Investment and Vacation Real Estate - Orlando, Florida

Florida Association of Realtors report indicates home sales up in third quarter

According to the latest housing statistics from the Florida Association of Realtors, sales of existing single-family homes in Florida rose 5 percent in third quarter 2008 compared to the same period last year. A total of 33,203 existing homes sold statewide in the third quarter this year; during the same period last year, 31,558 existing homes sold statewide.

FAR reports the statewide existinghome median sales price was $185,400 in the third quarter; a year ago, it was $233,200 for a decrease of 20 percent. In 2003, the third-quarter statewide median sales price was $163,700, which reflects an increase of about 13.3 percent over the five-year period. The median is a typical market price where half the homes sold for more, half for less.

To gain insight into Florida's real estate industry trends, the University of Florida's Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. Based on the third quarter 2008 survey, the investment outlook for various types of properties remains steady.

"People who have responded to our surveys have not lost their faith in Florida as a place to be and a place to invest," Wayne Archer, director of the center, said. "We have 40 pages of comments… and although the dominant theme is the disruption of financing, perhaps the second theme, as one person put it, is people being on the sidelines with full pads and helmets just waiting to jump back in."

Source: FloridaWeekly.com - Naples FL Edition 

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