Florida Median Home Price - June 2006

Rising mortgage rates, rising inventory levels, rising insurance premiums and higher energy costs impacted Florida's housing sector in June, as the state's housing market continued to adjust following five record-breaking years. Statewide, the existing-home median price rose 3 percent to $257,800 last month; a year ago, it was $249,800, according to the Florida Association of Realtors® (FAR). A total of 18,089 existing single-family homes sold statewide last month, a decrease of 29 percent from the 25,552 homes sold during the previous June, according to FAR.

In June 2001, the statewide median sales price was $132,500, representing an increase of about 94.5 percent over the five-year period, according to FAR records. The median is a typical market price where half the homes sold for more, half sold for less.

Nationally, the median sales price for existing single-family homes was $229,700 in May, up 6.4 percent from a year earlier, according to the National Association of Realtors® (NAR).

Looking to Florida's existing condominium market, sales of existing condos also decreased in June, with a total of 5,241 condos sold statewide compared to 8,109 in June 2005 for a 35 percent decrease, according to FAR. The statewide median sales price for condos remained relatively flat last month at $212,500; a year ago, it was $215,700. The national median existing condo price in May 2006 was $229,300.

According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage was 6.68 percent last month, up from 5.58 percent in June 2005. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Charts showing statistics for Florida and its 20 metropolitan statistical areas (MSAs) can be found below in both .pdf and HTML formats. The charts compare the volume of existing single-family home/condo sales and median sales prices in June 2006 to June 2005, based on Realtor transactions within the MSAs.

Single-Family [ pdf ] [ html ] .......... Condominium [ pdf ] [ html ]

© 2006 FLORIDA ASSOCIATION OF REALTORS®

Florida Median Home Price - May 2006

With mortgage rates still ticking upwards, Florida's housing sector in May continued to adjust to changing market conditions, including a greater inventory of homes available for sale in many areas. Statewide, the existing-home median price rose 11 percent to $256,400 last month; a year ago, it was $232,000, according to the Florida Association of Realtors® (FAR). A total of 18,680 existing single-family homes sold statewide last month, a decrease of 24 percent from the 24,523 homes sold during the previous May, according to FAR.

In 2001, the statewide median sales price was $125,200, which is an increase of about 104.7 percent over the five-year-period, according to FAR records. The median is a typical market price where half the homes sold for more, half sold for less.

Nationally, the median sales price for existing single-family homes was $222,700 in April, up 4.3 percent from a year earlier, according to the National Association of Realtors® (NAR).

Looking to Florida's existing condominium market, sales of existing condos also decreased in May, with a total of 5,725 condos sold statewide compared to 8,337 in May 2005 for a 31 percent decline, according to FAR. The statewide median sales price for condos remained relatively flat last month at $222,000; a year ago, it was $222,100. The national median existing condo price in April 2006 also was $222,000.

According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage was 6.60 percent last month, up from 5.72 percent in May 2005. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Charts showing statistics for Florida and its 20 metropolitan statistical areas (MSAs) can be found below in both .pdf and HTML formats. The charts compare the volume of existing single-family home/condo sales and median sales prices in May 2006 to May 2005, based on Realtor transactions within the MSAs.

Single-Family [ pdf ] [ html ] .......... Condominium [ pdf ] [ html ]

© 2006 FLORIDA ASSOCIATION OF REALTORS®

Florida Median Home Price - April 2006

Florida's housing sector continued to show signs of market adjustments in April as mortgage rates edged up and the inventory of homes available for sale remained at higher levels in many markets. Statewide, the existing-home median price rose 13 percent to $249,700 last month; a year ago, it was $221,100, according to the Florida Association of Realtors® (FAR). A total of 16,392 existing single-family homes sold statewide last month, a decrease of 31 percent from the 23,844 homes that changed hands during the previous April, according to FAR.

In 2001, the statewide median sales price was $127,100, which is an increase of about 96.4 percent over the five-year-period, according to FAR records. The median is a typical market price where half the homes sold for more, half sold for less.

Nationally, the median sales price for existing single-family homes was $217,300 in March, up 7.8 percent from a year earlier, according to the National Association of Realtors® (NAR).

Looking to Florida's existing condominium market, sales of existing condos also decreased in April, with a total of 5,556 condos sold statewide compared to 8,775 in April 2005 for a 37 percent decline, according to FAR. The statewide median sales price for condos rose 4 percent to $222,900 last month; a year ago, it was $213,400. The national median existing condo price was $225,500 in March 2006.

