Florida real estate prices post hefty gains

Home sales grow modestly
Inman News
The median sales price of a Florida home climbed to $218,000 in April, up 26 percent from a year ago, while home sales continued to grow at a gradual rate, according to the Florida Association of Realtors.

Home sales and prices in the Fort Myers-Cape Coral area continued to grow steadily in April from their year-ago levels.

In 2000, the statewide median sales price was $115,900, which represents a dramatic 88.6 percent increase 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.

Last month, a total of 23,537 existing single-family homes changed hands statewide for a 3 percent increase over the 22,746 homes sold the previous April, according to FAR.

Among the state's larger markets, the Fort Myers-Cape Coral metropolitan statistical area (MSA) showed higher sales last month, with a total of 1,266 homes changing hands for a 19 percent gain over the 1,064 homes sold in April 2004. The market's median home price rose 43 percent to $262,900; a year ago, it was $184,100.

Other larger Florida MSAs reporting strong resales activity last month compared to a year ago include: Tampa-Clearwater-St. Petersburg, where 5,105 homes sold for a 19 percent increase; and Jacksonville, where 1,553 homes changed hands for a 7 percent gain. The median sales price in those markets also rose over the same period: in Tampa-Clearwater-St. Petersburg, 23 percent to $183,000; and in Jacksonville, 13 percent to $174,100.

Of the state's smaller markets, the Lakeland-Winter Haven MSA reported a 13 percent boost in home sales in April, with a total of 592 homes changing hands compared to 524 homes sold last year. The area's median sales price rose 25 percent to $126,600; a year ago, it was $101,000.

Other smaller MSAs reporting strong gains in home sales last month include Gainesville, where 386 homes sold for a 27 percent increase; and Ocala, where 594 homes sold, also for a 27 percent increase. The median sales price in those markets increased as well: in Ocala, 10 percent to $131,800; and in Gainesville, 5 percent to $168,100.

The Florida Association of Realtors has more than 125,000 members in 70 boards/associations.