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.