What a great title! Here is the better news for homebuyers. Florida's median home (Single family homes) price last month was $142,00 compared to the national average of $177,500 making Florida not just a great place to live but a relative bargain and 19% cheaper than this time last year!
Beside Florida home sales posting better numbers, there were some other things of important note. Foreclosure activity and Short Sales (Distressed properties) were still pushing prices downward or to use the National Association of Realtors term "distorting values". As much as we would all love to put on our rose colored glasses and argue that short sales and foreclosures are not legitimate transactions (But distortions) upon which to value property; the fact remains they constitute the bulk of activity in key markets and beside being a great opportunity to buy are also REALITY. But I digress....
Other good news is that condo's are faring better as well. Almost twice the amount of condo sales took place (5088 units sold statewide versus 2870) in September. Couple that with the fact that the states median condo price is $102,500 versus $179,300 for the national average and the picture is becoming increasingly clear that the time is nigh to buy!
Specific, harder hit markets values will vary but the overall picture is looking better for us in the Sunshine State.
So, prices are down to incredibly low, lows. Transactions are up and interest rates on a 30 year fixed are hovering around the 5% mark. And you are waiting because....?