Florida's home resales' median price rises in October

Related story:
October existing-home sales show markets cooling, says NAR
ORLANDO, Fla. -- Nov. 28, 2005 -- Home sales statistics from the Florida Association of Realtors® (FAR) show that home prices continued to rise but the number of sales fell in October, notably in southern areas directly impacted by Hurricane Wilma's march across the state. Most insurers stopped issuing new policies when the hurricane neared Florida, and, following the storm, some lenders required a re-inspection of properties before they would release mortgage money.


Despite storm problems, however, the state's median home price rose 28 percent in October to $241,000 from $188,800 in October 2004. In September 2005, the median price was $247,800. In October 2000, FAR records show the statewide median sales price was $116,100, resulting in an increase of 107 percent over the five-year-period.


Many Realtors across the state report gains in housing supply, giving buyers a larger selection of homes to consider. Statewide, a total of 16,029 existing single-family homes sold last month compared to 16,844 homes a year ago for a decrease of 5 percent, according to FAR.


The national median existing-home price in September was $212,000, up 13.4 percent from the previous September's median price of $187,000, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $543,980 in September; in New York, the median price was $275,000; and in North Carolina, the average resales price was $208,097.


Interest rates for a 30-year fixed-rate mortgage averaged 6.07 percent in October, a slight increase from the average 5.72 percent in October 2004. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.


Among the state’s larger markets, the Daytona Beach metropolitan statistical area (MSA) reported that 1,037 homes sold in October for an 18 percent gain over October 2004 home sales of 881. The median home price in Daytona Beach rose 35 percent over the same time period, from $165,000 in October 2004 to $223,300 in October 2005.


Shawn M. Goepfert, president of the Daytona Beach Area Association of Realtors and owner of Ideal Realty of Volusia, says that demand for Daytona-area homes is now catching up with supply. "We started 2005 off with only about 1,000 residential listings, really robust sales and it taking only about two or three weeks to get a contract," Goepfert says. "That demand really pushed up our sales price, but in the last 30 days, our inventory has increased to about 3,000 residential listings."


Other larger MSAs with strong sales and price increases include Jacksonville, with 1,504 home sales in October for a 38 percent gain over October 2004 sales numbers; and Tampa-St. Petersburg-Clearwater, with 3,735 homes sold for an increase of 4 percent over the same time period. Prices also rose in both markets over the year. In Jacksonville, the median price rose 20 percent to $191,600; in Tampa-St. Petersburg-Clearwater the median price rose 35 percent to $225,700.


Among the state’s smaller MSAs, Lakeland-Winter Haven posted a 24 percent gain in home sales in October, with 513 homes changing hands compared to 414 homes a year ago. The market’s median sales price rose 50 percent in October to $173,500; last year, it was $115,500.


"I think people have discovered our little secret," says Peggy Daley, treasurer of the Lakeland Association of Realtors and a Realtor with ImperiaLakes Realty Services in Lakeland. "We've got the best of everything. People are moving here in droves from South Florida, plus people from the North keep coming down and quickly realize that we're centrally located with easy access to Tampa or Orlando -- but without the traffic."


Other smaller MSAs that posted gains in the number of homes sold in October include Ocala, where 482 homes sold for a 15 percent jump; and Tallahassee, where 393 homes sold for an 18 percent increase. The median sales price in those markets also rose. In Ocala, it rose 38 percent to $159,200; and in Tallahassee, 19 percent to $172,700.




Florida Remains The STRONGEST Market in the USA!!!!


A recent survey from the National Association of Realtors (NAR) shows the 1st Quarter of 2005 showed STRONG gains year over year for Property Values in the Country. FLORIDA Cities took 8 of the Top 10 spots. The NAR's quarterly report covers 136 metro areas. A record 66 of these have experienced double-digit jumps in home prices over the past year.The previous record was 62 in the last quarter of 2004. Only six areas showed a fall in prices and those declines were fairly modest.

