Here are the central Florida real estate statistics for the month of October 2007.
- The median home sales price
has held steady at  $235,000
for the second month
so far. - The median sales price
for October 2007
is only 7.4% below
that of October last
year ($253,745). - The year-to-date
median home sales
price ($246,150) is
a miniscule 0.75%
below last years price ($248,000).
Those statistics alone should
give buyers something to
think about. Home prices in
the general area are NOT in
the toilet, as some people (Definition: THE MEDIA)
would have you think in
central Florida. Yes, home SALES are on a slide, but home PRICES by and large are NOT falling off a cliff! - The number of single family home sales
in the central Florida area declined
by 45.5 percent in October 2007
compared to October of 2006. - October 2007 home sales INCREASED
over Sptember 2007 statistics, hows
THEM apples? - Year-to-date sales for 2007 (14,583 through October)
are down by 38.66 percent over the same period last
year (23,774). Why is that, do you think?
Something is wrong out there in the
central Florida real estate market;
what could it be? - From a year ago, gas prices have increased
over 30% to an average of $3.07 per gallon. - I remember when a gallon of milk was about
$3.25 a gallon; I just saw it at the grocery store
yesterday selling for $4.35. That is a 25% increase
in that price.
I am sure lots of prices have increased the debt to income ratios
of a LOT of would be buyers out there. There just is NOT a lot of
money out there to make those home purchases ~~~ That is what
I have been told by buyers all the time. - What if I told you I could find you down payment money
and money for those pesky closing costs on your first home? - What if I told you this is money you DO NOT have to pay
back either?
Here are more central Florida real estate statistics for thought: - The area's average interest rate on a mortgage was 6.21%
in October this year, which held steady from last month and
is a decline from the August average rate of 6.60 percent. Well, you can't say the interest rates
are too high anymore, right ~~ because
they just went down. When the median home price dropped to $235,000 in
September the area's affordability index improved by more
than seven percentage points to 92.5% over the last few
months. (An affordability index of 92.5 percent means that
buyers earning the state-reported median income are 7.5%
short of the income necessary to purchase a median-priced
home.) Buyers who earn the median income of $51,161 can
qualify to purchase one of 6,564 homes in Orange and
Seminole counties currently listed in the local multiple listing
service (MLS) for $217,375 or less. Many HUNDREDS of fantastic
townhouses, condos and villas fall into this catagory. 19,671 single-family homes are currently listed in the Orlando Florida MLS.
7,309 properties are listed in the $200,000 - $300,000 asking price range,
and 1,938 are listed in the $300,000 - $350,000 range.
Condos currently total 4,365 properties for sale in the MLS, while
duplexes/town homes/villas make up 2,294. There are around 704
condos priced at $200,000 to $250,000 and approximately 596
duplexes/town homes/villas priced in the $200,000 - $250,000 range.
Kinda makes you go, HMMMmmmm, right?
This informative and timely central Florida real estate
market report was brought to you by: Alexander J. Harb PSEM®, E-Agent®
The Knights Team Sales Leader Beach and Luxury Realty Inc. 
|
There ya go...more evidence that you
CAN purchase a home.....
The truth will set you FREE!
=-)
Alexander,
When property values go down our equity is reduced...when the cost of living rises as you demonstrated with milk and gas prices, coupled with a dramatic loss of income or at least some loss of income...you have the market we are currently experiencing! Thanks, Fran
They don't look as bad as the national figures. But I think it'll get worse before I gets any better.
It might take 2 years.
Thanks for the post! It always helps to put numbers behind what you are seeing!
Alex another great blog!I think things will improve sooner than later...there are buyers out there and they are buying....the cost of goods keep rising due to gas prices....If those would stabilize so would the other things
Alex
This is a good market report of Florida, comparing gas prices and milk was great. You have to think, not only are these prices going up but in most areas the taxes and other expenses are going up and the incomes stay the same. This forces many people to take on second jobs with both spouces and who takes care of the kids?
We live in a sad situation, while the government gets rich and the Oil Barons get richer (our Presidents Family is in the Oil Business) we take it on the chin and grin and bear it.
Something needs to be done!
Fran Gaspari ~~ How right on the nose you are!! It hurts the whole market the way things are right now.... BUT there are buyers that have been saving for a LONG time and are ready to buy..... Thanks for coming by!!
Orlando Homes Armando Rodriguez Real Estate & Mortgage Broker-GRI ~~ The national figures are MUCH worse, Armando...that is why we are doing marginally well in central Florida..... Thanks for commenting, bro!!
Lindsey Hasford ~~ yup, to see what is happening in a tangable way puts a sobering face on everything.... NOT depressing, but sobering...lets wake up out there, people... buyers need to hear the truth.... Thanks for reading my post, sis!!
BLR Guy ~~ Something has to be done soon...the economy is headed for a tailspin if things keep on going... Thanks for commenting, Boss!!
Gary J Rocks ~~ I know President Bush's family is in the oil business... Do you REALLY think he would allow this at the expense of the whole nation? I doubt it..... thanks for commenting, Gary; if you stop by again, please let me see hard facts if you think the President is allowing this to happen to the ruining of the country.... I'd love to see it if it is there..... =-)
Hmmmm....maybe I should get some sleep so that I can comprehend this. I was noticing all the price increases at the grocery store today. I allowed myself to spend a week being miserable and angry because my horse stall rent is going up 33% - supposedly due to gas increases. But, you know what? We all need to look on the bright side and thank God for all the good things that are going on. This IS a great time to be a qualified buyer and to work with qualified buyers. It is up to us to find them. That said, I am praying for you all over in Florida. You've got challenges that I'm not having to deal with in Texas - other than we've lost our stream of CA and FL buyers that we had for a while.
Grace and peace.
Sondra Meyer ~~~ it is a buyers market all right......
And yes...thanking the Lord God for all the good things
we have is a wonderful attitude to practice..... in words
deeds, praise and worship!!
GBY, Sondra!! =-)
Great post on the Central Florida market. You are so right that the media would love us to believe we are in the toilet and drowning. Putting the positive spin on this was perfect by mentioning the interest rate being lower than in the past few months. I believe we will be seeing another adjustment to that rate next week.
It doesn't matter what the market is doing...people will always have a need to sell and a need to buy. We just have to remember in this market, to have properties priced correctly and allow our buyers to see what their money will buy them and let them choose from our wonderful selection.
Alex, glad to hear the Central Fla market is steady and the sky is not falling as the media seems to tell everyone each day. With interest rates low it is a great time to buy with a long term ownership perspective.
Cris Burlew, Broker ~ St Pete Beach FL Real Estate ~~~ Youare absolutely correct, Boss... the thing is...it wasn't a spin...it was just the truth..... those numbers are FACTS..... I am getting more and more buyers looking to purchase soon..... =-)
Gary Woltal - REALTOR® Dallas Ft. Worth ~~~ Buy and hold...that is the way to take care of things right now..... you hit the nail on the head, Gary!!
great blog, with really good thoughts and ideas! Thank you for sharing and caring.