Existing single-family home sales in Florida dropped 30 percent in November compared to the same month last year, while the median sales price fell 3 percent, the Florida Association of Realtors reported.
For the first 11 months of 2006, sales were down 28 percent compared to the same period in 2005, while prices increased 6 percent.
There were 11,912 existing single-family home sales statewide in November, and 167,545 sales from January through November. The median price in November was $242,500, a rise of about 88.3 percent compared with the statewide median sales price of $128,800 five years earlier, in November 2001.
Nationally, the median sales price for existing single-family homes was $221,300 in October, down 3.4 percent from a year ago, according National Association of Realtors statistics. In California, the statewide median existing-home price was $548,680 in October; in Massachusetts, it was $341,000; in Maryland, it was $307,135; and in New York, it was $235,000.
Sales of existing condominium units in Florida fell 36 percent in November compared to November 2005, and the median price of existing condos fell 4 percent. From January through November 2006, existing condo sales in the state dropped 33 percent compared to the same period in the prior year while the median price rose 1 percent.
There were 3,346 condos sold statewide in November and the statewide median sales price for condos was $206,000, the Florida association reported. Meanwhile, the national median existing condo price reported by the national Realtor group in October 2006 was $214,300.
The Florida association’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
The Orlando metropolitan statistical area in Florida had 1,705 existing homes sold in December, compared with 2,656 homes sold a year ago — a 36 percent decrease. The market’s median existing-home price increased 4 percent to $263,600; a year ago, it was $254,600.
A total of 276 existing condos changed hands in Orlando in November for a 41 percent decrease over the 467 condos sold the previous year, the Florida association reported. The market’s median existing-condo price was $171,800; a year ago, it was $182,400 — a 6 percent decrease.
The Ocala real estate market had a 1 percent gain in sales in November compared to November 2005 and the Sarasota-Bradenton market had a 2 percent gain in sales, while all of the other market areas in the state had declines. The most significant sales declines in the state were in Naples and West Palm Beach-Boca Raton, at 45 percent, the Florida association reported.
The Lakeland-Winter Haven market saw the largest increase in median price for single-family existing homes from November 2005 to November 2006, at 8 percent. Meanwhile, the Sarasota-Bradenton market had an 18 percent drop in the median price — from $343,600 in November 2005 to $281,900 in November 2006, the Realtor group reported.
According to Freddie Mac, a 30-year fixed-rate mortgage averaged 6.24 percent in November, a 6.33 percent drop compared to November 2005.
The Florida Association of Realtors represents about 155,000 members.
Send tips or a Letter to the Editor to firstname.lastname@example.org or call (510) 658-9252, ext. 137.