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Florida Real Estate Sales Continue to Strengthen in July

Posted by Benjamin Dona on Thursday, September 4th, 2008 at 12:12am.

Florida Real Estate Sales Analysis - July 2008Florida real estate sales continued to show strength throughout the state in July. In fact, for the first time in two years, statewide single family existing home sales increased year over year in July. The numbers are quite amazing considering most of the national media pundits would have you believe the State's housing market has fallen off a cliff. The reality is anything but gloom and doom. Savvy retirees, bargain hunters and international buyers are all recognizing that their opportunity to grab an affordable slice of the Florida lifestyle is happening right now. Here's a review of some of the numbers:

  • July's existing single family home sales grew by 80% year over year in the Ft. Myers - Cape Coral area. Condos sales grew by 35%. The median single family home price dropped 13% to $154,900 and the condo median price dropped 9% to $210,400.
  • Naples area home sales of properties less than $300,000 accounted for nearly half of all the transactions and were up 15% year over year. Overall sales grew 31% in July and the single family median home price fell to $275,000, down $110,000 in the last six months.
  • Punta Gorda saw an 8% rise in year over year sales in July. Median home prices dropped 21% to $141,800 from July 2007.
  • The St. Petersburg and Clearwater area saw a 5% increase in sales in July and the median home price dropped to $176,500.
  • Bonita Springs existing homes sales grew 85% in July. Condo sales grew by 44%. The median home price fell to $367,500 and the condo median dropped to $297,500.
  • The Sarasota and Bradenton area was the only major market that saw a decline in sales. Single family home sales declined 8% year over year in July. The median home price fell to $230,100.

In addition to the increased sales numbers, inventories also are starting to decline. In many cases, it is becoming harder to find the number and variety of properties that where available just a few months ago. So, if you're looking for that dream vacation home or condo you've always wanted now is the time to take advantage of what Southwest Florida has to offer. The bottom line is simple, the Southwest Florida real estate market is moving quite nicely once again.

*Sales Data Statistics from Nabor and SWFL MLS.

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7 Responses to "Florida Real Estate Sales Continue to Strengthen in July"

Mike May wrote:
It's good to hear that things are turning around in Florida! Hopefully soft markets in the rest of the U.S. will begin recovering soon.

By the way, you have a great looking blog.

Posted on Saturday, September 6th, 2008 at 2:59pm.

Benjamin wrote:
Thanks Mike, we really like the Talian theme.

My guess is we're closer to the bottom than most folks think.

Posted on Saturday, September 6th, 2008 at 11:33pm.

Janie wrote:
Glad to hear something possitive. This is why it is important to get information that is local not just national.

Posted on Wednesday, September 10th, 2008 at 12:26pm.

Collene DeAses wrote:
It is refreshing to find out that the Florida real estate market is doing better. Corrections are painful but the healing process and recovery will hopefully bring back a very "healthy" market. We experienced a runaway market in 1999 and 2000 in central Texas and suffered for a couple of years...hopefully we have learned enough to not let the prices get too far out of hand again. A reasonable price increase and a steady market keeps us in a little more even economy.

Posted on Wednesday, September 10th, 2008 at 12:28pm.

Benjamin wrote:
I think things are starting to get better in more local markets than a lot of people think.

Hopefully, this week's drop in interest rates will help spur things on a little faster.

Posted on Wednesday, September 10th, 2008 at 5:45pm.

Marc Rasmussen wrote:
I sell real estate in the Sarasota area and our prices have really come down over the last 3 years.

I just sold a home in Lakewood Ranch for $233k that sold 3 years ago for $450k. I am selling a couple of rental properties that I own and am getting about 50%-60% of what I would have received in 2005. That is a huge drop.

I think we are very close to the bottom. The market just has to work through the oversupply and all of the foreclosures. We probably won't see appreciation for awhile.

Great blog!

Posted on Tuesday, September 16th, 2008 at 11:47am.

Benjamin wrote:
I agree Marc, we are very close to the bottom. Prices have started to stablize here and sales are up rather dramtically all things considered.

If the trends contuniue, I'd say we're in for one heck of season throughout all of Southwest Florida.

Posted on Tuesday, September 16th, 2008 at 3:02pm.

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