• TABLE OF CONTENTS
HIDE
 Front Cover
 Title Page
 Acknowledgement
 Table of Contents
 List of Tables
 List of Figures
 Introduction
 Housing affordability
 Housing characteristics by homestead...
 Housing supply on the MSA and county...
 Economic impact of new residential...
 Endnotes
 Back Cover






Group Title: State of Florida's Housing
Title: State of Florida's Housing 2006
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 Material Information
Title: State of Florida's Housing 2006
Series Title: State of Florida's Housing
Physical Description: Serial
Language: English
Creator: Shimberg Center for Affordable Housing
Publisher: University of Florida Shimberg Center for Affordable Housing
Place of Publication: Gainesville, Fla.
Publication Date: 2006
 Subjects
Subject: University of Florida.   ( lcsh )
Spatial Coverage: North America -- United States of America -- Florida
 Record Information
Bibliographic ID: UF00087010
Volume ID: VID00001
Source Institution: University of Florida
Holding Location: University of Florida
Rights Management: All rights reserved, Board of Trustees of the University of Florida

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Table of Contents
    Front Cover
        Front Cover
    Title Page
        Page 1
        Page 2
    Acknowledgement
        Page 3
    Table of Contents
        Page 4
    List of Tables
        Page 5
        Page 6
    List of Figures
        Page 7
        Page 8
    Introduction
        Page 9
        Page 10
        Page 11
        Page 12
        Page 13
        Page 14
        Page 15
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        Page 25
        Page 26
        Page 27
        Page 28
        Page 29
    Housing affordability
        Page 30
        Page 31
        Page 32
        Page 33
    Housing characteristics by homestead exemption
        Page 34
        Page 35
        Page 36
        Page 37
        Page 38
        Page 39
        Page 40
        Page 41
    Housing supply on the MSA and county level
        Page 42
        Page 43
        Page 44
        Page 45
        Page 46
        Page 47
        Page 48
        Page 49
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        Page 89
        Page 90
        Page 91
        Page 92
        Page 93
        Page 94
        Page 95
    Economic impact of new residential construction
        Page 96
        Page 97
        Page 98
        Page 99
        Page 100
    Endnotes
        Page 101
    Back Cover
        Back Cover
Full Text


HE STATE OF FLORIDA'S
housing



..$


















Douglas White
Florida Housing Data Clearinghouse
Shimberg Center
University of Florida

Mary Lois White
Albright College

Diep Nguyen
Florida Housing Data Clearinghouse
Shimberg Center
University of Florida

Robert C. Stroh, Sr.
Shimberg Center
University of Florida













Major funding for preparation this report provided by the State of Florida.

Shimberg Center for Affordable Housing
M. E. Rinker, Sr. School of Building Construction
College of Design, Construction and Planning
University of Florida


The
State of Florida's

Housing

2006




-TheSta e.ofFlrid'sHouin,














ACKNOWLEDGEMENT

Funding for publication of this report was provided by the Florida Associa-
tion of REALTORS'. The Florida Association of REALTORS' (FAR) is the
largest trade association in Florida with more than 170,000 members and
more than 17,000 member firms. FAR provides services, continuing educa-
tion, research and legislative representation to its members. REALTORS' are
committed to protecting, preserving and enhancing the quality of life of all
Floridians. For more information on the association, please visit our website:
http://www.floridarealtors.org.







TheStateoflorida' Housing,


Contents
Introduction......................................................................................................................................................................................... 9
Florida's H housing Supply .......................................................... 9
D ata D description ................................................................................................................................................................................ 9
Geography........................................................................................................................................................................................ 10
Single-Fam ily H housing ............................................. .................................................................................................................. 11
Condom inium s ................................................................................................................................................................................ 16
M ulti-fam ily H housing ........................................................................... ................................................................................. 17
Housing Affordability ...................................................................................................................... 30
Housing Characteristics by Hom estead Exem ption.................................................................................... .......................... 34
Single-Fam ily Properties ........................................................... 34
Square Footage.......................................... ............................................ ..... 34
H housing Values ............................................................................ .................................................................................... 35
Condom inium Units ........................................................................................................................................................................ 39
O wner-occupied versus non-owner-occupied................................................................................................... ........................... 39
M ean versus m edian value by hom estead exem option status ............................................................................. ...........................40
Housing Supply on the M SA and County Level............................................................................................. .........................42
Florida's M major M SAs ....................................................................................................................................................................... 42
Fort Lauderdale, FL M SA H housing Supply.......................................................................................................................................42
Jacksonville, FL M SA H housing Supply .............................................................................................. .......... ............................44
M iam i, FL M SA H housing Supply................................................................................................................................................ 47
O rlando, FL M SA H housing Supply ..................................................................................................................................................47
Tam pa-St. Petersburg-Clearwater M SA H housing Supply.................................................................................. ........................... 51
W est Palm Beach-Boca Raton, FL M SA H housing Supply .................................................................................. ......................... 54
Florida's Rem gaining M SAs ............... ............................................ ...... 54
D aytona Beach, FL M SA H housing Supply................................................................................................................ .................. 56
Fort M yers-Cape Coral, FL M SA H housing Supply ............................................................................................ ......................... 58
Fort Pierce-Port St. Lucie, FL M SA H housing Supply..................................................................... ............................................. 59
Fort W alton Beach, FL M SA H housing Supply .................................................................................... .......... ........................... 60
G ainesville, FL M SA H housing Supply....................................................................................................................... .................. 60
Lakeland-W inter H aven, FL M SA H housing Supply............................................................................. ......... ...........................60
Melbourne-Titusville, FL MSA Housing Supply ...........................................................65
N aples, FL M SA H housing Supply............................................................................................................................. .................. 65
Ocala, FL MSA Housing Supply ................................................................. ....... 67
Panam a City, FL M SA H housing Supply.................................................................................................................... .................. 69
Pensacola, FL M SA H housing Supply................................................................................................................ ...................... 70
Punta G orda, FL M SA H housing Supply...................................................................................................................................... 70
Sarasota-Bradenton FL, M SA H housing Supply .................................................................................. .......... ............................72
Tallahassee FL, M SA H housing Supply.......................................................................................................................................... 76
Vero Beach, FL MSA Housing Supply........................................................................ 78
Florida's N on-M metropolitan Areas ................................................................ ............................................. ...................... 78
N northwest, FL N on-M metropolitan Area H housing Supply ................................................................................... .........................79
N northeast, FL N on-M metropolitan Area H housing Supply ................................................................................. ...........................79
Central, FL N on-M metropolitan Area H housing Supply...................................................................................... ........................... 90
South, FL N on-M metropolitan Area H housing Supply .......................................................................................... ......................... 90
Economy ic Im pact of New Residential Construction ................................................................................... ...........................96
Total Im pact on O utput ........................................................................ 98
Total Im pact on Earnings ......................................................................... 99
Total Impact on Employment.................................................................. ....... 100
Endnotes........................................................................................................................................................................................... 101










Tables
Table 1. Single-Fam ily H housing Stock.................................................................................................................. .................... 12
Table 2. C ondom inium Stock............................................................................ ............................................................... ........ 18
Table 3. Multi-Family Housing Stock with 9 or Less Units................................................................................. ...........................22
Table 4. Multi-Family Housing Stock with 10 or More Units ............................................................................. ...........................26
Table 5. County Affordability Index ......................................................................... 31
Table 6. County Affordability Index and Rank ........................ .............................................................................................. 33
Table 7. 2005 Roll Year Data, Mean and Median Square Footage, Single-Family................... ................................................... 34
Table 8. 2005 Roll Year Data, Mean and Median Year Built................................................................................. ..................... 35
Table 9. Single-Family Mean and Median Value Comparison, Just Value................................................ .................................. 36
Table 10. Single-Family Mean Values, Assessed versus Just Value Comparison ........................................... ............................... 37
Table 11. Single-Family Median Values, Assessed versus Just Value Comparison ........................................ .............................. 38
Table 12. Mean and Median Just-Assessed Differential for Homestead Exempt Properties....................... ...... ..................... 39
Table 13. Condominium Mean and Median Value Comparison, Just Value............................................................ ......................40
Table 14. Condominium Mean Values, Just versus Assessed Differential............................................................. ...................... 41
Table 15. Condominium Median Values, Just versus Assessed Differential.......................................................... ......................42
Table 16. Fort Lauderdale (Broward County), FL MSA Housing Supply............................................................ ......................43
Table 17. Jacksonville, FL MSA Housing Supply............................................................................................................................ 45
Table 18. Clay County Housing Supply.............................................................................................................. ......................45
Table 19. Duval County Housing Supply ........................................................................................................... ...................... 45
Table 20. Nassau County Housing Supply........................................................................................................... ......................46
Table 21. St. Johns County Housing Supply ......................................................................46
Table 22. Miami (Miami-Dade County), FL MSA Housing Supply ................................................................... ......................48
Table 23. Orlando, FL MSA Housing Supply................................................................................................................................. 49
Table 24. Lake County Housing Supply .........................................................................49
Table 25. Orange County Housing Supply ......................................................................................................... ...................... 49
Table 26. O sceola C county H housing Supply................................................................................................................... .................. 50
Table 27. Seminole County Housing Supply................................................................................................................... .......... 50
Table 28. Tampa-St. Petersburg-Clearwater MSA Housing Supply....................................................................... ..................... 52
Table 29. Hernando County Housing Supply................................................................................................................................. 52
Table 30. Hillsborough County Housing Supply .................................................................................... ................................. 52
Table 31. Pasco C county H housing Supply ................................................................................................ .................................. 53
Table 32. Pinellas County Housing Supply................................................ .................................................................................... 53
Table 33. West Palm Beach-Boca Raton (Palm Beach County), FL MSA Housing Supply............................ ..................... 55
Table 34. Daytona Beach, FL MSA Housing Supply............................................................................................ ........................... 56
Table 35. Flagler County Housing Supply ........................................................................................................... .................... 56
Table 36. Volusia County Housing Supply ........................................................ ...... 57
Table 37. Fort Myers-Cape Coral (Lee County), FL MSA Housing Supply ......................................................... .......................... 58
Table 38. Fort Pierce-Port St. Lucie, FL MSA Housing Supply............................................................................ ..................... 59
Table 39. M martin C county H housing Supply.................................................................................................................... .................. 60
Table 40. St Lucie County Housing Supply ........................... .......................................................................... ..................... 61
Table 41. Fort Walton Beach (Okaloosa County), FL MSA Housing Supply ............................................. ............................... 62
Table 42. Gainesville (Alachua County), FL MSA Housing Supply .......................................................... ...................................... 63
Table 43. Lakeland-Winter Haven (Polk County), FL MSA Housing Supply................................................................................ 64
Table 44. Melbourne-Titusville (Brevard County), FL MSA Housing Supply...................................................... .......................... 65
Table 45. Naples (Collier County), FL MSA Housing Supply.............................................................................. ..................... 66
Table 46. Ocala (Marion County), FL MSA Housing Supply .............................................................................. ..........................68
Table 47. Panama City (Bay County), FL MSA Housing Supply............................................................ .................................. 69
Table 48. Pensacola, FL MSA Housing Supply ..................................................................................... .................................... 71
Table 49. Escambia County, FL MSA Housing Supply....................................................................................... ............................71
Table 50. Santa Rosa County, FL MSA Housing Supply...................................................................................... ...........................71
Table 51. Punta Gorda (Charlotte County), FL MSA Housing Supply.................................................. ...................................73
Table 52. Sarasota-Bradenton FL, MSA Housing Supply.................................................................................... ..........................74







TheStateoflorida' Housing,


Table 53. M anatee County H housing Supply ....................................................................................................... ............................74
Table 54. Sarasota County H housing Supply ............................................................................................................ ........................74
Table 55. Tallahassee FL, M SA H housing Supply....................................................................................................................................76
Table 56. Leon County H housing Supply............................................................................................................. ...................... 76
Table 57. G adsden County H housing Supply ....................................................................................................... ............................77
Table 58. Vero Beach (Indian River County), FL M SA H housing Supply............................................................. ......................78
Table 59. N northwest, FL N on-M metropolitan Area H housing Supply...................................................................... ..................... 80
Table 60. Calhoun County H housing Supply ........................................................................................................ .................. ......... 80
Table 61. Franklin County H housing Supply.................................................................................................................. .................. 80
Table 62. G ulf County H housing Supply........................................................................................................................ .................. 81
Table 63. H olm es County H housing Supply................................................................................................................... .................. 81
Table 64. Jackson County H housing Supply............................................................................................................. ........................ 81
Table 65. Jefferson County H housing Supply ........................................................................................................ .................. ......... 82
Table 66. Liberty County H housing Supply.................................................................................................................... .................. 82
Table 67. W akulla County H housing Supply ............................................................................................................ ........................ 82
Table 68. W alton County H housing Supply ............................................................................................. .......... ........................... 83
Table 69. W ashington County H housing Supply ...................................................................................... ........................................83
Table 70. N northeast, FL N on-M metropolitan Area H housing Supply.......................................................... .................................. 84
Table 71. Baker County H housing Supply................................................................................................................ ........................ 84
Table 72. Bradford County H housing Supply........................................................................................................... ........................ 85
Table 73. Colum bia County H housing Supply ...................................................................................................... .................. ......... 85
Table 74. D ixie County H housing Supply ............................................................................................................. ................... ........ 85
Table 75. Gilchrist County H housing Supply ........................................................................................................ .................. ......... 86
Table 76. H am ilton County H housing Supply................................................................................................................ .................. 86
Table 77. Lafayette County H housing Supply................................................................................................................. .................. 86
Table 78. Levy County H housing Supply............................................................................................................... .................. ......... 87
Table 79. M adison County H housing Supply ........................................................................................................ ........................... 87
Table 80. Suwannee County H housing Supply ...................................................................................................... .................. ......... 87
Table 81. Taylor County H housing Supply............................................................................................................... ........................ 88
Table 82. Union County H housing Supply....................................................................................................................... ................ 88
Table 83. Central, FL N on-M metropolitan Area H housing Supply........................................................................... ......................... 90
Table 84. Citrus County H housing Supply............................................................................................................... ........................ 91
Table 85. Putnam County H housing Supply................................................................................................................... .................. 91
Table 86. Sum ter County H housing Supply.................................................................................................................... .................. 91
Table 87. South, FL N on-M metropolitan Area H housing Supply ................................................................ .................................. 93
Table 88. D esoto County H housing Supply.................................................................................................................... .................. 93
Table 89. Glades County H housing Supply .............................................................................................. .......... ........................... 93
Table 90. H ardee County H housing Supply ............................................................................................. .......... ........................... 94
Table 91. H endry County H housing Supply................................................................................................................... .................. 94
Table 92. H highlands County H housing Supply............................................................................................................... .................. 94
Table 93. M onroe County H housing Supply ......................................................................................................... ........................... 95
Table 94. O keechobee County H housing Supply................................................................................................... ..................... ...... 95
Table 95. Value ($1000s) & N um ber of N ew Units Constructed in 2005............................................................ ..................... 97
Table 96. Im pact on O utput ($1000s) ........................................................................ 98
Table 97. Im pact on Labor Earnings ($1000) ..................................................................................................... ........................... 99
Table 98. Im pact on Em ploym ent........................................................................................................................... .............. ........ 100










Figures
Figure 1. Florida's Six M major M metropolitan Areas......................................................................................................... ................... 10
Figure 2. Florida's Rem gaining 15 M metropolitan Areas............................................................................... ........ ................... ........ 10
Figure 3. Florida's Four Non-metropolitan ................................................................... ...... 11
Figure 4. Percentage of State's Single-Fam ily H housing Stock ................................................. ......................................................... 11
Figure 5. M edian 2005 Single-Fam ily Sales Price .................................................................................... ......... ........................... 16
Figure 6. Percentage of State's Condominium Stock .............................................................. ...... 16
Figure 7. M edian 2005 C ondom inium Sales Price.................................................................................. ......... ........................... 16
Figure 8. Fort Lauderdale, FL M SA ........................ ... ............................ .................................. .............................. .. 43
Figure 9. Fort Lauderdale MSA Real Median Single-Family Sales Prices (2006 Dollars)................................... ................ 43
Figure 10. Fort Lauderdale MSA Real Median Condominium Sales Prices (2006 Dollars)................................... ................. 44
Figure 11. Jacksonville, FL M SA ........ .................... .. ..... .. .......................................... ............................................... 44
Figure 12. Jacksonville MSA Real Median Single-Family Sales Prices (2006 Dollars) ........................................ ......................46
Figure 13. Jacksonville MSA Real Condominium Sales Prices (2006 Dollars) ..................................................... ..........................47
Figure 14. Miami, FL MSA ......... ........... ............ ................................................ 47
Figure 15. Miami MSA Real Median Single-Family Sales Prices (2006 Dollars) ........................................ ...............................48
Figure 16. Miami MSA Real Condominium Sales Prices (2006 Dollars)............................................................. ...................... 48
Figure 17. Orlando, FL MSA........................ ... ............ ............................................... 47
Figure 18. Orlando MSA Real Median Single-Family Sales Prices (2006 Dollars) ..................................................................... 50
Figure 19. Orlando MSA Real Condominium Sales Prices (2006 Dollars).............................................. .................................. 51
Figure 20. Tam pa-St. Petersburg-Clearwater, FL M SA ...................................... .... ........................ ................................. 51
Figure 21. Tampa-St. Petersburg-Clearwater MSA Real Median Single-Family Sales Prices (2006 Dollars) ........................................... 53
Figure 22. Tampa-St. Petersburg-Clearwater MSA Real Condominium Sales Prices (2006 Dollars) ........................ ..................... 54
Figure 23. W est Palm Beach-Boca Raton, FL M SA ......................... ... ........................ ....................................... ................................ 54
Figure 24. West Palm Beach-Boca Raton MSA Real Median Single-Family Sales Prices (2006 Dollars) ......................................... 55
Figure 25. West Palm Beach-Boca Raton MSA Real Condominium Sales Prices (2006 Dollars) ....................................... 55
Figure 26. D aytona Beach, FL M SA ............................................................................................................................................... 56
Figure 27. Daytona Beach MSA Real Median Single-Family Sales Prices (2006 Dollars)................................... ..................... 57
Figure 28. Daytona Beach MSA Real Condominium Sales Prices (2006 Dollars)............................................................................ 57
Figure 29. Fort M yers-Cape Coral, FL M SA ............................... .......... .. ................................................ ........................... 58
Figure 30. Fort Myers-Cape Coral MSA Real Median Single-Family Sales Prices (2006 Dollars) ........................ ............... 58
Figure 31. Fort Myers-Cape Coral MSA Real Condominium Sales Prices (2006 Dollars) .................................................. 59
Figure 32. Fort Pierce-Port St. Lucie, FL M SA ............................................ ...................................................... ................................ 59
Figure 33. Fort Pierce-Port St. Lucie MSA Real Median Single-Family Sales Prices (2006 Dollars) ........................ ..................... 61
Figure 34. Fort Pierce-Port St. Lucie MSA Real Condominium Sales Prices (2006 Dollars)........................ ........................... 61
Figure 35. Fort W alton Beach, FL M SA ............................... ...................... ......................................................................................... 60
Figure 36. Fort Walton Beach MSA Real Median Single-Family Sales Prices (2006 Dollars) ................................... ................ 62
Figure 37. Fort Walton Beach MSA Real Condominium Sales Prices (2006 Dollars)........................... ................................ 62
Figure 38. G ainesville, FL M SA ............................................ ......... ................................................................................................ 60
Figure 39. Gainesville MSA Real Median Single-Family Sales Prices (2006 Dollars) ............................................ ..................... 63
Figure 40. Gainesville MSA Real Condominium Sales Prices (2006 Dollars) ....................................................... .......................... 63
Figure 41. Lakeland-W inter H aven, FL M SA...................................................... ..... ....... ................. ........................... 60
Figure 42. Lakeland-Winter Haven MSA Real Median Single-Family Sales Prices (2006 Dollars)........................ ............... 64
Figure 43. Lakeland-Winter Haven MSA Real Condominium Sales Prices (2006 Dollars).......................... ..... ..................... 64
Figure 44. M elbourne-Titusville-Palm Bay, FL M SA............................ ......................................................... ........................... 65
Figure 45. Melbourne-Titusville-Palm Bay MSA Real Median Single-Family Sales Prices (2006 Dollars).......................................... 66
Figure 46. Melbourne-Titusville-Palm Bay MSA Real Condominium Sales Prices (2006 Dollars).......................... ....................... 66
Figure 47. N aples, FL M SA .............................. ......... .. ..................................................................................................... 65
Figure 48. Naples MSA Real Median Single-Family Sales Prices (2006 Dollars)........................................ ............................... 67
Figure 49. Naples MSA Real Condominium Sales Prices (2006 Dollars).............................................................. ..................... 67







