Existing Home Sales of Florida Real Estate Shows Promise

Is the market progressing? Well that is the obvious question statewide. We all are aware on the previous reports that the numbers in Florida’s market is dipping in an all-time low. Well, on the Florida Realtors statewide reported an upswing in existing home and condominium sales from March to April 2008, according to the latest housing statistics released by the Florida Association of Realtors. A total of 11,200 existing single-family homes changed hands in April, a 20 percent increase over the previous month when 9,330 homes sold. Existing condo sales statewide rose 21.6 percent, with 3,900 units sold in April compared with 3,207 condos in March. I think that is good news considering the hit that the nation has been getting from the drought.

It is reported that the median price for existing condos increased slightly as well during the one-month period. The median price of an existing condo in April was $179,200, up 1.6 percent from March’s figure of $176,300. In the latest National Association of Realtors housing outlook, experts predicts that home sales and prices throughout most of the nation will improve in the second half of the year, especially if access to mortgages backed by the Federal Housing Administration, increases. There are many reasons for people to get into the housing market today, and very few reasons not to. With the plentiful supply of homes for sale at affordable prices, interest rates approaching 40-year lows, and the strong track record of housing as a good long-term investment, conditions are ripe for buyers. Experts see a bright light and I think it is a good sign after all.

When we compare it to the year-to-year comparison, a total of 11,200 existing homes sold statewide last month while 12,358 homes sold in April 2007 for a decrease of 9 percent, according to FAR. Florida’s median sales price for existing homes last month was $198,900; a year ago, it was $239,000 for a 17 percent decrease. But, looking back to April 2003, the statewide median sales price for single-family homes has increased about 30.9 percent over the five-year-period, according to FAR records at that time, the statewide existing-home median price was $151,900. The median is the midpoint; half the homes sold for more, half for less. Which is another sign that the market is showing signs of life with the update, the current situation is a testimonial on how the market can move further.

Going back to the year-to-year comparison for condos, 3,900 units sold statewide compared to 4,633 in April 2007 for a 16 percent decline. The statewide existing-condo median sales price last month was $179,200; in April 2007 it was $221,300 for a 19 percent decrease. NAR reported the national median existing condo price was $219,400 in March 2008. An expert calls it a good sign and why wouldn’t it? We hardly been showing promise over the past few months and criticism from the people in the inner circles are giving the thumbs down. Well now that we have numbers to back our claims of having life in the market it is positive that the market is on a good sign now. Let it be known that there are struggles and there are sacrifices and right now it seems like the Florida real estate is hitting its good turn.

Jron Magcale



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One Response to “Existing Home Sales of Florida Real Estate Shows Promise”

  1. foreclosure financing Says:

    We’ ve been seeing this coming for a long time now. I moved to San Diego 25 years ago, and married a native San Diegan from Poway. We’ re in our third new home in 7 years, so we’ ve rolled over the equity and now have a fantastic place at a good rate here in Carlsbad that we’ re more than willing to hold onto, regardless of what the market does in the short term. We’ ve witnessed this before, about 15 years ago. Property values not only came back, but shot back up well beyond what almost anyone could have imagined. …

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