Southwest Florida Real Estate - October Sales
Posted by Benjamin Dona on Monday, December 15th, 2008 at 11:59am.
For the second month in a row, Florida existing home and condominium sales rose on a year over year basis in October. Thirteen of Florida's metropolitan statistical areas (MSAs) reported increased sales of existing homes; nine also showed gains in condo sales, marking the fourth month in a row that a large number of markets have noted higher sales activity. Pending sales were also up again in many markets indicating stabilization continues to take hold in many areas.
Statewide, sales of existing single-family homes totaled 10,443, up 15% year over year. Existing condominium sales in October totaled 2,956 statewide and were up 5% from a year ago. Falling property prices continue to be the impetus for the increase in sales. The median home price fell 24% to $169,700 and the median condo price fell 23% to $147,600. The median is the midpoint; half the homes sold for more, half for less.
Realtors® around the state are reporting increased business activity as many buyers are coming to the realization that the current prices and mortgage interest rates are just too good to pass up any longer.
Locally in Southwest Florida, home and condominium sales were also quite strong. Here are some examples of Octobers' numbers.
- Single family homes sold in October totaled 805, up 122% from one year ago.
- The median home price fell to $119,000, 23% lower than it was in 2003.
- There are 12,611 homes on the market, over an 8 month supply.
- Pending sales rose 170% to 1,877 and were up 5% over September.
- We've seen 7,149 sales to date versus 4,711 last year at this time.
- Total property sales in October were 363, up 40% from one year ago.
- Single family home sales rose 65%, condo sales rose 17%.
- In the under $300,000 category, the median price dropped 17% to $157,000.
- Pending sales rose 88% to 464, up from 254 a year ago.
- There are 10,815 homes on the market, up from 10,689 a year ago.
It's also important to understand that the overall market value is being drug down by all the foreclosures that continue to hit the market in "some areas" of Southwest Florida. They are not rampant everywhere and it does not mean that you can walk into a beach front or high-end gated community type property and offer cents on the dollar. It just won't happen, no matter what you've heard through the "grapevine." You can get a good price in comparison to the last few years, but you won't find all properties being priced at 50 cents on the dollar either.
So, if you are serious about finding your dream vacation or retirement home here in Florida, now may be a good time to take a look at what the area offers. The key is to get yourself a good local representative who knows the area well, review the actual numbers that only they can provide, and then do your homework. You just might get a Florida property at a price of a lifetime.
*Sales Data Statistics from the NABOR & SWFL MLS
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