Panama City Least Drop in Median Sales Price in Florida

by May 24, 2008 • 0 comments

Comparing April 2007 and April 2008, Panama City had the least median sales price drop in the state of Florida.  In April 2007, the median sales price was $192,200, in April 2008, the median sales price was $188,200, a 2% drop.

ORLANDO, Fla., May 23 /PRNewswire/ — Florida Realtors(R) 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(R) (FAR). 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.

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(R) (NAR) housing outlook, Chief Economist Lawrence Yun 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, Fannie Mae or Freddie Mac increases. “There are many reasons for people to get into the housing market today, and very few
reasons not to,” Yun says. “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.”

In 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.

In a 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.

The national median sales price for existing single-family homes in March 2008 was $198,200, down 8.3 percent from a year earlier, according to NAR. In California, the statewide median resales price was $413,980 in March; in Massachusetts, it was $315,000; in Maryland, it was $283,692; and in New York, it was $210,000.

Last month, interest rates for a 30-year fixed-rate mortgage averaged 5.92 percent, down from the average rate of 6.18 percent in April 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which
typically occur 30 to 90 days after sales contracts are written.

Several of Florida’s metropolitan statistical areas (MSAs) showed gains in existing home sales for the month. Realtors around the state reported an increase in phone calls, home showings and other business activity, as well as higher pending home sales in their markets. Pending sales are based on contracts signed but not closed.

Among the state’s smaller markets, the Fort Pierce-Port St. Lucie MSA reported a total of 388 homes sold in April compared to 290 homes a year ago for a 34 percent increase. The existing home median sales price was
$159,200; a year ago, it was $242,600 for a 34 percent decrease. A total of 101 existing condos sold in the MSA last month compared to 83 condos the previous April for a 22 percent increase. The market’s existing condo median price was $151,700; a year ago, it was $163,800 for a decrease of 7 percent.

Scott Wingfield, president of the Realtors Association of St. Lucie and general manager of Coldwell Banker Thomas J. White Realty in Port St. Lucie, says it appears that buyer activity is increasing and the market is
beginning to stabilize. “We’re working through inventory and that’s encouraging,” he says. “Our area is thriving in terms of business diversity and job opportunities relating to bio-tech and research industries. The environment for buyers couldn’t be better — mortgage rates are still at historic lows and Congress is working on legislation that will boost the recovery of the housing sector.”

Two charts showing statistics for Florida and its 20 MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in April 2008 to April 2007 based on Realtor
transactions; the other compares the volume of existing, condominium sales and median sales prices April 2008 to April 2007 based on Realtor transactions.

The Florida Association of Realtors(R), the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its 125,000 members in 67 boards/associations.

Editor’s Note: You may wish to use this information with today’s release from the National Association of Realtors.
Florida Sales Report – April 2008
Single-Family, Existing Homes

Realtor Sales          Median Sales Price
Statewide &
Metropolitan         April   April     %     April     April     %
Statistical Areas      2008    2007     Chge   2008      2007     Chge
(MSAs)
STATEWIDE* (1)  11,200  12,358    -9  $198,900   $239,000  -17
STATEWIDE-YEAR-TO-DATE   36,604  46,656   -22  $201,000   $238,900  -16
Daytona Beach               556     602    -8  $178,100   $205,500  -13
Fort Lauderdale             518     580   -11  $298,100   $363,800  -18
Fort Myers-Cape Coral       809     573    41  $200,300   $283,200  -29
Fort Pierce-Port
St. Lucie                  388     290    34  $159,200   $242,600  -34
Fort Walton Beach           208     227    -8  $216,000   $213,600    1
Gainesville                 153     225   -32  $198,900   $214,200   -7
Jacksonville                857   1,234   -31  $183,900   $203,800  -10
Lakeland-Winter Haven       265     315   -16  $142,200   $172,400  -18
Melbourne-Titusville
-Palm Bay                  482     517    -7  $160,000   $194,500  -18
Miami                       281     531   -47  $291,900   $382,300  -24
Marco Island (2)             45      35    29  $510,000   $532,700   -4
Ocala                       223     338   -34  $150,700   $172,300  -13
Orlando                   1,347   1,609   -16  $215,700   $250,300  -14
Panama City                  89     105   -15  $188,200   $192,200   -2
Pensacola                   272     326   -17  $157,400   $168,200   -6
Punta Gorda                 268     254     6  $143,400   $197,100  -27
Sarasota-Bradenton          743     706     5  $268,200   $302,200  -11
Tallahassee                 269     350   -23  $173,000   $181,200   -5
Tampa-St. Petersburg
-Clearwater              2,087   2,257    -8  $176,000   $209,700  -16
West Palm Beach
-Boca Raton                662     665     –  $314,000   $376,300  -17

(1) * Statewide figure includes data from the Naples Board of Realtors.
(2) Data is only from the Marco Island Association of Realtors.
Editor’s note: Sales numbers represent totals of Realtors’ closed
transactions from local Realtor boards/associations within the MSAs.

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 Bergstrom Center for Real Estate Studies.

Florida Sales Report – April 2008
Existing Condominiums

Realtor Sales          Median Sales Price
Statewide &
Metropolitan        April   April     %        April     April    %
Statistical Areas     2008    2007     Chge      2008      2007    Chge
(MSAs)
STATEWIDE* (1)           3,900   4,633    -16     $179,200  $221,300   -19
STATEWIDE-YEAR-TO-DATE  12,472  16,067    -22     $178,500  $216,900   -18
Daytona Beach              121     102     19     $213,800  $237,500   -10
Fort Lauderdale            594     683    -13     $150,000  $197,800   -24
Fort Myers-Cape Coral      351     223     57     $195,500  $244,100   -20
Fort Pierce-Port
St. Lucie                 101      83     22     $151,700  $163,800    -7
Fort Walton Beach           63      98    -36     $322,700  $400,000   -19
Gainesville                 66      74    -11     $135,000  $160,000   -16
Jacksonville                89     258    -66     $155,000  $239,200   -35
Lakeland-Winter Haven        5      21    -76     $130,000  $117,500    11
Melbourne-Titusville
-Palm Bay                 109     118     -8     $161,700  $180,000   -10
Miami                      318     722    -56     $275,000  $268,000     3
Marco Island (2)            53      35     51     $350,000  $532,700   -34
Ocala                        6       7    -14      $75,000   $75,000     –
Orlando                    136     207    -34     $120,800  $154,500   -22
Panama City                 41      41      –     $295,800  $291,700     1
Pensacola                   44      65    -32     $250,000  $379,200   -34
Punta Gorda                 47      47      –     $157,500  $163,300    -4
Sarasota-Bradenton         270     320    -16     $212,000  $238,400   -11
Tallahassee                 20      32    -38     $146,700  $152,500    -4
Tampa-St. Petersburg
-Clearwater               508     549     -7     $152,300  $170,400   -11
West Palm Beach
-Boca Raton               664     646      3     $156,400  $218,400   -28

(1) *Statewide figure includes data from the Naples Board of Realtors.
(2) Data is only from the Marco Island Association of Realtors.
Editor’s note: Sales numbers represent totals of Realtors’ closed
transactions from local Realtorboards/associations within the MSAs.

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 Bergstrom Center for Real Estate Studies.

SOURCE Florida Association of Realtors(R)

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