With the North Florida area showing a large increase, the state’s home sales stayed on the upswing in March with a total of 15,391 homes sold statewide for a seven percent increase over last year’s sales of 14,433 homes, according to the Florida Association of Realtors.
The statewide median price rose 12 percent to $151,700; a year ago, it was $135,600. In March 1998, the statewide median sales price was $96,800, resulting in a 56.7 percent increase over the five-year-period, FAR records show. The median is a typical market price where half the homes sold for more, half for less.
Florida’s median sales price compares favorably to the national median sales price for existing single-family homes, which was $161,600 in February, up 8.2 percent from the previous February when it was $149,400. In California, the statewide median resales price was $327,600 in February; in North Carolina, it was $168,579; in Illinois, it was $153,200; and in Ohio, it was $140,721.
Markets across the state reported strong sales and low inventory as buyers took advantage of low interest rates. The average interest rate for a 30-year fixed-rate mortgage was 5.75 percent last month, a dramatic drop from the 7.01 percent rate a year ago. 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 had a 16 percent boost in home sales last month with a total of 1,238 sold; a year ago, 1,067 homes sold. The median sales price rose 13 percent to $130,700; last year, it was $116,100.
Selby Kaiser, president of the Northeast Florida Association of Realtors and broker-salesperson with Prudential Network Realty, cites the area’s business community for its efforts in promoting Jacksonville and attracting new business to the city, which in turn boosts the housing market.
“For example, Fidelity National Financial bought the information division of Alltel, which has an office building in Jacksonville, and now Fidelity is moving its corporate headquarters from Santa Barbara, Calif., to Jacksonville,” she says. “That means new jobs, and those people will be looking for homes.”
Some of the other large Florida MSAs reporting higher home sales last month include West Palm Beach-Boca Raton, where 1,240 homes changed hands for a 6 percent increase; Orlando, where 2,473 homes sold for a five percent gain; and Tampa-St. Petersburg-Clearwater, where 2,391 homes sold for a two percent increase over March 2002 sales. The median sales price also rose in the three MSAs — a gain of 24 percent, 11 percent and nine percent, respectively.
Also reporting a strong month for resales activity was Daytona Beach — one of the state’s medium-size markets — with 912 homes changing hands compared to 705 home sales a year ago for an increase of 29 percent. The median sales price rose 23 percent in March to $127,800; a year ago, it was $104,100.
Low interest rates and a general movement toward real estate investment are having a positive impact on the Daytona Beach housing market, just as they are generating sales throughout Florida, says Greg Antonich, president of the Daytona Beach Area Association of Realtors and a broker-salesperson with Re/Max Realty Inc.
“Daytona Beach still represents an excellent value to a homebuyer in terms of home value and price, especially for a coastal community,” he says. “Along with affordability, we offer a high quality of life and a geographic location that offers easy transportation options.”
Other smaller MSAs in the state posting higher March sales compared to last year include Naples, where 383 homes sold for a 25 percent increase; Tallahassee, where 278 homes changed hands for a 27 percent rise; and Melbourne-Titusville-Palm Bay, where 620 homes sold for a 21 percent increase.
Pensacola and Miami were the only areas showing a decline.