Favorable mortgage rates, a growing economy and improving job market boosted Florida’s housing market to a strong start in 2005 with a 10 percent increase in single-family existing home sales in January, according to the Florida Association of Realtors.
Statewide, sales of single-family existing homes totaled 15,567 compared to 14,204 homes sold a year ago.
Realtors from across the state reported that high buyer demand contributed to a tight inventory of homes available for sale in most markets and impacted median sales price.
The statewide median sales price last month rose 24 percent to $204,900; a year ago, it was $164,900. In January 2000, the statewide median sales price for single-family homes was $109,200, resulting in an increase of 87.6 percent over the five-year-period, according to FAR records.
Among the state’s larger markets, the Fort Myers-Cape Coral Metropolitan Statistical Area (MSA) reported double-digit gains in home sales and in the median sales price last month. A total of 829 homes changed hands in January compared to 645 homes a year ago for a 29 percent increase. The median sales price rose 29 percent to $219,800; a year ago, it was $170,200.
Other large MSAs also reporting increased sales last month compared to the previous year Jacksonville, where 1,022 homes sold for a 16 percent gain; and Tampa-St. Petersburg-Clearwater, where 2,995 homes changed hands for a 16 percent increase. The median sales price of homes sold in those markets also rose compared to a year ago: in Jacksonville, 23 percent to $169,200; and in Tampa-St. Petersburg-Clearwater, 20 percent to $172,800.
In December, the national median sales price was $188,900, up 8.1 percent from the previous year when the median price was $174,800. In California, the statewide median resales price was $474,480 in December; in Maryland, it was $258,216; in North Carolina, the average resales price was $193,817; in Illinois, the median price was $184,000; and in Ohio, the average resales price was $150,739.
Low mortgage rates continued to attract buyers across the state. Last month, interest rates for a 30-year fixed-rate mortgage averaged 5.71 percent - exactly the same rate averaged in January 2004. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s smaller markets, Ocala reported strong sales in January, with a total of 378 homes sold compared to 334 homes a year ago for a 13 percent boost. The median sales price rose 26 percent to $119,600; a year ago, it was $94,800.
Other smaller MSAs in the state reporting gains in their resales activity last month compared to January 2004 include Gainesville, where 289 homes sold for a phenomenal increase of 99 percent; and Tallahassee, where 295 homes changed hands for a 43 percent jump. Those same markets also had higher median sales prices last month compared to a year ago: in Tallahassee, 10 percent to $158,800; and in Gainesville, 4 percent to $140,400.