Statewide Florida Prices Still Climbing

The median price of a resale single family home in Florida rose in December reaching $247,000 to end the year. That represents an increase of 27 percent compared to the statewide median price of $194,000 in December 2004, according to the Florida Association of Realtors.

In December 2000, the statewide median sales price was $116,200, which is an increase of 112.5 percent over the five-year period. The median is a typical market price where half of the homes sold for more and half for less.

In California, the statewide median price in November was $548,400. In Maryland it was $302,822. In New York it was $280,000 and in North Carolina the average resales price was $215,160.

Statewide, a total of 17,505 homes sold during December compared to 20,592 homes in December 2004, for a drop in the sales pace of 15 percent during the holiday period. Realtors across the state reported that inventory levels appear to be on the rise following months of tight supply in many markets.

The Destin-South Walton real estate markets have turned into a buyers market, where most of the properties are over priced. Inventory is at an all time record high, which makes it a great time to shop for real estate.

Among Florida’s larger cities, the Jacksonville area reported gains in sales in December compared to the same month a year ago. A total of 1,356 homes changed hands compared to 1,261 homes sold last year for an 8 percent increase. The market's median sales price rose 20 percent to $190,400.

The Fort Myers-Cape Coral area was another larger market reporting strong sales in December, with a total of 1,084 homes sold for a 24 percent increase. The area's median price rose 46 percent to $322,300.

As for the state’s smaller markets, the Ocala reported a 4 percent increase in the number of homes sold in December, with a total of 559 homes sold compared to 540 homes sold during the same time last year. The market's median sales price rose 44 percent to $162,700; a year ago, it was $113,300.