TheStateoflorida' Housing,


Figure 50. O cala, FL M SA ................................. ............................ ..................................................................... 67
Figure 51. Ocala MSA Real Median Single-Family Sales Prices (2006 Dollars) ........................................ ............................... 68
Figure 52. Ocala MSA Real Condominium Sales Prices (2006 Dollars) ...................................................... .................................... 68
Figure 53. Panama City, FL MSA ............................. .................................. ....... 69
Figure 54. Panama City MSA Real Median Single-Family Sales Prices (2006 Dollars) .................................................................. 69
Figure 55. Panama City MSA Real Condominium Sales Prices (2006 Dollars) ................................................... ......................70
Figure 56. Pensacola, FL MSA ........................................... ............................................ 70
Figure 57. Pensacola MSA Real Median Single-Family Sales Prices (2006 Dollars).............................................. ...................... 72
Figure 58. Pensacola MSA Real Condominium Sales Prices (2006 Dollars) .............................................................. ......................72
Figure 59. Punta G orda, FL M SA ......................................... .. ............................................................................................... 70
Figure 60. Punta Gorda MSA Real Median Single-Family Sales Prices (2006 Dollars) ............................ .............................73
Figure 61. Punta Gorda MSA Real Condominium Sales Prices (2006 Dollars) ........................ ....................................................73
Figure 62. Sarasota-Bradenton, FL M SA ........................................... .................................................................. ....................... 72
Figure 63. Sarasota-Bradenton MSA Real Median Single-Family Sales Prices (2006 Dollars) .............................................. 75
Figure 64. Sarasota-Bradenton MSA Real Condominium Sales Prices (2006 Dollars).................................................................. 75
Figure 65. Tallahassee, FL MSA ................ ............. ............................................ 76
Figure 66. Tallahassee MSA Real Median Single-Family Sales Prices (2006 Dollars)............................................ ............................ 77
Figure 67. Tallahassee MSA Real Condominium Sales Prices (2006 Dollars) ........................... ......................................................77
Figure 68. V ero Beach, FL M SA ............................................ ..................... .......................................... ............................ 78
Figure 69. Vero Beach MSA Real Median Single-Family Sales Prices (2006 Dollars)........................................... .......................... 78
Figure 70. Vero Beach MSA Real Condominium Sales Prices (2006 Dollars)............................................ ................................ 79
Figure 71. N northwest, FL N on-M metropolitan Area............................. ........... ... ... .....................................................79
Figure 72. Northwest, FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2006 Dollars)......................................... 83
Figure 73. Northwest, FL Non-Metropolitan Area Real Condominium Sales Prices (2006 Dollars)................................................... 84
Figure 74. N northeast, FL N on-M metropolitan Area............................. .................... ............. .................... ................................ 79
Figure 75. Northeast, FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2006 Dollars)........................................ 89
Figure 76. Northeast, FL Non-Metropolitan Area Real Condominium Sales Prices (2006 Dollars).................................................... 89
Figure 77. Central, FL Non-Metropolitan Area ............................................. ....................................... 90
Figure 78. Central, FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2006 Dollars)................................................ 92
Figure 79. Central, FL Non-Metropolitan Area Real Condominium Sales Prices (2006 Dollars) .................... .... ............... 92
Figure 80. South, FL N on-M metropolitan Area............................. ..................... ..................... ................ ............................... 90
Figure 81. South, FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2006 Dollars) ...........................................95
Figure 82. South, FL Non-Metropolitan Area Real Condominium Sales Prices (2006 Dollars)........................ ..... ..................... 96










INTRODUCTION
This study is a compendium of facts on Florida's housing. The
data highlight the tremendous diversity in housing characteristics
across the state, particularly between the 35 urban counties and
the 32 rural counties, as well as between coastal and non-coastal
counties. The characteristics of Florida's housing reflect the char-
acteristics of the state's population. Growth is most often a coastal
phenomenon in Florida. Almost 94% of Florida's single-family
homes and 98% of its condominiums are located in these urban,
predominantly coastal, counties.
The following report is divided into five major sections. The first
four sections describe and analyze the characteristics of Florida's
housing stock using data from the state's 67 county property
appraiser tax rolls. The final section assesses the impact of new
residential construction on Florida's economy. The report generally
presents it's characterization of Florida's housing by: (1) geography
- 35 counties comprising six major and 15 other metropolitan areas
plus four regional groupings of the state's 32 non-metro counties,
and (2) building type three broad categories of Florida's residential
inventory: single-family housing, condominiums, and multi-family
housing. Definitional issues prevent a thorough characterization
of the state's fourth major residential housing type, manufactured
housing, but interested readers can go to other sources for further
information on this significant building type.'
Section I is an overview of the state's housing supply summarizing
information by geography and building type. This separation high-
lights the difference between the rural, urban, and coastal counties.
Single-family housing units dominate, but condominiums are an
important source of housing in some coastal counties. Other broad
trends are discussed in this section including the total number of
units, the median age of units, and the median sales price of units in
each county. The coastal and large urban counties tend to have the
largest number of units and the highest median sales prices when
compared to the rest of the state.
Section II examines the issue of housing affordability in Florida.
The most affordable housing is generally located in rural counties
in the interior and northern part of the state. In general, the least
affordable counties are either coastal counties or located in major
metropolitan areas.
Section III provides a comparison of properties that claim the
homestead exemption and those that do not. Over 75% of single-
family housing units and over 45% of condominium units claim the
homestead exemption. The single-family owner-occupied housing
has a higher mean value than non-owner-occupied housing, how-
ever, there is considerable variation between the just value of owner
occupied housing and its assessed values, differences in excess of the
$25,000 homestead exemption. A similar pattern is also found in
condominium units. Possible explanations for these differences are
considered.
Section IV looks in detail at the housing supply and, in particular,
at sales prices for each metropolitan statistical area (MSA) and the
four non-metropolitan areas. This section contains an examination
of the individual counties that make up multi-county MSAs and
non-metropolitan areas and discusses the differences among those
counties.
Section V examines the economic impact of new residential
construction in Florida in 2005. Using the number and value of


new single-family and multi-family homes built in Florida in 2005
this final section evaluates the impact on the state's output, earnings,
and employment.



FLORIDA'S HOUSING SUPPLY
Douglas White, Florida Housing Data Clearinghouse,
Shimberg Center, University of Florida

Florida's housing stock includes single-family units, multifamily
units, and mobile homes. Although all three types of housing units
are represented, the housing inventory is dominated by the single-
family home. About 49.2 percent of the state's single-family housing
stock is located in six major metropolitan areas: Fort Lauderdale,
Jacksonville, Miami, Orlando, Tampa-St. Petersburg, and West
Palm Beach-Boca Raton. The Fort Lauderdale and Miami MSAs,
because of their density, also have the distinction of having the most
multifamily housing of any area in the state. Although not a type of
structure, condominium housing is an important housing category
in some areas of the state. Broward, Miami-Dade, and Palm Beach
Counties alone have approximately 58 percent of the state's con-
dominiums. Significant concentrations of condominiums are also
found in Collier, Lee, Pinellas, and Sarasota Counties. Clearly, con-
dominiums tend to be a coastal phenomenon. By contrast, mobile
or manufactured housing is largely a rural, inland phenomenon.

Data Description
To understand and analyze Florida's stock of housing, tax assess-
ment records from the 67 county property appraisers are examined.
From all 67 counties, the Shimberg Center extracts data on the four
major categories of residentially coded parcels, single-family, mobile
home, condominium, and multi-family housing which is further
divided into multi-family housing with 9 or less units and multi-
family housing with 10 or more units. This results in a database
that contains information on residential parcels of land and most
residential structures in Florida, including: parcel identification;
land use code (vacant residential, single-family, condominium, etc.);
total assessed value; assessed land value; year in which structure was
built; square footage of the structure; parcel size; date and price of
the two most recent sales; ad valorem tax jurisdiction; homestead
exemption; and location of the property by section, township, and
range. The database contains most but not all residential structures,
excluding (1) residential structures located on land that is not resi-
dentially coded, such as residential structures located on land that
has an agriculture coding or residential structures that have a com-
mercial coding (2) manufactured housing not classified as real prop-
erty (this problem is discussed in more detail later in the report) and
(3) structures that are not one of the four major residential land use
categories examined. The data, unless otherwise noted, are for roll
year 2005, the last complete year for which data are available.
Use of the individual county property appraiser data allows us
to reasonably compare housing characteristics in the counties with
each other. However, there are gaps and limitations in these Depart-
ment of Revenue (DOR) data sets. Gaps occur because in some
counties, certain fields of data are not included in the records or are
missing for specific property types. For example, in many counties







-TheStaeoflorda' Housig,


the year built information or square footage is missing for condo-
miniums2 and/or multi-family units.
The sales data also has some limitations. In a few cases only one
year of sales data is reported. Limitations on the data can occur for
two reasons. First, only the two most recent sales prices and year
of those sales are reported. Any time a parcel sells, the older of the
two sales is lost. If one examines the county sales history, for every
county the number of sales has increased over time, and there are
two potential explanations for this observation. The first is that sales
really have increased over time, and the second is that this increased
frequency is just a statistical anomaly due to properties selling mul-
tiple times, eliminating the older records. In an attempt to over-
come this problem, we have merged sales data from the previous
five roll years (2000, 2001, 2002, 2003, and 2004) with the current
roll year (2005). A change made to this year's report, in an attempt
to generate the most current data possible, is that we have also
merged the 2006 preliminary tax roll3. The use of the preliminary
tax roll allows us to report 2005 sales data covering the entire year.
The combination of the different roll years allows us to capture
more sales for each parcel and should increase the accuracy of the
sales price time series. While this change makes the sales price and
number of sales time series more accurate, the decreasing number of
sales is still partially a remnant of the ways the sales are reported to
use. As we add more roll years to the dataset, this problem should
decrease in significance.
A second limitation in the data is that definitions vary some-
what across counties; an example of this is square footage. Property
appraisers calculate and use more than one measurement of square
footage in their appraisal process. Thus, this characteristic can vary
across county and possibly over time within the county. Another
reason square footage can vary is the presence of multiple buildings
on a parcel, which show up in the value for square footage field4.
Another problem that has to be addressed when creating the da-
tabase is that the data must be cleaned. For example, any sales that
are determined to be a "non-arms-length" transaction (by the DOR
transaction code) are deleted. Additionally, any observations with
obvious mispricing (due to data entry or other error) or which are
not considered a sale for purposes of the report are deleted. For
example, the older of two recent sale prices for a newly constructed
home is usually the sale of the lot; a price not comparable to the
sale price after the home has been constructed. Finally, data entry
problems exist that have required the development of screening rules
to eliminate information that falls outside reasonable boundaries.
Despite these problems, the property appraiser data provides in-
formation on Florida's housing stock that is not otherwise available.
For example, decennial Census data, because of delays due to its
release and the fact that it is only conducted once a decade, means
that variables such as median housing prices may be dated and less
than accurate. The Census is also subject to inaccuracies in evaluat-
ing housing unit characteristics because it relies on the evaluation by
the occupants for estimates of numerous variables such as property
value and age. Other sources, while current and valuable are subject
to limitations of geographic coverage or amount of information
available.5
The following section describes the existing single-family housing
stock in Florida. Subsequent sections provide detailed information
on the condominium market and the multifamily housing market.
Although manufactured housing accounts for a significant portion


of residential housing units in many rural counties, we are unable to
describe and discuss Florida's manufactured housing stock because
comprehensive, accurate data are not available from the property
appraiser data at our disposal. Accurate data on manufactured
housing is difficult to obtain for several reasons. First, a manu-
factured home is only classified as real property if the owner owns
both the home and the lot. It is these homes that are included in
the property appraiser files. Other manufactured housing, perhaps
the larger share, is located on rented sites and carries a tag from the
Division of Motor Vehicles.6


Geography


Figure 1. Florida's Six Major Metropolitan Areas


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Figure 2. Florida's Remaining 15 Metropolitan Areas


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The housing data is examined at the county level and the metro-
politan statistical areas (MSAs) level. A MSA is an area with a high
degree of social and economic integration, a population of 100,000
or more, and contains at least one city of 50,000 or more. The MSA
is named after its central city or cities. Florida has 21 MSAs that
contain 35 of its 67 counties.
The state's 21 metropolitan areas (MSAs) are further divided into
"major" metropolitan areas (6 MSAs) and "other" metropolitan
areas (15 MSAs). The major MSAs include Ft. Lauderdale, Miami,
Jacksonville, Orlando, West Palm Beach-Boca Raton, and Tampa-
St. Petersburg-Clearwater. As Figure 1 shows, a total of fifteen
counties make up the major MSAs. The 15 other MSAs include
twenty counties, which are shown in Figure 2.
A total of 35 of Florida's 67 counties are therefore found in
metropolitan areas, with the remaining 32 being non-metropolitan.'
These remaining 32 counties are further categorized, as shown in
Figure 3, into four regional groups: Northwest, Northeast, Cen-
tral, and South, according to categories used by the University of
Florida's Bureau of Economic and Business Research.

Figure 3. Florida's Four Non-metropolitan Areas


The six major MSAs contain approximately 2.4 million single-
family units and these units comprise about 57 percent of the total
housing stock in the state. Almost 29 percent of the major MSA
total, comprising nearly 17 percent of the state, is found in the
Tampa-St. Petersburg-Clearwater MSA (which we will refer to as
Tampa Bay). The Orlando MSA has almost 20.5 percent of the
major MSA total, representing 11.7 percent of the state's single-
family stock, the Ft. Lauderdale MSA about 9 percent of the state
total, the Jacksonville MSA has 7.9 percent of the state total, and
the Miami MSA represents 7.3 percent of the state total. Of single
county MSAs, Ft. Lauderdale and Miami have the largest numbers
of single-family housing units in the state. Together, these two
counties contain 16 percent of the state's single-family units. Add-
ing Palm Beach County results in almost 21 percent of the state's
single-family stock being located in the these three southeast Florida
counties.

Figure 4. Percentage of State's Single-Family Housing Stock


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Single-Family Housing8
Summary data by county, with aggregations to metropolitan and
state totals, are included in Table 1. There are 4.2 million single-
family housing units in the state of Florida and the total assessed
value of these units is $653.52 billion. 76% of these units are
occupied by their owner; the remaining units are renter-occupied.
The number of single-family sales in 2005 totaled approximately
442,700, which is equal to approximately 10.5 percent of the total
single-family housing stock in this state.9 The median 2005 single-
family sales price was $226,000.
As shown in Figure 4, Florida's housing is geographically
concentrated.


The 15 other MSAs contain 36.7 percent of the state's single-
family housing stock, while the 32 non-metropolitan counties
contain only 6.3 percent. The non-metropolitan counties show the
extremes of population densities in the state. For example, Lafay-
ette County has fewer than 900 single-family units. Other coun-
ties with less than 3,000 units include Calhoun, Dixie, Gilchrist,
Glades, Hamilton, Jefferson, and Liberty Counties. These 9 coun-
ties combined have only about one-half of one percent of the total
single-family housing units in the state.
The total assessed value of single-family units in the state is ap-
proximately $653.5 billion and almost 59 percent of that total is
found in the major MSAs. The three southeast Florida counties-
Miami-Dade, Broward, and Palm Beach--have almost 29 percent of
the total assessed value.


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T le Total Assessed Total Just Value Mean Relative Number of Median
Table 1. Single-Family Total % of % Owner Value % of %(Miionsof of % of Turnover
County (Millions of Year Age Sal 2005
Housing Stock Umnts State Occupied (Millons of State Dollars) State eState S Rate
Florida 4235040 100 00 6 15 $653519 4 100 00 $8545381 100 Dollars)00 1 t Index 2005 Sales Pn0 $2 00 ce
Florida 4,235,040 100 00% 76 15% $653,519 74 100 00% $854,753 81 100 00% 1979 1 00 442,669 100 00% $226,000 10 45%


Broward County 364,496 861% 80 74% $68,45948


Clay County 45,729 1 08% 8284% $5,53793

Duval County 225,283 532% 7793% $26,26941

Nassau County 16,267 038% 76 66% $2,779 10

St Johns County 46,234 109% 78 96% $10,18806

MSA Total 333.513 788% 78 68% $44.774 49


Miami-Dade
County


Miami, FL MSA



Orlando, FL MSA


309,206 730% 8051% $58,240 73


Lake County 74,782 1 77% 75 80% $9,224 65

Orange County 243,372 575% 74 87% $36,372 71

Osceola County 63,921 1 51% 62 37% $8,281 04

Seminole County 112,055 265% 8166% $16,55407

MSA Total 494,130 11 67% 74 94% $70,43246


Tampa--St Petersburg--Clearwater, FL Heando County 51,579 1 22%
MSA


West Palm Beach--Boca Raton, FL Palm Beach
MSA County


Major Metropolitan Area Total


80% $5,292 06


Hillsborough 287,520 679% 79 29% $36,83447
County
Pasco County 123,571 292% 7716% $13,501 52

Pmellas County 242,028 571% 80 12% $33,05555

MSA Total 704.698 16 64% 79 09% $88.683 59


209,469 4 95% 79 64% $54,689 13



2,415,512 5704% 7866% $385,27988


Fort Lauderdale, FL MSA


Jacksonville, FL MSA


1125% 1978 105 31,285 707% $310,000 858%


078% 1987

386% 1973

040% 1986

1 50% 1991

655% 1978


6,615 149% $190,000 1447%

22,951 5 18% $174,600 10 19%

1,780 040% $224,000 1094%

7,079 160% $280,200 1531%

38.425 868% $194.200 1152%


1019% 1970 137 21,345 482% $300,000 690%


1048% $96,191 59


0 85% $6,690 94

4 02% $33,023 76

043% $3,421 81

1 56% $12,861 33

6 85% $55,997 84



891% $87,11778



1 41% $10,181 47

5 57% $43,166 91

1 27% $9,267 04

2 53% $20,565 15

10 78% $83,18058



081% $6,48384

5 64% $48,342 69

207% $16,60707

506% $45,804 51

1357% $117,238 11



8 37% $73,245 34



58 95% $512,971 23


11,364 257% $220,000 1520%

33,216 750% $248,500 1365%

11,553 261% $239,500 1807%

12,364 279% $242,000 1103%

68,497 1547% $240,000 1386%


076% 1987 069 6,164 139% $166,000 1195%


566% 1982

1 94% 1983

536% 1968

1372% 1978



857% 1977



6001%


091 30,268 684% $209,000 1053%

085 18,845 426% $195,000 1525%

1 44 17,891 404% $192,000 739%

1 07 73,168 1653% $196,000 1038%



108 15,756 356% $370,800 752%


248,476 56 13%


1029%


Daytona Beach, FL MSA Flagler County 29818 0 00o 1 SSOo $4 390 18 06 00 $542690 0 630o 1993 046 5952 1340o $211000 19960o


1 19% 1984

505% 1982

1 08% 1989

241% 1982

9 73% 1984


Daytona Beach, FL MSA


Flagler County 29,818 070% 71 55% $4,390 18 067% $5,426 90 063% 1993 046


5,952 134% $211,000 1996%






















Fort Myers--Cape Coral, FL MSA


Fort Pierce--Port St Lucle, FL MSA






Fort Walton Beach, FL MSA


Gainesville, FL MSA


Lakeland--Winter Haven, FL MSA


Melboue--Titusville--Palm Bay, FL
MSA


Naples, FL MSA


Ocala, FL MSA


Panama City, FL MSA


Pensacola, FL MSA







Punta Gorda, FL MSA


Sarasota--Bradenton, FL MSA






Tallahassee, FL MSA


Volusia County 143,949 340% 76 74% $16,73000

MSA Total 173,767 4 10% 7585% $21,120 19


Lee County 155,063 366% 7028% $30,26863


Martin County 42,960 1 01% 7749% $10,98825

St Lucle County 75,497 1 78% 72 29% $8,686 28

MSA Total 118,457 280% 74 18% $19,67453


Okaloosa County 56,427 133% 70 03% $7,51586


Alachua County 51,194 121% 7774% $5,63346


Polk County 138,097 326% 71 02% $13,20203



Brevard County 162,209 383% 79 09% $20,34025



Collier County 67,857 1 60% 68 64% $25,385 78


Manon County 84,255 199% 7550% $8,021 45


Bay County 48,775 1 15% 6423% $5,688 76


Escambia County 92,260 2 18% 71 61% $7,432 37
Santa Rosa 43,110 102% 7741% $4,98204
County
MSA Total 135,370 320% 7345% $12,41441


