Just like June’s temperatures, Florida’s housing market blazed red-hot and set a record pace for the month. Statewide sales of existing single-family homes rose 31 percent with a total of 26,791 homes sold compared to 20,428 homes a year ago, according to the Florida Association of Realtors.
The North Florida area continued to ride the wave, being up 27 percent in Realtor sales and up 22 percent in median price over June 2003.
Realtors in many markets across Florida report that the supply of homes for sale is extremely tight, demand remains high and prices are rising. Despite modest increases, interest rates remained favorably low in June, which likely contributed to the low inventory of available homes in many areas. The 30-year fixed mortgage rate averaged 6.29 percent last month, compared to a rate of 5.23 percent recorded in June 2003. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
The statewide median sales price rose 19 percent to $189,700 last month; a year ago, it was $159,800. In June 1999, Florida’s median sales price was $105,200, according to FAR records, resulting in an increase of 44.5 percent over the five-year period.
Among Florida’s larger markets, the Orlando Metropolitan Statistical Area reported the highest percentage increase - 47 percent - in resales last month, with a total of 4,132 homes changing hands compared to 2,807 homes sold a year ago. The area’s median sales price rose 13 percent to $167,600; a year ago, it was $148,600.
Other large to medium-size markets reporting strong home sales in June include Sarasota-Bradenton, where 1,604 homes sold for a 66 percent jump; and Tampa-St. Petersburg-Clearwater, where 5,149 homes changed hands for a 33 percent gain. The median sales price also rose in those markets last month: in Sarasota-Bradenton, 30 percent to $242,900; and in Tampa-St. Petersburg-Clearwater, 17 percent to $169,400.
In the state’s smaller MSAs, Naples had a dramatic 50 percent boost in resales activity last month, with a total of 615 homes sold compared to 411 homes sold the previous June. The market’s median sales price rose 42 percent to $430,700; a year ago, it was $302,900.
Other smaller MSAs that recorded robust home sales last month include: Fort Walton Beach, where 583 homes sold for a 50 percent increase; and Ocala, where 598 homes changed hands for a 38 percent gain. The median sales price in those markets also rose: in Fort Walton Beach, 26 percent to $194,700; and in Ocala, 18 percent to $111,300.
Florida Sales Report - June 2004
Single-Family, Existing Homes
|
Realtor Sales |
Median Sales Price |
| Statewide & Metropolitan |
June |
June |
% |
June |
June |
% |
| Statistical Areas (MSAs) |
2004 |
2003 |
Chge |
2004 |
2003 |
Chge |
| |
| STATEWIDE |
26,791 |
20,428 |
31% |
$189,700 |
$159,800 |
19% |
| STATEWIDE YEAR-TO-DATE |
125,084 |
100,724 |
24 |
$175,400 |
$150,900 |
16 |
| Daytona Beach |
1,481 |
1,091 |
36 |
$164,100 |
$133,900 |
23 |
| Fort Lauderdale |
1,539 |
1,467 |
5 |
$292,300 |
$234,300 |
25 |
| Fort Myers-Cape Coral |
1,003 |
844 |
19 |
$191,000 |
$163,200 |
17 |
| Fort Pierce-Port St. Lucie |
770 |
576 |
34 |
$189,200 |
$151,700 |
25 |
| Fort Walton Beach |
583 |
388 |
50 |
$194,700 |
$154,100 |
26 |
| Gainesille |
393 |
360 |
9 |
$174,300 |
$139,300 |
25 |
| Jacksonille |
1,764 |
1,384 |
27 |
$172,000 |
$140,800 |
22 |
| Lakeland-Winter Haen |
619 |
462 |
34 |
$113,300 |
$104,400 |
9 |
| Melbourne-Titusille-Palm Bay |
918 |
687 |
34 |
$169,500 |
$135,100 |
25 |
| Miami |
1,293 |
1,142 |
13 |
$285,900 |
$228.000 |
25 |
| Naples |
615 |
411 |
50 |
$430,700 |
$302,900 |
42 |
| Ocala |
598 |
433 |
38 |
$111,300 |
$94,200 |
18 |
| Orlando |
4,132 |
2,807 |
47 |
$167,600 |
$148,600 |
13 |
| Panama City |
276 |
221 |
25 |
$161,900 |
$142,600 |
14 |
| Pensacola |
641 |
476 |
35 |
$133,800 |
$116,600 |
15 |
| Punta Gorda |
401 |
359 |
12 |
$187,400 |
$139,300 |
35 |
| Sarasota-Bradenton |
1,604 |
964 |
66 |
$242,900 |
$186,300 |
30 |
| Tallahassee |
486 |
398 |
22 |
$152,400 |
$136,500 |
12 |
| Tampa-St. Petersburg-Clearwater (1) |
5,149 |
3,871 |
33 |
$169,400 |
$144,600 |
17 |
| West Palm Beach-Boca Raton |
1,824 |
1,489 |
22 |
$312,000 |
$250,600 |
25 |
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
