Florida Retirement Home Sales Stabilizing in July 2007
Sep 4th, 2007 by admin
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Statewide sales of existing single family Florida homes totaled 11,674 in July and were closer to activity in July 2001 and 2002, before the housing boom years. The recently released figures showed some stability as compared to the July 2006 figures, when 15,378 homes sold for a 24 percent decrease in the year-to-year comparison, according to the Florida Association of Realtors® (FAR). This is potentially great news for individuals planning an investment in Florida retirement real estate.
Florida’s median sales price for existing single-family homes last month was $237,500; a year ago, it was $250,400 for a 5 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In July 2002, the statewide median sales price for single-family homes was $141,700, for an increase of 67.6 percent over the five-year-period, according to FAR records.
Sales of existing condominiums in the state (including Florida retirement housing in popular spots like Sarasota, Orlando, and Naples) also decreased last month, with a total of 3,610 condos sold statewide compared to 4,449 in July 2006 for a 19 percent decline, according to FAR. The statewide median sales price for condos last month was $193,900, down 7 percent from July 2006’s condo median price of $209,100. Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.70 percent, according to Freddie Mac, which was lower than the average rate of 6.76 percent in July 2006.
Two tables showing statistics for Florida and its 20 Metropolitan Statistical Areas (MSAs) are attached. One table compares the volume of existing, single-family home sales and median sales prices; the other compares the volume of existing, condominium sales and median sales price in July 2007 to July 2006. 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.
This data may be valuable to a prospective buyer, but keep in mind that it is a snapshot for July, not September. The current turmoil in the securities industry is being traced to the continuing decline in the housing market, so the extent to which it has deteriorated further remains invisible to the public. Rest assured, however, that the insiders in the industry are well aware of the market’s current status.
Our advice continues to be to tread warily into the real estate minefield at this time, especially when looking at Florida retirement housing and communities. Do your homework and get advice from several brokers in the area that you are looking to make a purchase. ‘Nuff said!:
FL Sales Report - July 2007 (Existing, Single Family Florida Homes)
FL Sales Report - July 2007 (Existing Florida Condominiums)
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