Charlotte County 59,050 139% 7151% $8,358 12


Manatee County 72,486 171% 77 32% $13,41340

Sarasota County 116,682 276% 73 36% $23,93946

MSA Total 189,168 447% 74 88% $37,35287


Gadsden County 9,459 022% 7441% $56399

Leon County 65,276 154% 73 90% $7,970 36

MSA Total 74,735 1 76% 73 97% $8,534 35


256% $22,041 52

3 23% $27,468 42


4 63% $37,628 12


168% $15,13426

133% $11,32027

301% $26,45454


1 15% $9,308 15


0 86% $6,860 96


202% $15,551 94



3 11% $30,25286



3 88% $32,108 82


1 23% $9,251 85


0 87% $6,703 34


1 14% $8,776 86

0 76% $5,898 33

190% $14,675 20


1 28% $10,98307


205% $17,08020

366% $31,63050

572% $48,71069


009% $64801

122% $9,651 27

1 31% $10,29928


258% 1978

321% 1981


440% 1986


1 77% 1984

1 32% 1985

309% 1985


1 09% 1981


080% 1980


1 82% 1976



354% 1981



376% 1988


1 08% 1985


078% 1981


103% 1974

069% 1987

1 72% 1978


1 28% 1983


200% 1980

370% 1980

570% 1980


008% 1972

1 13% 1980

120% 1979


14,632 331% $189,000 1016%

20,584 465% $197,500 1185%


24,583 555% $264,000 1585%


3,784 085% $320,000 881%

11,890 269% $234,000 1575%

15,674 354% $244,400 1323%


5,299 120% $201,000 939%


4,623 104% $184,300 903%


16,574 374% $167,900 1200%



12,474 282% $212,000 769%



7,074 160% $420,000 1042%


10,648 241% $160,300 1264%


4,090 092% $205,000 839%


6,715 152% $143,000 728%

3,803 086% $205,000 882%

10,518 238% $162,800 777%


3,929 089% $225,000 665%


9,445 2 13% $300,000 1303%

13,727 310% $255,000 1176%

23,172 523% $274,250 1225%


399 009% $128,928 422%

6,075 137% $170,900 931%

6,474 146% $168,200 866%
















Vero Beach, FL MSA



Remaining Metropolitan Area Total


NorthwestNon-metropohtan Area


NortheastNon-metropolitan Area

























Central Non-metropohtan Area


Indian River
County


40,024 095% 7339% $8,02995


1,554,448 36 70% 73 58% $231,54064


Calhoun County 2,500 006% 7280% $11404

Franklin County 5,969 0 14% 42 87% $1,95681

Gulf County 5,521 0 13% 51 11% $1,07869

Holmes County 3,209 008% 72 89% $15392

Jackson County 9,970 024% 71 91% $54934

Jefferson County 2,220 005% 69 95% $13568

Liberty County 1,177 003% 66 86% $5508

Wakulla County 5,557 0 13% 70 40% $59028

Walton County 16,769 040% 5024% $4,94821
Washington 4,247 0 10% 69 53% $22703
County
Non-Metro Total 57,139 1 35% 60 10% $9,809 07


Baker County 3,286 0 08% 84 08% $246 04

Bradford County 5,211 0 12% 73 96% $353 16

Columbia County 11,397 027% 75 98% $879 10

Dixie County 2,594 006% 60 37% $16952

Gilchist County 1,974 005% 7361% $14143

Hamilton County 1,959 005% 68 45% $96 73

Lafayette County 873 002% 75 03% $4987

Levy County 6,471 0 15% 71 41% $54205

Madison County 3,036 007% 70 22% $15320

Suwannee County 5,391 0 13% 7290% $35431

Taylor County 4,973 0 12% 63 88% $328 18

Umon County 1,162 003% 76 16% $6609

Non-Metro Total 48,327 1 14% 72 50% $3,37968


Citrus County 45,597 108% 7749% $4,45921

Putnam County 15,802 037% 71 21% $1,20205

Sumter County 22,147 052% 70 17% $2,46526

Non-Metro Total 83,546 197% 74 36% $8,12651


123% $10,19438



3543% $296,451 61


002% $12001

030% $2,27441

0 17% $1,36960

002% $16438

008% $62713

002% $15603

001% $6358

009% $74246

0 76% $5,596 73

003% $23822

150% $11,352 56


0 04% $302 71

0 05% $394 71

0 13% $1,00694

003% $22095

002% $15817

001% $10665

001% $5948

008% $70186

002% $174 14

005% $44127

0 05% $380 32

001% $7702

052% $4,024 23


068% $5,61231

0 18% $1,521 07

038% $2,89481

1 24% $10,028 19


1 19% 1983 085 4,636 105% $210,450 1158%


34 68%


170.352 3848%


001% 1972

027% 1976

0 16% 1982

002% 1970

007% 1971

002% 1977

001% 1971

009% 1985

065% 1987

003% 1979


003% $81,000 464%

008% $325,000 6 28%

007% $240,000 5 78%

003% $73,500 449%

003% $95,800 151%

003% $136,750 559%

001% $66,000 348%

013% $172,500 1020%

042% $435,000 11 16%

004% $103.000 454%


133% 1980 099 3,901 088% $250,000 683%


004% 1977

005% 1971

0 12% 1976

003% 1974

002% 1980

001% 1969

001% 1973

008% 1975

002% 1962

005% 1972

004% 1977

001% 1977

047% 1974


066% 1985

0 18% 1972

034% 1991

1 17% 1984


006% $155,000 782%

007% $122,000 553%

020% $139,000 794%

003% $125,000 459%

003% $143,250 659%

002% $84,000 3 62%

001% $135,000 424%

011% $140,000 749%

003% $80,000 4 05%

007% $129,950 594%

006% $100,000 557%

001% $88,450 3 10%

069% $131,000 631%


099% $151,000 964%

017% $120,000 483%

125% $196,700 2504%

242% $172,400 1281%


SouthNon-metropohtan Area


Desoto County 5,214 0 12% 69 66% $375 47 006% $447 28

Glades County 1,611 004% 5692% $11922 002% $13643


1096%


005% 1974 1 21 395 009% $155,000 758%

002% 1977 1 09 141 003% $124,900 875%










Hardee County 3,801 009% 74 53% $19902 003% $219 16 003% 1972 1 30 207 005% $85,000 545%

Hendry County 4,915 012% 72 72% $41051 006% $52590 006% 1979 103 377 009% $152,300 767%

Highlands County 29,561 070% 7004% $2,35962 036% $2,897 13 034% 1983 085 2,905 066% $142,000 983%

Monroe County 24,159 057% 5398% $11,334 14 173% $14,97485 175% 1976 113 1,670 038% $735,000 691%
Okeechobee 6,80 0 16 6980% $58597 009% $72523 008% 1979 100 493 011% $148,864 724%
County
Non-Metro Total 76,068 180% 6501% $15,38396 235% $19,92597 233% 1979 102 6,188 140% $179,900 813%

Non-metropoltian Area Total 265,080 626% 68 26% $36,69922 562% $45,33096 530% 23,841 539% 899%







-TheStaeoflorda' H ng


Counties with the largest number of sales transactions in 2005
are, as expected, the largest counties in population. Approximately
56 percent of the single-family transactions in the state in 2005
were in the major MSA counties, with 16.5 percent in the Tampa
Bay MSA and 15.5 percent in the Orlando MSA. 38.5 percent of all
sales in 2005 were in other MSA counties, while the remaining 5.4
percent were in the non-metropolitan counties.

Figure 5. Median 2005 Single-Family Sales Price


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Dade, Broward, and Palm Beach. Figure 6 shows the geographical
distribution of condominiums across the state. In total, the non-
MSA counties have less than 2.0 percent of the total condominiums
in the state, and 79 percent of these are found in two counties:
Monroe and Walton. Other coastal metropolitan counties have a
much smaller stock of condominium units than the three southeast
counties, but condominiums still play a major role in the provision
of housing in those counties. For example, Collier County's 85,077
condominium units far exceed the 67,857 single-family housing
units in the county. Condominium units also exceed single-family
units in Palm Beach County. Other counties with large numbers of
condominiums are Lee, Manatee, Pinellas, Orange and Sarasota.
Discussion of the characteristics of condominiums in the state is
limited by the lack of data in a number of the data fields in some
counties. These fields include year built, age, and price. The fol-
lowing description is based on the available data.

Figure 6. Percentage of State's Condominium Stock


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The highest single-family median sales prices in 2005 were in
Monroe ($735,000), Walton ($435,000) Collier ($420,000), and
Palm Beach ($370,800) Counties. Other counties with median
sales prices above $200,000 include Bay, Brevard, Broward, Char-
lotte, Flagler, Franklin, Gulf, Hillsborough, Indian River, Lake,
Lee, Manatee, Martin, Miami-Dade, Nassau, Okaloosa, Orange,
Osceola, Santa Rosa, Sarasota, Seminole, St. Johns, and St. Lucie
County.
As shown in Figure 5, the sales price data further illustrate the
differences between urban and rural counties and between coastal
and non-coastal counties. The highest mean prices in 2005 are in
coastal counties, several of which are not major urban counties (for
example, Monroe). At the other extreme, counties with the lowest
mean house prices are generally rural, slow growing, and located in
the interior of the state.


Condominiums
The role of condominiums in providing housing in a county is
another indicator of the differences in housing stock across counties.
Table 2 contains summary information on the state's stock of con-
dominiums. As expected, condominiums are an important source
of housing in coastal counties where a number of retirees live, but
not in interior counties. Summing across counties indicates that
there were 1,479,238 condominiums in the state in 2005, and 46.3
percent of these units are owner-occupied, much less than the 76
percent owner-occupied percentage found in the single-family stock.
A total of 855,211 units, or 57.8 percent of condominium units in
the state, are located in three southeast Florida counties: Miami-


Figure 7. Median 2005 Condominium Sales Price






UfX'fl(4SR^h.JR iIk^ fl P'N4Pm V^P ^
Medie:DMeedelt K rtn Sae^t

I -**-









I
(*U KIf-|!SIII
.! sS itf rlr W~ta
IwriB*' m a 1 1 ________









The number of condominium sales in the state totaled 230,751
units in 2005. Of these over 26 percent occurred in Miami-Dade
County, 15.9 percent in Palm Beach County, and 14.9 percent in
Broward County. These three southeast counties accounted for
about 57 percent of all condominium transactions in the state.
Figure 7 shows the median sales prices for condominiums vary
widely across counties. The median price of condominium units
sold in the state in 2005 was $208,900. Counties with median sales
prices above $300,000 were Monroe ($525,000), Gulf ($500,000),
Walton ($460,600), Bay ($420,000), and Okaloosa ($405,000).
The relatively high price of portions of the condominium stock
in Florida appears to reflect the steep premium paid for the ocean
accessibility that is an attribute of many condominiums in coastal
settings and the retirement clientele for the units.



Multi-family Housing
The county property appraiser data used in this report do not
allow an accounting for the number of units in multifamily rental
structures, as only information on the structures (parcels) is re-
ported. It is this information that is summarized below. We divide
the multifamily stock, consistent with the appraiser data, into two
categories: complexes with less than 10 units and complexes with 10
or more units.
Table 3 contains summary information on the state's stock of
multifamily properties containing fewer than 10 units. There are
about 156,000 multifamily properties that contain fewer than 10
units in the state of Florida. Approximately 67 percent of these are
found in the six major metropolitan areas, with another almost 29
percent located in other metropolitan areas. Only 3.6 percent of
these small multifamily complexes are found in non-MSA counties.
20 percent of these units are found in Miami-Dade County. Only
nine of the 31 non-MSA counties have more than 100 such com-
plexes, with Monroe having over 46 percent of the non-MSA total.
Other non-MSA counties with more than 100 properties were
Columbia, Citrus, Putnam, Desoto, Hardee, Hendry, Highlands
and Okeechobee Counties. These numbers again point to the dif-
ferences that are observed between the urban, coastal counties and
the rural, interior counties of Florida. As with condominium units,
which are also likely found in multifamily structures, it is apparent
that urban and coastal counties are the predominant settings for
such structures while the rural and interior counties are character-
ized by a largely single-family housing stock.
Table 4 contains information on multifamily complexes with
10 or more units. With a total of 14,126 complexes in the state,
there are about 9 percent as many of these larger complexes as of
complexes with less than 10 units, but these complexes undoubtedly
comprise more total units than the smaller complexes. 26.5 percent
of these larger complexes are located in Miami-Dade County, with
12.5 percent in Broward County and 14.1 percent in the Tampa
Bay MSA. The six major MSAs contain approximately 72 percent
of all complexes of this type. The other MSAs contain almost 25
percent of the state total, with Volusia, Alachua, Leon, and Sarasota
Counties having more than 300 complexes. The Alachua and Leon
numbers reflect the concentration of college students in those com-
munities. Non-MSA counties contain only 3.7 percent of the state's
stock of larger apartment complexes.
















Table 2.
Condominium
Stock


County


Florida 1,479,238


Broward
Fort Lauderdale, FL MSA Broward 231,711
County


Jacksonville, FL MSA Clay County 1,187
Duval County 12,729
Nassau 2730
County
St Johns 11103
County
MSA Total 27,749


Mlaml-Dade
Miami, FL MSA MiamiDade 327,412
County


Orlando, FL MSA Lake County 2,734
Orange 39,859
County
Osceola
County
Seminole 9105
County
MSA Total 56,475


Tampa--St Petersburg-- Hernando
Clearwater, FL MSA County
Hillsborough 26,187
County
Pasco County 10,860
Pmellas
Pinellas 95,018
County
MSA Total 132,848


West Palm Beach--Boca Palm Beach 296,088
Raton, FL MSA County


s Total Just
Assessed
% of % Owner ed % of Value % of Mean
otal State Occupied a(illns State (Millions of State Built
(DoMllons Dollars)
Dollars)


10000% 4632% $237,16206 100 00% $272,58845 100 00% ($)


1566% 5209% $25,60772 1080% $31,07845 1140% ($)


008% 33 36% $65 68 003% $72 86 003% ($)
0 86% 48 68% $1,639 30 0 69% $1,891 74 0 69% ($)

0 18% 1905% $1,04435 044% $1,111 17 041% 1984

075% 2681% $2,34603 099% $2,541 55 093% ($)

1 88% 36 36% $5,095 36 2 15% $5,61733 206% ($)


22 13% 51 06% $51,67940 21 79% $59,97410 22 00% ($)


0 18% 55 89% $35086 0 15% $36597 0 13% 1983

269% 2759% $6,031 01 254% $6,28469 231% ($)

032% 13 17% $2,00694 085% $2,01240 074% 1992

062% 5727% $66596 028% $78272 029% 1981

3 82% 32 52% $9,054 77 3 82% $9,445 78 347% ($)


005% 52 8% $43 51 002% $49 28 002% 1987

177% 5284% $2,44225 103% $2,828 68 104% 1985

073% 5087% $72448 031% $84938 031% 1982

642% 49 74% $12,19600 5 14% $14,41940 5 29% 1979

898% 5046% $15,40624 650% $18,14674 666% 1980


2002% 5677% $46,770 11 1972% $56,66994 2079% 1985


Year Number of Sales
in 2005


230,751


34,453


401
4,444

367

2,443

7,655


60,456


360

10,820

2,878

1,713

15,771


71

6,858

1,236

12,039

20,204


36,726


Median 2005
% of State n 2 Turnover Rate
Sales Price


100 00% $208,900 1560%


1493%


0 17%
1 93%

0 16%

1 06%

3 32%


26 20%


0 16%

4 69%

1 25%

0 74%

6 83%


0 03%

2 97%

0 54%

5 22%

8 76%


1592%


$187,000


$137,600
$153,900

$387,500

$197,000

$167,900


$226,000


$125,000

$174,850

$166,900

$147,400

$168,000


$100,000

$164,900

$105,000

$160,000

$159,000


$253,500


1487%


33 78%
3491%

1344%

22 00%

27 59%


18 46%


13 17%

2715%

60 25%

18 81%

27 93%


9 07%

2619%

11 38%

1267%

1521%


1240%


Major Metropolitan Area
Total


1,072,283 7249% 5143% $153,613 60 6477% $180,93234 6638%


175,265 75 95% 16 35%


















Daytona Beach, FL MSA Flagler 3,030
County
Volusia 25820
County
MSA Total 28,850


Fort Myers--Cape Coral, FL Lee County 63346
MSA


Fort Pierce--Port St Lucle, Marti County 13,041
FL MSA
St Luce 13605
County
MSA Total 26,646


Fort Walton Beach, FL Okaloosa
10,973
MSA County


Gainesville, FL MSA Alachua 3,766
County


Lakeland--Winter Haven, Polk County 7,637
FL MSA


Melbourne-Titusville--Palm Brevard
Bay, FL MSA County


Naples, FL MSA Collier 85,077
County


Marion
Ocala, FL MSA Marion 6,085
County


Panama City, FL MSA Bay County 13,173


Escambla
Pensacola, FL MSA Escamba 7,135
County
Santa Rosa 1,482
County
MSA Total 8,617


Punta Gorda, FL MSA Charlotte 12,521
County


Sarasota--Bradenton, FL Manatee 25213
MSA County


020% 2502% $77598 033% $80532 030% ($)

175% 2890% $5,11420 2 16% $5,66668 208% ($)

195% 2849% $5,890 18 248% $6,47201 237% ($)


428% 3266% $11,77096 496% $12,53028 460% 1989



0 88% 47 80% $1,701 56 072% $2,07209 076% 1979

092% 3431% $1,96002 083% $2,30044 084% 1979

1 80% 4091% $3,661 58 154% $4,37253 160% 1979


0 74% 9 35% $2,962 36 1 25% $3,050 86 1 12% ($)



025% 4365% $27660 012% $308 11 0 11% 1987



052% 35 93% $405 86 0 17% $425 14 0 16% ($)



1 87% 4195% $3,46804 146% $4,06348 149% 1983



575% 2986% $23,075 25 973% $25,04249 919% 1989



041% 6483% $35760 0 15% $38935 014% 1985


089% 774% $2,60631 1 10% $2,67027 098% ($)


048% 1683% $1,08913 046% $1,12390 041% 1987

0 10% 18 89% $243 83 010% $251 15 009% 1989

058% 1719% $1,33296 056% $1,375 05 050% 1987


085% 3193% $1,92973 081% $2,09701 077% 1987



170% 4853% $3,71564 157% $4,24454 156% 1982


1,089

3,085

4,174


12,346



1,508

2,012

3,520


1,359



1,430



804



3,696



7,569



769


1,097


458

94

552


1,434



4,262


0 47%

1 34%

1 81%


5 35%



0 65%

0 87%

1 53%


0 59%



0 62%



0 35%



1 60%



3 28%



0 33%


0 48%


0 20%

0 04%

0 24%


0 62%



1 85%


$399,000

$225,000

$270,000


$230,000



$184,500

$212,000

$199,900


$405,000



$139,950



$80,000



$173,000



$271,600



$96,000


$420,000


$300,000

$230,000

$277,500


$200,000



$200,000


35 94%

11 95%

1447%


1949%



11 56%

1479%

1321%


1238%



37 97%



1053%



1337%



8 90%



1264%


8 33%


6 42%

6 34%

641%


11 45%



1690%






















Tallahassee, FL MSA






Vero Beach, FL MSA


Remaining Metropolitan
Area Total


Northwest Non-
Metropolitan Area


Sarasota
County
MSA Total


Gadsden
County
Leon County
MSA Total


Indian River
County


48,039

73,252


13,054


325% 4046% $12,62706

495% 4324% $16,34270


0 00% 0 00% $0 00

006% 2793% $4993
006% 2793% $4993


0 88% 40 85% $2,308 93


381,502 2579% 3405% $76,438 98


Calhoun
County
Franklin
County
Gulf County
Holmes
County
Jackson
County
Jefferson
County
Liberty
County
Wakulla
County
Walton
County
Washington
County
Non-metro
Total


0

38

74

0

0

0

0

155

10,811

0

11 078


Northeast Non-Metropolitan Baker County 0
Area
Bradford 21
County
Columbia 46
46
County
Dixie County 0
Gilchrist
County
Hamilton 0
County


0 00% 0 00% $0 00

000% 1316% $899

001% 541% $23 57

0 00% 0 00% $0 00

0 00% 0 00% $0 00

0 00% 0 00% $0 00

0 00% 0 00% $0 00

001% 3097% $2853

073% 609% $3,559 55

0 00% 0 00% $0 00

075% 645% $3,620 65



0 00% 0 00% $0 00

0 00% 7143% (*)

0 00% 69 57% $3 08

0 00% 0 00% $0 00

000% 000% $000

000% 000% $000


5 32% $14,500 49

689% $18,745 03


000% $0 00

002% $53 52
002% $53 52


097% $2,61012



32 23% $84,205 25



0 00% $000

0 00% $930

001% $2418

0 00% $000

0 00% $000

0 00% $000

0 00% $000

001% $3059

1 50% $3,622 90

0 00% $000

1 53% $3,686 97



0 00% $000

(*) (*)

0 00% $3 26

0 00% $000

000% $000

000% $000


532% 1982

688% 1982


0 00% 0

002% 1976
002% 1976


096% 1984


30 89%


7,686

11,948


52,590


0 00% 0

000% 1998

001% 1992

0 00% 0

0 00% 0

0 00% 0

0 00% 0

001% ($)

1 33% ($)

0 00% 0

1 35% ($)



0 00% 0

(*) (*)

000% 1979

0 00% 0

0 00% 0

0 00% 0


3 33% $230,000 1600%

5 18% $221,100 1631%


0 00% $0 0 00%

0 16% $138,000 43 10%
0 16% $138,000 43 10%


066% $185,000 1162%


22 79%



0 00%

0 00%

001%

0 00%

0 00%

0 00%

0 00%

0 04%

0 53%

0 00%

0 57%



0 00%

0 00%

0 00%

0 02%

0 00%

0 00%


$0

$337,500

$500,000

$0

$0

$0

$0

$126,000

$460,600

$0

$441,800



$0

$129,950

$138,800

$288,693

$0

$0


1378%



0 00%

1053%

25 68%

0 00%

0 00%

0 00%

0 00%

53 55%

11 28%

0 00%

11 97%



0 00%

9 52%

1522%

0 00%

0 00%

0 00%
















Lafayette 0
County
Levy County 240
Madison
County
Suwannee 0
County
Taylor County 49
Union County 0
Non-metro 3
Total


Central Non-Metropolitan Citrus County 1,516
Area
Putnam 1
141
County
Sumter 105
County
Non-metro 1,762
Total


South Non-Metropolitan Desoto 607
Area County
Glades 177
County
Hardee 217
County
Hendry 475
County
Highlands 1187
County
Monroe 9405
County
Okeechobee
County
Non-metro 12257
Total
Non-Metropolitan Area 25,453
Total


