On one hand home sales are up 37% in the state of Florida over last year, but the median sales price is down 24%. Because of the foreclosure activity in Florida (worst in the nation) we are likely to still see prices fall for some time.
We are now starting to see a rise in the delinquency rate of prime borrowers (those with good credit) due to the poor economy, not the structure of their loans as with sub-prime borrowers. In Florida, 23% of all loans are either past due or in foreclosure. The foreclosure rate among prime borrowers rose to 12.42%. Because of this, I think we are going to start to see an increase in higher end homes hitting the market as short sales and bank owned sales.
Rates are still great and there are buyers out there ready to make a move. If you are thinking of selling, I would jump now rather than wait for prices to come down into next year.
Rates last week averaged 5.12% on a 30 year fixed and 4.56% on a 15 year.
CLOSED SALES: 8/17/2009 - 8/23/2009
21 W YALE ST: 3/2 - 1,844 sq/ft - $310,000
924 ASHINGTON PL: 2/2 - 1,594 sq/ft - $250,000
35 E PRESTON ST: 4/2 - 1,873 sq/ft - $225,000
OTHER MARKET ACTIVITY: 8/17/2009 - 8/23/2009
New Listings: 11
Pending Sales: 7
Price Reductions: 15
PRESENTLY ON THE MARKET: 8/23/2009
Active Listings: 263
Under 100K: 11
100K - 199,999: 76
200K - 299,999: 66
300K - 399,999: 39
400K - 499,999: 21
500K - 599,999: 16
600K - 699,999: 10
700K - 799,999: 6
800K - 899,999: 1
900K - 999,999: 5
Over $1,000,000: 12
Total Pending Sales: 49
VACANT LAND:
ACTIVE: 30
PENDING: 0
SOLD (YTD 8/10/09): 3
848 TIMOR: $23,000
723 EDGEWATER: $63,900
1716 FAIRVIEW SHORES: $295,000 (lakefront)
The above numbers for College Park Update come from single family homes, condos and land listed in the MLS in the 32804 zip code.
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