STATE OF FLORIDA MARKET
Across the state of Florida existing home and condo sales rose in the month of March. Sales on homes increased 12% last month with a total of 18,522 homes sold statewide compared to March 2010 sales of 16,540 according to housing data released by Florida Realtors®. Statewide sales of condos last month rose a whooping 24% compared to last year at this same time.
THATS THE GOOD NEWS!! How about sales price & values?
Florida’s median(means 1/2 sold for more & 1/2 sold for less) sales has decreased 7% from the same time last year with existing homes at $126,300: March median sales price in 2010 was $136,000. The National Association of Realtors® notes that sales of foreclosures and other distressed properties continue to pull sales prices down and distort the median price because they sell at discounted prices compared to traditional homes.
HOW DO WE COMPARE NATIONALLY?
According to NAR, median home sales for existing single-family homes in Feb. 2011 was $157,000, down 4.2% from a year ago. California median sales was $271,320, Massachusetts was $270,000, New York was $245,000 and Maryland was $208,258. NAR Chief Economist Lawrence Yun says,” Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by unnecessarily tight credit.” NAR also believes a strengthening economy will continue to bolster the housing sector.
According to OMCAR 2011 Monthly Sales Trend Indicator for the Ocala Market area, our sales have increased 9% with a total of 373 existing residential home sales for the month of March compared to 342 in the same month for prior 2010. Homes priced between $1-50k comprised of 24% of the sales with the next closest at %13.67, being homes priced between $70-80k. CASH IS KING, right now and YTD(Year to Date) totals accounts for 60% of all sales with conventional sales around 20% and FHA at 10%. Condo sales for the month of March increased 43% from the same time last year, but sales are still very slow with ONLY 10 March sales in 2011 and 7 in 2010. Looking at current 2011 YTD sales from Jan.-March sales compared to same time frame in 2010 sales have increased 76%.
MY THOUGHTS? (Which will not buy you a cup of coffee! LOL!)
Interest rates have remained at all time lows and homes prices are at approximately 2001-2002 values. What does this mean for home buyers? Monthly payments in many cases can be lower than the cost to rent. Also, there are many great programs available to help home buyers including the SHIP, NSP & Rural Development Programs. We are still seeing prices on the decline, but the numbers show the gap is closing. Last year we may have seen a downward adjustment of 1% for each month on the value of a property and this year maybe 1/2% is more in line. Either way it is a great time to buy and start building for your future. Americans need to think of their homes as a place for security, stability and neighborhood friendships! What does this mean for sellers? There are always challenges in a changing market and offering something special or unique may be the key. Are you in a position to offer seller financing or paying some of the buyers closing cost? If you are thinking of selling or simply would like to know the current value of your property, please contact me for a “FREE Comparable Market Analysis.”
Thank you so very much for taking your time to read my blog. Please let others know and share my thoughts. Information is power! I want to provide you with the real estate information you need to be informed.