Florida municipalities posted huge year-over-year price gains in August, a strong sign that after a couple tough years, the state’s market is rebounding in a major way.
As part of a study by Realtor.com, 146 municipalities in the U.S. were examined, and median home prices for single family homes, condominiums, townhouses and co-ops for August 2010 were compared to that of August 2011. Four of the top five municipalities, in terms of highest gains, were in Florida.
The four areas are:
- Fort Meyers and Cape Coral, Fla., the highest ranking municipality, had a median price of $213,000 in August 2011, a 33 percent increase from August 2010.
- Miami came in second place, where the median list price of $249,000 was a 24.5 percent increase year-over-year.
- Naples, Fla. came in third with a median list price of $359,900, which was a 20 percent increase from the previous year. Punta Gorda, Fla., was in fourth.
By contrast, nationwide year-over-year price gains were just 0.5 percent.
Julie Reynolds, a spokesperson for Realtor.com, said that the gains in Florida were a positive sign for the national markets.
“It appears that we are in a phase of stability right now,” Reynolds said. “We see this as potentially positive, [since] Florida was one of the first markets to be affected by the deterioration of the housing economy.”
Another interesting point is that the number of for sale listings fell in every Florida MSA that Realtor.com monitored in August 2011. Declines ranged from -18.21% in Tallahassee to -47.89% in Miami. Other large declines were seen in Orlando (-45.81%), Fort Myers-Cape Coral (-40.99%), Lakeland-Winter Haven (-38.08%) and Fort Lauderdale (-37.54%). For more info: http://bit.ly/mRDFeS