The mortgage credit crunch and a sluggish economy continued to affect the sales pace of existing homes and condominiums in Florida in January. Statewide, sales of existing single-family homes totaled 6,737 while 9,360 homes sold in January 2007 for a decrease of 28 percent in the year-to-year comparison, according to the Florida Association of Realtors.
Florida’s median sales price for existing single-family homes was $208,600; a year ago, it was $242,700 for a 14 percent decrease. The median is the midpoint; half the homes sold for more, half for less.
In the Jacksonville market, there were 518 sales at an average of $174,400 compared to January 2007 with 782 sales for an average of $183,100.
In January 2003, the statewide median sales price for single-family homes was $142,900, an increase of about 46 percent over the five-year-period, according to FAR records.
The national median sales price for existing single-family homes in December 2007 was $206,500, down 6.5 percent from a year earlier, according to NAR. In California, the statewide median resales price was $475,460 in December; in Massachusetts, it was $323,000; in Maryland, it was $291,622; and in New York, it was $222,646.
Sales of existing condominiums in Florida also decreased last month with 2,252 condos sold statewide compared to 3,227 in January 2007 for a 30 percent decline, according to FAR.
In Jacksonville, the drop was significant: only 51 sold compared to 161 at at average price of $133,600 as compared to $149,300.
The statewide median sales price for condos last month was $190,200, down 11 percent from January 2007’s condo median price of $213,900. NAR reported the national median existing condo price was $222,200 in December 2007.
