Here's a topic covered in many Florida - and nationwide - newspapers today as figures for the second quarter of 2009 were revealed. They show that in the period ending 30th June, house sales in Florida rose by a impressive 23% compared to the same period last year. Sounds promising, but it's tempered somewhat by the accompanying news that median prices fell 29% during that quarter and now stand at $143,600. For condos, sales rose by 29%, whilst median prices fell even greater - by 38% - to $111,100.
Across various regions of Florida, sales increased by healthy margins whilst prices tumbled. The Fort Myers region saw the highest increase in sales, with numbers there almost doubling, whilst prices fell by over 50%. Part of the reason for such a high increase in sales is the current large supply of properties attributed to over-building prior to the property crash.
The area to post the second highest rise in sales was Miami, which saw a 73% increase, whilst median prices fell by over 30% to $195,000.
The greatest reason for these falling and currently low prices is the large number of foreclosed properties being sold this year, which are pushing prices right down.
Other areas to show increases in property sales for the second quarter of 2009 include Orlando, Tampa and Jacksonville.
As a comparison, sales for the US as a whole fell by 2.9% for the period, but still stand in good stead for the year.
So, it seems that there's a healthy amount of demand out there. Prices may continue to fall, but low-priced foreclosure properties are a large factor as to why median prices are so low out now. If you're looking for a Florida property, you might consider waiting further to hope that prices fall even more - but I get the impression there won't be many more large price drops. Moreover, make sure you don't leave it too late to snap up the property that you actually really want - it may already gone!
Article: Florida Home Sales Up 23 Percent in Second Quarter (13th August 2009, The Jacksonville Observer)
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