Tag Archives: Florida home sales

Florida Home Sales Up Median Prices Down

Home sales up, median prices down

The Orlando Regional Realtor Association reported completed sales on 2,429 homes in August, a 10.91 percent increase over August 2009’s 2,109.

To date, Orlando-area home sales are up 36.12 percent over this time in 2009, ORRA said.

“As expected, sales have been softer following the expiration of the homebuyer tax credit,” said ORRA Chairman Kathleen Gallagher McIver of Re/Max Town & Country Realty. “However, since May, the number of new contracts has continued to climb as consumers take advantage of record-low mortgage rates and historically high housing affordability.”

Other findings from the ORRA report:

• The number of new contracts filed in August 2010 — 3,892 — represents an increase of 17.09 percent more than were filed in August 2009 (3,324).

• The area’s pending sales statistic — an indicator of future sales activity — also is at a record high with 8.6 percent more homes (8,945) under contract and awaiting closing in August of this year than in August of last year (8,237).

• The median price of all existing homes combined sold in August 2010 decreased 21.95 percent to $99,900 from the $128,000 recorded in August 2009. August 2010’s median price is a decrease of 8.1 percent compared to July 2010’s median of $108,700.

• The median price for “normal” sales is $165,900 (down 5.20 percent from last month’s $175,000). The median price for bank-owned sales is $70,000 (down 2.78 percent from last month’s $72,000), and the median price for short sales is $100,000 (down from last month’s $116,000).

“With foreclosures and short sales dominating the market, the median price continues to be lowered,” said McIver. “Plus, the rise in popularity of lower-priced condominiums has put additional downward pressure on prices.”

• Homes of all types spent an average of 84 days on the market before coming under contract in August 2010, and the average home sold for 95.04 percent of its listing price. In August 2009 those numbers were 94 and 94.44 percent, respectively.

• There are 16,535 homes available for purchase through the MLS. Inventory decreased by 28 homes from July 2010, which means that 28 more homes exited the market than entered the market.

• Condo sales in the Orlando area increased by 43.28 percent in August when compared to August of 2009 and increased by 5.89 percent compared to July of this year. To date, condo sales are up 74.09 percent (4,596 condos sold to date in 2010, compared to 2,640 by this time in 2009).

Orlando MSA numbers reflect sales of homes located in Orange, Seminole, Osceola, and Lake counties.

Florida’s existing home sales increase in 3Q 2008

ORLANDO, Florida, November 2008 – Sales of existing single-family homes in Florida rose 5 percent in third quarter 2008 compared to the same period last year, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 33,203 existing homes sold statewide in 3Q 2008; during the same period last year, a total of 31,558 existing homes sold statewide.

“Coming on the heels of positive sales activity in September, Florida’s existing home sales are once again above year-ago levels in the third quarter,” says 2008 FAR President Chuck Bonfiglio. “Despite lending restrictions and the difficulties of finding affordable credit, we’re seeing buyers take advantage of homeownership opportunities in the current market – buyers who want to make a long-term investment in their future. And, more than ever, people are turning to Florida Realtors to find the professional expertise, knowledge and friendly guidance they need to make the complex process of buying or selling their home go more easily and smoothly.”

The statewide existing-home median sales price was $185,400 in the third quarter; a year ago, it was $233,200 for a decrease of 20 percent. In 2003, the third-quarter statewide median sales price was $163,700, which reflects an increase of about 13.3 percent over the five-year period. The median is a typical market price where half the homes sold for more, half for less.

Twelve of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the third quarter compared to the same three-month-period a year ago, while seven MSAs also showed gains in condo sales. A number of local markets have reported increased sales activity over the past few months, according to FAR.

Florida Realtors continued to report positive signs for the state’s housing sector in the third quarter, including an increase in pending home sales (based on contracts signed but not closed) and a slower rate of expansion of inventory levels in some areas.

To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. According to the third quarter 2008 survey, the investment outlook for various types of properties remains steady. “People who have responded to our surveys have not lost their faith in Florida as a place to be and a place to invest,” said Dr. Wayne Archer, director of UF’s Bergstrom Center for Real Estate Studies. “We have 40 pages of comments from our respondents, and although the dominant theme is the disruption of financing, perhaps the second theme, as one person put it, is people being on the sidelines with full pads and helmets just waiting to jump back in.”

Over the long term, Florida stands to benefit from the migration of new residents, particularly as baby boomers age, Archer said, adding that the Sunshine State’s mild climate and outdoor amenities continue to make it an attractive retirement destination.

In the year-to-year quarterly comparison for condo sales, 9,472 units sold statewide for the quarter compared to 9,680 in 3Q 2007 for a 2 percent decrease. The statewide existing-condo median sales price was $160,000 for the three-month period; in 3Q 2007, it was $196,000 for an 18 percent decrease.

Continuing low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 6.32 percent in third quarter 2008; one year earlier, it averaged 6.55 percent.

The latest industry outlook from the National Association of Realtors® (NAR) cautions the housing sector likely faces disruptions from the still-stabilizing credit market. “Inventory remains high, and price declines are pressuring owners,” said NAR Chief Economist Lawrence Yun. “Additional housing stimulus would stabilize prices more quickly, which in turn would bring faster stability to Wall Street. Removing the repayment feature on the first-time buyer tax credit and permanently raising loan limits would bring more buyers into the market and further reduce inventory.”

Florida Real Estate – July existing-home sales show gain, says NAR

Florida’s existing home sales remain level in July 2008

ORLANDO, Florida. – Aug. 25, 2008 – Single-family existing home sales rose in Florida for the first time in more than two years: While only six more homes sold in July 2008 than in July 2007, it could indicate stabilization in Florida’s housing sector, according to the latest housing statistics released by the Florida Association of Realtors® (FAR).

11,498 existing homes sold statewide last month

11,492 homes sold in July 2007

The last time statewide sales of existing homes outpaced the previous year’s sales figure was in the year-end 2005 report, according to FAR records, when sales were up 2 percent over year-end 2004.

Florida’s median sales price for existing homes last month was $193,600; a year ago, it was $238,900 for a 19 percent decrease.

But, looking back to July 2003, the statewide median sales price for single-family homes has increased 18 percent over the five-year-period, according to FAR records – at that time, the statewide existing-home median price was $164,000.

In a year-to-year comparison for condos, 3,375 units sold statewide compared to 3,641 in July 2007 for a 7 percent decline. The statewide existing-condo median sales price last month was $168,500; in July 2007 it was $194,100 for a 13 percent decrease.

More than half of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in July; seven MSAs also showed gains in condo sales. Realtors around the state reported increased business activity, including more telephone calls, more home showings and a rise in pending sales.

Read the full FAR article

Call British Homes Group Today for help with purchasing or financing your Orlando area dream home!

Orlando Area MLS Search

Stirling Sotheby’s sees surge in Florida luxury home sales

LAKE MARY, Fla. – The surge in luxury home sales is on — and while evidence is anecdotal, it is almost everywhere, says a seasoned real estate executive.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, a luxury home specialist that saw more than $1 billion in sales in 2005, said the housing sales will probably never reach that frantic pace again but sales of higher priced luxury and estate homes are showing marked signs of improvement throughout the area.

“More affluent home buyers are less affected by market cycles than mid-market buyers and sellers,” said Soderstrom.

“For buyers who are seeking homes priced in the $600,000 to $3 million range, a slow housing cycle can mean a discounted price, but it almost never means a ‘no sale’ of existing home. In this market, financing is easier to obtain because buyers are usually more credit-worthy and present less risk,” Soderstrom explained.

Diane Travis, managing director of Stirling Sotheby’s West Central Florida region, seconded Soderstrom’s observations.

“Our Dr. Phillips gallery achieved over 65 showings on our listings in the last 12 days,” Travis said.

“On Jan. 14, we were flooded with buyer phone calls and had five high quality buyers walk into our real estate gallery in search of homes priced in the $500,000 to more than $1 million range,” she said.

“Activity in our Clermont real estate gallery has been equally as strong. In the past seven days, we reported 50 showings. We are starting to see some of our older inventory move as people begin to realize rates are still so low,” she said.

Linda Hutchinson, managing director of Stirling Sotheby’s Winter Park Real Estate Gallery, said three agents are currently writing contracts for sales of homes valued at more than $600,000 and all three expect to close in February.

