Home Sales Plunge Across Florida
The Florida realtors have their March numbers out. "Slowly rising mortgage rates and higher levels of for-sale inventory influenced Florida's housing sector in March as the state's market continued to adjust."
"Statewide, sales of single-family existing homes totaled 18,881 last month compared to March 2005's sales of 24,091 homes for a 22 percent decrease. Sales of existing condos also decreased in March, with a total of 6,481 condos sold statewide compared to 8,388 in March 2005 for a 23 percent decline."
"Used home sales in March decreased by more than 30 percent in Palm Beach and Broward counties from March 2005. But sales rose 21 percent in Miami-Dade. Sales of used condominiums were down in all three counties, year over year."
"In Miami-Dade, the median fell 4 percent to $249,200. Miami-Dade has more than 71,000 condos built or planned, and that supply is affecting prices there, real estate analysts say."
"The Orlando Regional Realtors Association reported its numbers last week and said the local inventory hit a record 14,559 homes in March nearly five times more than a year ago. The metro Orlando median sales price was flat in March at $240,000, down slightly from February and well below the peak of $249,900 in November when the 2005 sales frenzy was still under way."
"In Collier County, the number of sales fell 31 percent to 371. (In) Charlotte County, the number of sales decreased 27 percent to 315."
"In Fort Lauderdale, the number of sales fell 32 percent. In West Palm Beach-Boca Raton, the number of existing single-family homes Realtors sold declined by a third. The number of homes sold in Fort Myers-Cape Coral declined 29 percent. The number of homes sold in Fort Pierce-Port St. Lucie declined 19 percent. The number of homes sold in Melbourne-Titusville-Naples declined 31 percent. The number of homes sold in Punta Gorda declined 27 percent."
"Near South Florida, for existing condos, March over March: the number of condos sold in Fort Myers-Cape Coral declined 53 percent. The number of condos sold in Fort Pierce-Port St. Lucie declined 34 percent. The number of condos sold in Melbourne-Titusville-Palm Bay fell 74 percent. The number of condos sold in Naples declined 51 percent. In one of the biggest swings, the number of condos sold in Punta Gorda fell 91 percent, to 7 condos from 82 condos."