000% 000% $000

002% 417% $38 75

000% 000% $000

000% 000% $000

0 00% 204% $6 95
0 00% 0 00% $0 00

002% 1629% $5024



0 10% 3978% $12599

001% 3333% $13 20

001% 4000% $383

012% 3927% $14302



004% 42 67% $50 54

001% 1921% $596

001% 3641% $893

003% 1011% $3319

008% 4044% $6213

064% 1541% $3,12687

001% 1852% $795

083% 1945% $3,295 57

172% 15 12% $7,10948


000% $000

002% $39 23

000% $000

000% $000

000% $699
000% $0 00

002% $51 50



005% $14418

001% $1423

000% $3 83

006% $16224



002% $56 76

000% $605

000% $914

001% $3404

003% $65 84

1 32% $3,369 99

0 00% $834

1 39% $3,550 15

3 00% $7,450 86


Footnotes
(*) Less than 25 observations
($) Less than 2/3 of observations have valid Year-built entries


0 00% 0

001% 1993

0 00% 0

0 00% 0

0 00% ($)
0 00% 0

002% 1991



005% 1983

001% 1987

0 00% ($)

006% 1983



002% 1994

0 00% ($)

000% 1995

001% ($)

002% 1982

1 24% ($)

000% 1977

1 30% ($)

2 73%


0 00%

001%

0 00%

0 00%

0 00%
0 00%

0 03%



0 09%

001%

001%

0 11%



0 02%

001%

001%

0 00%

0 07%

041%

001%

0 54%

1 26%


$0

$320,000

$0

$0

$0
$0

$286,900



$129,950

$188,750

$55,500

$129,450



$163,500

$19,000

$55,000

$135,000

$96,250

$525,000

$53,300

$411,000


0 00%

1083%

0 00%

0 00%

0 00%
0 00%

2219%



1372%

11 35%

20 95%

1396%



791%

18 08%

8 76%

0 63%

1398%

10 15%

11 64%

1016%

11 38%














Total Assessed
Table 3. Multi-Family Housing Stock with 9 Value Total Just Value Mean Relative
to with 9 Total Units % of State Value % of State (Millions of % of State
or Less Units (Millions of Dollars) Year Built Age Index
Dollars)
Florida 156,152 100.00% $28,710.49 100.00% $31,476.27 100.00% 1967 1.00


Fort Lauderdale, FL MSA


Jacksonville, FL MSA


Miami, FL MSA


Orlando, FL MSA


Broward County 19,000


Clay County 276
Duval County 4,295
Nassau County 326
St. Johns County 1,853
MSA Total 6,750


Miami-Dade County 31,843


Lake County 1,246
Orange County 10,228
Osceola County 882
Seminole County 1,145
MSA Total 13,501


12.17% $4,356.44


0.18%
2.75%
0.21%
1.19%
4.32%


$33.24
$640.85
$88.95
$437.99
$1,201.04


20.39% $7,504.02


0.80%
6.55%
0.56%
0.73%
8.65%


$135.30
$1,055.63
$128.02
$143.58
$1,462.53


15.17% $4,781.34


0.12%
2.23%
0.31%
1.53%
4.18%


$33.48
$695.30
$96.50
$559.90
$1,385.18


26.14% $8,211.18


0.47%
3.68%
0.45%
0.50%
5.09%


$137.11
$1,137.58
$130.91
$149.43
$1,555.03


15.19% 1965


0.11%
2.21%
0.31%
1.78%
4.40%


26.09% 1961


0.44%
3.61%
0.42%
0.47%
4.94%


Tampa--St. Petersburg--Clearwater, FL Hernando County 442
MSHeAando County 442
MSA


Hillsborough
County
Pasco County
Pinellas County
MSA Total


5,146

3,807
13,228
22,623


West Palm Beach--Boca Raton, FL MSA Palm Beach County 10,877


Major Metropolitan Area Total



Daytona Beach, FL MSA


0.28% $56.38

3.30% $670.17

2.44% $371.44
8.47% $2,401.80
14.49% $3,499.78


6.97% $2,129.92


104,594 66.98% $20,153.73


Flagler County
Volusia County
MSA Total


731
9,335
10,066


0.47%
5.98%
6.45%


$132.74
$973.88
$1,106.62


0.20% $57.38

2.33% $690.59

1.29% $427.36
8.37% $2,777.08
12.19% $3,952.40


7.42% $2,316.51


70.20% $22,201.65


0.46%
3.39%
3.85%


$137.18
$1,143.74
$1,280.92


0.18% 1986

2.19% 1975

1.36% 1972
8.82% 1952
12.56% 1961


7.36% 1961


70.53%



0.44%
3.63%
4.07%


















Fort Myers--Cape Coral, FL MSA


Fort Pierce--Port St. Lucie, FL MSA




Fort Walton Beach, FL MSA


Gainesville, FL MSA


Lakeland--Winter Haven, FL MSA

Melboume--Titusville--Palm Bay, FL
MSA

Naples, FL MSA


Ocala, FL MSA


Panama City, FL MSA


Pensacola, FL MSA




Punta Gorda, FL MSA


Sarasota--Bradenton, FL MSA




Tallahassee, FL MSA


Lee County


Martin County
St. Lucie County
MSA Total


Okaloosa County


Alachua County


Polk County


Brevard County


Collier County


Marion County


Bay County


Escambia County
Santa Rosa County
MSA Total


Charlotte County


Manatee County
Sarasota County
MSA Total


Gadsden County
Leon County
MSA Total


6,491


954
1,455
2,409


742


1,697


4,275


2,983


1,998


1,077


868


1,900
620
2,520


1,071


4,553
2,237
6,790


10
2,100
2,110


4.16%


0.61%
0.93%
1.54%


0.48%


1.09%


2.74%


$1,117.13


$171.40
$166.00
$337.40


$130.24


$172.95


$333.12


1.91% $540.86


1.28%


0.69%


0.56%


1.22%
0.40%
1.61%


0.69%


2.92%
1.43%
4.35%


0.01%
1.34%
1.35%


$468.71


$111.49


$120.20


$184.46
$64.03
$248.49


$225.37


$859.99
$456.56
$1,316.54


(*)
$291.70
$301.49


3.89%


0.60%
0.58%
1.18%


0.45%


0.60%


1.16%


$1,201.72


$182.28
$169.34
$351.62


$131.83


$175.50


$335.73


1.88% $610.98


1.63%


0.39%


0.42%


0.64%
0.22%
0.87%


0.78%


3.00%
1.59%
4.59%


(*)
1.02%
1.05%


$487.97


$113.18


$122.67


$191.40
$64.73
$256.13


$242.12


$958.79
$472.83
$1,431.61


(*)
$295.33
$305.13


3.82%


0.58%
0.54%
1.12%


0.42%


0.56%


1.07%


1.94% 1964


1.55%


0.36%


0.39%


0.61%
0.21%
0.81%


0.77%


3.05%
1.50%
4.55%


(*)
0.94%
0.97%


794 0.51% $124.63 0.43% $129.74


Vero Beach, FL MSA Indian River County


0.41% 1974 0.82














Remaining Metropolitan Area Total

Northwest Non-Metropolitan Area















Northeast Non-Metropolitan Area

















Central Non-Metropolitan Area





South Non-Metropolitan Area


45,891 29.39% $6,655.25 23.18% $7,176.86


Calhoun County
Franklin County
Gulf County
Holmes County
Jackson County
Jefferson County
Liberty County
Wakulla County
Walton County
Washington County
Non-metro Total

Baker County
Bradford County
Columbia County
Dixie County
Gilchrist County
Hamilton County
Lafayette County
Levy County
Madison County
Suwannee County
Taylor County
Union County
Non-metro Total

Citrus County
Putnam County
Sumter County
Non-metro Total

Desoto County
Glades County
Hardee County
Hendry County
Highlands County


0.00%
0.01%
0.00%
0.00%
0.05%
0.01%
0.00%
0.02%
0.05%
0.01%
0.15%

0.02%
0.01%
0.14%
0.00%
0.01%
0.01%
0.00%
0.04%
0.03%
0.03%
0.01%
0.00%
0.30%

0.25%
0.09%
0.05%
0.39%

0.11%
0.02%
0.14%
0.29%
0.46%


(*)
(*)
(*)
(*)
$18.83
(*)
(*)
(*)
$18.71
(*)
$59.91

$5.39
(*)
$25.43
(*)
(*)
(*)
(*)
$7.23
$7.45
$3.19
(*)
(*)
$63.60

$38.36
$12.47
$5.78
$56.61

$13.35
$3.43
$11.59
$46.00
$50.80


(*)
(*)
(*)
(*)
0.07%
(*)
(*)
(*)
0.07%
(*)
0.21%

0.02%
(*)
0.09%
(*)
(*)
(*)
(*)
0.03%
0.03%
0.01%
(*)
(*)
0.22%

0.13%
0.04%
0.02%
0.20%

0.05%
0.01%
0.04%
0.16%
0.18%


(*)
(*)
(*)
(*)
$18.86
(*)
(*)
(*)
$19.15
(*)
$60.61

$5.39
(*)
$25.57
(*)
(*)
(*)
(*)
$7.97
$7.52
$3.21
(*)
(*)
$64.59

$39.40
$13.30
$6.00
$58.71

$13.63
$3.52
$12.17
$52.38
$51.94


22.80%


(*)
(*)
(*)
(*)
0.06%
(*)
(*)
(*)
0.06%
(*)
0.19%

0.02%
(*)
0.08%
(*)
(*)
(*)
(*)
0.03%
0.02%
0.01%
(*)
(*)
0.21%

0.13%
0.04%
0.02%
0.19%

0.04%
0.01%
0.04%
0.17%
0.17%
















Monroe County 2,642 1.69% $1,580.47 5.50% $1,764.25 5.61% 1961 1.17
Okeechobee County 129 0.08% $15.74 0.05% $15.97 0.05% 1975 0.80
Non-metro Total 4,354 2.79% $1,721.39 6.00% $1,913.85 6.08% 1965 1.05
Non-Metropolitan Area Total 5,667 3.63% $1,901.51 6.62% $2,097.76 6.66%

Footnotes
(*) Less than 25 observations
($) Less than 2/3 of observations have valid Year-built entes















Table 4. Multi-Family Housing Stock with Total Assessed Total Just Value Mean Relative
Total Units % of State Value % of State (Millions of % of State Yea Bilt Ae e
10 or More Units (Millions of Dollars) Dollars)Year Built Age Index
Florida 14,126 100.00% $44,998.18 100.00% $45,015.25 100.00% 1974 1.00


Fort Lauderdale, FL MSA


Jacksonville, FL MSA


Broward County 1,768


Clay County 43
Duval County 550
Nassau County 35
St. Johns County 43
MSA Total 671


Miami-Dade
County


Miami, FL MSA


Orlando, FL MSA


3,745


Lake County 124
Orange County 771
Osceola County 81
Seminole County 186
MSA Total 1,162


Tampa--St. Petersburg--Clearwater, FL Hernando County 52
MS 'Hemando County 52
MSA
Hillsborough 1,027
County
Pasco County 182
Pinellas County 735
MSA Total 1,996


West Palm Beach--Boca Raton, FL MSA Palm Beach County 780


Major Metropolitan Area Total



Daytona Beach, FL MSA


12.52% $6,402.46


0.30% $234.42
3.89% $2,855.72
0.25% $41.47
0.30% $178.22
4.75% $3,309.83


26.51% $9,804.36


0.88% $193.14
5.46% $4,539.92
0.57% $552.11
1.32% $1,488.02
8.23% $6,773.19


0.37% $76.59

7.27% $4,205.03

1.29% $328.19
5.20% $2,244.49
14.13% $6,854.30


5.52% $3,634.29


10,122 71.66% $36,778.44


Flagler County 6
Volusia County 486
MSA Total 492


0.04% (*)
3.44% $594.28
3.48% $602.34


14.23% $6,407.45


0.52% $234.42
6.35% $2,855.77
0.09% $41.97
0.40% $178.23
7.36% $3,310.39


21.79% $9,810.93


0.43% $193.14
10.09% $4,540.03
1.23% $552.13
3.31% $1,488.02
15.05% $6,773.32


0.17% $76.61

9.34% $4,205.06

0.73% $328.23
4.99% $2,245.46
15.23% $6,855.36


8.08% $3,634.50


81.73% $36,791.95



(*) (*)
1.32% $595.21
1.34% $603.26


14.23% 1971


0.52% ($)
6.34% 1977
0.09% 1982
0.40% 1992
7.35% 1978


21.79% 1965


0.43% 1981
10.09% 1983
1.23% 1986
3.31% 1984
15.05% 1983


0.17% 1988

9.34% 1981

0.73% 1988
4.99% 1966
15.23% 1976


8.07% 1974


81.73%


(*) (*)
1.32% 1965
1.34% 1965















Fort Myers--Cape Coral, FL MSA


Fort Pierce--Port St. Lucie, FL MSA




Fort Walton Beach, FL MSA


Gainesville, FL MSA


Lakeland--Winter Haven, FL MSA

Melboume--Titusville--Palm Bay, FL
MSA

Naples, FL MSA


Ocala, FL MSA


Panama City, FL MSA


Pensacola, FL MSA




Punta Gorda, FL MSA


Sarasota--Bradenton, FL MSA




Tallahassee, FL MSA




Vero Beach, FL MSA


Remaining Metropolitan Area Total


Lee County 181


Martin County 62
St. Lucie County 67
MSA Total 129


Okaloosa County 160


Alachua County 388


Polk County 242


Brevard County 277


Collier County 98


Marion County 104


Bay County 128


Escambia County 144
Santa Rosa County 56
MSA Total 200


Charlotte County 26


Manatee County 265
Sarasota County 324
MSA Total 589


Gadsden County 53
Leon County 368
MSA Total 421


Indian River County 47


1.28%


0.44%
0.47%
0.91%


1.13%


2.75%


1.71%


$757.83


$281.05
$194.99
$476.04


$227.19


$908.61


$398.71


1.96% $793.65


0.69%


0.74%


0.91%


1.02%
0.40%
1.42%


0.18%


1.88%
2.29%
4.17%


0.38%
2.61%
2.98%


0.33%


$663.06


$220.84


$174.25


$323.93
$59.56
$383.49


$44.58


$561.05
$629.64
$1,190.69


$4.59
$913.49
$918.08


$126.59


1.68% $757.93


0.62% $281.55
0.43% $195.24
1.06% $476.79


0.50% $227.79


2.02% $908.61


0.89% $398.77


1.76% $793.95


1.47% $663.06


0.49% $220.92


0.39% $174.30


0.72% $323.93
0.13% $59.56
0.85% $383.49


0.10% $44.59


1.25% $561.05
1.40% $629.92
2.65% $1,190.97


0.01% $4.61
2.03% $913.61
2.04% $918.21


0.28% $126.59


1.68% 1981


0.63% 1978
0.43% 1979
1.06% 1979


0.51% 1982


2.02% 1981


0.89% 1977


1.76% 1973


1.47% 1987


0.49% 1981


0.39% 1982


0.72% 1980
0.13% 1982
0.85% 1980


0.10% 1976


1.25% 1990
1.40% 1978
2.65% 1983


0.01% 1976
2.03% 1978
2.04% 1978


0.28% 1987


3,482 24.65% $7,885.95 17.53% $7,889.23


17.53%















Northwest Non-Metropolitan Area













Northeast Non-Metropolitan Area
















Central Non-Metropolitan Area





South Non-Metropolitan Area


Calhoun County
Franklin County
Gulf County
Holmes County
Jackson County
Jefferson County
Liberty County
Wakulla County
Walton County
Washington County
Non-metro Total

Baker County
Bradford County
Columbia County
Dixie County
Gilchrist County
Hamilton County
Lafayette County
Levy County
Madison County
Suwannee County
Taylor County
Union County
Non-metro Total

Citrus County
Putnam County
Sumter County
Nonmetro Total

Desoto County
Glades County
Hardee County
Hendry County
Highlands County
Monroe County
Okeechobee County


0.03%
0.20%
0.07%
0.04%
0.11%
0.05%
0.01%
0.01%
0.62%
0.01%
1.17%

0.01%
0.12%
0.17%
0.03%
0.01%
0.00%
0.01%
0.08%
0.06%
0.11%
0.01%
0.08%
0.68%

0.34%
0.21%
0.33%
0.88%

0.24%
0.03%
0.06%
0.09%
0.42%
0.11%
0.01%


(*)
$8.65
(*)
(*)
(*)
(*)
(*)
(*)
$24.33
(*)
$51.82

(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
$63.55

$28.75
$42.63
$11.44
$82.81

$13.99
(*)
(*)
(*)
$32.40
(*)
(*)


(*)
0.02%
(*)
(*)
(*)
(*)
(*)
(*)
0.05%
(*)
0.12%

(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
0.14%

0.06%
0.09%
0.03%
0.18%

0.03%
(*)
(*)
(*)
0.07%
(*)
(*)


(*)
$8.65
(*)
(*)
(*)
(*)
(*)
(*)
$24.40
(*)
$51.93

(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
$63.64

$28.75
$42.63
$11.46
$82.84

$13.99
(*)
(*)
(*)
$32.45
(*)
(*)


(*)
0.02%
(*)
(*)
(*)
(*)
(*)
(*)
0.05%
(*)
0.12%

(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
0.14%

0.06%
0.09%
0.03%
0.18%

0.03%
(*)
(*)
(*)
0.07%
(*)
(*)
















Non-metro Total 137 0.97% $135.60 0.30% $135.66 0.30% 1979 0.82
Non-Metropolitan Area Total 522 3.70% $333.80 0.74% $334.08 0.74%

Footnotes
(*) Less than 25 observations
($) Less than 2/3 of observations have valid Year-built entries






-TheStaeoflorda' H ng


HOUSING AFFORDABILITY
Douglas White, Florida Housing Data Clearinghouse,
Shimberg Center, University of Florida

The affordability of housing is an important issue nationally and
in the state of Florida. Households are concerned about it because
affordability affects their ability to become a homeowner, as well
as the size and amenities of the home they are able to purchase.
Real estate salespersons and other industry participants also are
concerned, because the number of households able to afford the
purchase of a home is an important determinant of single-family
sales activity in their local markets. Housing affordability also has
become an important public policy issue, as home ownership is
viewed as being an important goal for both individual and societal
reasons.
Three factors are the primary determinants of the affordability
of housing. These are household income, housing prices, and
mortgage rates. For a household considering homeownership, an
additional factor is the rate of appreciation in housing prices. This
chapter begins with a discussion of affordability using a homeown-
ership cost index measure. It then investigates issues of housing
affordability using a concept called cost burden.

Housing Affordability Index
One measure of housing affordability is the cost of homeowner-
ship, commonly conveyed through housing affordability indices.
These indices generally indicate that affordability increased sub-
stantially towards the end of the last decade, primarily as a result
of lower interest rates during that period. A housing affordability
index for an area brings together the price and the income elements
that contribute to housing affordability. The most common index
construction method is that used by the National Association of
Realtors(r) (NAR). The NAR index measures the ability of the
median income household in an area to purchase a median priced
house. In addition to the median income and median house price
in an area, index construction requires the current mortgage interest
rate, assumptions about the down payment required to purchase
the median price home, and the maximum percentage of household
income that can be spent on housing. An index of 100 indicates
the typical (median) household in the area has sufficient income
to purchase a single-family home selling at the median price.14
Median house prices are calculated from the DOR county property
appraiser datasets. Median household incomes are purchased from
Claritas.
Although important, median sale prices in a county or MSA do
not alone determine housing affordability. A second important fac-
tor is the income of area residents. The highest household incomes
in Florida are generally in the coastal counties that also contain
many high priced housing units. However, median household
incomes and single-family house prices in an area are only moder-
ately correlated which can lead to significant differences in housing
affordability across counties and MSAs.
Our index construction method can be represented by the follow-
ing formula:


Afforhlabilihy Index


Median household income
Qualifying income


Qualifying income is defined as the income needed to qualify
for a mortgage to finance an existing median-priced home. As an
example, the median household income in the Alachua County
in 2005 is $35,550, the median 2005 sales price of a single-family
home is $184,300, and the 30-year mortgage interest rate of 5.87
percent1 yields a mortgage constant of 0.00588, the calculated af-
fordability index is 71.58:


$35,550
4x12(0.95 x $184,300) x 0.00588

$35,123
$49,416

=71.58

The denominator is the annual mortgage payment, multiplied
by 4, because the income needed to qualify for a 5 percent down,
5.82-percent, monthly payment loan is assumed to be four times
the annual mortgage payment. This is equivalent to a household
spending 25 percent of their monthly income on mortgage costs,
and is consistent with the qualifying ratio used by residential mort-
gage lenders. The calculated index of 94.58 indicates that median
household income in the area is 5.42% below the amount typically
needed to qualify for the loan. The higher the calculated afford-
ability index, the easier it is for a household in the area with median
income to purchase a median-priced home, and the lower the
affordability index, the harder it is for a household with the median
income to purchase a median priced home.16
We calculate affordability indices (Table 5) for all counties in
Florida. Our index calculations differ from those of the NAR be-
cause we use the property appraiser data as the source for home sales
transaction prices rather than the Multiple Listing Service(r) used
by the Realtors(r), and our median income is household rather than
family income. Our numbers are therefore not directly comparable,
but do give an indication of relative affordability across the state.
Due to the manner in which Claritas calculates the median
household income, the county-specific indices cannot be directly
compared year-to-year, but the overall trends in the counties can be
discussed. As can be seen in Table 5 the number of counties with an
index value below 100 totaled forty-nine in 2005, an increase from
15 in 2003. These numbers point to a lessening of affordability in
Florida in 2005.
In interpreting the affordability indices for each county, several
caveats should be considered. First, as a result of the limited sales
transactions in some smaller counties, the median sale price may
vary considerably from year-to-year. This fluctuation in the esti-
mated median house price produces an exaggerated variability in the
calculated affordability index. Second, the calculation of the index
using median house prices and incomes may mask the distribution
of affordability across the various income brackets within a county
or MSA. For example, if house prices in a county tend to be tightly
distributed around their median value, while incomes are more
widely dispersed, then affordability problems will exist at the lower
income ranges that are not identified by the affordability index.
Thus, standard indices based on median house prices and median











incomes are only one measure of housing affordability. What the af-
fordability indices provide is an indication of the relative change in
affordability within counties over time, and the relative affordability
of housing across counties.


