Florida Real Estate News - October
Worries in the real estate market still continued to hamper the Florida market this past October.
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.
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.
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.
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.
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.
Ranging from large markets to small, every sector of Florida’s real estate market took a hit.
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.
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.
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.
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