I am thrilled to post this optimistic news which came out with the latest housing data for the state of Florida.
Florida’s existing home, condo sales rise in March 2010. Existing home sales rise on buyer tax credit, favorable market conditions.
ORLANDO, Fla. – April 22, 2010 – Florida’s existing home sales rose in March, which means that sales activity has increased in the year-to-year comparison for 19 months, according to the latest housing data released by Florida Realtors®.
Existing home sales increased 24 percent last month with a total of 16,294 homes sold statewide compared to 13,090 homes sold in March 2009, according to Florida Realtors. Statewide existing home sales last month increased 37 percent over statewide sales activity in February. Also noteworthy: While March’s statewide existing-home median price of $137,000 was down from the same time a year ago, it was 4.3 percent higher than February’s statewide existing-home median price.
Florida Realtors also reported a 63 percent increase in statewide sales of existing condos in March compared to the previous year’s sales figure; statewide existing condo sales last month rose 40.6 percent over the total units sold in February. Though March’s statewide existing-condo median price of $96,900 was down compared to the year-ago figure, it was 5.1 percent higher than February’s statewide existing-condo median price.
Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in March while all MSAs had higher condo sales. A majority of the state’s MSAs have reported increased sales for 21 consecutive months.
Florida’s median sales price for existing homes last month was $137,000; a year ago, it was $141,300 for a 3 percent decrease. Industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in February 2010 was $164,300, down 2.1 percent from a year earlier, according to NAR. In California, the statewide median resales price was $279,840 in February; in Massachusetts, it was $271,950; in Maryland, it was $237,446; and in New York, it was $225,000.
NAR’s latest outlook anticipates a rise in home sales in late spring, which should help to absorb inventory. Increased pending sales is a positive sign for home prices, which are continuing to stabilize, according to NAR Chief Economist Lawrence Yun.
In Florida’s year-to-year comparison for condos, 7,148 units sold statewide last month compared to 4,387 units in March 2009 for an increase of 63 percent. The statewide existing condo median sales price last month was $96,900; in March 2009 it was $108,500 for an 11 percent decrease. The national median existing condo price was $170,200 in February, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 4.97 percent last month, down from the average rate of 5 percent in March 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s larger markets, the Sarasota-Bradenton MSA reported a total of 1,055 homes sold in March compared to 765 homes a year earlier for a 38 percent increase. The market’s existing home median sales price last month was $163,800; a year earlier it was $150,000 for an increase of 9 percent. A total of 382 condos sold in the MSA in March compared to 226 units sold the same month a year earlier for an increase of 69 percent. The existing condo median price last month was $146,400; a year earlier, it was $129,000 for a gain of 13 percent.
So, let's keep the momentum going! We still have AWESOME mortgage rates, heavy inventory and some great deals out there! Let me know when you are ready to buy!
Have an awesome, safe, patriotic Memorial Day!
Karen Branham, CRS*
"Exceptional Service"
Coldwell Banker United, Realtors
Call me at 850-832-8626
Website and Blog: http://www.KarenBranham.com
CRS - Certified Residential Specialist - a designation held by only 4% of Realtors Nationally
Showing posts with label foreclosures. Show all posts
Showing posts with label foreclosures. Show all posts
Monday, May 24, 2010
Friday, January 1, 2010
Panama City's Star Looks Bright in 2010
The following article comes from the News Herald's Fri., Jan. 1, edition. We all love optomistic news like this!
SCARLET SIMS / News Herald Writer
PANAMA CITY — Panama City’s economy will be a shooting star during the next two years, local business leaders and economists said Thursday.
“The future is really bright for Panama City,” said Rick Harper, director of the University of West Florida’s Haas Center for Business Research and Economic Development. “2010 is the year to be pulling out of the economic trough. It is really the recovery year.”
This past year hit Bay County hard. Median home and condominium sale prices have plummeted, foreclosures are up and unemployment is high. Last month, Bay County reached 10.7 percent unemployment and it may go higher, economists say. Harper said Bay County’s economic woes are bottoming out. Next year will be better, especially the second half when the economy begins to rebound, he said.
Bright spots persisted in 2009 and will continue next year, said Beth Oltman, Panama City Beach Chamber of Commerce president. Area leaders pointed to Southwest as the No. 1 event impacting the business community in 2009. Southwest Airlines’ decision to be the low-cost carrier for the new international airport means Bay County is poised for growth, they said.
“We’re all living on the hopes of the new airport,” Oltman said.
Southwest is drawing the interest of other companies wanting to locate at the new airport’s industrial park, setting the stage for a better 2010. Harper said Southwest will draw tourists and military contractors.
“Southwest is going to be huge for Panama City and South Walton,” Harper said.