Table 5. County Affordability Index
State, Metropolitan Area, County 2003 2004 2005
Fort Lauderdale, FL MSA Broward County 83.34 67.86 56.33


Jacksonville, FL MSA


Miami, FL MSA


Orlando, FL MSA







Tampa--St. Petersburg--Clearwater, FL MSA







West Palm Beach--Boca Raton, FL MSA





Daytona Beach, FL MSA



Fort Myers--Cape Coral, FL MSA


Fort Pierce--Port St. Lucie, FL MSA



Fort Walton Beach, FL MSA


Gainesville, FL MSA


Lakeland--Winter Haven, FL MSA


Melboure--Titusville--Palm Bay, FL MSA


Naples, FL MSA


Ocala, FL MSA


Panama City, FL MSA


Pensacola, FL MSA


Clay County
Duval County
Nassau County
St. Johns County


Miami-Dade County


Lake County
Orange County
Osceola County
Seminole County


Hernando County
Hillsborough County
Pasco County
Pinellas County


Palm Beach County





Flagler County
Volusia County


Lee County


Martin County
St. Lucie County


Okaloosa County


Alachua County


Polk County


Brevard County


Collier County


Marion County


Bay County


Escambia County
Santa Rosa County


137.69
118.82
108.33
78.54


73.89


104.20
103.01
108.42
103.50


126.68
113.49
102.44
108.55


77.36


125.33
109.55


97.85


78.39
146.34


133.77


94.31


125.35


124.60


74.68


102.36


106.89


130.64
161.55


117.63
106.63
100.21
70.95


58.87


91.01
88.25
86.42
95.03


104.52
98.19
90.42
94.36


62.14


101.71
95.46


87.11


64.31
115.67


108.88


79.76


108.59


100.89


61.25


93.51


90.23


120.66
134.79


106.50
97.25
88.41
63.42


49.69


71.10
69.10
64.96
73.07


84.22
81.91
73.62
82.01


50.71


78.55
78.53


66.65


56.49
88.36


88.15


71.58


89.54


78.61


48.42


83.71


74.46


103.89
102.51








-TheStaeoflorda' H ng


Punta Gorda, FL MSA


Sarasota--Bradenton, FL MSA



Tallahassee, FL MSA



Vero Beach, FL MSA



Northwest Non-metropolitan Area
















Northeast Non-metropolitan Area


Central Non-metropolitan Area


South Non-metropolitan Area


Charlotte County


Manatee County
Sarasota County


Gadsden County
Leon County


Indian River County



Calhoun County
Franklin County
Gulf County
Holmes County
Jackson County
Jefferson County
Liberty County
Wakulla County
Walton County
Washington County


Baker County
Bradford County
Columbia County
Dixie County
Gilchrist County
Hamilton County
Lafayette County
Levy County
Madison County
Suwannee County
Taylor County
Union County


Citrus County
Putnam County
Sumter County


Desoto County
Glades County
Hardee County
Hendry County
Highlands County
Monroe County
Okeechobee County


107.13 88.70


68.26


83.34 67.00 54.89
86.90 73.47 59.32


145.56 114.09 102.00
113.81 95.71 91.54


109.79 93.87


79.63


182.15 139.20 137.02
45.76 33.75 36.72
67.49 51.35 52.33
183.39 172.60 161.22
155.95 133.34 131.20
139.35 133.51 103.35
145.54 193.60 190.07
111.10 100.25 89.12
55.34 38.97 33.33
167.40 137.79 115.52


158.14 133.75 108.19
160.64 137.45 115.02
129.29 102.00 90.17
135.23 109.29 90.77
132.19 104.16 90.53
138.77 115.92 117.91
143.78 157.17 91.25
131.26 92.89 81.42
187.43 142.17 135.67
149.68 133.39 94.35
173.29 133.73 123.54
173.32 135.16 162.95


135.39 108.79 86.52
146.83 121.80 99.08
99.56 75.96 69.36


149.59 126.76 81.52
160.05 142.35 105.34
190.14 155.64 146.30
179.25 123.73 90.04
141.62 121.22 88.44
41.96 29.79 24.38
125.53 102.13 85.74












Table 6. County Affordability Index and Rank
County 2005 Affordability 2005 Rank

Liberty County 190.07 Most Affordable
Union County 162.95 2
Holmes County 161.22 3
Hardee County 146.30 4
Calhoun County 137.02 5
Madison County 135.67 6
Jackson County 131.20 7
Taylor County 123.54 8
Hamilton County 117.91 9
Washington County 115.52 10
Bradford County 115.02 11
Baker County 108.19 12
Clay County 106.50 13
Glades County 105.34 14
Escambia County 103.89 15
Jefferson County 103.35 16
Santa Rosa County 102.51 17
Gadsden County 102.00 18
Putnam County 99.08 19
Duval County 97.25 20
Suwannee County 94.35 21
Leon County 91.54 22
Lafayette County 91.25 23
Dixie County 90.77 24
Gilchrist County 90.53 25
Columbia County 90.17 26
Hendry County 90.04 27
Polk County 89.54 28
Wakulla County 89.12 29
Highlands County 88.44 30
Nassau County 88.41 31
St. Lucie County 88.36 32
Okaloosa County 88.15 33
Citrus County 86.52 34
Okeechobee County 85.74 35
Hernando County 84.22 36
Marion County 83.71 37
Pinellas County 82.01 38
Hillsborough County 81.91 39
Desoto County 81.52 40
Levy County 81.42 41
Indian River County 79.63 42
Brevard County 78.61 43
Flagler County 78.55 44
Volusia County 78.53 45
Bay County 74.46 46
Pasco County 73.62 47
Seminole County 73.07 48
Alachua County 71.58 49
Lake County 71.10 50


Sumter County
Orange County
Charlotte County
Lee County
Osceola County
St. Johns County
Sarasota County
Martin County
Broward County
Manatee County
Gulf County
Palm Beach County
Miami-Dade County
Collier County
Franklin County
Walton County
Monroe County


69.36 51
69.10 52
68.26 53
66.65 54
64.96 55
63.42 56
59.32 57
56.49 58
56.33 59
54.89 60
52.33 61
50.71 62
49.69 63
48.42 64
36.72 65
33.33 66
24.38 Least Affordable






-TheStaeoflorda' H ng


HOUSING CHARACTERISTICS BY

HOMESTEAD EXEMPTION
Douglas White, Florida Housing Data Clearinghouse,
Shimberg Center, University of Florida and
Mary Lois White, Albright College

In the State of Florida, homeowners are legally permitted to
claim a homestead exemption on their primary residence. From
the Florida Department of Revenue website, http://dor.myflorida.
com/dor/property/exemptions.html, "Every person who has legal
or equitable title to real property in the State of Florida and who
resides on the property on January 1 and in good faith makes it his
or her permanent home is eligible for a homestead exemption."
This exemption provides benefits to the homeowner such as
reducing the taxable value of their property and limiting the rate of
growth of the taxable value. Thus, individuals who can claim the
exemption have strong incentive to do so.
This section will report on the differences that exist between the
properties that claim the homestead exemption and those that do
not. The characteristics year built, square footage, just value, and
assessed value will all be examined to reveal what differences exist,
if any, between the owner-occupied units and those that are not
owner-occupied.


Overview
In 2005 there were 3,224,872 single-family properties on the tax
rolls that claimed the homestead exemption (76% of parcels) and
1,010,168 properties that did not, indicating that a substantial por-
tion of the state's housing supply is claimed as a primary residence.
In contrast, 685,217 of condominium units claimed the homestead
exemption (46% of units) while 794,021 did not, indicating that
a majority of the condominium stock is not claimed as a primary
residence.

Single-Family Properties
Square Footage
The following table shows the mean square footage of all prop-
erties in the state that claimed the homestead exemption for the
2005 tax roll year was 2,020 square feet, and 1,744 square feet for
properties that did not claim the homestead exemption. The me-
dian square footage of homestead properties was 1,836 and 1,524
for non-homestead properties. In every MSA and non-metropoli-
tan area (except for Naples for which no square footage data are
available), the mean square footage of single-family homes claiming
the homestead exemption is larger than the mean square footage of
homes not claiming the exemption; this is also true when examin-


Table 7. 2005 Roll Year Data, Mean and Median Square Footage, Single-Family
Single-Family Mean Single-Family Median
State, MSA, or County Homestead Non-Homestead Homestead Non-Homestead
Central Non-metropolitan Area 2,192 1,795 2,048 1,624
Daytona Beach, FL MSA 1,735 1,528 1,624 1,403
Fort Lauderdale, FL MSA 2,005 1,783 1,800 1,536
Fort Myers--Cape Coral, FL MSA 3,005 2,815 2,724 2,429
Fort Pierce--Port St. Lucie, FL MSA 1,790 1,602 1,651 1,446
Fort Walton Beach, FL MSA 2,101 1,733 1,967 1,541
Gainesville, FL MSA 2,051 1,524 1,888 1,360
Jacksonville, FL MSA 2,057 1,653 1,910 1,477
Lakeland--Winter Haven, FL MSA 2,299 1,934 2,120 1,812
Melboure--Titusville--Palm Bay, FL 1,720 1,464 1,615 1,344
Miami, FL MSA 1,939 1,750 1,724 1,518
Naples, FL MSA N/A N/A N/A N/A
Northeast Non-metropolitan Area 1,801 1,421 1,677 1,263
Northwest Non-metropolitan Area 1,818 1,663 1,656 1,463
Ocala, FL MSA 1,645 1,409 1,541 1,300
Orlando, FL MSA 2,025 1,769 1,867 1,620
Panama City, FL MSA 1,976 1,580 1,844 1,405
Pensacola, FL MSA 1,994 1,618 1,894 1,462
Punta Gorda, FL MSA 1,683 1,462 1,647 1,380
Sarasota--Bradenton, FL MSA 2,109 1,783 1,919 1,568
SouthNon-metropolitan Area 1,747 1,507 1,600 1,326
Tallahassee, FL MSA 2,007 1,434 1,854 1,262
Tampa--St. Petersburg--Clearwater, FL 1,942 1,603 1,792 1,428
Vero Beach, FL MSA 2,100 1,851 1,944 1,567
West Palm Beach--Boca Raton, FL 2,349 2,207 2,114 1,739
Florida 2,020 1,744 1,836 1,524









ing the median square footage. It is also the case that the mean
square footage in each location exceeds the median square footage
for single-family homes. This relationship indicates the existence of
units on the upper end of the distribution that are causing the mean
value to increase above the median.

Year Built
As can be seen in the following table, the mean year built of all
properties in the state that claimed the homestead exemption for
the 2005 tax roll year was 1980, and 1977 for properties that did
not claim the homestead exemption. The median year built for
owner-occupied housing was 1983 and only 1980 for those that are
not owner-occupied.
The median year built of homestead properties was 1983 and
1980 for non-homestead properties. In every MSA and non-met-
ropolitan area, the mean year built of single-family homes claiming
the homestead exemption is larger than homes not claiming the
exemption; this is also true when examining the median year built
except for the Naples MSA, in which the median is greater than the
mean, and the Orlando and Panama City MSAs, where the median
year built equals the mean. In the non-metropolitan areas, only
the Northwest Non-MSA's median year built exceeds the mean
year built.


A comparison of the mean and median year built for single-family
homes claiming the homestead exemptions reveals that in virtu-
ally every area of the state, the median year built is greater than the
mean year built indicating (the age of the housing stock is younger
when using the median as a measure instead of the mean). The
exceptions are the Fort Lauderdale MSA, Gainesville MSA, (where
they are equal), and the Miami MSA (where the mean is greater
than the median).

Housing Values
The following tables present several views of the value of Florida's
housing stock. In Table 9, below, the mean just value and median
just value are compared. In every instance the mean just value
exceeds the median just value, indicating there are properties on the
upper end of the distribution that are pulling up the mean value for
both properties that claim the homestead exemption and those that
do not. In most instances, the mean just value for owner-occupied
units exceeds the mean just value for non-owner-occupied units;
Ft. Myers, Vero Beach, Naples, Panama City, West Palm Beach,
Northwest Non-MSA, and South Non-MSA, are the exceptions. In
contrast, only the Naples MSA experiences median just values for
non-owner-occupied units exceeding the median value for proper-


Table 8. 2005 Roll Year Data, Mean and Median Year Built
Single-Family Mean Single-Family Median
State, MSA, or County Homestead Non-Homestead Homestead Non-Homestead
Daytona Beach, FL MSA 1982 1977 1986 1980
Fort Lauderdale, FL MSA 1979 1975 1979 1975
Fort Myers--Cape Coral, FL MSA 1986 1985 1988 1988
Fort Pierce--Port St. Lucie, FL MSA 1986 1983 1988 1985
Fort Walton Beach, FL MSA 1982 1980 1984 1983
Gainesville, FL MSA 1982 1974 1982 1975
Jacksonville, FL MSA 1980 1972 1985 1975
Lakeland--Winter Haven, FL 1977 1974 1979 1978
Vero Beach, FL MSA 1985 1980 1987 1983
Melboure--Titusville--Palm Bay, FL 1982 1978 1985 1981
Miami, FL MSA 1970 1967 1969 1962
Naples, FL MSA 1989 1988 1991 1992
Ocala, FL MSA 1986 1981 1989 1984
Orlando, FL MSA 1984 1982 1987 1987
Panama City, FL MSA 1981 1980 1985 1985
Pensacola, FL MSA 1980 1973 1982 1973
Punta Gorda, FL MSA 1985 1980 1987 1982
Sarasota--Bradenton, FL MSA 1981 1976 1984 1978
Tallahassee, FL MSA 1980 1974 1983 1979
Tampa--St. Petersburg--Clearwater, FL 1979 1974 1980 1974
West Palm Beach--Boca Raton, FL 1978 1973 1980 1975
Northwest No metropolitan Area 1980 1979 1982 1983
Northeast No metropolitan Area 1977 1967 1979 1968
Central No metropolitan Area 1985 1981 1988 1985
South No metropolitan Area 1980 1977 1983 1980
Florida 1980 1977 1983 1980






-TheStaeoflorda' H ng


ties claiming the homestead exemption, although the northwest
non-MSA and South non-MSA median just values for non-home-
stead properties also exceed the median just value for homestead
single-family properties.
The statewide mean just value for owner-occupied units was
$205,227 and $190, 982 for non-owner-occupied units. The me-
dian just values were noticeably smaller, only $150,994 for owner-
occupied units (a $54,233 difference) and $124,700 for non-owner
occupied units (a $66,282 difference). For the owner-occupied
units the MSA with the smallest difference between the mean and
median just values is Lakeland-Winter Haven with a difference of
$13,890, although there are four other MSAs that have less than a
$20,000 differential (Gainesville, Ocala, Pensacola, and Tallahas-
see). In comparison, there are three MSAs that have more than a
$100,000 differential (Vero Beach, Naples, and West Palm Beach-
Boca Raton). For the non-owner occupied units, the difference
between the mean and median just values is generally even larger,
but the same patterns still emerge. The MSAs with the smallest dif-
ferentials are Gainesville, Lakeland-Winter Haven, Ocala, and Talla-
hassee, while the MSAs with the largest differentials are Vero Beach,
Naples, and West Palm Beach. It is worth noting however, that for
these non-owner occupied units, the differentials are considerably


larger than they were for the owner-occupied units, in some cases
close to an additional $100,000 difference. The non-MSA areas
also show considerable differences for the northwest and southern
areas. Both of these areas have differentials nearing $200,000 for
the non-owner occupied units, although the South non-MSA area
has $127,036 difference between the mean and median just values
even for the owner occupied units.
The following table compares the mean assessed value to the mean
just value. As would be expected, the mean just value and mean
assessed value are very close for the properties that do not claim the
homestead exemption. Since the just value is a representation of the
perceived market price of the property, and properties that do not
claim the homestead exemption are taxed on the full value of their
property, it is not surprising that these values are not substantially
different. The mean just value exceeds the mean assessed value in
every area of the state except for the Naples MSA where the assessed
value exceeds the just value by $13. Statewide, the mean just value
exceeds the mean assessed value by $931. It is interesting to note
that the difference between the mean just value and mean assessed
value is not consistent throughout the state. There are a few areas
within the state where there are seemingly large departures between
these values. For instance, the non-owner-occupied properties in


Table 9. Single-Family Mean and Median Value Comparison, Just Value
Mean Just Value Median Just Value Mean-Median
Difference
State, MSA, or County Owner Non- Owner Non- Owner Non-
Occupied Owner Occupied Owner Occupied Owner
Florida $205,227 $190,982 $150,994 $124,700 $54,233 $66,282
Daytona Beach, FL MSA $162,174 $145,205 $131,312 $116,259 $30,862 $28,946
Fort Lauderdale, FL MSA $267,416 $249,178 $219,040 $181,460 $48,376 $67,718
Fort Myers--Cape Coral, FL MSA $234,160 $262,773 $167,290 $166,135 $66,870 $96,638
Fort Pierce--Port St. Lucie, FL MSA $226,880 $213,119 $159,140 $137,400 $67,740 $75,719
Fort Walton Beach, FL MSA $166,650 $161,007 $126,863 $98,532 $39,787 $62,475
Gainesville, FL MSA $144,679 $96,794 $126,800 $84,200 $17,879 $12,594
Jacksonville, FL MSA $176,140 $137,503 $135,450 $97,938 $40,690 $39,565
Lakeland--Winter Haven, FL MSA $116,990 $101,895 $103,100 $87,580 $13,890 $14,315
Vero Beach, FL MSA $252,978 $259,476 $141,560 $109,400 $111,418 $150,076
Melboure--Titusville--Palm Bay MSA $194,454 $156,443 $156,910 $124,190 $37,544 $32,253
Miami, FL MSA $284,740 $269,382 $209,872 $181,214 $74,868 $88,169
Naples, FL MSA $455,282 $512,367 $276,320 $285,647 $178,962 $226,720
Ocala, FL MSA $114,657 $94,860 $100,216 $75,881 $14,441 $18,979
Orlando, FL MSA $173,378 $153,266 $144,444 $128,851 $28,934 $24,415
Panama City, FL MSA $137,215 $137,826 $113,923 $102,041 $23,292 $35,785
Pensacola, FL MSA $113,221 $95,091 $93,290 $64,520 $19,931 $30,571
Punta Gorda, FL MSA $191,397 $172,441 $149,046 $129,288 $42,351 $43,153
Sarasota--Bradenton, FL MSA $263,021 $241,040 $185,800 $158,674 $77,221 $82,366
Tallahassee, FL MSA $151,042 $100,218 $132,841 $84,060 $18,201 $16,158
Tampa--St. Petersburg-Clearwater MSA $174,641 $135,062 $137,756 $106,452 $36,885 $28,610
West Palm Beach--Boca Raton, FL MSA $338,021 $395,245 $230,170 $190,284 $107,851 $204,962
Northwest No metropolitan Area $143,126 $282,352 $75,107 $101,238 $68,019 $181,114
Northeast No metropolitan Area $87,924 $71,004 $73,424 $48,095 $14,500 $22,909
Central No metropolitan Area $124,430 $107,279 $106,900 $87,400 $17,530 $19,879
South No metropolitan Area $234,764 $312,460 $107,728 $130,779 $127,036 $181,681









the Melbourne MSA have just values that are $3,633 above the
assessed value, even though these properties are not subject to the
homestead exemption.
This variation is also particularly noticeable for the properties
that are owner occupied. It is important to note that the mean
assessed value calculated in the above table does not account for the
$25,000 homestead exemption, in other words, the taxable value
of the units would be $25,000 less than what is even shown in the
above table, thus, these differences cannot be attributed simply to
the amount of the homestead exemption. So why are the assessed
value and just value so different? Properties claiming the homestead
exemption receive the benefit of a cap on the rate of growth of the


assessed value of their property. The Save Our Homes Amend-
ment limits the increase in the assessed value of one's home to 3%
annually or the increase in the Consumer Price Index, which ever
is less, for homes that qualify for the homestead exemption. Thus,
if current market property values are increasing at a faster rate than
what is legally permitted for tax assessment, current property owners
will experience a larger increase in the just value of their home (the
market value) than in their assessed value.
It is noteworthy that in every geographical area identified the
mean just value exceeds the mean assessed value, in fact, there are
three MSAs (Miami, Naples, and West Palm Beach) where the dif-
ference is in excess of $100,000. Because the mean can be affected


Table 10. Single-Family Mean Values, Assessed versus Just Value Comparison

Mean Assessed Mean Just Value Just-Assessed Value*
State, MSA, or County Homestead Non- Homestead Non- Homestead Non-
Homestead Homestead Homestead
Florida $143,118 $190,050 $205,227 $190,982 $62,109 $931
Daytona Beach, FL MSA $114,299 $144,295 $162,174 $145,205 $47,876 $910
Fort Lauderdale, FL $173,183 $249,163 $267,416 $249,178 $94,234 $16
MSA
Fort Myers-Cape Coral, $166,998 $261,900 $234,160 $262,773 $67,162 $873
FL MSA
Fort Pierce--Port St. $150,213 $211,703 $226,880 $213,119 $76,667 $1,416
Lucie, FL MSA
Fort Walton Beach, FL $122,237 $158,808 $166,650 $161,007 $44,413 $2,199
MSA
Gainesville, FL MSA $114,074 $95,960 $144,679 $96,794 $30,605 $834
Jacksonville, FL MSA $133,643 $136,494 $176,140 $137,503 $42,496 $1,009
Lakeland--Winter $93,191 $101,503 $116,990 $101,895 $23,799 $391
Haven, FL MSA
Vero Beach, FL MSA $179,740 $258,248 $252,978 $259,476 $73,238 $1,228
Melboure--Titusville- $118,147 $152,810 $194,454 $156,443 $76,307 $3,633
Palm Bay
Miami, FL MSA $168,742 $269,375 $284,740 $269,382 $115,998 $7
Naples, FL MSA $310,933 $512,380 $455,282 $512,367 $144,349 -$14
Ocala, FL MSA $95,561 $94,106 $114,657 $94,860 $19,096 $754
Orlando, FL MSA $139,095 $152,833 $173,378 $153,266 $34,283 $434
Panama City, FL MSA $104,838 $137,809 $137,215 $137,826 $32,378 $18
Pensacola, FL MSA $91,233 $93,019 $113,221 $95,091 $21,988 $2,072
Punta Gorda, FL MSA $129,862 $170,860 $191,397 $172,441 $61,536 $1,581
Sarasota--Bradenton, FL $183,005 $240,542 $263,021 $241,040 $80,016 $497
MSA
Tallahassee, FL MSA $119,126 $100,185 $151,042 $100,218 $31,916 $33
Tampa--St. $123,860 $133,361 $174,641 $135,062 $50,781 $1,700
Petersburg-Clearwater
West Palm Beach--Boca $227,214 $393,572 $338,021 $395,245 $110,807 $1,673
Raton, FL
Northwest Nonmetro $98,383 $282,040 $143,126 $282,352 $44,743 $312
Area
Northeast Nonmetro $69,709 $70,526 $87,924 $71,004 $18,215 $478
Area
Central Nonmetro Area $94,060 $106,579 $124,430 $107,279 $30,370 $699
South Nonmetro Area $142,962 $312,375 $234,764 $312,460 $91,801 $85
*Note this calculated difference may be different from the differences that can be calculated from the rounded
values in this table.






