Pinellas Property Online

– At the end of 2009, Florida’s existing home and condo sales were higher than a year earlier, a continuing trend for statewide sales activity, according to the latest housing data released by Florida Realtors®.

Existing home sales rose 31 percent at year’s end, with a total of 163,148 homes sold statewide compared to 124,168 homes sold at year end 2008, according to Florida Realtors. Existing home sales activity at the end of 2009 also was 25.6 percent higher than the 2007 statewide sales level, records show. Statewide sales of existing condos increased 47 percent at year end 2009 compared to year end 2008’s sales figure; it was 33.7 percent higher than the year end 2007 statewide existing condo sales.

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales, while 18 MSAs had higher condo sales through the period. A majority of the state’s MSAs have reported increased sales for 18 consecutive months.

“Continuing to stabilize and revitalize the real estate market is the linchpin to a strong economic recovery,” says 2010 Florida Realtors® President Wendell Davis, a broker and regional vice president with Watson Realty Corp. in Jacksonville. “Robust housing and commercial property markets generate business, but they’re also key to helping families build a sense of financial security. Research shows that not only do long-term homeowners benefit from the value and price appreciation of their homes, but even more beneficial is something that simply can’t be measured – a place to raise their families, create memories and call home.

“Now, more than ever, consumers can count on the expertise of Florida Realtors to help them conquer the challenges of today’s marketplace, whether they’re looking for a home or the right location for a new business.”

Florida’s median sales price for existing homes at year end 2009 was $142,600; a year earlier, it was $187,700 for a 24 percent decrease. The national median existing single-family home price was $171,900 in November, down 4.4 percent from a year ago, according to the National Association of Realtors®. NAR housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

NAR’s latest industry outlook predicts the housing recovery to gain momentum in the second half of 2010. “It will be at least early spring before we see notable gains in sales activity as homebuyers respond to the recently extended and expanded tax credit,” said NAR Chief Economist Lawrence Yun.

Qualified buyers who have signed a contract to buy a primary residence by April 30, 2010, have until June 30, 2010, to close the transaction to be eligible for the federal tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

Yun said he expects an additional 900,000 first-time buyers will qualify for the extended tax credit in addition to about 2 million who have already purchased; 1.5 million repeat buyers also are expected to benefit from the credit. While mortgage interest rates likely will inch higher in 2010, Yun said the tax credit impact in the first half of the year and expected job growth impact in the second half will support homebuying; in turn, activity should absorb enough inventory to bring a rough balance between buyers and sellers. Home prices are expected to stabilize or even modestly rise as a result in 2010, according to NAR.

A Decade of Dramatic Developments
At the beginning of the 21st century, most home buyers had never viewed a home online; the three top home sale marketing methods were yard signs, newspaper ads, and open houses; and nearly nine out of 10 buyers financed their purchase with a fixed-rate, 30-year mortgage.

What a difference a decade makes.

“The real estate industry has seen tremendous change and evolution over the past decade,” said NATIONAL ASSOCIATION OF REALTORS® President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “As the first, best source for real estate information, REALTORS® have not only anticipated and adapted to the evolving needs of their clients and customers, but also have influenced industry trends and innovations that will carry us into the future.”

In 1999, buyers who went online in search for a home were in the minority – only 37 percent of buyers used the Internet in their home search, according to data from the NAR Profile of Home Buyers and Sellers. Today, 90 percent of buyers are searching online, and the real estate industry has responded. Sites like REALTOR.com, which attracts nearly 12 million total visits every month, have evolved to gives today’s buyers what they want – not just property listings, but multiple photos, online videos, mapping features, and comprehensive neighborhood information, as well.