The interest rate for a 30-year fixed-rate mortgage in April averaged 6.51 percent, up from the 5.86 percent averaged during the same month a year ago. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Charts showing statistics for Florida and its 20 metropolitan statistical areas (MSAs) can be found below in both .pdf and HTML formats. The charts compare the volume of existing single-family home/condo sales and median sales prices in April 2006 to April 2005, based on Realtor transactions within the MSAs.

Single-Family [ pdf ] [ html ] .......... Condominium [ pdf ] [ html ]

© 2006 FLORIDA ASSOCIATION OF REALTORS®

Florida Median Home Price - March 2006

Slowly rising mortgage rates and higher levels of for-sale inventory influenced Florida's housing sector in March as the state's market continued to adjust on the heels of a five-year record pace. Statewide, sales of single-family existing homes totaled 18,881 last month compared to March 2005's sales of 24,091 homes for a 22 percent decrease, according to the Florida Association of Realtors® (FAR).

While housing industry analysts predict that home prices eventually will cool, annual appreciation currently remains in the double-digits in many markets throughout Florida and the U.S. Realtors report that demand continues to impact housing prices across Florida, as the state's warm weather, scenic attractions and favorable business climate attract new residents.

Last month, the statewide median price rose 17 percent to $248,200; a year ago, it was $212,600. In March 2001, the statewide median sales price was $121,600, which is an increase of about 104 percent over the five-year-period, according to FAR records. The median is a typical market price where half the homes sold for more, half for less.

The national single-family existing home median price was $208,500 in February 2006, up 11.6 percent from a year earlier, according to the National Association of Realtors® (NAR).

Looking to Florida's existing condominium market, sales of existing condos also decreased in March, with a total of 6,481 condos sold statewide compared to 8,388 in March 2005 for a 23 percent decline, according to FAR. The statewide median sales price for condos rose 2 percent to $214,200 last month; a year ago, it was $210,300. The national median existing condo price was $214,300 in February 2006.

In March, the average interest rate for a 30-year fixed-rate mortgage was 6.32 percent -- still favorable for potential buyers, but higher than the rate of 5.93 percent a year ago. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Charts showing statistics for Florida and its 20 metropolitan statistical areas (MSAs) can be found below in both .pdf and HTML formats. The charts compare the volume of existing single-family home/condo sales and median sales prices in March 2006 to March 2005, based on Realtor transactions within the MSAs.

Single-Family [ pdf ] [ html ] .......... Condominium [ pdf ] [ html ]

© 2006 FLORIDA ASSOCIATION OF REALTORS®

Florida Median Home Price - February 2006

Rising inventory levels and still-low mortgage rates continued to affect Florida's housing market, which is adjusting to a better balance between buyers and sellers following a five-year run of record-pace sales. Statewide, sales of single-family existing homes totaled 13,539 in February compared to 16,916 homes a year ago, for a 20 percent decrease, according to the Florida Association of Realtors® (FAR).

Realtors from across the state report that the supply of homes available for sale in their markets is improving, offering buyers more housing opportunities. The statewide median price for single-family existing homes last month was $244,200, up 24 percent from the February 2005 statewide median of $197,700.

In February 2001, the statewide median sales price was $118,200, which shows an increase of about 106 percent over the five-year period, according to FAR records. The median is a typical market price where half the homes sold for more, half for less.

Nationally, the median sales price for existing single-family homes in January was $210,500, up 13.1 percent from January 2005.

Sales of existing condominiums in Florida also decreased last month, with a total of 4,342 condos sold statewide compared to 5,643 in February 2005 for a 23 percent decline, according to FAR. The statewide median sales price for condos rose 11 percent to $218,700 last month; a year ago, it was $197,000. The national median existing condo price was $216,900 in January 2006.

Along with the University of Florida Real Estate Research Center, the Florida Association of Realtors began compiling data on closed condo sales for comparison purposes in 2005; the condo data series began in January 2006.

Favorable mortgage rates continued to spark buyers' interest in markets across the state. Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.25 percent, up from the 5.63 percent average rate in February 2005. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Charts showing statistics for Florida and its 20 metropolitan statistical areas (MSAs) can be found below in both .pdf and HTML formats. The charts compare the volume of existing single-family home/condo sales and median sales prices in February 2006 to February 2005, based on Realtor transactions within the MSAs.