-TheStaeoflorda' H ng


by the existence of some properties whose values are not particularly
representative of the other properties in the MSA, a similar com-
parison can be done for the median value.
Does the same pattern exist for the median values that appears in
the mean values? The following table reveals that in contrast to the
mean values, only the Naples MSA experiences median just values
for non-owner-occupied units exceeding the median value for prop-
erties claiming the homestead exemption, although the northwest
non-MSA and South non-MSA median just values for non-home-
stead properties also exceed the median just value for homestead
single-family properties. However, the variation in the differences
between the median just value and median assessed value are similar
to the differences seen in the mean values.
As can bee seen in the following side-by-side comparison in Table
12 below, the differences between the median values are not as large
as they are for the mean values and although there are no MSAs


where the differential exceeds $100,000, there are three MSAs that
have differentials in excess of $90,000 (Miami, Naples, and West
Palm Beach).
These sizeable differences are quite remarkable, but considering
that these properties also often have a higher mean and median
value than the other MSAs, another comparison can be made where
the absolute differentials are scaled as a percentage of the mean
and median value. When expressed as a percentage, the smallest
differential for the mean value is the Ocala MSA. Although there is
a $19,096 difference between the mean just value and the assessed
value, it translates into only a 20% difference when compared to the
mean assessed value for the MSA. On the other hand, the larg-
est absolute differential, $144,349 in the Naples MSA, is only the
7th largest differential when expressed as a percentage. The largest
percentage differential occurs in the Miami MSA.
These data lead to an interesting question: Why are the just


Table 11. Single-Family Median Values, Assessed versus Just Value Com )arison
Median Assessed Median Just Value Just-Assessed Value
State, MSA, or County Homestead Non-Homestead Homestead Non-Homestead Homestead Non-Homestead
Florida $105,920 $123,724 $150,994 $124,700 $45,074 $976
Daytona Beach MSA $92,898 $115,469 $131,312 $116,259 $38,414 $790
Fort Lauderdale MSA $134,490 $181,430 $219,040 $181,460 $84,550 $30
Fort Myers--Cape Coral $120,430 $165,220 $167,290 $166,135 $46,860 $915
MSA
Fort Pierce--Port St. Lucie $106,605 $136,200 $159,140 $137,400 $52,535 $1,200
MSA
Fort Walton Beach MSA $94,205 $96,401 $126,863 $98,532 $32,659 $2,131
Gainesville MSA $95,910 $83,300 $126,800 $84,200 $30,890 $900
Jacksonville MSA $103,224 $96,698 $135,450 $97,938 $32,227 $1,240
Lakeland--Winter Haven $79,855 $86,940 $103,100 $87,580 $23,245 $640
MSA_
Vero Beach MSA $101,730 $108,340 $141,560 $109,400 $39,830 $1,060
Melboume--Titusville--Palm $94,200 $120,920 $156,910 $124,190 $62,710 $3,270
Bay MSA
Miami MSA $117,475 $181,208 $209,872 $181,214 $92,398 $6
Naples MSA $186,031 $285,647 $276,320 $285,647 $90,289 $0
Ocala MSA $81,904 $75,040 $100,216 $75,881 $18,312 $841
Orlando MSA $113,706 $128,400 $144,444 $128,851 $30,738 $451
Panama City MSA $85,112 $101,998 $113,923 $102,041 $28,811 $43
Pensacola MSA $76,708 $63,730 $93,290 $64,520 $16,582 $790
Punta Gorda MSA $101,956 $127,185 $149,046 $129,288 $47,090 $2,103
Sarasota-Bradenton MSA $131,700 $158,084 $185,800 $158,674 $54,100 $590
Tallahassee MSA $102,319 $84,045 $132,841 $84,060 $30,522 $15
Tampa--St. $97,800 $104,774 $137,756 $106,452 $39,956 $1,678
Petersburg-Clearwater
West Palm Beach--Boca $138,761 $188,271 $230,170 $190,284 $91,409 $2,013
Raton MSA
Northwest Non-metropolitan $59,274 $100,744 $75,107 $101,238 $15,833 $494
Area
Northeast Non- metropolitan $58,566 $47,648 $73,424 $48,095 $14,858 $447
Area
Central Non-metropolitan $79,000 $86,800 $106,900 $87,400 $27,900 $600
Area
South Non-metropolitan $80,014 $130,767 $107,728 $130,779 $27,714 $13
Area









value and assessed value so different in some locations, especially
in the Miami, Naples, Sarasota-Bradenton, and West Palm Beach
MSAs, and the South Non-MSA? One hypothesis is that the dif-
ferentials between the just value and the assessed value indicate that
the market value of homes for sale on the market is increasing at a
faster rate than the Save Our Homes Amendment will allow existing
properties to increase. The preceding analysis does not fully inves-
tigate this hypothesis or reveal other potential the causes for such
increases, so this is a situation that deserves further inquiry.

Condominium Units
Due to a lack of data for the year built and square footage of con-
dominium units, these items will not be included here, only the just
value and assessed value will be examined in detail. Table 13, below,
compares the mean and median just values for these properties.


Owner-occupied versus non-owner-
occupied
The condominium values contrast the single-family values. Only
the Gainesville, Lakeland, Melbourne, Naples, Ocala, Tallahas-
see, and West-Palm Beach MSA (seven out of twenty-one MSAs)
owner-occupied units have mean just values that exceed the non-
owner-occupied mean just values, although this is also true for the
South non-MSA owner-occupied mean just values. However, a
comparison of the median just values shows more variability. In
nine of the MSAs (Daytona Beach, Fort Meyers, Fort Pierce, Fort
Walton Beach, Jacksonville, Panama City, Pensacola, Punta Gorda,
and Sarasota), the median value of non-owner-occupied properties
exceeds the median value of owner-occupied properties. Although
these are all coastal communities, there are also coastal communi-
ties represented in the remaining twelve MSAs where the properties


Table 12. Mean and Median Just-Assessed Differential for Homestead Exempt
Properties
State, MSA, or County Mean Difference as a Median Difference as a
Just-Assessed percentage of Just-Assessed percentage of
mean assessed median
value assessed
Florida $62,109 43% $45,074 43%
Daytona Beach, FL MSA $47,876 42% $38,414 41%
Fort Lauderdale, FL MSA $94,234 54% $84,550 63%
Fort Myers--Cape Coral, FL MSA $67,162 40% $46,860 39%
Fort Pierce--Port St. Lucie, FL MSA $76,667 51% $52,535 49%
Fort Walton Beach, FL MSA $44,413 36% $32,659 35%
Gainesville, FL MSA $30,605 27% $30,890 32%
Jacksonville, FL MSA $42,496 32% $32,227 31%
Lakeland--Winter Haven, FL MSA $23,799 26% $23,245 29%
Vero Beach, FL MSA $73,238 41% $39,830 39%
Melboure--Titusville--Palm Bay $76,307 65% $62,710 67%
MSA
Miami, FL MSA $115,998 69% $92,398 79%
Naples, FL MSA $144,349 46% $90,289 49%
Ocala, FL MSA $19,096 20% $18,312 22%
Orlando, FL MSA $34,283 25% $30,738 27%
Panama City, FL MSA $32,378 31% $28,811 34%
Pensacola, FL MSA $21,988 24% $16,582 22%
Punta Gorda, FL MSA $61,536 47% $47,090 46%
Sarasota--Bradenton, FL MSA $80,016 44% $54,100 41%
Tallahassee, FL MSA $31,916 27% $30,522 30%
Tampa--St. Petersburg--Clearwater $50,781 41% $39,956 41%
MSA
West Palm Beach--Boca Raton MSA $110,807 49% $91,409 66%
Northwest Non-metropolitan Area $44,743 45% $15,833 27%
Northeast Non-metropolitan Area $18,215 26% $14,858 25%
Central Non-metropolitan Area $30,370 32% $27,900 35%
South Non-metropolitan Area $91,801 64% $27,714 35%






-TheStaeoflorda' H ng


claiming the homestead exemption have a higher median just value.
Mean versus median value by homestead exemption status State-
wide, the mean just value exceeds the median just value for homes
that do not claim the homestead exemption. This is also true for
owner-occupied homes except for in the Gainesville MSA where the
median is $2,082 above the mean just value.
As was seen in the single-family home data, there is little dif-
ference between the mean just value and the mean assessed value
for condominiums that do not claim the homestead exemption.
Since those properties that do not claim the homestead exemption
are taxed at their market value, their just value and assessed value
should be similar, if not equal. On the other hand, the differ-
ence between the mean just value and mean assessed value for
condominiums claiming the homestead exemption is much more
variable. These differentials range from as little as $6,990 in the
Lakeland-Winter Haven MSA, to as large as $84,965 in the Fort
Walton Beach MSA, and up to $106,788 in the South nonmetro-
politan area.
A comparison of the median condominium values indicates a
similar pattern. Although there are only small differences in the


values for the properties not claiming the homestead exemption,
the properties claiming the homestead exemption have differen-
tials ranging from as low as $5,635 in the Lakeland-Winter Haven
MSA to as large as $96,000 in the Fort Walton Beach, MSA and
$113,034 in the South nonmetropolitan area.
As was the case for single-family homes, the excess of just value
compared to the assessed value is likely due to greater market value
appreciation for recently sold units than is permissible by law for
existing property owners. However, more extensive analysis would
be required to determine if this is in fact the case.

Mean versus median value by homestead
exemption status
Statewide, the mean just value exceeds the median just value for
homes that do not claim the homestead exemption. This is also true
for owner-occupied homes except for in the Gainesville MSA where
the median is $2,082 above the mean just value.
As was seen in the single-family home data, there is little dif-
ference between the mean just value and the mean assessed value


Table 13. Condominium Mean and Median Value Comparison, Just Value
Mean Just Value Median Just Value
State, MSA, or County Homestead Non-Homestead Homestead Non-Homestead
Florida $172,292 $194,620 $131,353 $130,760
Daytona Beach, FL MSA $200,718 $233,742 $162,267 $178,377
Fort Lauderdale, FL MSA $127,902 $140,894 $102,830 $102,430
Fort Myers--Cape Coral, FL MSA $170,639 $210,983 $133,000 $154,000
Fort Pierce--Port St. Lucie, FL MSA $158,050 $168,338 $112,670 $121,750
Fort Walton Beach, FL MSA $268,954 $278,970 $207,000 $250,000
Gainesville, FL MSA $90,418 $75,147 $92,500 $71,400
Jacksonville, FL MSA $196,712 $205,702 $130,000 $146,100
Lakeland--Winter Haven, FL MSA $62,763 $51,690 $54,000 $40,000
Vero Beach, FL MSA $197,925 $201,344 $115,990 $114,750
Melboume--Titusville--Palm Bay, FL MSA $155,493 $140,932 $124,325 $106,900
Miami, FL MSA $175,419 $191,268 $144,312 $136,670
Naples, FL MSA $304,114 $290,194 $181,538 $180,670
Ocala, FL MSA $65,405 $61,370 $62,614 $45,243
Orlando, FL MSA $101,610 $198,896 $90,000 $87,500
Panama City, FL MSA $200,907 $202,859 $152,001 $175,001
Pensacola, FL MSA $121,131 $167,552 $72,500 $98,200
Punta Gorda, FL MSA $153,158 $174,198 $79,857 $88,262
Sarasota--Bradenton, FL MSA $233,511 $272,951 $152,470 $174,018
Tallahassee, FL MSA $73,136 $57,009 $71,803 $48,357
Tampa--St. Petersburg--Clearwater, FL MSA $130,135 $143,181 $93,000 $92,200
West Palm Beach--Boca Raton, FL MSA $195,996 $185,354 $165,566 $129,000
Northwest Non-metropolitan Area $325,666 $333,312 $220,000 $279,904
Northeast Non-metropolitan Area $96,658 $154,003 $80,804 $150,000
Central Non-metropolitan Area $88,516 $94,383 $78,700 $81,959
South Non-metropolitan Area $303,311 $286,342 $231,995 $243,984









for condominiums that do not claim the homestead exemption.
Since those properties that do not claim the homestead exemption
are taxed at their market value, their just value and assessed value
should be similar, if not equal. On the other hand, the differ-
ence between the mean just value and mean assessed value for
condominiums claiming the homestead exemption is much more
variable. These differentials range from as little as $6,990 in the
Lakeland-Winter Haven MSA, to as large as $84,965 in the Fort
Walton Beach MSA, and up to $106,788 in the South nonmetro-
politan area.
A comparison of the median condominium values indicates a
similar pattern. Although there are only small differences in the


values for the properties not claiming the homestead exemption,
the properties claiming the homestead exemption have differen-
tials ranging from as low as $5,635 in the Lakeland-Winter Haven
MSA to as large as $96,000 in the Fort Walton Beach, MSA and
$113,034 in the South nonmetropolitan area.
As was the case for single-family homes, the excess of just value
compared to the assessed value (in excess of the $25,000 homestead
exemption) is likely due to greater market value appreciation for
recently sold units than is permissible by law for existing property
owners. The fact that there are currently eight MSAs that have
just-assessed differential below the $25,000 homestead exemption is
puzzling. One explanation could be that just values are not updated
as frequently for homestead properties.


Table 14. Condominium Mean Values, Just versus Assessed Differential
Mean Mean Just-Assessed Value
Assessed Just Value
Homestead Non-Homestead Homestead Non-Homestead Homestead Non-Homestead
Florida $120,766 $194,468 $172,292 $194,620 $51,525 $152
Daytona Beach, FL MSA $130,494 $233,520 $200,718 $233,742 $70,224 $222
Fort Lauderdale, FL MSA $82,581 $140,891 $127,902 $140,894 $45,321 $3
Fort Myers--Cape Coral, FL $134,108 $210,899 $170,639 $210,983 $36,531 $84
Fort Pierce--Port St. Lucie, $93,369 $167,970 $158,050 $168,338 $64,681 $369
FL
Fort Walton Beach, FL $183,989 $278,837 $268,954 $278,970 $84,965 $133
Gainesville, FL MSA $71,325 $75,093 $90,418 $75,147 $19,093 $55
Jacksonville, FL MSA $145,296 $205,519 $196,712 $205,702 $51,417 $183
Lakeland--Winter Haven, $55,773 $51,670 $62,763 $51,690 $6,990 $20
FL
Vero Beach, FL MSA $141,641 $201,204 $197,925 $201,344 $56,284 $141
Melboure--Titusville--Palm $104,996 $140,310 $155,493 $140,932 $50,498 $621
Bay
Miami, FL MSA $125,798 $191,268 $175,419 $191,268 $49,620 $0
Naples, FL MSA $226,679 $290,194 $304,114 $290,194 $77,435 $0
Ocala, FL MSA $57,422 $61,247 $65,405 $61,370 $7,983 $124
Orlando, FL MSA $80,396 $198,860 $101,610 $198,896 $21,213 $36
Panama City, FL MSA $138,136 $202,859 $200,907 $202,859 $62,771 $0
Pensacola, FL MSA $98,340 $166,384 $121,131 $167,552 $22,791 $1,168
Punta Gorda, FL MSA $111,516 $174,104 $153,158 $174,198 $41,642 $94
Sarasota--Bradenton, FL $157,784 $272,856 $233,511 $272,951 $75,727 $94
MSA
Tallahassee, FL MSA $58,393 $57,009 $73,136 $57,009 $14,743 $0
Tampa--St. Petersburg-- $89,620 $142,810 $130,135 $143,181 $40,515 $371
Clearwater
West Palm Beach--Boca $137,405 $184,954 $195,996 $185,354 $58,591 $399
Raton
Northwest Non-metropolitan $232,917 $333,312 $325,666 $333,312 $92,750 $0
Area
Northeast Non-metropolitan $75,771 $153,849 $96,658 $154,003 $20,887 $154
Area
Central Non-metropolitan $60,736 $94,383 $88,516 $94,383 $27,780 $0
Area
South Non-metropolitan $196,522 $286,342 $303,311 $286,342 $106,788 $0
Area






-TheStaeoflorda' H ng


HOUSING SUPPLY ON THE MSA AND
COUNTY LEVEL
Douglas White, Florida Housing Data Clearinghouse,
Shimberg Center, University of Florida

Florida's Major MSAs
The six "major" metropolitan areas are: the Fort Lauderdale MSA,
the Jacksonville MSA, the Miami MSA, the Orlando MSA, the
Tampa-St. Petersburg-Clearwater MSA, and the Wet Palm Beach-
Boca Raton MSA. According to 2005 Census population estimates,
over 63% of Florida's population is found in these six MSAs, and


they also contain over 57% of Florida's single-family housing units,
72.5% of the condominium stock, and approximately 67% and
72% of the multi-family 9 or less units and multi-family 10 or more
units, respectively. The following section discusses each of these
"major" MSAs in detail.

Fort Lauderdale, FL MSA
As can be seen in Figure 8, the Fort Lauderdale MSA is located
in the southeast corner of the state, and is a single county, Broward
County, MSA. According to the 2005 Census population estimates,
Broward County is the second largest county and the fourth largest
MSA by population. It contains 8.6% of the state's single-family
housing stock and 15.7% of the state's condominium stock.


