3 replies to this topic

[Tor]

Florida Housing Update: January Sales Decline 27% as Prices Drop 2% ♦ During the month of January, Florida existing single-family home sales declined 27% year-over-year to 9,382 units, with 18 of the 20 metro areas posting y/y declines. Notable declines during January included Panama City (-46%), Tampa-St. Petersburg-Clearwater (-41%), Ocala (-36%), Orlando (-35%), and Lakeland-Winter Haven (-35%). The only market to show positive y/y comparisons was Melbourne- Titusville-Palm Bay (+13%). ♦ Statewide median sales prices were down 2% y/y from $243,200 to $239,300. Of the 20 major metro markets, 13 had price declines, with markets such as Sarasota-Bradenton (-20%), Panama City (-19%), Punta Gorda (-12%), Daytona Beach (-8%), Melbourne-Titusville-Palm Bay (-8%), and Fort Myers-Cape Coral (-7%) showing significant y/y sales price declines. The top three markets in terms of median price performance were: Lakeland-Winter Haven (+10%), Gainesville (+6%), and Miami (+5%). An updated table of recent unit sales volume and pricing trends has been included on the second page of this report. ♦ Condominium sales declined 30% year-over-year to 3,007 units, with 14 of the 18 metro areas posting y/y declines. The weakest markets were Fort Walton Beach (-59%), Punta Gorda (-56%), Gainesville (-51%), Tampa-St. Petersburg-Clearwater (-49%), and Melbourne-Titusville-Palm Bay (-49%). Positive sales trends were seen at Panama City (+61%), Lakeland-Winter Haven (+15%), and Jacksonville (+10%). ♦ The median condominium price during the month was $209,000, a 1% decline versus the period a year ago, with 11 of 18 markets reporting y/y declines in median prices. Notable weakness was cited in Daytona Beach (-35%), Melbourne-Titusville-Palm Bay (-21%), Tallahassee (-17%), and Jacksonville (-13%). ♦ The results for the first month of the year support the view offered by several public homebuilders during their fourth quarter conference calls that conditions in Florida remain difficult and that the market has not yet hit a bottom. Even with weaker comps over the last two months, sales have declined in excess of 25% heading into the all important spring selling season. Weak market conditions are heightened by homeowners’ insurance rates that have risen anywhere from 50% to 100% over the last two years, depending on location and insurance provider. Combined with the low affordability and high inventory levels, we do not see a quick market recovery for the state in the foreseeable future. ♦ As a percentage of total 2005 unit closing volumes, Levitt Corp., WCI Communities, and St. Joe have the largest exposure to the state of Florida. A table exhibiting the top 10 public builders based on Florida concentration is included on the second page of this report.

[maineman]

With 25 below wind chill up here in Maine, I'm hoping those prices drop just a bit more.... I could use a getaway place.... mm

[peregrine]

With 25 below wind chill up here in Maine, I'm hoping those prices drop just a bit more.... I could use a getaway place....

mm

I'll be watching the Red Sox play this afternoon in Fort Myers with temps in the mid-70s. I have an extra ticket...if you buy my townhouse here?

[maineman]

With 25 below wind chill up here in Maine, I'm hoping those prices drop just a bit more.... I could use a getaway place....

mm

I'll be watching the Red Sox play this afternoon in Fort Myers with temps in the mid-70s. I have an extra ticket...if you buy my townhouse here?

I love Ft. Myers. Try the Prawnbroker restaurant...(Its on McGregor) still really good after all these years. Then, zip over to Captiva and have a rum drink with a paper umbrella and watch the sunset and the dolphins jump.... by the way,,, take a boat up the intracoastal to Cayo Costa.... let me know if you need a chart, then grab a grouper sandwich at Barnacle Phil's.

I'll be right there!!!!

mm