Sales of existing single-family homes in Florida rose during the third quarter and the Jacksonville area led the way.
The Jacksonville metropolitan statistical area reported a strong boost in sales volume and median price with 4,999 existing homes sold compared to 4,332 homes last year for a 15 percent gain. Over the same period, the market’s median sales price rose 18 percent to $193,800; it was $164,500 a year ago.
“The Super Bowl threw some light on the Jacksonville area, making more people aware of what the First Coast area has to offer,” says Linda Sherrer, president of the Northeast Florida Association of Realtors and president/CEO of Prudential Network Realty in Jacksonville. “We have a trained work force, a high rate of employment and a business-friendly climate that encourages developers to come here, bringing business, growth and more demand for housing.”
Across Florida, 64,978 homes changed hands during the three-month period for a seven percent increase over the 60,462 homes sold in third quarter 2004, according to the Florida Association of Realtors.
The statewide median sales price for third quarter 2005 rose 31 percent to $248,600; a year ago, it was $189,900. For third quarter 2000, the statewide median sales price of existing single-family homes was $119,700, which translates as an increase of about 107.6 percent over the five-year period. The median is a typical market price where half of the units sold for more and half sold for less.
Interest rates for a 30-year, fixed-rate mortgage averaged 5.76 percent for the three-month period, even lower than the 5.89 percent reported during the same quarter in 2004. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Other larger MSAs reporting higher resales activity for the third quarter were Tampa-St. Petersburg-Clearwater, where 13,973 homes sold for a 12 percent gain; and West Palm Beach-Boca Raton, where 3,802 homes changed hands for a 5 percent increase. The median sales price in those markets also rose: in Tampa-St. Petersburg-Clearwater, 29 percent to $216,100; and in West Palm Beach-Boca Raton, 24 percent to $399,900.
As for smaller Florida markets, the Ocala MSA had a total of 1,556 homes sold during the quarter compared to 1,512 a year ago for a 3 percent increase. The median sales price rose 32 percent to $151,600; a year ago, it was $115,000.
Several other smaller MSAs reported strong home sales for the third quarter, including Gainesville, where 1,030 homes sold for a 13 percent gain; and Melbourne-Titusville-Palm Bay, where 2,243 homes changed hands for a 12 percent increase. The median sales price in those markets also rose: in Melbourne-Titusville-Palm Bay, 35 percent to $237,800; and in Gainesville, 11 percent to $185,700.