Table 15. Condominium Median Values, Just versus Assessed Differential
Median Assessed Median Just Value Just-Assessed Value
Homestead Non-Homestead Homestead Non-Homestead Homestead Non-Homestead
Florida $85,980 $130,670 $131,353 $130,760 $45,373 $90
Daytona Beach, FL MSA $93,942 $177,700 $162,267 $178,377 $68,326 $677
Fort Lauderdale, FL MSA $63,420 $102,430 $102,830 $102,430 $39,410 $0
Fort Myers--Cape Coral, FL $102,100 $153,000 $133,000 $154,000 $30,900 $1,000
MSA
Fort Pierce--Port St. Lucie $63,448 $121,600 $112,670 $121,750 $49,222 $150
Fort Walton Beach, FL $111,000 $250,000 $207,000 $250,000 $96,000 $0
MSA
Gainesville, FL MSA $69,100 $71,400 $92,500 $71,400 $23,400 $0
Jacksonville, FL MSA $108,150 $146,100 $130,000 $146,100 $21,850 $0
Lakeland--Winter Haven, $48,365 $40,000 $54,000 $40,000 $5,635 $0
FL MSA
Vero Beach, FL MSA $79,810 $114,750 $115,990 $114,750 $36,180 $0
Melboume--Titusville--Palm $77,720 $106,240 $124,325 $106,900 $46,605 $660
Bay
Miami, FL MSA $95,266 $136,670 $144,312 $136,670 $49,046 $0
Naples, FL MSA $141,447 $180,670 $181,538 $180,670 $40,091 $0
Ocala, FL MSA $55,180 $45,199 $62,614 $45,243 $7,434 $44
Orlando, FL MSA $68,018 $87,500 $90,000 $87,500 $21,982 $0
Panama City, FL MSA $87,271 $175,001 $152,001 $175,001 $64,730 $0
Pensacola, FL MSA $57,800 $98,200 $72,500 $98,200 $14,700 $0
Punta Gorda, FL MSA $57,719 $88,262 $79,857 $88,262 $22,138 $0
Sarasota--Bradenton, FL $105,302 $173,927 $152,470 $174,018 $47,168 $91
MSA
Tallahassee, FL MSA $55,152 $48,357 $71,803 $48,357 $16,651 $0
Tampa--St. Petersburg-- $64,926 $91,000 $93,000 $92,200 $28,074 $1,200
Clearwater
West Palm Beach--Boca $110,901 $128,600 $165,566 $129,000 $54,665 $400
Raton
Northwest Non-metropolitan $135,000 $279,904 $220,000 $279,904 $85,000 $0
Area
Northeast Non-metropolitan $62,610 $150,000 $80,804 $150,000 $18,194 $0
Area
Central Non-metropolitan $53,978 $81,959 $78,700 $81,959 $24,723 $0
Area
South Non-metropolitan $118,962 $243,984 $231,995 $243,984 $113,034 $0
Area












Figure 8. Fort Lauderdale, FL MSA


Tablel6. Fort Lauderdale (Broward County), FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 364,496 4,451 231,711 600,658 19,000 1,768
UNITS/PROPERTIES
Homesteads 294,279 2,580 120,705 417,564 4,619 37
Mean year built 1978 1975 ($) 1965 1971
Median year built 1979 1975 ($) 1965 1970
Mean assessed value $187,820 $143,829 $110,516 $229,286 $3,621,303
Median assessed value $143,400 $54,260 $77,980 $191,440 $962,645
Mean just value $263,903 $154,849 $134,126 $251,649 $3,624,122
Median just value $212,010 $68,200 $102,770 $210,475 $966,405
Total assessed value $68,459.48 $640.18 $25,607.72 $4,356.44 $6,402.46
milsls.)
Total just value $96,191.59 $689.23 $31,078.45 $4,781.34 $6,407.45
milsls.)
2005 Mean Sales Price $391,073 $228,268
2005 Median Sales10,000 $187,000
Price,000 $187,000
Price


Figure 9. Fort Lauderdale


MSA Real Median Single-Family Sales Prices (2006 Dollars)


$350,000


$300,000


$250,000
-U

$200,000 -
SFort Lauderdale, FL MSA
-i- Florida
$150m000 ---m...


$100,000


$50,000


$0 -
1999 2000 2001 2002 2003 2004 2005







-TeSaeoF.loida' Housing


Figure 10. Fort Lauderdale MSA Real Median Condominium Sales Prices (2006 Dollars)

$250,000


$200,000


$150,000


$100,000-


$50,000-


Fort Lauderdale, FL MSA
---- Florida


1999 2000 2001 2002 2003


2004 2005


Due to data limitations for the Fort Lauderdale MSA, we only
have sales information going back to 1999 and do not have any data
for the year 2000. As shown in Figure 9, the real median single-
family sales price for the Fort Lauderdale MSA has doubled from
$160,000 to $322,000 and this real growth has been faster than
the state on average. Broward County has one of the highest costs
for a single-family home in the state and ranks eight out of all 67
counties.
As shown in Figure 10, the real median condominium sales
price for the Fort Lauderdale MSA has exploded from $70,500 to
$194,000 and this real growth has been faster than the state on
average. However, even with this rapid increase in condominium
prices, Broward County's condominiums prices remain below the
state's median price, and rank it 24th out of the 52 counties that
had condominiums sales in 2005.


Jacksonville, FL MSA

Figure 11. Jacksonville, FL MSA As can be seen
in Figure 11, the
S- | Jacksonville MSA
is located in the
northeast corner
of the state and
contains four
counties. Of these
four counties,
three are coastal
counties, Nassau,
Duval, and St.
.,/ Johns, and the
remaining county
is Clay. According
to the Census' 2005 population estimates, the Jacksonville MSA has
approximately 6.9% of the state's population; however the popula-
tion is concentrated in Duval County, which has nearly 68% of the
MSAs population. This difference in population is reflected in the


housing supply as can be seen in Table 17 through Table 21 which
shows the Jacksonville MSA housing supply and the individual
counties that make up the MSA.
The Jacksonville MSA has approximately 7.9% and 1.9% of
Florida's single housing stock and condominium stock, respectively.
Knowing that the population is concentrated in Duval County, it is
not surprising to see that it contains nearly 68% of the single-fam-
ily housing stock. Notice that Duval County has mean year built
of 1973 for single-family housing which is actually lower than the
state's value of 1979, and the other counties have mean year built
values of 1987, 1986 and 1991. These values suggest that Duval
County is relatively built out, and that population is expanding to
the neighboring counties. The tables also show that Duval County
has approximately 1,600 more condominiums than St. Johns
County, but St. Johns County's condominiums are assessed for
$650 million more than Duval County's. Nassau County only has
21% of the amount of condominiums that Duval County has, but
Nassau County's condominiums have 55% the total assessed value
of Duval County's. Both of these facts imply that condominiums
serve different roles in the housing supply for these counties. In
St. Johns County and Nassau County, condominiums are serving
more of a second house or investment role than they are in Duval
County. This fact is reflected in the homesteaded condominiums in
each county.
Figure 12 shows the real median single-family sales price increase
for the past 10 years in the Jacksonville MSA and the four underly-
ing counties. A couple of interesting observations can be made from
this table. The first is that the median Jacksonville MSA single-fam-
ily sales price reflected the state's median single-family sales price
until recently when the state median has grown at a faster rate. It is
also interesting that Nassau County and St. Johns County have had
median single-family sales prices higher than the state and Jack-
sonville MSA since 1995. This likely reflects the fact that in these
counties, the single-family housing is relatively new (see the mean
year built) and that they are coastal counties.
Figure 13 shows the real median condominium sales price
increase for the past 10 years in the Jacksonville MSA and the four


W""M_











Table 17. Jacksonville, FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL 333,513 30,999 27,749 392,261 6,750 671
UNITS/PROPERTIES
Homesteads 262,414 19,877 10,089 292,380 1,604 6
Mean year built 1978 1987 ($) 1966 1978
Median year built 1984 1988 ($) 1970 1975
Mean assessed value $134,251 $48,342 $183,623 $177,932 $4,932,687
Median assessed value $101,968 $42,397 $128,750 $127,421 $1,833,590
Mean just value $167,903 $56,910 $202,434 $205,212 $4,933,511
Median just value $128,369 $49,800 $139,500 $139,572 $1,833,590
Total assessed value $44,774.49 $1,498.55 $5,095.36 $1,201.04 $3,309.83
milsls.)
Total just value $55,997.84 $1,764.16 $5,617.33 $1,385.18 $3,310.39
milsls.)
2005 Mean Sales Price $241,945 $231,775
2005 Median Sales $194,200 $167,900
Price





Table 18. Clay County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
PROPERTIES 45,729 9,675 1,187 56,591 276 43
UNITS/PROPERTIES
Homesteads 37,880 6,373 396 44,649 8 0
Mean year built 1987 1989 ($) 1982 ($)
Median year built 1989 1988 ($) 1983 ($)
Mean assessed value $121,103 $44,032 $55,330 $120,450 $5,451,593
Median assessed value $103,908 $41,119 $47,621 $127,422 $2,900,000
Mean just value $146,317 $49,163 $61,385 $121,287 $5,451,593
Median just value $125,367 $46,369 $53,903 $127,423 $2,900,000
Total assessed value
Total assessed value $5,537.93 $426.01 $65.68 $33.24 $234.42
milsls.)
Total just value $6,690.94 $475.65 $72.86 $33.48 $234.42
milsls.)
2005 Mean Sales Price $215,679 $136,135
2005 Median Sales
Price_ $190,000 $137,600
Price





Table 19. Duval County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 225,283 9,994 12,729 248,006 4,295 550
UNITS/PROPERTIES
Homesteads 175,557 5,629 6,196 187,382 651 1
Mean year built 1973 1984 ($) 1958 1977
Median year built 1976 1985 ($) 1960 1975
Mean assessed value $116,606 $40,539 $128,785 $149,209 $5,192,212
Median assessed value $91,605 $32,769 $102,000 $105,139 $2,035,416
Mean just value $146,588 $44,376 $148,617 $161,887 $5,192,310
Median just value $117,266 $35,461 $110,500 $111,575 $2,035,416
Total assessed value
Total assessed value $26,269.41 $405.15 $1,639.30 $640.85 $2,855.72
milsls.)
Total just value $33,023.76 $443.49 $1,891.74 $695.30 $2,855.77
milsls.)
2005 Mean Sales Price $209,851 $200,557
2005 Median Sales $174,600 $153,900
Price600 $1








-TheStaeoflorda' H ng


Table 20. Nassau County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home Single-Familythan 10 Units More Units
Home than 10 Units More Units


TOTAL
UNITS/PROPERTIES 16,267 5,414 2,730
Homesteads 12,470 4,180 520
Mean year built 1986 1988 1984
Median year built 1990 1988 1983
Mean assessed value $170,843 $56,520 $382,546
Median assessed value $125,391 $52,872 $315,000
Mean just value $210,353 $69,535 $407,022
Median just value $150,039 $65,102 $325,000
Total assessed value
Total assessed value $2,779.10 $306.00 $1,044.35
milsls.)
Total just value $3,421.81 $376.46 $1,111.17
milsls.)
2005 Mean Sales Price $297,488 $528,278
2005 Median Sales


$224,000


3387,500


24,411

17170


326

70
1981
1983
$272,865
$222,362
$296,021
$241,421

$88.95

$96.50


35

4
1982
1984
$1,184,949
$619,111
$1,199,177
$677,363

$41.47

$41.97


Table 21. St. Johns County Housing Supply


Mobile Multi-Family Less
Single-Family Mobile Condominium Total Multi-Faily Less
Home than 10 Units


Multi-Family 10 or
More Units


TOTAL
UNITSPROPERTIES 46,234 5,916 11,103 63,253 1,853 43
UNITS/PROPERTIES
Homesteads 36,507 3,695 2,977 43,179 875 1
Mean year built 1991 1990 ($) 1980 1992
Median year built 1993 1990 ($) 1980 1997
Mean assessed value $220,359 $61,088 $211,297 $236,368 $4,144,764
Median assessed value $162,934 $50,288 $160,000 $167,430 $1,359,930
Mean just value $278,179 $79,201 $228,907 $302,159 $4,144,786
Median just value $202,445 $66,455 $180,000 $202,350 $1,359,930
Total assessed value $10,188.06 $361.39 $2,346.03 $437.99 $178.22
milsls.)
Total just value $12,861.33 $468.55 $2,541.55 $559.90 $178.23
milsls.)




Figure 12. Jacksonville MSA Real Median Single-Family Sales Prices (2006 Dollars)


$350,000


$300,000


$250,000


$200,000
.-I

$150,000 -- -' '


$100,000 .


$50,000 .


$0 -,
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


M Clay County
Duval County
SNassau County
SSt Johns County
Jacksonville, FL MSA
-- Florida










Figure 13. Jacksonville MSA Real Condominium Sales Prices (2006 Dollars)
$450,000

$400,000

$350,000

$300,000- -
E Clay County
$250,000 ----Duval County
SNassau County
St Johns County
$200,000 Jacksonvlle, FL MSA
-U-- Florida
$150,000 -

$100,000 --

$50,000

$0 ,-
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


underlying counties. Again, the median Jacksonville MSA condo-
minium sales price reflected the state's median single-family sales
price until recently when the state median has grown at a faster
rate. However, Nassau County has seen a massive increase in the
real median sales price for condominiums. Since 1995 the median
condominium sales price in Nassau county has increased from ap-
proximately $139,000 to $403,000, a real increase of 290%.



Miami, FL MSA


As can be seen
in Figure 14, the
Miami MSA is
located in the
southeast corner of
the state, and is a
single-county, Mi-
ami-Dade County,
MSA. Accord-
ing to the 2005
Census population
estimates, Miami-
Dade County is
the largest county
and the second


largest MSA by population. It contains 7.3% of the state's single-
family housing stock and 22.1% of the state's condominium stock.
Miami-Dade County is one of the few counties in Florida that actu-
ally has a greater number of condominiums than single-family hous-
ing units. However, although there are 17,000 more condominium
units than single-family units, the single-family units actually have a
larger assessed value than the condominiums.
Figure 15 shows that in the Miami MSA, the real median single-
family sales price has doubled over the last ten years. Miami-Dade
County and Manatee County are tied for the eighth costliest median


single-family sales price in the state. Figure 16 shows that the Miami
MSA real condominium sales price reflects the real median condo-
minium sales price for Florida and has done so for the last 10 years.


Orlando, FL MSA


Figure 17. Orlando, FL MSA


As can be seen
; ; Fi 1 7 h-l,


Orlando MSA
is located in the
center of the state
and contains four
counties, Lake
County, Orange
County, Osceola
County, and
Seminole County.
According to the
S______ _Census' 2005
population esti-
mates, the Orlando
MSA has approximately 10.9% of the states population; however
the population is concentrated in Orange County, which has nearly
53% of the MSAs population. This difference in population is
reflected in the housing supply as can be seen in Table 23 through
Table 27 which shows the Orlando MSA housing supply and the
individual counties that make up the MSA.
The Orlando MSA has approximately 11.7% and 3.82% of
Florida's single-family housing stock and condominium stock, re-
spectively. Knowing that the population is concentrated in Orange
County, it is not surprising to see that it contains nearly 50% of the
single-family housing stock with another 23% located in Seminole
County. Orange County has nearly 71% of all of the Orlando MSA
condominiums, and another 16% found in Seminole County.
However, in Seminole County approximately 57.3% of condo-


Figure 14. Miami, FL MSA







-TheStaeoflorda' H ng


Table 22. Miami (Miami-Dade County), FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total than 10 Units More Units
Home than 10 Units More Units
TOTAL
PROPERTIES 309,206 315 327,412 636,933 31,843 3,745
UNITS/PROPERTIES
Homesteads 248,940 98 167,163 416,201 11,111 37
Mean year built 1970 1964 ($) 1961 1965
Median year built 1968 1961 ($) 1960 1966
Mean assessed value $188,356 $112,410 $157,842 $235,657 $2,617,986
Median assessed value $127,509 $29,273 $113,517 $197,909 $955,333
Mean just value $281,747 $119,517 $183,176 $257,865 $2,619,742
Median just value $204,564 $32,005 $141,510 $221,561 $958,827
Total assessed value
Total assessed value $58,240.73 $35.41 $51,679.40 $7,504.02 $9,804.36
milsls.)
Total justvalue $87,117.78 $37.65 $59,974.10 $8,211.18 $9,810.93
milsls.)
2005 Mean Sales Price $420,469 $297,590
2005 Median Sales $300,000 $226,000
Price300,00


Figure 15. Miami MSA Real


$350,000


$300,000


$250,000


$200,000


$150,000


$100,000


$50,000


Median Single-Family Sales Prices (2006 Dollars)


Miami, FL MSA
- Florida


$0 i i
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


Figure 16. Miami MSA Real Median Condominium Sales Prices (2006 Dollars)

$250,000



$200,000 -



$150,000--
-- Miami, FL MSA
-m- Florida
$100,000-



$50,000--



$0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


- -4W-











Table 23. Orlando, FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITS/PROPERTIES 494,130 32,065 56,475 582,670 13,501 1,162
Homesteads 370,277 19,721 18,367 408,365 4,062 8
Mean year built 1984 1982 ($) 1977 1983
Median year built 1987 1983 ($) 1983 1985
Mean assessed value $142,538 $59,778 $160,332 $108,327 $5,828,905
Median assessed value $117,515 $47,091 $78,954 $87,405 $2,610,744
Mean just value $168,337 $68,362 $167,256 $115,179 $5,829,022
Median just value $140,552 $54,977 $88,500 $93,570 $2,610,744
Total assessed value
Totlssessed value $70,432.46 $1,916.79 $9,054.77 $1,462.53 $6,773.19
milsls.)
Total just value $83,180.58 $2,192.04 $9,445.78 $1,555.03 $6,773.32
milsls.)
2005 Mean Sales Price $274,312 $186,514
2005 Median Sales
Price $240,000 $168,000
Price




Table 24. Lake County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 74,782 19,949 2,734 97,465 1,246 124
UNITS/PROPERTIES
Homesteads 56,686 12,515 1,528 70,729 137 1
Mean year built 1984 1982 1983 1966 1981
Median year built 1993 1983 1985 1972 1985
Mean assessed value $123,354 $61,401 $128,333 $108,591 $1,557,562
Median assessed value $111,836 $46,443 $68,649 $90,204 $676,452
Mean just value $136,149 $68,424 $133,859 $110,038 $1,557,562
Median just value $124,822 $52,532 $72,668 $91,944 $676,452
Total assessed value
Total assessed value $9,224.65 $1,224.89 $350.86 $135.30 $193.14
milsls.)
Total just value $10,181.47 $1,364.99 $365.97 $137.11 $193.14
milsls.)
2005 Mean Sales Price $237,425 $145,238
2005 Median Sales
Price $220,000 $125,000
Price




Table 25. Orange County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 243,372 4,655 39,859 287,886 10,228 771
Homesteads 182,219 2,605 10,996 195,820 3,654 6
Mean year built 1982 1982 ($) 1979 1983
Median year built 1986 1982 ($) 1983 1985
Mean assessed value $149,453 $52,223 $151,309 $103,210 $5,888,350
Median assessed value $118,973 $38,637 $82,900 $81,469 $2,857,383
Mean just value $177,370 $60,149 $157,673 $111,223 $5,888,501
Median just value $144,526 $47,393 $94,250 $89,331 $2,857,383
Total assessed value
Totlssessed value $36,372.71 $243.10 $6,031.01 $1,055.63 $4,539.92
milsls.)
Total just value $43,166.91 $279.99 $6,284.69 $1,137.58 $4,540.03
milsls.)
2005 Mean Sales Price $286,898 $190,875
2005 Median Sales $248,500 $174,850
Price248,50







TheStateoflorda' Hig


Table 26. Osceola County Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family H Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 63,921 5,480 4,777 74,178 882 81
UNITS/PROPERTIES
Homesteads 39,870 3,349 629 43,848 120 1
Mean year built 1989 1984 1992 1975 1986
Median year built 1993 1984 1992 1984 1988
Mean assessed value $129,551 $61,219 $420,126 $145,142 $6,816,178
Median assessed value $112,300 $55,456 $85,000 $122,850 $5,468,815
Mean just value $144,976 $73,475 $421,269 $148,424 $6,816,423
Median just value $126,200 $67,300 $85,000 $127,000 $5,468,815
Total assessed value
Total assessed value $8,281.04 $335.48 $2,006.94 $128.02 $552.11
milsls.)
Total just value $9,267.04 $402.64 $2,012.40 $130.91 $552.13
milsls.)
2005 Mean Sales Price $265,736 $195,921
2005 Median Sales
r2005 Median Sal $239,500 $166,900
Price


Table 27. Seminole County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 112,055 1,981 9,105 123,141 1,145 186
UNITS/PROPERTIES
Homesteads 91,502 1,252 5,214 97,968 151 0
Mean year built 1982 ($) 1981 1974 1984
Median year built 1984 ($) 1981 1979 1985
Mean assessed value $147,732 $57,204 $73,142 $125,397 $8,000,117
Median assessed value $122,375 $51,678 $66,066 $114,464 $6,451,896
Mean just value $183,527 $72,902 $85,966 $130,505 $8,000,117
Median just value $154,314 $71,458 $81,120 $118,616 $6,451,896
Total assessed value $16,554.07 $113.32 $665.96 $143.58 $1,488.02
milsls.)
Total just value $20,565.15 $144.42 $782.72 $149.43 $1,488.02
milsls.)
2005 Mean Sales Price $282,417 $151,836
2005 Median Sales $242,000 $147,400
Price $242,000 $147,400
Price


Figure 18. Orlando MSA Real Median Single-Family Sales Prices (2006 Dollars)

$300,000


$250,000


$200,000 Lake County
SOrange County
$150,000-1 Osceola County
Seminole County
-Orlando, FL MSA
inn100 00 -m- Florida


1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005









Figure 19. Orlando MSA Real Median Condominium Sales Prices (2006 Dollars)


miniums are owner occupied and only 27.6% are owner occupied
in Orange County. The Disney theme parks most likely explain the
large number of condominiums and their low owner occupancy in
Orange County.
As can be seen in Figure 18 the real median sales price for single-
family homes in the Orlando MSA has doubled over the last ten
years going from $125,000 to $250,000. However, this increase
while large merely mirrors what happens to the real median single-
family sales price in Florida. Figure 19 shows that while the Or-
lando MSA condominiums have experienced a large run-up in real
prices, their median value remains below the state median at nearly
the same rate it did in 1995.

