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Home listing prices rising in Florida

By
Real Estate Agent with Downing-Frye Realty, Inc. Naples, FL

What is posted below is from Florida Realtors and it is posted with permission.

The first thing that you will notice is that in each city it states average "list price." Many will argue that this doesn't matter and it's the "selling price" that matters and I agree. But, if the market was still declining as measured by selling price would you expect the listing prices to go up? No. The short answer is that inventory is dropping dramatically, at least in the southwest Florida Naples area market. When the inventory goes down...prices go up. The market is no longer declining

The increase in selling price begins with the increase in listing price. Listing prices increase when there is more confidence. I have many Blog posts that provide great detail about the Naples Bonita Springs Estero and Fort Myers area sales data. Have a look and decide for yourself.

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Home listing prices rising in Florida

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. 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®

Comments(3)

Stuart Simm
MAX Home Inspections - Lakeland, FL
The Home Inspector

Let's see if it look the same when all those properties the Banks are sitting on that are currently empty and not listed drop onto the market. In and around the Polk County, FL market it almost seems that fer every house listed there are 2 or 3 on a development just sat empty!

Sep 26, 2011 08:31 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

WOW!!

Pretty soon folks could even have a bit of equity.  Or, is that premature???

Sep 26, 2011 08:52 AM
Bob Pisa, Broker Associate
Downing-Frye Realty, Inc. Naples, FL - Naples, FL
Commitment, Service, Satisfaction...

I'm not so sure about a return to equity position for a large bunch of under water homeowners, but if increases like this keep up it's not all that far off.

Of course there are so many external factors that affect the real estate market these days, not the least of which are jobs and the U.S. economic situation in general.

Florida is a bit of an anomaly in that we have a high percentage of buyers from the baby boom generation looking for a retirement and/or second home winter residence that do have the resources, it's just a matter of confidence and the will.

Sep 27, 2011 02:01 AM