Single-Family [ pdf ] [ html ] .......... Condominium [ pdf ] [ html ]

© 2006 FLORIDA ASSOCIATION OF REALTORS®

Home Improvement Tips: Cost vs. Value

As a Florida Realtor, I'm occasionally asked which home improvements provide the greatest return on investment (ROI). My answer really depends on several factors and in order for me to provide useful advice, I must be familiar with the property in question as the options can vary somewhat from house to house. Having said that, there are a few rules of thumb that are rather standard no matter what the property.

Generally speaking, kitchen and bathroom improvements will provide sellers with the greatest resale value. However, this does not mean it must be a complete makeover. Sometimes replacing items such as flooring, countertops, sinks, faucets, cabinet hardware and/or lighting fixtures can make a room look considerably more updated than before. Applying a fresh coat of neutral-colored paint is among the easiest and least expensive improvements you can make to any room. On the outside of the property, well-maintained front yard landscaping can also provide a good return on investment.

Another factor to consider when deciding what home improvements to make is the neighborhood the property is located in. Many real estate investment books advise home buyers and real estate investors to purchase the worst home in the best neighborhood in order to get the best value for their money. Keeping this in mind, you don't want to over-improve your home or landscaping so that it becomes the best house in the neighborhood unless you are doing it for your own enjoyment and not for resale value.

The suggestions in this article can be useful even if you own a condo. If you are thinking of placing your Florida condo for sale, it helps to know what types of improvements or upgrades your neighbors have made before deciding what, if any, updating you will make to your own condo before selling. The older the condo building is, the more useful this knowledge and research will be to you.

High on the list of things to take into account is whether you will be selling during a buyer's or seller's market. In the hot seller's market that we experienced in recent years, even properties that were not in good condition were selling quickly, sometimes at or near full price. However, now that the market has cooled down somewhat and there are more properties on the market for buyers to choose from, buyers have the luxury of being pickier and expect more for their money.

Articles for further reading:

• Will Your Home Improvement Pay Off?
• How To Increase The Value Of Your Home Through Landscaping

Florida Housing Market Update

The Florida Association of Realtors announced that Florida's housing market
showed strong price gains in January even while sales eased off the last few year's
record pace.

Coming off several years of blistering home sales at a record pace, Florida's housing sector followed the national trend in January and showed signs of some market adjustments, according to the Florida Association of Realtors® (FAR). Still, the statewide median sales price for existing single-family homes last month rose 21 percent to $248,600; a year ago, it was $205,100.

Housing industry analysts nationwide noted it may take a while for home price growth to cool, following a long period of short supply and sellers accustomed to exceptional price gains. In January 2001, the statewide median sales price for single-family homes was $115,800, which means a gain of about 114.6 percent over the five-year-period, according to FAR records.

In recent months, the inventory of Florida homes for sale has increased, giving buyers more choices.

How To Increase The Value Of Your Home Through Landscaping

We've all heard it before: first impressions are lasting impressions. If you're planning on selling your Florida home in the near future, one way to increase your home's curb appeal as well as your home's value is through landscaping. In this article, we'll concentrate on the front yard since that's among the first things a prospective home buyer will notice as they pull up to your home.

At a minimum, the lawn should be free of weeds, fertilized when appropriate, mowed and watered regularly and any patchy areas should be replaced with new grass or sod. Any dead or dying plants, shrubs, etc. should be removed or replaced. While mature trees can be great providers of shade and help reduce home energy costs, they should be pruned back if they are touching your home or thinned out if they shade such a large area that grass won't grow under their branches. Applying a fresh layer of mulch around trees, plants and in flower beds is one of the quickest and least expensive ways to improve your home's curb appeal. Finally, placing a nice container full of flowering plants next to the front door makes for an inviting entrance.

Articles for further reading:

• Learning To Mulch
• Grass: 'Just Say Yes!'
• Numerous Ways To Spruce Up Your Landscaping Before You Sell

Florida Median Home Price - January 2006

Coming off several years of blistering home sales at a record pace, Florida's housing sector followed the national trend in January and showed signs of some market adjustments, according to the Florida Association of Realtors® (FAR). Still, the statewide median sales price for existing single-family homes last month rose 21 percent to $248,600; a year ago, it was $205,100.

Housing industry analysts nationwide noted it may take a while for home price growth to cool, following a long period of short supply and sellers accustomed to exceptional price gains. In January 2001, the statewide median sales price for single-family homes was $115,800, which means a gain of about 114.6 percent over the five-year-period, according to FAR records.

Realtors from across the state report that more homes are available for sale, improving what had been tight inventories in many markets. Statewide, sales of single-family existing homes totaled 12,815 in January compared to 15,745 homes sold a year ago for a 19 percent decrease.