More companies mean more jobs, said Kim Bodine, Gulf Coast Workforce Board executive director, in an e-mail. She expects the local recovery to have fits and starts, but joblessness should lessen in 2010. Southwest’s decision increases the area’s visibility and opens the market for more visitors, which will immediately help the tourism market.
“It really broadens our reach,” Bodine said.
Bay County must work to bring more jobs to the area to recover fully from the worst recession in at least 20 years locally. Banks must be confident in loaning money, the county or state must offer incentives for new companies to locate in Bay County and the county must do what it can to be a business-friendly community, Bodine said. The airport is a great start, she said, but the workforce should still consider retraining or improving skills to meet future business demands.
In the short term, this spring’s tourism turnout is expected to be strong, Oltman said. Bodine hoped to expand existing businesses or bring in enough new companies to offset job losses when the tourism season ends.
“With the opening of the airport in May of 2010, this region will begin to see a surge of activity that we have probably never experienced and will assist us in a rapid recovery from the economic downturn,” said Bay County Chamber of Commerce President Carol Roberts in e-mail.
That growth probably won’t be strong until 2011, but when it hits, it will be faster than Tallahassee’s recovery and most of Northwest Florida, Harper said.
“I think the stage is set for robust growth in Panama City,” Harper said.
MAY THIS NEW YEAR BRING YOU GOOD HEALTH, HAPPINESS AND TERRIFIC REAL ESTATE VALUES! Karen
Karen Branham, REALTOR
Associate Broker, e-Pro, SRES, SFR
Coldwell Banker United, REALTORS
THE BRANHAM TEAM
"Exceptional Service"
726 Thomas Drive
Panama City Beach, FL 32408
Direct: 850-832-8626
Email: karen.branham@cbunited.com
Visit my website and blog at http://www.karenbranham.com
Please share my name with your family, friends and colleagues.
SCARLET SIMS / News Herald Writer
PANAMA CITY — Panama City’s economy will be a shooting star during the next two years, local business leaders and economists said Thursday.
“The future is really bright for Panama City,” said Rick Harper, director of the University of West Florida’s Haas Center for Business Research and Economic Development. “2010 is the year to be pulling out of the economic trough. It is really the recovery year.”
This past year hit Bay County hard. Median home and condominium sale prices have plummeted, foreclosures are up and unemployment is high. Last month, Bay County reached 10.7 percent unemployment and it may go higher, economists say. Harper said Bay County’s economic woes are bottoming out. Next year will be better, especially the second half when the economy begins to rebound, he said.
Bright spots persisted in 2009 and will continue next year, said Beth Oltman, Panama City Beach Chamber of Commerce president. Area leaders pointed to Southwest as the No. 1 event impacting the business community in 2009. Southwest Airlines’ decision to be the low-cost carrier for the new international airport means Bay County is poised for growth, they said.
“We’re all living on the hopes of the new airport,” Oltman said.
Southwest is drawing the interest of other companies wanting to locate at the new airport’s industrial park, setting the stage for a better 2010. Harper said Southwest will draw tourists and military contractors.
“Southwest is going to be huge for Panama City and South Walton,” Harper said.
More companies mean more jobs, said Kim Bodine, Gulf Coast Workforce Board executive director, in an e-mail. She expects the local recovery to have fits and starts, but joblessness should lessen in 2010. Southwest’s decision increases the area’s visibility and opens the market for more visitors, which will immediately help the tourism market.
“It really broadens our reach,” Bodine said.
Bay County must work to bring more jobs to the area to recover fully from the worst recession in at least 20 years locally. Banks must be confident in loaning money, the county or state must offer incentives for new companies to locate in Bay County and the county must do what it can to be a business-friendly community, Bodine said. The airport is a great start, she said, but the workforce should still consider retraining or improving skills to meet future business demands.
In the short term, this spring’s tourism turnout is expected to be strong, Oltman said. Bodine hoped to expand existing businesses or bring in enough new companies to offset job losses when the tourism season ends.
“With the opening of the airport in May of 2010, this region will begin to see a surge of activity that we have probably never experienced and will assist us in a rapid recovery from the economic downturn,” said Bay County Chamber of Commerce President Carol Roberts in e-mail.
That growth probably won’t be strong until 2011, but when it hits, it will be faster than Tallahassee’s recovery and most of Northwest Florida, Harper said.
“I think the stage is set for robust growth in Panama City,” Harper said.
MAY THIS NEW YEAR BRING YOU GOOD HEALTH, HAPPINESS AND TERRIFIC REAL ESTATE VALUES! Karen
Karen Branham, REALTOR
Associate Broker, e-Pro, SRES, SFR
Coldwell Banker United, REALTORS
THE BRANHAM TEAM
"Exceptional Service"
726 Thomas Drive
Panama City Beach, FL 32408
Direct: 850-832-8626
Email: karen.branham@cbunited.com
Visit my website and blog at http://www.karenbranham.com
Please share my name with your family, friends and colleagues.
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