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Sunshine peeks into South Florida market
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| According to a report published in North Florida Forecaster, the Lake City-Live Oak housing market was the only one out of 20 markets surveyed in Florida to show no change in median sales prices for single-family homes in November. Pictured is a home at 3103 SW Sisters Welcome Road. JASON MATTHEW WALKER/Lake City Reporter |
Report: Home prices in Lake City, Live Oak stable.
By JEFF M. HARDISON
jhardison@lakecityreporter.com
Of 20 markets surveyed in Florida, only the Lake City-Live Oak market showed no change in median sales prices for single-family, existing homes in November 2008 compared with November 2007, according to a recent report published in North Florida Forecaster.
The Forecaster is a 21-year-old publication of the Lake City Board of Realtors.
In November 2008, Realtors sold 21 single-family existing houses in the Lake City-Live Oak market. In November 2007, there were 35 single-family existing homes sold by Realtors here. This is 40 percent fewer sales when comparing the two months.
The median sales price for existing single-family homes in both years’ monthly reports in the Lake City-Live Oak area market remained at $155,000. There was a drop from the Lake City-Live Oak median price of $165,000 in November 2006, however, said Lake City Board of Realtors Executive Vice President Dan Gherna.
Only the Panama City market showed a similar stability of percentage points for median prices when comparing the two years’ Novembers. Prices in that market for the same type of houses dropped 1 percent, from $192,500 in November 2007 to 190,000 in November 2008, according to Realtor reports.
Sales numbers represent totals of Realtors’ closed transactions from local Realtor boards or associations. Information in the Forecaster is based on a survey of Multiple Listing Services sales levels from Florida’s Realtor boards and associations.
The Florida Association of Realtors and the University of Florida Bergstrom Center for Real Estate Studies are listed as sources for information in the Forecaster.
It is important to remember that while the Lake City-Live Oak numbers reflect perfect stability in median prices, Gherna said, this market is so small that “one or two sales can skew the data.”
Gherna said the North Florida market is about one year behind the South Florida market. If this is true, then the big price reductions are coming.
The top three price reductions in November happened in South Florida.
The biggest drop in prices and a noteworthy subsequent increase in sales is reflected in the Fort Myers-Cape Coral market for November 2008 in comparison with November 2007.
There were 365 sales in 2007 when median prices were $228,100 and 600 sales in 2008 when median prices went to $106,100 in Fort Myers-Cape Coral. That is a 53 percent decrease in median prices and a 64 percent increase in sales, according to the report.
In the Marco Island market, which reflects the second highest drop at 48 percent, the median price went from $500,000 to $262,500. There were 14 sales in November 2007 and 25 sales in the same month of 2008 there.
Coming in third highest in reduced prices was the Punta Gorda market, where median prices dropped 45 percent. In November 2007, the Punta Gorda single-family existing home had a median price of $177,300. In November of 2008, that price fell to $97,700. November sales went from 154 in 2007 to 174 in 2008.
Looking at a statewide perspective for November 2007 compared to November 2008, the median sales price of single family existing homes dropped 27 percent as it went from $217,000 to $158,300.
The numbers of Realtor sales of this type of home statewide showed a 4 percent increase from November 2007 compared with November 2008. Those monthly totals showed 8,269 sales in that month in 2007 and 8,571 sales in November 2008.
Statewide Realtor sales in the first 11 months of 2007 were 7 percent higher than for the same 11 months in 2008. The number of sales in 2007 was 121,107. Statewide sales of single-family existing homes by Realtors in the first 11 months of 2008, were 113,131.
Statewide median prices for November of 2007 and 2008 showed a 27 percent drop. Prices went from $217,000 in 2007 to $158,300 in 2008.
Even with a 27 percent drop in statewide median prices, statewide sales were still 7 percent lower overall in 2008 than in 2007.
The Forecaster is a 21-year-old publication of the Lake City Board of Realtors.
In November 2008, Realtors sold 21 single-family existing houses in the Lake City-Live Oak market. In November 2007, there were 35 single-family existing homes sold by Realtors here. This is 40 percent fewer sales when comparing the two months.
The median sales price for existing single-family homes in both years’ monthly reports in the Lake City-Live Oak area market remained at $155,000. There was a drop from the Lake City-Live Oak median price of $165,000 in November 2006, however, said Lake City Board of Realtors Executive Vice President Dan Gherna.
Only the Panama City market showed a similar stability of percentage points for median prices when comparing the two years’ Novembers. Prices in that market for the same type of houses dropped 1 percent, from $192,500 in November 2007 to 190,000 in November 2008, according to Realtor reports.
Sales numbers represent totals of Realtors’ closed transactions from local Realtor boards or associations. Information in the Forecaster is based on a survey of Multiple Listing Services sales levels from Florida’s Realtor boards and associations.
The Florida Association of Realtors and the University of Florida Bergstrom Center for Real Estate Studies are listed as sources for information in the Forecaster.
It is important to remember that while the Lake City-Live Oak numbers reflect perfect stability in median prices, Gherna said, this market is so small that “one or two sales can skew the data.”
Gherna said the North Florida market is about one year behind the South Florida market. If this is true, then the big price reductions are coming.
The top three price reductions in November happened in South Florida.
The biggest drop in prices and a noteworthy subsequent increase in sales is reflected in the Fort Myers-Cape Coral market for November 2008 in comparison with November 2007.
There were 365 sales in 2007 when median prices were $228,100 and 600 sales in 2008 when median prices went to $106,100 in Fort Myers-Cape Coral. That is a 53 percent decrease in median prices and a 64 percent increase in sales, according to the report.
In the Marco Island market, which reflects the second highest drop at 48 percent, the median price went from $500,000 to $262,500. There were 14 sales in November 2007 and 25 sales in the same month of 2008 there.
Coming in third highest in reduced prices was the Punta Gorda market, where median prices dropped 45 percent. In November 2007, the Punta Gorda single-family existing home had a median price of $177,300. In November of 2008, that price fell to $97,700. November sales went from 154 in 2007 to 174 in 2008.
Looking at a statewide perspective for November 2007 compared to November 2008, the median sales price of single family existing homes dropped 27 percent as it went from $217,000 to $158,300.
The numbers of Realtor sales of this type of home statewide showed a 4 percent increase from November 2007 compared with November 2008. Those monthly totals showed 8,269 sales in that month in 2007 and 8,571 sales in November 2008.
Statewide Realtor sales in the first 11 months of 2007 were 7 percent higher than for the same 11 months in 2008. The number of sales in 2007 was 121,107. Statewide sales of single-family existing homes by Realtors in the first 11 months of 2008, were 113,131.
Statewide median prices for November of 2007 and 2008 showed a 27 percent drop. Prices went from $217,000 in 2007 to $158,300 in 2008.
Even with a 27 percent drop in statewide median prices, statewide sales were still 7 percent lower overall in 2008 than in 2007.
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