Florida Real Estate Market Recovery: 12th Consecutive Monthly Increase in Home Sales
ORLANDO, Fla. (Sept. 24, 2009) – Florida’s existing home sales rose in August – marking a full calendar year (12 months) that sales activity increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors. Existing home sales rose 28% last month with a total of 13,850 homes sold statewide compared to 10,813 homes sold in August 2008 (see chart above). The state association also reported a 45% increase in last month’s statewide sales of existing condos compared to the previous year’s sales figure. Florida’s median sales price for existing homes last month was $147,400; a year ago, it was $188,500 for a 22 percent decrease.MP: Along with home sale increases, median home prices are also starting to gradually increase as Florida's real estate market recovers. During the first four months of 2009 (Jan.-Apr.), the median home price averaged $140,000, compared to an average price of $147,000 during the most recent four months (May-Aug.). With a full year of monthly increases in home sales, and with rising median home prices, can we now officially declare that the Florida real estate market is in full recovery mode?
4 Comments:
Median home prices of sales are a terrible gauge of house prices. They don't control for quality like a repeat sales index does. It's also influenced by the geographical distribution of sales in a metro area.
No kidding sales are up wherever house prices have fallen so much. You can point out a very few markets with rising sales. The rest of the country has falling prices and falling sales. Tell us the count of metro areas with rising sales and prices. Then tell us the count of metros with falling sales and prices. I double dog dare you.
Suggest you take a trip to Naples Fl in Collier county. RE is down by 50%. There are no sales. Looking at numbers for $140k properties tells nothing of what is going on in FL RE.
Sold home in CO. 2007. Have lived here in FL. (SpaceCoast) for two years, and leasing. Will never buy again, we live on the beach, 3 bdr.condo, 3 balconies, and note between HOA, Taxes (out of town owners), insurance, we are saving a small fortune. Anyone that suggests that sales are in an uptick has no clue. I have seen prices depreciate around 20% per year, and expect this to continue for the next few years. There is no recovery, unless you are part of NAR, and forever optomistic or doped up.
I also live on the Space Coast (east central Florida), and the RE market here is a disaster. Most sales are lower-end homes to investors (speculators!) that have lost their jobs and are trying to flip the house for a quick buck. The high-end homes are really dropping in value, because no one is buying up.
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