Low mortgage interest rates and out-of-state residents making their dreams of a short shirtsleeve-winter come true spurred strong Florida home sales in February. A total of 16,127 single-family existing homes changed hands statewide last month for an 18 percent increase over the 13,642 homes sold a year ago, according to the Florida Association of Realtors.
The statewide median sales price rose 13 percent to $162,300 last month; a year ago, it was $143,400. In 1999, the statewide median sales price was $100,200, which shows an increase of 62 percent over the five-year period, according to FAR records. The median is a typical market price where half the homes sold for more, half for less.
The Jacksonville area also saw an increase, being up 4 percent in sales and 9 percent in median price. In sales, the area’s 1,099 was third to Orlando and the Tampa area.
Florida’s median sales price compares favorably to the national median sales price for existing single-family homes, which was $168,700 in January, up 5.4 percent from the previous January. In California, the statewide median resales price was $405,720 in January; in New York, it was $239,900; in North Carolina, the average resales price was $181,477; in Illinois, the median price was $166,200; and in Ohio, the average price for an existing home last month was $137,297.
Mortgage interest rates that remained near record lows in February prompted buyers in markets across the state to become homeowners. Last month, interest rates for a 30-year fixed-rate mortgage averaged 5.64 percent compared to the 5.84 percent average rate in February 2003. 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 Tampa-St. Petersburg-Clearwater Metropolitan Statistical Area (MSA) reported increased resales activity and a boost in the median sales price in February. A total of 2,561 homes sold in the area last month compared to 1,993 homes a year ago for a 28 percent gain. The median sales price rose 9 percent to $147,100; a year ago, it was $135,100.
Other large MSAs reporting higher home sales last month compared to a year ago include Orlando, where 2,577 homes changed hands for a 29 percent jump; and West Palm Beach-Boca Raton, where 1,074 homes sold for a 7 percent increase. The median sales price also rose in those markets over the same time period: in West Palm Beach-Boca Raton, 16 percent to $261,000; and in Orlando, 9 percent to $148,100.
As for smaller markets in Florida, February was a good month for Gainesville, with a total of 203 homes sold compared to 155 homes a year ago for a 31 percent boost. The area’s median sales price rose 13 percent to $148,100; a year ago, it was $131,500.
Other smaller markets reporting increases in last month’s resales activity include Fort Walton Beach, where 300 homes changed hands for a 33 percent increase; and Naples, where 373 homes sold for a 28 percent gain. The median sales price in those markets also rose: in Naples, 42 percent to $389,000 (the highest in the state); and in Fort Walton Beach, 16 percent to $157,700.
Florida Sales Report - February 2004
Single-Family, Existing Homes
Realtor Sales Median Sales Price
Statewide & Metropolitan February February % February February %
Statistical Areas (MSAs) 2004 2003 Chge 2004 2003 Chge
STATEWIDE 16,127 13,642 18% $162,300 $143,400 13%
Daytona Beach 884 709 25 $138,400 $114,500 21
Fort Lauderdale 982 940 4 $242,100 $210,800 15
Fort Myers-Cape Coral (1) 714 598 19 $170,700 $130,500 31
Fort Pierce-Port St. Lucie 431 416 4 $170,000 $139,000 22
Fort Walton Beach 300 225 33 $157,700 $136,400 16
Gainesville 203 155 31 $148,100 $131,500 13
Jacksonville 1,099 1,054 4 $137,500 $126,400 9
Lakeland-Winter Haven 415 349 19 $98,900 $83,100 19
Melbourne-Titusville-Palm Bay 564 455 24 $140,000 $123,000 14
Miami 854 812 5 $242,000 $195,100 24
Naples 373 292 28 $389,000 $273,100 42
Ocala 348 337 3 $95,600 $75,500 27
Orlando 2,577 1,999 29 $148,100 $135,600 9
Panama City 201 156 29 $153,500 $130,900 17
Pensacola 382 349 9 $121,100 $112,400 8
Punta Gorda 286 268 7 $147,100 $124,700 18
Sarasota-Bradenton (2) 817 576 42 $207,400 $167,800 24
Tallahassee 252 268 6 $137,500 $128,500 7
Tampa-St. Petersburg
-Clearwater (3) 2,561 1,993 28 $147,100 $135,100 9
West Palm Beach
-Boca Raton 1,074 1,006 7 $261,000 $225,000 16
(1) Data for Bonita Springs was not available.
(2) Venice data was not available.
(3) Data for Hernando County was not available.
This information is based on a survey of MLS sales levels from Florida’s Realtor boards/associations. MSAs are defined by the 2000 Census. Source: Florida Association of Realtors and the University of Florida Real Estate Research Center.
(c) 2004 FLORIDA ASSOCIATION OF REALTORS