Lissy Houseman, managing director of Stirling Sotheby’s Downtown Orlando Real Estate Gallery, said a wave of new buyers is eager to look at downtown Orlandohigh-rise condominiums.

“Since the first week in January, we have seen a steady flow of buyers focused on downtown Orlando high-rise condominiums,” Houseman said.

“On Jan. 18, we had three highly qualified walk-ins interested in purchasing immediately. The Vue on Lake Eola is currently the hottest high-rise condominium in downtown Orlando and we are currently negotiating three contracts there,” she said.

All that activity has had an effect on demand for single family homes in the downtown core, Houseman said.

“Three of our downtown listings have garnered offers in the past three days in the $1 million range,” she added.

“Buyers seem to be getting off of the fence and taking advantage of bargain prices. We’re projecting January sales between $8 and $10 million in our downtown gallery alone,” Houseman said.

US housing market may have slowed but in Central Florida it is growing…

Maybe you saw the Daily Mail article on a US Housing Crash? Or the Tonight With Trevor McDonald show on people who have relocated to Florida? No matter where you have heard negative publicity about the US Property Market or the US economy doesn’t necessarily mean that your investment in Florida will be effected, it isn’t comparing apples to apples. Would the same reasoning be used to compare a buy-to-let property in Birmingham to a residential house in Billingsgate? Of course it wouldn’t. Here is why things aren’t always as they seem…

This publicity, often doesn’t cover all the facts and unnecessarily turns buyers off of their dream home in Florida. The Daily Mail may talk of price crashes and cracks in the US economy, all that has really occurred is a price correction and slowed price growth. After all this is what has happened in the UK so why not the US? The UK has had its run away Housing Market which has slowed to a comfortable growth rate in single figures in most areas, so the US can have the same. There are of course some exceptions but in the case of Central Florida things are looking up.

Things are still bright and sunny in the Sunshine State, the Floridian economy is booming at is is set to become the third most populous state in the Union. (overtaking New York State which is currently behind Texas with California up front) Florida has good job creation through R&D and High-Tech industries setting up shop right here in Central Florida. It has some of the best Universities and community colleges in the country and has over 300 days of sunshine a year! What other locations can boast all that? After all the Orlando area has 50 million visitors a year and growing.

The Orlando Visitors Bureau lists 207 things to do in the area in 2007 Click here to view it. This list shows how much the area has to offer.

Florida property represents good value for money with good potential for capital growth in the coming years (it has been said that Florida is the California of 10 years ago) coupled with a good Rental Market. After all, Walt Disney World, which supports the local economy by $20 billion and is the areas biggest attraction, is unlikely to go bust.

All in all, now in the present buyers market, where prices in the Orlando area are stable and overall increasing, supply is plentiful, it might just be the best time in years to buy Florida property.

CALL US TODAY TO FIND YOUR DREAM HOME!
UK: 0800 096 5989
USA: 1 888 407 2748

Getting the best Florida Property advice…

In the wake of ‘Tonight with Trevor McDonald’ last week where the episode was titled: Florida Beached. Issues covered were horror stories from Brits who had bought in the sunshine state.

This highlights more than ever the need to get accurate, timely information to help you buying your holiday home in the sun. The British Homes Group has a dedicated team of professionals who can assist you in buying and financing your Florida home. We will give you the advice which is best for you where we can. If we are unable to answer your queries we will try to put you onto someone who is best qualified to do so.

The British Homes Group

Despite scaremonger reports, Florida has a stable economy and its property is relatively cheap by international standards – with a new Governor who is waging war on reducing property taxes and insurance rates. It is an established and mature market, unlike many European counterparts.

Whilst many UK press agencies speak of a "Housing Crash" it has to be kept in mind that the US is the third largest country in the world and like the UK there are areas, which suffer more than others. Florida has generally in the past been immune from the brunt of a correction as many buyers are foreign nationals. In the Orlando area especially there has been an increase in prices where as some other areas are suffering a small decrease in prices.

Inventory is high in the Orlando area, prices are stable, interest rates are low and the area has an economy, which is still growing – with hundreds of people moving to the area every day!

The best advice we can give is: Call us, we can put you on to the right Realtor in the area you want and get you talking to a Mortgage advisor who will be able to offer you the best product to suit your needs.