In comparison to national averages, Florida real estate is heading in the right direction. The country seems to have been struck by financial problems recently and many have been skeptical about the real estate market. Florida real estate, however, has seen positive increases in the number of home sales during October 2008 in comparison to 2007. According to the Florida Association of Realtors (FAR), national sales of existing homes have experienced a 3.1% decline on average during October 2008 from sale in October 2007. Sales of existing homes in Florida, on the other hand, INCREASED a tremendous 15% in the month to month comparison from 2007 to 2008. With all of the negative media surrounding the economy and the real estate market, there is good news in Florida! The sale of existing condos in Florida also experienced an increase of 5% during October 2008 in comparison to October of last year.
With home sales increasing on average statewide, Florida remains a strong buyer's market. While sales appear to be on the rise, home buyers will appreciate that the median home price in Florida was $169,700 in October, which according to FAR is less than the national average (national median price for existing homes is $183,300). Florida continues to offer spectacular real estate deals with prices remaining low and buyers have begun taking advantage of these bargains. Based on these statistics, it appears to be good news all around, for both buyers and sellers in Florida.
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