Still low mortgage rates and the steadily improving economy boosted Florida’s housing market to a strong start in 2004 with a 12 percent increase in single-family existing home sales in January, according to the Florida Association of Realtors.

Statewide, sales of single-family existing homes totaled 12,520 last month compared to 11,161 homes sold a year ago. The statewide median sales price rose 15 percent to $168,100; a year ago, it was $146,500.

In January 1999, the statewide median sales price for single-family homes was $102,100, which demonstrates a 64.6 percent gain over the five-year- period, according to FAR records.

Florida’s median sales price compares favorably to the national median sales price for existing single-family homes, which was $173,200 in December 2003, up 6.7 percent from the previous December. In California, the statewide median resales price was $404,520 in December; in North Carolina, the average resales price was $185,034; in Illinois, the median price was $171,800; in Virginia, it was $158,613; and in Ohio, the average resales price was $150,514.

Among the state’s larger markets, the Miami Metropolitan Statistical Area reported double-digit gains in home sales and in the median sales price last month. A total of 834 homes changed hands in January compared to 760 homes a year ago for a 10 percent increase. The median sales price rose 24 percent to $246,200; a year ago, it was $197,900.

Influencing the Miami housing market is the current tight supply of homes for sale and a corresponding high demand among buyers, says Jay Chernoff, chairman-elect of the Realtor Association of Greater Miami and The Beaches and district sales manager with The Keyes Co. Inc.

Other large metro areas also reporting increased sales last month compared to the previous year: Orlando, where 2,194 homes sold for a 23 percent boost; and West Palm Beach-Boca Raton, where 1,003 homes changed hands for a 13 percent gain. The median sales price of the homes sold in those markets also rose compared to a year ago: in West Palm Beach-Boca Raton, 20 percent to $265,200; and in Orlando, 9 percent to $144,000.

Among the state’s smaller markets, Melbourne-Titusville-Palm Bay reported strong sales in January, with a total of 474 homes sold compared to 358 homes a year ago for a 32 percent jump. The median sales price rose 12 percent to $143,400; a year ago, it was $127,800.

Other small- to medium-sized metro areas in the state reporting gains in their resales activity last month compared to January 2003 include: Fort Pierce-Port St. Lucie, where 473 homes sold for a 33 percent increase; and Ocala, where 334 homes changed hands for a 21 percent boost. Those same markets also had higher median sales prices last month compared to a year ago: in Fort Pierce-Port St. Lucie, 21 percent to $171,200; and in Ocala, 18 percent to $94,800.

The Florida Association of Realtors represents 100,000 members across 70 boards/associations.

***

Send a Letter to the Editor for publication.
Send a comment or news tip to our newsroom.
Please include the headline of the story.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
TODAY ONLY: Lock in a full year of monthly digital events to keep you at the top of your game.Register now×
Cyber Week Sale: Get 1 year of Inman Select for $75.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription