter 2008; one year earlier, it averaged 6.22 percent.
The latest industry outlook from the National Association of
Realtors(R) (NAR) predicts that home sales activity will remain flat for
the next couple months before improving over the summer. The extent of an
expected recovery hinges on better access to affordable loans, according to
NAR Chief Economist Lawrence Yun.
"Things are beginning to improve, but the availability of affordable
mortgages is uneven around the country and sometimes within metropolitan
areas," Yun said. "As anticipated, we continue to look for a soft first
half of the year, for both housing and the economy, before notable
improvements in the second half. Some time is needed for FHA and new
conforming jumbo loans to become widely available."
When speaking to a group of Realtors from the Tampa Bay area last week,
Yun predicted that home sales and prices should stabilize in the second
half of the year, then begin to rise in 2009. He cited mortgage rates near
historic lows, strong business spending and solid corporate profits as good
economic signs. NAR's chief economist also spoke to a group of Realtors
from the Manatee County area last week, reporting that the housing market
is on the verge of recovery.
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 first quarter of 2008 to the first 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 first quarter 2008 to
first 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 - 1st Quarter 2008
Single-Family, Existing Homes
Realtor Sales Median Sales Price
Statewide &
Metropolitan
Statistical Areas 1st Qrtr. 1st Qrtr. % 1st Qrtr. 1st Qrtr. %
(MSAs) 2008 2007 Chge 2008 2007 Chge
STATEWIDE* (1) 25,443 34,298 -26 02,300 38,900 -15
Daytona Beach 1,257 1,740 -28 $174,000 03,500 -14
Fort Lauderdale 1,130 1,557 -27 $311,100 $366,900 -15
Fort Myers-Cape
Coral 1,284 1,572 -18 19,200 64,600 -17
Fort Pierce-Port
St. Lucie 850 842 1 $172,600 40,000 -28
Fort Walton Beach 488 556 -12 $198,800 15,900 -8
Gainesville 409 562 -27 $188,700 17,100 -13
Jacksonville 2,119 3,294 -36 $185,300 $196,700 -6
Lakeland-Winter
Haven 702 874 -20 $150,500 $174,000 -14
Melbourne-Titusville
-Palm Bay 1,060 1,405 -25 $165,000 $198,700 -17
Miami 796 1,579 -50 $328,600 $386,300 -15
Marco Island (2) 90 71 27 $522,400 $527,600 -1
Ocala 469 899 -48 $145,500 $174,700 -17
Orlando 3,246 4,736 -31 22,900 57,400 -13
Panama City 248 326 -24 $193,300 $197,100 -2
Pensacola 675 979 -31 $156,400 $163,200 -4
Punta Gorda 644 608 6 $153,400 $197,300 -22
Sarasota-Bradenton 1,807 1,978 -9 45,600 98,100 -18
Tallahassee 637 852 -25 $173,400 $183,900 -6
Tampa-St. Petersburg
-Clearwater 4,831 6,416 -25 $179,600 10,300 -15
West Palm Beach-
Boca Raton 1,342 1,781 -25 $334,500 $378,200 -12
(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
Bergstrom Center for Real Estate Studies.
Florida Sales Report - 1st Quarter 2008
Existing Condominiums
Realtor Sales Median Sales Price
Statewide &
Metropolitan
Statistical Areas 1st Qrtr. 1st Qrtr. % 1st Qrtr. 1st Qrtr. %
(MSAs) 2008 2007 Chge 2008 2007 Chge
STATEWIDE* (1) 8,581 11,116 -23 $178,400 16,100 -17
Daytona Beach 227 262 -13 22,900 26,500 -2
Fort Lauderdale 1,481 1,781 -17 $142,700 $196,600 -27
Fort Myers-Cape
Coral 537 511 5 $197,700 54,300 -22
Fort Pierce-Port St.
Lucie 171 198 -14 $159,300 $196,700 -19
Fort Walton Beach 124 244 -49 $366,700 $407,800 -10
Gainesville 117 143 -18 $135,900 $166,800 -19
Jacksonville 267 445 -40 $146,800 $158,900 -8
Lakeland-Winter
Haven 22 56 -61 $85,000 $140,000 -39
Melbourne-Titusville
-Palm Bay 192 331 -42 $157,300 $161,900 -3
Miami 866 1,611 -46 78,600 78,200 -
Marco Island (2) 113 87 30 $430,000 $501,100 -14
Ocala 14 29 -52 $63,300 $115,700 -45
Orlando 320 731 -56 $149,400 $166,800 -10
Panama City 99 136 -27 75,000 $336,400 -18
Pensacola 96 100 -4 $175,000 $150,000 17
Punta Gorda 80 93 -14 $117,100 $143,300 -18
Sarasota-Bradenton 699 856 -18 04,700 $312,600 -35
Tallahassee 35 96 -64 $138,900 $152,500 -9
Tampa-St. Petersburg
-Clearwater 1,188 1,289 -8 $153,000 $171,900 -11
West Palm Beach-Boca
Raton 1,333 1,493 -11 $153,600 11,500 -27
(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 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.
See Also
- Rapidly Growing Rental Website WhyBuy.com Offers Free Listings
- Cross Country Home Services Continues Rapid Expansion with Plans to Open New Customer Care Facility in Anderson, South Carolina
- Jivox Gains Rapid Momentum in Local Online Video Ad Market
Source: Real Estate Newswire
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