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Florida's Home Resales Show Median Price, Sales Gains for Third Quarter 2005
* The impact of four hurricanes that struck Florida during the third quarter of last year continues to be a factor in the comparison of statewide sales of single-family existing homes for third quarter 2005.
ORLANDO, Fla., Nov. 15, 2005 -- Sales of existing single-family homes in Florida rose during third quarter 2005 along with the statewide median price: a total of 64,978 homes changed hands during the three-month period for a 7 percent increase over the 60,462 homes sold in third quarter 2004, according to the Florida Association of Realtors® (FAR).
The statewide median sales price for third quarter 2005 rose 31 percent to $248,600; a year ago, it was $189,900. For third quarter 2000, the statewide median sales price of existing single-family homes was $119,700, which translates as an increase of about 107.6 percent over the five-year period. The median is a typical market price where half of the units sold for more and half sold for less.
Interest rates for a 30-year, fixed-rate mortgage averaged 5.76 percent for the three-month period, even lower than the 5.89 percent reported during the same quarter in 2004. 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 a strong boost in sales volume and median price for the quarter. A total of 4,999 existing homes sold in the Jacksonville market compared to 4,332 homes last year for a 15 percent gain. Over the same period, the market’s median sales price rose 18 percent to $193,800; it was $164,500 a year ago.
“The Super Bowl threw some light on the Jacksonville area, making more people aware of what the First Coast area has to offer,” says Linda Sherrer, president of the Northeast Florida Association of Realtors and president/CEO of Prudential Network Realty in Jacksonville. “We have a trained work force, a high rate of employment and a business-friendly climate that encourages developers to come here, bringing business, growth and more demand for housing.”
Other larger MSAs reporting higher resales activity for third quarter 2005 include: Tampa-St. Petersburg-Clearwater, where 13,973 homes sold for a 12 percent gain; and West Palm Beach-Boca Raton, where 3,802 homes changed hands for a 5 percent increase. The median sales price in those markets also rose: in Tampa-St. Petersburg-Clearwater, 29 percent to $216,100; and in West Palm Beach-Boca Raton, 24 percent to $399,900.
As for smaller Florida markets, the Ocala MSA had a total of 1,556 homes sold during the quarter compared to 1,512 a year ago for a 3 percent increase. The median sales price rose 32 percent to $151,600; a year ago, it was $115,000.
Mary Modrovsky, president of the Ocala/Marion County Association of Realtors and broker with Fred Tyrrell Realty Inc. in Ocala, says that homebuyers are attracted to the area’s natural resources and wonderful quality of life. “We're a unique community,” she says. “We have open spaces with our lovely horse farms, our rolling hills, our clear, sparkling waters in Silver Springs. We have boating, fishing, a lot of lakes and rivers, hunting, hiking and camping in the National Forest. We have friendly people, quality retirement areas, new single-family developments, plus historic areas and new schools. We’re in an ideal location between the coasts -- we’re able to access either of the areas’ beaches within an hour and a half to two hours of travel.”
Several other smaller MSAs reported strong home sales for the third quarter, including: Gainesville, where 1,030 homes sold for a 13 percent gain; and Melbourne-Titusville-Palm Bay, where 2,243 homes changed hands for a 12 percent increase. The median sales price in those markets also rose: in Melbourne-Titusville-Palm Bay, 35 percent to $237,800; and in Gainesville, 11 percent to $185,700.
A chart showing statistics for Florida and its 20 MSAs is available by clicking here. The chart compares the volume of existing, single-family home sales and median sales prices in third quarter 2005 to third quarter 2004, based on Realtor transactions.
The Florida Association of Realtors, the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its more than 145,000 members in 68 boards/associations.
© 2005 FLORIDA ASSOCIATION OF REALTORS
