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Retirement News
Prices Show Some Decline in Florida Existing Home, Condo
Sales
Sales down prices up for all 2006, but both decline in
December
 January 25, 2007 Florida is the favorite state for senior
citizen retirement but despite continued growth in the national retiree
population sales of existing homes in Florida were down in 2006. It ended five
consecutive record-setting years. But, this slackening demand did not stop sales
prices from climbing, although, December numbers indicate sales and prices are
dropping.
A total of 12,415 existing single-family homes sold
statewide in December, a decrease of 28 percent from the 17,215 homes sold
during the previous December, according to the Florida Association of Realtors
(FAR). The statewide existing-home median price was $241,100 last month; a year
ago, it was $245,600 for a decrease of 2 percent, according to FAR.
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Looking to Florida's existing condominium market, sales
also declined in December with a total of 3,788 condos sold statewide compared
to 5,428 in December 2005 for a 30 percent decrease, according to FAR. The
statewide median sales price for condos last month was $200,600; a year ago, it
was $205,500 for a 2 percent decrease. The national median existing condo price
in November 2006 was $224,600.
For all of 2006, the median existing home sales price rose
6% to reach $248,300; in 2005 it was $235,200. In 2001, Florida's median
existing home sales price was $127,700, which represents a gain of 94.4 percent
over the five-year period, according to FAR records.
By year's end, a total of 180,037 homes changed hands
statewide for a 28 percent decrease compared to the 248,575 homes sold in 2005,
FAR reported. At the same time, 2006 sales figures did made it into the record
books for several markets around the state.
"The housing market transitioned to a more sustainable
balance during 2006, coming off the record-setting sales pace and price gains of
the previous five years," says 2007 FAR President Nancy Riley.
"With mortgage rates continuing to remain historically low,
stable home prices and at last, some inventory, now is the time to take
advantage of the homeownership opportunities we have throughout the Sunshine
State," she adds.
Looking Ahead to 2007
NAR's latest housing market outlook anticipates modest
quarterly gains for home sales in 2007, with the 30-year fixed-rate mortgage
expected to rise to 6.7 percent by the fourth quarter of this year. "Home sales
appear to have bottomed out, having reached a cyclical low in September of last
year," notes NAR Chief Economist David Lereah, who predicts that 2007 will
represent a year of stability for the housing sector.
Looking to Florida's existing condominium market, sales of
existing condos also decreased in 2006, with a total of 55,594 condos sold
statewide compared to 83,049 in 2005 for a 33 percent decrease, according to
FAR. The statewide median sales price for condos in 2006 was $211,300; a year
ago, it was $209,900 for a 1 percent increase.
In 2006, the rate for a 30-year, fixed-rate mortgage
averaged 6.1 percent; in 2005, the average rate was 5.87 percent. FAR's sales
figures reflect closings, which typically occur 30 to 90 days after sales
contracts are written.
Some markets did well, others okay
Among the state's larger metropolitan statistical areas (MSAs),
Orlando reported a total of 27,212 existing homes sold last year, down 26
percent from the area's 2005 sales activity, when 36,727 homes changed hands.
The existing- home median sales price rose 14 percent to $262,900; the year
before, it was $231,400. A total of 4,933 existing condos sold in the Orlando
market in 2006, a 2 percent increase over the 4,833 condos sold the year before.
The existing condo median price for the area was $166,100, a 3 percent decrease
from the 2005 figure of $171,100.
"The year 2006 was the second best year on record for the
Orlando area housing market," says Randy Martin, president of the Orlando
Regional Realtor Association and broker-associate with RE/MAX 200 Realty Inc. in
Winter Park. "A driving force behind the market this year is that builders have
all this new inventory out there, so they're offering these incredible
incentives to clear and move their inventory of new homes.
At the same time, they're reducing plans to build new
development. The anticipation is that builders will 'burn' their supply of
available homes sometime in mid-2007. It's why right now is an outstanding time
to buy, plus the interest rates are still low. And looking to 2007, we
anticipate another strong year, with opportunities for buyers and sellers."
In the state's smaller markets, the Gainesville MSA
reported 3,174 homes sold last year, a 21 percent decrease over the 3,993 homes
sold the previous year. The existing-home median sales price rose 19 percent to
$213,200; the year before, it was $179,200. The Gainesville market reported a
total of 1,284 existing condos changed hands in 2006, up 10 percent from the
1,171 condos sold the previous year. The existing condo median price was
$153,400; in 2005, it was $135,300 for a 13 percent increase.
Two charts showing statistics for Florida and its 20 MSAs
are below.
One chart compares the number of existing, single-family
home sales and median sales prices, based on Realtor transactions during 2006
and 2005; the second
Florida Sales Report - Year End 2006
Single-Family, Existing Homes
Chart compares the number of existing, single-family home
sales and median sales prices, based on Realtor transactions during 2006 and
2005. The median sales price is the midpoint in the price range -- half the
homes sold for more, half sold for less.
Statistical Areas
|
2006
Sales
|
2005
Sales
|
|
2006
Median
Price
|
2005
Median
Price
|
Chg %
|
STATEWIDE
|
180,037
|
248,575
|
-28%
|
$248,300
|
$235,200
|
6%
|
(MSAs)
|
|
|
|
|
|
|
Daytona Beach (1)
|
9,121
|
14,069
|
-35
|
$219,900
|
$205,500
|
7
|
Fort Lauderdale
|
8,373
|
11,331
|
-26
|
$367,800
|
$361,100
|
2
|
Fort Myers-Cape Coral
|
9,189
|
12,273
|
-25
|
$272,300
|
$281,900
|
-3
|
Fort Pierce-Port St. Lucie
|
4,965
|
6,923
|
-28
|
$253,200
|
$254,000
|
--
|
Fort Walton Beach
|
2,861
|
3,976
|
-28
|
$231,400
|
$240,500
|
-4
|
Gainesville
|
3,174
|
3,993
|
-21
|
$213,200
|
$179,200
|
19
|
Jacksonville
|
16,405
|
18,317
|
-10
|
$200,600
|
$187,300
|
7
|
Lakeland-Winter Haven
|
5,160
|
6,417
|
-20
|
$176,200
|
$148,700
|
18
|
Melbourne-Titusville-Palm Bay
|
5,830
|
8,098
|
-28
|
$219,400
|
$226,200
|
-3
|
Miami 8,692
|
11,016
|
-21
|
$375,800
|
$351,200
|
7
|
|
Naples (2)
|
2,863
|
4,846
|
-41
|
$486,500
|
$486,500
|
--
|
Ocala
|
5,347
|
6,118
|
-13
|
$167,800
|
$142,000
|
18
|
Orlando
|
27,212
|
36,727
|
-26
|
$262,900
|
$231,400
|
14
|
Panama City
|
1,700
|
2,254
|
-25
|
$217,400
|
$216,800
|
--
|
Pensacola
|
5,196
|
6,340
|
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