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Florida Real Estate: Listing Prices Rising

Posted by Benjamin Dona on Friday, October 14th, 2011 at 3:35pm.

Florida Real Estate: Listing Prices RisingIf you still are wondering about the prices hitting bottom in Florida, here are some interesting numbers from Realtor.com. According to their review of 2.2 million listings in 146 markets through August, Florida cities have had the largest year-over-year increases in average list prices in the country.

As you'll see below, Florida cities hold 9 of the top 15 places for highest year-over-year listing price spikes. Nationwide, the average list price was $320,325, up 2.36% year-over-year.

Top 15 cities with the highest percentage of year-over-year increases in average list prices.

  • Miami - Average list price: $640,332; Year-over-year increase: 27.4%.
  • Fort Myers-Cape Coral - Average list price: $443,570; Year-over-year increase: 26.27%.
  • Central Florida, Rural Service Area - Average list price: $405,809; Year-over-year increase: 19.41%.
  • Punta Gorda - Average list price: $267,066; Year-over-year increase: 16.37%.
  • Macon, Georgia - Average list price: $193,520; Year-over-year increase: 15.98%.
  • Sarasota-Bradenton - Average list price: $466,785; Year-over-year increase: 15.86%.
  • Naples - Average list price: $713,087; Year-over-year increase: 15.13%.
  • West Palm Beach-Boca Raton - Average list price: $591,895; Year-over-year increase: 14.68%.
  • Ocala - Average list price: $193,360; Year-over-year increase: 12.07%.
  • Lakeland-Winter Haven - Average list price: $181,409; Year-over-year increase: 11.48%.
  • Orlando - Average list price: $319,419; Year-over-year increase: 10.56%.
  • Portland, Oregon & Vancouver, Washington - Average list price: $314,537; Year-over-year increase: 10.52%.
  • Boise City, Idaho - Average list price: $212,588; Year-over-year increase: 10.43%.
  • Springfield, Illinois - Average list price: $174,537; Year-over-year increase: 9.12%.
  • Shreveport-Bossier City, Louisiana - Average list price: $211,414; Year-over-year increase: 8.34%.

As a comparative test, let's see how these listing price increases compare with actual sales prices. Here are some sold data from our coverage areas here in Southwest Florida.

    • In comparison with 2010 3rd Quarter sales data, we saw a 7% increase in the number of Bonita Springs home sales and a 1% increase in the number of Bonita Springs condominium sales. The average sales price for homes rose by 8% while the average sales price for condominiums rose by 22%. At the end of the quarter, there were 595 active residential properties listed in the Bonita Springs MLS. That's a decrease of 17% versus this time last year. Total sales year-to-date were 1,133, up 21% over this time last year. Pending sales were up 18% over last year and totaled 347. The median price of all existing properties was $205,000, up 14% from a year ago. The median price for properties sold above $300,000 was $452,000, down 6% from $480,000 in 2010.

    • In comparison with 2010 3rd Quarter sales data, we saw a 5% increase in both the number of Naples home sales and the number of Naples condominium sales. The average price for homes fell by 12% while the average price for condominiums rose by 14%. At the end of the quarter, there were 2,579 active residential properties listed in the Naples MLS. That's a decrease of 22% versus this time last year. Total sales year-to-date were 5,838, up 8% over this time last year. Pending sales were up 21% over last year and totaled 1,719. The median price of all existing properties was $195,000, up 3% from a year ago. The median price for properties sold above $300,000 was $525,000, down 9% from $575,000 in 2010.

    • In comparison with 2010 3rd Quarter sales data, we saw a 16% increase in the number of Ft. Myers home sales and a 22% decrease in the number of Ft. Myers condominium sales. The average price for homes was flat while the average price for condominiums rose by 13%. At the end of the quarter, there were 3,963 active residential properties listed in the Ft. Myers MLS. That's a decrease of 16% versus this time last year. Total sales year-to-date were 15,060, down 4% over this time last year. Pending sales were up 40% over last year and totaled 1,962. The median price of all existing properties was $126,000, up 10% from a year ago. The median price for properties sold above $300,000 was $515,000, up 4% from $495,500 in 2010.

    • In comparison with 2010 3rd Quarter sales data, we saw a 15% decrease in the number of Cape Coral home sales and a 19% increase in the number of Cape Coral condominium sales. The average price for homes rose by 47% while the average price for condominiums rose by 31%. At the end of the quarter, there were 1,797 active residential properties listed in the Cape Coral MLS. That's a decrease of 17% versus this time last year. Total sales year-to-date were 4,653, down 3% over this time last year. Pending sales were up 31% over last year and totaled 2,371. The median price of all existing properties was $102,950, up 13% from a year ago. The median price for properties sold above $300,000 was $382,500, up 2% from $374,000 in 2010.

It looks like the listings price review might be telling a truthful tale.

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About the Author

Gulf Coast Associates, RealtorsBenjamin Dona is the Broker and Owner of Gulf Coast Associates, Realtors in Bonita Springs, Florida. He holds two advanced degrees, an MBA and an MA, and has an extensive background in both business and marketing. In 1998, he founded Gulf Coast Associates, and formed a group of like-minded Realtor® associates dedicated to offering professional Southwest Florida real estate services by concentrating on information, education and the use of leading edge technologies. He also is a recognized expert on the "Net," a much-quoted and read blog author, and a contributor to both national and international news outlets. Benjamin is a member of the National Association of Realtors, the Florida Association of Realtors, and numerous local real estate boards throughout Southwest Florida.

Contact Benjamin Dona at 239-948-3955



6 Responses to "Florida Real Estate: Listing Prices Rising"

Douglas T. George wrote:
Thanks for the good news. We are happy to hear about the increase. Maybe a final step ? Lets all hope so. It has been a long journey. Have a great day ! :)

Posted on Thursday, October 20th, 2011 at 1:16pm.

Jessica Lee wrote:
Wow, that's great news! More and more people want to invest their money on purchasing good properties. Let's just hope that it will continue.

Posted on Friday, October 21st, 2011 at 12:37pm.

Steve wrote:
Rising prices are only part of the equation, as the inventory for good homes continues to be thin. This should help keep prices firm and on a slight incline even as we have the predicted increase in REO's on the Market. Here on the 'east side' (Jupiter, Palm Beach Gardens), prices bumped up a bit over the summer and are holding. Investor interest (buy and hold- vs buy and flip) also seems to be increasing somewhat. Couple this with an early return of snowbirds and the equation is looking pretty good for home sales.

Posted on Friday, October 21st, 2011 at 2:02pm.

Melanie wrote:
Good news for flippers. Real estate investors must be having a field day.

Posted on Friday, October 28th, 2011 at 4:16am.

Benjamin wrote:
Definitely so, especially on the lower end in places like Cape Coral and Lehigh Acres.

Posted on Friday, October 28th, 2011 at 10:45am.

Susan wrote:
That's great news about the prices rising. I know several people in New Jersey that'll be happy to hear this as their purchase was for a long term investment. Nothing like a place that offers sun and water all year round too!

Posted on Monday, November 7th, 2011 at 10:34pm.



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