Florida: Market Shows Signs of a Rebound

Price declines appear to be easing for single-family homes, according to a quarterly study by the University of Florida's Bergstrom Center for Real Estate Studies.

Statewide existing-home median sales prices remained stable at $242,100 in the fourth quarter. A year ago, it was $245,600, a slight 1 percent decrease.

In 2001, the fourth-quarter statewide median sales price was $128,400, which reflects an increase of 88.5 percent over the five-year period.

The statewide median sales price for condos decreased 3 percent to $205,200 for the three-month period; a year ago, it was $212,100.

The study, which interviews 318 experts, including lawyers, financial advisers, title insurers, and real estate professionals, concluded that fundamentally the Florida market is strong.

"One important indicator of the real estate market is occupancy rates, and these appear to be stable or increasing in most markets, including apartments, office buildings, retail space, and industrial warehouse and distribution space," says Wayne Archer, director of the Bergstrom Center.

-REALTOR® Magazine Online

Posted by Donald Urschalitz P.A. at March 15, 2007 01:21 PM