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.
Cape Coral and Ft. Myers Area Real Estate Sales:
- 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.
Bonita Springs and Naples Area Real Estate Sales:
- 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
Gulf Coast Associates, Realtors and Metro Mortgage Company. Providing all your Southwest Florida real estate and Florida mortgage loan needs. Call us today at 888-617-3674.
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29 users commented in " Southwest Florida Real Estate - October Sales "
Follow-up RSS Comments Feed or Leave a TrackbackWe too are seeing similar upswing in overall fall numbers. Although there remains a large number of short sales in those inventory numbers that are dragging down pricing in the Jacksonville market. With low interest rates and banks now beginning to have a desire to lend (to the “right” buyer of course), we hope this excess inventory will purge out over the course of the next seven months.
We are seeing the same thing here in Dallas. I hope with all that is going on that the times will change for the better again.
I was just reviewing some of November’s numbers for the next update and they are up again too. Inventory is starting to fall and things are looking very good for our true “season” starting in January.
I just wish the word would get out more by the press. They still are mostly printing the doom and gloom. We basically have the buying opportunity of a lifetime here in Florida and many buyers are just letting it pass them by.
It’s good to see that some markets in Florida are selling homes. I was under the impression that most of Florida was terrible - news like this is definitely good…I hope it continues 15% is a lot!
It really goes to show, that when properties are priced right for the market, they sell.
We all know sales have slowed down in Florida but they have not stopped. Furthermore, good values sell quickly!
I always enjoy hearing stats about market recovery. I think they give people a little faith, which is much needed in todays real estate markets.
I was very suprised to see the numbers in this blog. That’s great that some areas in Florida are doing well. Like Jayson, I thought Florida as a whole was doing terrible. I hope 2009 shows even more improvement.
I have seen a few reports that Florida and California are improving. I assume this is because they were the first markets to get hit. Austin on the other hand did pretty poorly in October and November.
It’s great to see the sales numbers are up, maybe the medium price drops will also begin to stabilize.
In nashville the past few weeks have seen a tremendous increase in showings and real estate related activity in general.
Hopefully this activity will turn into sales and continue the increase in consumer confidence.
This seems to be the trend in areas hit hardest by foreclosures. The statistics for the Las Vegas area mirror yours very closely. Sales are up compared to the same periods in prior years and the bulk of the properties sold are REO. The massive amount of foreclosures have helped push down prices here as well, which is great news if you are a home buyer.
Good news! I hope Florida buyers are getting the message that now’s a great time to make that purchase!
It’s good to hear that during a time of financial uncertainty the Florida market is still doing well!
Yes showings are up here, as well as pending contracts…here is to hoping there is alot of pent up demand about to break loose!
Good news for Florida Real estate. This one will keep up.
This is not a horrible market but a different market all together. But definitly we all have suffered .But still there is a hope that something good is going to happen and the agitation will die down.
Nice to hear some good news like this. Does any of this have to do with the winter months and snowbirds and tourist being in Florida this time of year?
The descriptions of florida real estate sounds very similar to what is happening in the Texas Real Estate market. The average price of homes sales have declined.
We have the same problem over here in Spain as you have in Florida. It have been to easy to get a mortgage, as we all know and then the prices flying up to the sky’s the last 4-5 year. Now the price is on the right level, so its time to buy again to the right price.
Good news for Florida Real estate; Yes.
Good news for Florida people; No, I don’t think so.
I’m a real estate agent in Marbella, Spain and over here we get many offers on good investment in Florida. The only thing is that speculators / investors buy now cheap and when the market going up again, then they sell and the Florida people have to buy them much expensive then today. The Government and the Banks most together do something so normal people can buy today, not tomorrow.
Havent updated the blog in a long time? Nothing happening in Alanta?
As of today, March 30th 09, the market here has picked up a LOT. Last year was dismal and January 09 closings were terrible, but this month a lot of buyers are starting to come back into the market. I have 4 buyers and 1 listing in escrow and lots of showings on other listings.
I think the $8k tax credit and low rates are helping, but mostly people think the market has been bad for so long that now they are ready to take the plunge.
It has to go back up sometime!
Congratulations to all Floridians! Aren’t we glad that nothing stays the same forever! We must remember that when the good times come around again.
I like hearing some good news for a change. The national news media paints a bleak picture of Florida. Saavy investors know that putting their money in real estate is safer than other more traditional places right now–especially since prices and interest rates are down.
I wonder how long this buyer’s market will last. The wealthy, nicer areas are going to be the first to go back to normal for sure.
Interested in hearing how things are going since December? Things are starting to pick up here in SC and hope it will continue throughout the Summer.
unemployment is at 9.4% now and inflation is kicking in. This means that the purchasing power for people will further decline along with real estate values, keep that in mind. There is a good time to buy in any market as long as you buy right.
I’ll look forward to seeing your update about Southwest Florida home sales for the first half of 2009. Entry-level San Diego homes have now found a bottom, and there is consistent overbidding and multiple bids on just about every house for sale in San Diego priced under $500,000. The upper-level market is still soft, as jumbo loans are more difficult to get. The banks need to be encouraged to start writing more jumbo loans. but despite the softness on the upper end, the median price of homes in San Diego has increased for five months in a row. So hopefully you’ll be seeing the light at the end of the tunnel in Florida soon too, if you haven’t already.
I agree the current market is not completely terrible. Although, most business, and industries have taken a hit. It will start picking up again though.
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