In December 2005, the national median sales price for existing single-family homes was $209,300, up 10.8 percent from the previous year, according to the National Association of Realtors® (NAR).

Sales of existing condominiums in Florida also decreased last month, with a total of 4,456 condos sold statewide compared to 5,461 in January 2005 for an 18 percent decline, according to FAR. The statewide median sales price for condos rose 12 percent to $221,300 last month; a year ago, it was $197,300. NAR reported the national median existing condo price was $228,100 in December 2005.

This release marks the first time that FAR has reported monthly condo sales in the state's metropolitan statistical areas. In conjunction with the University of Florida Real Estate Research Center, FAR began compiling data on closed condo sales for comparison purposes in 2005.

Last month, interest rates for a 30-year fixed-rate mortgage averaged 6.15 percent, up from the average rate of 5.71 percent in January 2005. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Charts showing statistics for Florida and its 20 metropolitan statistical areas (MSAs) can be found below in both .pdf and HTML formats. The charts compare the volume of existing single-family home/condo sales and median sales prices in January 2006 to January 2005, based on Realtor transactions within the MSAs.

Single-Family [ pdf ] [ html ] .......... Condominium [ pdf ] [ html ]

© 2006 FLORIDA ASSOCIATION OF REALTORS®

Florida Median Home Price - 2005

Despite another active hurricane season, Florida's housing market thrived in 2005, registering a record year in terms of closings and median price for sales of existing single-family homes statewide. By year’s end, Florida came close to reaching the 250,000 mark for annual sales, according to the Florida Association of Realtors® (FAR), with a total of 248,565 homes sold -- a 2 percent increase over the 242,597 homes sold the year before.

And the prices of those homes keep rising. Statewide, the median sales price rose 29 percent to reach $235,100; in 2004, it was $181,900. In 2000, Florida’s median sales price was $115,900, which represents a gain of 102.8 percent over the five-year period, according to FAR records.

Low interest rates contributed to the state's positive housing market. Mortgage rates remained under 6 percent for most of the year, surpassing that mark only in the last months. Last year's average of 5.87 percent for a 30-year, fixed-rate mortgage was only slightly higher than the 5.84 percent average rate for 2004. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

A chart showing statistics for Florida and its 20 metropolitan statistical areas (MSAs) is attached. The chart compares the number of existing, single-family home sales and median sales prices, based on Realtor transactions during 2005 and 2004. The median sales price is the midpoint in the price range — half the homes sold for more, half sold for less.

Year-end chart (pdf)
Year-end chart (web page)

© 2006 FLORIDA ASSOCIATION OF REALTORS®

REALTOR® or Real Estate Agent? You choose.

Most people believe that those two terms can be used interchangeably. However, they do not carry equal significance for property buyers and sellers. The term REALTOR® is a Registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® (N.A.R.) and subscribes to it's strict Code of Ethics. Since 1908 the N.A.R. has been working toward improving the benefits of home ownership. The National Association of REALTORS® is the world's largest professional association. Although there are over 2 million real estate licensees, only about 60% of them are REALTORS®. When buying or selling a home, be sure to only work with a REALTOR®.

Articles for further reading:

• The REALTOR® In Your Corner
• Tips for working with a REALTOR®
• Why You Need a REALTOR® on Your Side

Why Choose a REALTOR® who is e-PRO Certified?

e-PRO is the mark of an Internet savvy REALTOR®. e-PROs are familiar with marketing to a global audience via e-mail and the Internet. Only members of the National Association of REALTORS® can become e-PROs after taking an online course that takes an average of 20 hours to complete and includes various assignments to ensure the candidates' comprehension of the subject matter. In January 2002 Leanne Paynter was awarded the e-PRO Internet Professional Certification by the National Association of REALTORS® for her expertise in Internet-based marketing and business practices.

What is a "blog"?

Blog is short for weblog or web log. A blog is a website in which items typically related to the blog's title are posted on a regular basis. The author of these entries is known as a "blogger". In recent years, blogs have been gaining popularity.An excellent source that can further answer the question, "What is a blog?", is the free encyclopedia, Wikipedia.

This is intended to be a Florida real estate blog which will also include real estate-related topics not specific to Florida but rather the industry in general. This means that topics of interest that have anything to do with real estate will be posted here as well. Once in a while, I'll even throw in a few that are non-real-estate-related but may be of interest to some readers.

Suggestions are encouraged and welcomed. Thank you for reading my blog!