Big increases in sales, prices

Realty Builder

Setting a blistering pace in March, Florida home sales soared to new heights with a total of 21,610 homes sold statewide for a 29 percent increase over last year’s sales of 16,725 homes, according to the Florida Association of Realtors. The statewide median price rose 12 percent to $168,400; a year ago, it was $150,400. In March 1999, the statewide median sales price was $101,100, resulting in a 66.5 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. The Jacksonville area was way up, too, with an 18 percent increase in sales and a 13 percent increase in the median home price. Florida’s median sales price compares favorably to the national median sales price for existing single-family homes, which was $168,100 in February, up 5.7 percent from the previous February when it was $159,000. Markets across the state reported a flurry of sales activity and very tight inventory as buyers moved quickly to take advantage of historically low interest rates. The average interest rate for a 30-year fixed-rate mortgage was 5.45 percent last month, a significant drop from the already low rate of 5.75 percent 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 Orlando Metropolitan Statistical Area reported a 40 percent jump in home sales last month with a total of 3,466 homes sold; a year ago, a total of 2,473 homes sold. The median sales price rose 11 percent to $152,200; last year, it was $137,700. Other large Florida MSAs reporting robust home sales last month include Tampa-St. Petersburg-Clearwater, where 3,443 homes changed hands for a 44 percent boost; and West Palm Beach-Boca Raton, where 1,496 homes sold for a 21 percent increase over March 2003 sales. The median sales price also rose in West Palm Beach-Boca Raton, 20 percent to $272,100; and in Tampa-St. Petersburg-Clearwater, 6 percent to $149,500. Also reporting a phenomenal month for resales activity was Panama City — one of the state’s smaller markets — with 272 homes changing hands compared to 151 home sales a year ago for an 80 percent jump. The median sales price rose 13 percent in March to $146,300; a year ago, it was $129,000.

Florida Sales Report - March 2004
Single-Family, Existing Homes

	Realtor Sales			Median Sales Price
Statewide & Metropolitan	March	March	%	March	March	%
Statistical Areas (MSAs)	2004	2003	Chge	2004	2003	Chge
STATEWIDE	21,610	16,725	29%	$168,400	$150,400	12%
Daytona Beach	1,172	920	27	$146,700	$127,800	15
Fort Lauderdale	1,303	1,268	3	$254,400	$213,300	19
Fort Myers-Cape Coral (1)	880	730	21	$172,900	$144,500	20
Fort Pierce-Port St. Lucie	679	488	39	$169,100	$147,300	15
Fort Walton Beach	449	292	54	$180,300	$137,300	31
Gainesville	262	259	1	$155,200	$133,900	16
Jacksonville	1,458	1,238	18	$147,700	$130,700	13
Lakeland-Winter Haven	570	429	33	$99,300	$90,200	10
Melbourne-Titusville-Palm Bay	779	620	26	$151,200	$123,000	23
Miami	1,078	1,051	3	$230,700	$196,600	17
Naples	435	383	14	$334,000	$271,500	23
Ocala	563	478	18	$96,600	$103,900	-7
Orlando	3,466	2,473	40	$152,200	$137,700	11
Panama City	272	151	80	$146,300	$129,000	13
Pensacola	481	366	31	$120,500	$112,500	7
Punta Gorda	417	345	21	$154,200	$120,700	28
Sarasota-Bradenton	1,387	801	73	$224,100	$172,500	30
Tallahassee	379	278	36	$154,500	$129,400	19
Tampa-St. Petersburg-Clearwater (2)	3,443	2,391	44	$149,500	$140,900	6
West Palm Beach-Boca Raton	1,496	1,240	21	$272,100	$227,200	20

(1) Data for Sanibel and Captiva was not available.
(2) 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