John's Florida Real Estate Blog

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"Listing" Prices of Homes in Florida Increase! Will "Sold" Prices Follow Suit?

ORLANDO, Fla. – Sept. 26, 2011 – Prices are rising in Florida. Florida cities have had the largest year-over-year increases in average list prices, according to the latest real estate data from Realtor.com. Path and Palm Trees - Mine Based on August data of 2.2 million listings in 146 markets, Florida cities make up nine of the top 10 places for highest year-over-year list price spikes.

Nationwide, the average list price is $320,325, up 2.36 percent year-over-year.

Here are the top 15 cities boasting the highest percentage of year-over-year increases in average list prices.

1. Miami
Average list price: $640,332
Year-over-year increase: 27.4%

2. Fort Myers-Cape Coral, Fla.
Average list price: $443,570
Year-over-year increase: 26.27%

3. Central-Fla. rural service area

Average list price: $405,809
Year-over-year increase: 19.41%

4. Punta Gorda, Fla.

Average list price: $267,066
Year-over-year increase: 16.37%

5. Macon, Ga.
Average list price: $193,520
Year-over-year increase: 15.98%

6. Sarasota-Bradenton, Fla.
Average list price: $466,785
Year-over-year increase: 15.86%

7. Naples, Fla.

Average list price: $713,087
Year-over-year increase: 15.13%

8. West Palm Beach-Boca Raton, Fla.
Average list price: $591,895
Year-over-year increase: 14.68%

9. Ocala, Fla.
Average list price: $193,360
Year-over-year increase: 12.07%

10. Lakeland-Winter Haven, Fla.
Average list price: $181,409
Year-over-year increase: 11.48%

11. Orlando, Fla.
Average list price: $319,419
Year-over-year increase: 10.56%

12. Portland-Vancouver, Ore.-Wash.
Average list price: $314,537
Year-over-year increase: 10.52%

13. Boise City, Idaho
Average list price: $212,588
Year-over-year increase: 10.43%

14. Springfield, Illinois
Average list price: $174,537
Year-over-year increase: 9.12%

15. Shreveport-Bossier City, La.
Average list price: $211,414
Year-over-year increase: 8.34%

Source: Melissa Dittmann Tracey, Realtor® Magazine Daily News

© 2011 Florida Realtors®
Reprinted with permission. Florida Realtors®. All rights reserved.

NOTE FROM JOHN ELWELL: It is good to see that our state is perhaps leading the recovery. Over the years I have noticed that areas that are first hit hard when a housing market falls are often the first to start back up the ladder to recovery. Kind of like the ball that is dropped first is also the first to hit the floor and start to go back up again. Let's hope so anyway. Here I am seeing baby steps toward a brighter future for us in the Sunshine State as far as real estate goes!

John Elwell - REALTOR

CENTURY 21

Bill Nye Realty, Inc.

813-783-4444

Licensed in Florida

 

Comment balloon 3 commentsJohn Elwell • September 26 2011 03:28PM

Comments

John. I thought this was a very strange report to put out there. My thoughts are that listing prices have increased because inventory is so low the only properties left on the market are the ones that are grossly over priced. If you were to compare these average list prices with the average sales prices you would see that the list price is more than double!!

Now having said that I do believe sales prices are increasing in some areas of Florida.

Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) about 8 years ago

This was just the report that came out. As we wll know, listing price is one thing and the sold price is quite another. That is why I put "Will Sales Prices Follow Suit?" in the title. The sellers can put any price they want on their homes. But that does not mean that the homes will sell for that price. However, the higher listing prices do perhaps indicate a more positive attitude (rightly or wrongly) on the part of sellers and/or their agents that instead of dropping, prices have hit bottom and are now bouncing back.

In our area we do not see the inventory dropping that much and builders are still adding to the inventories over here, albeit at a slower pace than in 2005. In most cases we are seeing sellers be much more reasonable in their pricing and the appraisers are still able to comp out the homes at slightly increased levels.  Time will tell.

I also found it note-worthy that so many Florida areas were on the list compared to the rest of the country. I do think that that is illuminating, to me anyway.

Posted by John Elwell, You Deserve a Full-Time Agent, Not Reduced Results (CENTURY 21 Bill Nye Realty, Inc.) about 8 years ago

Hi John. I do know you are just the messenger. I just found it odd that they even published these stats. It feels to me like they are trying to find any positive info at all to put out there. It may have served us all better to publish the fact that in these same areas propeties are flying off the shelves. I feel that is a better indicator of things looking up than using inflated listing prices.

We have a buyer who is closing on a $355,000 purchase next week. The property appraised at $260,000! The buyer decided to move forward anyway. How crazy is that?

I hope all is well with you.

Posted by Bryant Tutas, Selling Florida one home at a time (Tutas Towne Realty, Inc and Garden Views Realty, LLC) about 8 years ago

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