Here are some of the Most Impressive Results.
Metro Area State Percent
Median Price
Bradenton FL 45.6% $275,100
Sarasota FL 36.0% $326,300
W. Palm Beach/Boca Raton/Delray Beach FL 35.9% $362,800
Riverside/San Bernardino CA 32.6% $343,400
Ft. Lauderdale/Hollywood/Pompano Beach FL 31.8% $320,700
Las Vegas NV 29.4% $291,000
Melbourne/Titusville/Palm Bay FL 29.3% $184,000
Orlando FL 28.7% $194,400
Coral Gables /Hialeah FL 28.4% $315,700
Ocala FL 27.0% $122,200
Sacramento CA 26.9% $352,900
Honolulu HI 26.0% $529,100
Ft. Myers/Cape Coral FL 25.6% $215,700
Phoenix AZ 24.4% $193,800
Atlantic City NJ 23.2% $217,400
Washington DC/MD/VA 22.7% $369,000
Norfolk/Virginia Bch/Newport News VA 22.2% $174,000
Los Angeles Area CA 21.1% $474,700
San Diego CA 20.9% $584,100
New York: Monmouth/Ocean NJ 20.3% $358,500
Tucson AZ 19.8% $199,000
Tacoma WA 19.4% $221,900
Daytona Beach FL 18.6% $169,500
Pensacola FL 18.5% $143,800
New York: Middlesex/Somerset/Hunterdon NJ 18.2% $381,400
New York: Bergen/Passaic NJ 18.1% $448,100
New York/N. New Jersey/Long Island NY/NJ/CT 18.0% $435,200

The NAR report for the first quarter was released on May 12; second-quarter results are due on August 15.

Three New Warehouse Projects Set for Construction!!!


There will be Three New Projects coming soon. One will be located in Opa-Locka just south of Opa-Locka Airport at NW 47th Ave. & 133 St. We will building 22 Warehouses with office & mezzanine space with about 1,500 SF each. We expect to break ground within the next 2 months. The other project will be a beautiful lakefront setting with heavy traffic on busy NW 138th Street. The project is located at the new Shoma Commercial Park located just off NW 138th Street and NW 107th Ave. The warehouses will range in sizes from 1,200 SF to 1,700 SF with office and mezzanine spaces. A beautiful lake with walkway around the lake will make this commerce park a valueable investment. We will be building a total of 70 Warehouses at this location. Reservations will be taken in Opa-Locka within the next 2-3 weeks. Contact Marcelo for more information or visit the listings page on this web site.

Interest Rates remain Low and Demand for Property still High!!


As Interest rates remain low with an expected increase in the coming months, Buyers continue to quickly absorb most of the available properties for sale. The Federal Reserve has indicated that rates will rise soon. With the rush to lock in the low rates, properties both Residential & Commercial continue to sell and rise in price. Builders have also been affected with recent increases in construction materials such as concrete and steel, therefore driving prices higher. Expected increases in property values through-out the South Florida market are between 10-15% for year end 2004.

Sellers are enjoying brisk increase in values and selling for full or above full price in some transactions. The Coral Gables area markets have seen properties double in price over the past 2-3 years and even quicker in some markets. As property owners can actually see and appreciate thier investments, unlike a stock certificate, its very unlikely that we are in a Bubble as some might argue. More and more investors have turned to Real Estate as their most solid investment.

If you are looking to buy or sell Real Estate contact Marcelo. With over 13 years experience in the South Florida Market, He knows this market extremely well. Call or email him now.  


MarceloMerlo.com Enjoys its 15,000th Visitor.


We are proud to announce our 15,000th visitor to MarceloMerlo.com. The website has been overhauled to provide clients with the most up to date technology available on the market. Not only can clients view our listings, but they can also search for a home or get pre-qualified for a mortgage and much more. The new site also provides rich multi-media content for potential new clients, showing them the benefits of hiring a professional Agent in an engaging, highly professional presentation format that will create new demand for our services.

Going forward, MarceloMerlo.com will be adding features and capabilities to meet our changing business requirements and keep up with the technology curve in Real Estate. We are a full service Real Estate Services firm and a recognized leader in the local market. Our firm combines a focus on customer service with the utilization of technology to provide clients with the highest quality and fastest turnaround times in the market.

We hope you have enjoyed your visit and continue coming back for up to date South Flordia Real Estate Market conditions and availability.

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