Florida Real Estate News - October
Worries in the real estate market still continued to hamper the Florida market this past October. Â
According to the Florida Association of Realtors, sales of existing single-family homes totaled 9165, a sharp drop off of 29 percent from one year before, October 2006, when 12,846 of these homes were sold. Â
National figures show a decrease in these figures as well, albeit a much smaller decline. In September 2007 these homes median selling price fell 4.9 percent when compared to one year ago. Â
With fewer houses being sold, prices have dropped in an effort to lure buyers. In October, Florida’s median selling price for existing single-family homes was $222,100. One year ago this figure was at a robust $247,700, or an eight percent decrease from October 2006 to October 2007. Â
However the long term trend is positive as the median sales price for singe-family dwellings in 2002 was $140,900 for an increase of 57.6 percent over the five-year period.Â
Existing condominium sales also hit a lull in October 2007. 2819 condos were sold as opposed to the 3508 sold just one year prior, a 20 percent decline. Median sales price tumbled from $209,500 to $192,400, an eight percent decrease.Â
Ranging from large markets to small, every sector of Florida’s real estate market took a hit.Â
The Daytona Beach area reported a 25 percent decrease in existing home sales from October 2006-October 2007 (665 in ’06, 497 in ’07) according to the Daytona Beach Metropolitan Statistical Area, The median price fell from $215,800 to $184,600, a 14 percent decrease. In October 2007, 61 existing condos were sold, a 25 percent decline from 81 in October 2006. The median price for condos was $218,800 a seven percent decrease from the same time last year when the median price was $236,500.Â
Likewise, smaller markets like Gainesville showed similar regression. The Gaineville MSA notes 175 homes sold as opposed to 208 last year at this time, a 16 percent decrease. The median selling price was $225,600 in October 2006 but fell to $198,200 for a 12 percent decrease. Condos fared slightly better here but still had a drop-off. 38 condos were sold and had a median price of $156,000. The previous October saw 40 sold and a median selling price of $162,500, declines of five and four percent respectively.Â
Despite these figures many market insiders, including the National Association of Realtors, are optimistic and expect a stark improvement and market correction looming on the horizon.Â
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