Tampa--St. Petersburg--Clearwater, FL
MSA
Figure 20. Tampa-St. Petersburg-Clearwater MSA


As can be seen in Figure 20, the Tampa-St. Petersburg-Clearwater
(Tampa) MSA is located near the center of the state on its western
coast. The Tampa MSA contains four counties, Hernando County,
Hillsborough County, Pasco County, and Pinellas. According to the
Census' 2005 population estimates, the Tampa MSA has approxi-
mately 14.9% of the states population. The population is concen-
trated in the Hillsborough and Pinellas Counties. This difference
in population is reflected in the housing supply as can be seen in
Table 28 through Table 32 which shows the Tampa MSA housing
supply and the individual counties that make up the MSA.
The Tampa MSA has 16.6% and 9% of Florida's single-family
housing stock and condominium stock, respectively. Hillsborough
County has 6.8% of the states single-family housing, and Pinellas
County has another 5.7% of the state's single-family housing. Pinel-
las also has 95,000 condominiums or 6.4% of the state's total. It is
interesting to note that the mean year built for single-family hous-
ing in Pinellas County is 1968, whereas the state mean is 1979.
As can be seen in Figure 21 the real median sales price for single-
family homes in the Tampa MSA has increased from $122,000 to
$203,000 over the last 10 years. However, the Florida real median
single-family sales price increased at an even greater rate, and the
Tampa MSA median single-family sales price fell below the Florida
median. Figure 22 shows that while the Tampa MSA condomini-
ums still have a real median sales price below the state median.
The real condominium sales price more than doubled, increasing
from $80,000 to $165,000. However, this increase in prices was
concentrated in three of the four counties. Both Hillsborough and
Pinellas County saw their real median condominium price double,
Pasco County saw its real median price increase by about 90%, and
Hernando County only increased from $84,000 to $103,000.







TheStateoflorda' Hig


Table 28. Tampa-St. Petersburg-Clearwater MSA Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 704,698 73,073 132,848 910,619 22,623 1,996
UNITS/PROPERTIES
Homesteads 557,373 42,438 67,039 666,850 6,810 25
Mean year built 1978 1981 1980 1961 1976
Median year built 1979 1980 1980 1966 1979
Mean assessed value $125,846 $45,376 $115,969 $154,700 $3,434,019
Median assessed value $99,400 $38,069 $74,800 $113,400 $713,150
Mean just value $166,366 $55,211 $136,598 $174,707 $3,434,551
Median just value $131,469 $47,555 $92,800 $124,300 $713,150
Total assessed value
Total assessed value $88,683.59 $3,315.78 $15,406.24 $3,499.78 $6,854.30
milsls.)
Total just value $117,238.11 $4,034.47 $18,146.74 $3,952.40 $6,855.36
milsls.)
2005 Mean Sales Price $237,133 $214,071
2005 Median Sales
Price $196,000 $159,000
Price


Table 29. Hernando County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 51,579 11,739 783 64,101 442 52
UNITS/PROPERTIES
Homesteads 40,131 7,353 414 47,898 62 2
Mean year built 1987 1984 1987 1986 1988
Median year built 1987 1983 1987 1986 1989
Mean assessed value $102,601 $48,634 $55,564 $127,547 $1,472,833
Median assessed value $88,671 $40,902 $60,006 $109,278 $667,276
Mean just value $125,707 $60,554 $62,944 $129,814 $1,473,336
Median just value $110,096 $52,388 $67,881 $112,498 $667,276
Total assessed value
Total assessed value $5,292.06 $570.91 $43.51 $56.38 $76.59
milsls.)
Total just value $6,483.84 $710.85 $49.28 $57.38 $76.61
milsls.)
2005 Mean Sales Price $182,533 $99,090
2005 Median Sales
Price $166,000 $100,000
Price


Table 30. Hillsborough County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
UITPROPERTIES 287,520 14,397 26,187 328,104 5,146 1,027
UNITS/PROPERTIES
Homesteads 227,967 9,600 13,837 251,404 541 3
Mean year built 1982 1985 1985 1975 1981
Median year built 1983 1985 1984 1976 1984
Mean assessed value $128,111 $57,412 $93,262 $130,231 $4,094,481
Median assessed value $103,215 $47,212 $71,043 $101,750 $792,700
Mean just value $168,137 $71,859 $108,019 $134,198 $4,094,506
Median just value $134,364 $61,748 $83,803 $105,448 $792,700
Total assessed value $36,834.47 $826.57 $2,442.25 $670.17 $4,205.03
milsls.)
Total just value $48,342.69 $1,034.56 $2,828.68 $690.59 $4,205.06
milsls.)
2005 Mean Sales Price $248,178 $186,696
2005 Median Sales
Price209,000 $164,900
Price












Table 31. Pasco County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Hm Condominium Total than 10 Units More Units
Home than 10 Units More Units
TOTAL
PROPERTIES 123,571 29,225 10,860 163,656 3,807 182
UNITS/PROPERTIES
Homesteads 95,351 16,470 5,524 117,345 1,828 1
Mean year built 1983 1982 1982 1972 1988
Median year built 1982 1981 1982 1973 1987
Mean assessed value $109,261 $42,235 $66,711 $97,566 $1,803,244
Median assessed value $90,892 $36,564 $54,822 $78,889 $485,739
Mean just value $134,393 $50,036 $78,212 $112,256 $1,803,449
Median just value $117,878 $43,987 $65,557 $89,653 $485,739
Total assessed value
Total assessed value $13,501.52 $1,234.32 $724.48 $371.44 $328.19
milsls.)
Total just value $16,607.07 $1,462.31 $849.38 $427.36 $328.23
milsls.)
2005 Mean Sales Price $213,504 $124,034
2005 Median Sales $195,000 $105,000
Price $195,000 $105,000
Price


Table 32. Pinellas County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total ta 1
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 242,028 17,712 95,018 354,758 13,228 735
UNITS/PROPERTIES
Homesteads 193,924 9,015 47,264 250,203 4,379 19
Mean year built 1968 1974 1979 1952 1966
Median year built 1966 1973 1978 1952 1971
Mean assessed value $136,577 $38,617 $128,355 $181,569 $3,053,732
Median assessed value $100,900 $33,900 $80,100 $127,700 $725,000
Mean just value $189,253 $46,677 $151,754 $209,940 $3,055,053
Median just value $138,400 $40,900 $99,900 $143,500 $725,000
Total assessed value $33,055.55 $683.98 $12,196.00 $2,401.80 $2,244.49
milsls.)
Total just value $45,804.51 $826.75 $14,419.40 $2,777.08 $2,245.46
milsls.)
2005 Mean Sales Price $262,146 $239,588
2005 Median Sales $192,000 $160,000
Price $192,000 $160,000
Price


Figure 21. Tampa--St. Petersburg--Clearwater MSA Real Median Single-Family Sales
Prices (2006 Dollars)


$250,000



$200,000



$150,000



$100,000


$50,000


U M IN M U Um U Um
e PIP Rol, z
_11b _1 _1b b 11IV P P I I


Hernando County

M Hillsborough County

Pasco County

Pinellas County

Tampa--St. Petersburg-
Clearwater, FL MSA
-i- Florida


iiil I






-TheStaeoflorda' H ng


Figure 22. Tampa--St. Petersburg--Clearwater MSA Real Median Condominium Sales
Prices (2006 Dollars)
$250,000


$200,000 Hernando County
Hillsborough County
$150,000 r Pasco County

m Pinellas County
$100,000
S Tampa--St. Petersburg--
SClearwater, FL MSA
$50,000 U Florida



$0 ll--
GO A99 ,9


West Palm Beach-Boca Raton, FL MSA

Figure 23. West Palm Beach-Boca Raton, FL MSA


As can be seen in Figure 23, the West Palm Beach-Boca Raton,
FL MSA is located in the southeast corner of the state, and is a
single county, Palm Beach County, MSA. According to the 2005
Census' population estimates, Palm Beach County is the third
largest county and the fifth largest MSA by population. It contains
4.95% of the state's single-family housing stock and 20% of the
state's condominium stock. Palm Beach County is another of the
few counties that have more condominiums than single-family
units, having nearly 90,000 more condominiums than single-fam-
ily houses. Notice that for single-family housing that the mean just
value is almost $130,000 higher than the median just value. This
difference indicates that the presence of some extremely valuable
single-family housing in Palm Beach County.
Figure 24 shows that the in the West Palm Beach-Boca Raton
MSA, the real median single-family sales price has increased from
$164,000 to $385,000 over the last ten years. While Palm Beach
County's real median single-family sales price has always been


higher than the state's real median, the difference between these
values has increased over the last ten years. Palm Beach County is
the fourth most expensive county in Florida to buy a single-fam-
ily home in 2005. Figure 25 shows that the while the West Palm
Beach-Boca Raton MSA real condominium sales price has doubled
over the last ten years, this increase is not out of line as to what has
happened to Florida's real median condominium sales price.

Florida's Remaining MSAs
Besides the six "major" MSAs, Florida has 15 other metropolitan
statistical areas. They are: the Daytona Beach MSA, the Fort My-
ers-Cape Coral MSA, the Fort Pierce-Port St. Lucie MSA, the Fort
Walton Beach MSA, the Gainesville MSA, the Lakeland-Winter
Haven MSA, the Melbourne-Titusville MSA, the Naples MSA,
the Ocala MSA, the Panama City MSA, The Pensacola MSA, the
Punta Gorda MSA, the Sarasota-Bradenton MSA, the Tallahassee
MSA, and the Vero Beach MSA. These remaining 15 MSAs contain
twenty counties and according to the 2005 Census' population pro-
jections contain almost 31% of Florida's population. Almost 37%
of the state's single-family housing stock, approximately 26% of the
condominium stock and 29% and 25% of the multi-family 9 or less
units and multi-family 10 or more units, respectively, are located in
these MSAs. The following section will examine each of these MSAs
individually.


. .,- *











Table 33. West Palm Beach-Boca Raton (Palm Beach County), FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Fa Home than 10 Units More Units
_____________ ____ Home ___________than 10 Units _____ More Units


TOTAL
UNITS/PROPERTIES
Homesteads
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milsls.)
Total just value
milsls.)
2005 Mean Sales Price
2005 Median Sales
Price


209,469 3,746 296,088 509,303


166,821
1977
1980
$261,085
$146,688
$349,672
$223,868


1,719
1979
1976
$47,586
$39,329
$54,149
$44,055


168,092
1985
1984
$157,960
$117,757
$191,396
$150,000


$54,689.13 $178.26 $46,770.11

$73,245.34 $202.84 $56,669.94


$532,712

$370,800


$296,715

$253,500


Figure 24. West Palm Beach-Boca Raton MSA Real Median Single-Family Sales
Prices (2006 Dollars)

$450,000

$400,000

$350,000-

$300,000-


West Palm Beach--Boca
Raton, FL MSA
-m- Florida


$250,000

$200,000

$150,000

$100,000


$50,000

$0 -


Figure 25. West Palm Beach-Boca Raton MSA Real Median Condominium Sales
Prices (2006 Dollars)

$300,000


$250,000


$200,000 -


$150,000-


$100,000


West Palm Beach--Boca
Raton, FL MSA
-m- Florida


$50,000


'U ob c I I c" Io' I I I" I
Kp C A C5 C Z KV 00


336 632


10,877

2,498
1961
1964
$195,818
$154,014
$212,973
$165,007

$2,129.92

$2,316.51


780

9
1974
1973
$4,659,349
$954,218
$4,659,610
$954,218

$3,634.29

$3,634.50







-TeSaeoF.loida' Housing


Daytona Beach, FL MSA

Figure 26. Daytona Beach, FL MSA As can be seen in
Figure 26, the Day-
tona Beach, Fl MSA
is located near the
center of the state
on its eastern coast.
The Daytona Beach
MSA contains two
counties, Flagler
County and Volusia
County. According
to the Census' 2005
I I population esti-
mates, the Daytona
Beach MSA has approximately 3.2% of the states population. It
also contains 4.1% of Florida's single-family housing and 2% of
Florida's condominiums are found in the Daytona Beach MSA.


While Volusia County has almost 80% of the single-family units,
those single-family units found in Flagler County are much newer
with a median year built value of 1996. Comparing this value to
Volusia County's value of 1982 shows that construction in Flagler
County is a recent phenomenon.
Figure 27 shows that while the Daytona Beach MSA has seen the
real median single-family sales prices double over the last ten years,
this real growth was consistent with what happened to real median
single-family sales prices in the state. In all the years shown, Flagler
County's single-family units had a slightly higher real median sales
price, likely reflecting that they are newer, than Volusia Counties,
and this spread remained relatively constant between 1995 and
2005. Figure 28 shows that until very recently the real median con-
dominium sales price mirrored Florida's real median condominium
sales price. However, starting in 2003, Flagler County condomini-
ums experienced a rapid increase in real median sales price, and this
caused the Daytona Beach MSA real condominium median sales
price to diverge from the state's median.


Table 34. Daytona Beach, FL MSA Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 173,767 9,419 28,850 212,036 10,066 492
UNITS/PROPERTIES
Homesteads 131,801 5,821 8,220 145,842 4,773 34
Mean year built 1981 1982 ($) 1979 1965
Median year built 1985 1981 ($) 1983 1972
Mean assessed value $121,543 $55,803 $204,166 $109,936 $1,224,260
Median assessed value $98,317 $45,585 $143,600 $93,573 $351,728
Mean just value $158,076 $69,832 $224,333 $127,252 $1,226,145
Median just value $127,537 $56,906 $172,000 $114,159 $353,784
Total assessed value
Total assessed value $21,120.19 $525.61 $5,890.18 $1,106.62 $602.34
milsls.)
Total just value $27,468.42 $657.75 $6,472.01 $1,280.92 $603.26
milsls.)
2005 Mean Sales Price $229,220 $328,793
2005 Median Sales
Price $197,500 $270,000
Price



Table 35. Flagler County Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 29,818 1,589 3,030 34,437 731 6
UNITS/PROPERTIES
Homesteads 21,335 968 758 23,061 110 0
Mean year built 1993 1987 ($) 1994 (*)
Median year built 1996 1987 ($) 2001 (*)
Mean assessed value $147,233 $52,405 $256,098 $181,591 (*)
Median assessed value $120,273 $41,927 $209,450 $176,370 (*)
Mean just value $182,001 $62,130 $265,783 $187,655 (*)
Median just value $142,322 $51,083 $222,750 $178,042 (*)
Total assessed value
mil ssss l $4,390.18 $83.27 $775.98 $132.74 (*)
milsls.)
Total just value $5,426.90 $98.72 $805.32 $137.18 (*)
milsls.)
2005 Mean Sales Price $246,445 $463,076
2005 Median Sales $211,000 $399,000
Price211,00











Table 36. Volusia County Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family H Condominium Total than 10 Units More Units
Home than 10 Units More Units
TOTAL
PROPERTIES 143,949 7,830 25,820 177,599 9,335 486
UNITS/PROPERTIES
Homesteads 110,466 4,853 7,462 122,781 4,663 34
Mean year built 1978 1981 ($) 1978 1965
Median year built 1982 1980 ($) 1983 1972
Mean assessed value $116,222 $56,493 $198,071 $104,325 $1,222,802
Median assessed value $92,970 $46,209 $137,367 $89,727 $348,162
Mean just value $153,120 $71,395 $219,469 $122,522 $1,224,710
Median just value $123,857 $58,064 $167,000 $110,417 $349,747
Total assessed value
Total assessed value $16,730.00 $442.34 $5,114.20 $973.88 $594.28
milsls.)
Total just value $22,041.52 $559.02 $5,666.68 $1,143.74 $595.21
milsls.)
2005 Mean Sales Price $222,214 $281,391
2005 Median Sales $189,000 $225,000
Price $_189,000 $225,000
Price


Figure 27. Daytona Beach MSA Real Median Single-Family Sales Prices (2006 Dollars)

$250,000



$200,000-



$150,000- Flagler County
Volusia County
Daytona Beach, FL MSA
$100,000-- -u-- Florida



$50,000--



$0---
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005



Figure 28. Daytona Beach MSA Real Median Condominium Sales Prices (2006 Dollars)

$450,000

$400,000-

$350,000--

$300,000--
Flagler County
$250,000- oVolusia County

$200,000 Daytona Beach, FL MSA
Florida
$150,000--

$100,000-

$50,000 I


$0 I m m I 1 m I I

'0h992~0 '0 '0' 'q q 'e '63 e 'e '







-TheStaeoflorda' H ng


Fort Myers-Cape Coral, FL MSA

Figure 29. Fort Myers-Cape Coral, FL MSA














dogr _


As can be seen in Figure 29, the Fort Myers-Cape Coral, F1 MSA
is located in the southwest corner of the state, and is a single county,
Lee County, MSA. It contains 3.7% of the state's single-family
housing stock and 4.3% of the state's condominium stock. As can
be seen in Table 37, the mean year built for condominiums is 1989,
implying that this is relatively new construction in Lee County.
As can be seen in Figure 30 and Figure 31 the real median sales
price for single-family homes and condominiums in the Fort My-
ers-Cape Coral MSA has nearly doubled over the last ten years.
However, this increase while large merely mirrors what happens to
the real median single-family sales price in Florida.


Table 37. Fort Myers-Cape Coral (Lee County), FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family H Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 155,063 16,819 63,346 235,228 6,491 181
UNITS/PROPERTIES
Homesteads 108,979 7,774 20,688 137,441 1,184 1
Mean year built 1986 1981 1989 1980 1981
Median year built 1988 1980 1987 1981 1982
Mean assessed value $195,202 $61,712 $185,820 $172,104 $4,186,930
Median assessed value $132,310 $47,510 $137,570 $148,770 $810,000
Mean just value $242,663 $73,868 $197,807 $185,136 $4,187,439
Median just value $167,030 $55,830 $146,000 $157,240 $810,000
Total assessed value
Totlssessed value $30,268.63 $1,037.93 $11,770.96 $1,117.13 $757.83
milsls.)
Total just value $37,628.12 $1,242.39 $12,530.28 $1,201.72 $757.93
milsls.)
2005 Mean Sales Price $338,046 $282,189
2005 Median Sales
Price$264,000 $230,000
Price


Figure 30. Fort Myers-Cape Coral MSA Real Median Single-Family Sales Prices (2006
Dollars)

$300,000


$250,000


$200,000
SFort Myers--Cape Coral, F
MSA
$150,000
-U- Florida


$100,000


$50,000


$ 0 1 T I I T I I I I I I
$0 i
~,~~,"~,2~\98~\~ sON &, c2~ ~"










Figure 31. Fort Myers--Cape Coral MSA Real Median Condominium Sales Prices (2006
Dollars)

$300,000


$250,000


$200,000
$0,000 Fort Myers--Cape Coral, FL
MSA
$150,000 Florida
-- Florida

$100,000


$50,000


$0 70
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


Fort Pierce-Port St. Lucie, FL MSA

Figure 32. Fort Pierce-Port St. Lucie, FL MSA


As can be seen in Figure 32, the Fort Pierce-Port St. Lucie, Fl
MSA is located on the eastern coast of the state, and is a two county,
Martin County and St. Lucie County, MSA. It contains 2.8% of
the state's single-family housing stock and 1.8% of the state's con-
dominium stock. As can be seen in Table 39 and Table 40, while
Martin County has only 2/3rds the number of single-family homes
as St. Lucie County, its single-family homes have a significantly
higher assessed and just value. This fact implies that the single-fam-
ily homes are more valuable in Martin County.
As can be seen in Figure 33 the real median sales price for single-
family homes in Martin County has consistently been higher than
in St. Lucie County. While this difference has narrowed over time, it
is still significant. The Fort Pierce-Port St. Lucie MSA real median
single-family sales price closely resembles the state in performance
over the last ten years. Figure 34 shows that while single-family
homes may be worth more in Martin County, that condominiums
have a higher real median sales price in St. Lucie County.


Table 38. Fort Pierce-Port St. Lucie, FL MSA Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 118,457 7,056 26,646 152,159 2,409 129
UNITS/PROPERTIES
Homesteads 87,867 4,047 10,902 102,816 310 3
Mean year built 1985 1984 1979 1970 1979
Median year built 1988 1985 1981 1973 1982
Mean assessed value $166,091 $72,772 $137,442 $140,058 $3,690,223
Median assessed value $115,837 $59,306 $90,900 $105,800 $845,000
Mean just value $223,326 $90,573 $164,128 $145,960 $3,696,034
Median just value $153,270 $82,530 $117,000 $114,600 $867,710
Total assessed value
Total assessed value $19,674.53 $513.48 $3,661.58 $337.40 $476.04
milsls.)
Total just value $26,454.54 $639.08 $4,372.53 $351.62 $476.79
milsls.)
2005 Mean Sales Price $286,667 $238,385
2005 Median Sales $244,400 $199,900
Price244,40







-TheStaeoflorda' H ng


Table 39. Martin County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total than 1 Ui re U
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 42,960 3,224 13,041 59,225 954 62
UNITS/PROPERTIES
Homesteads 33,288 2,016 6,234 41,538 157 1
Mean year built 1984 1978 1979 1975 1978
Median year built 1986 1978 1979 1977 1980
Mean assessed value $255,785 $50,535 $130,528 $179,660 $4,532,993
Median assessed value $156,140 $45,717 $81,054 $163,755 $878,700
Mean just value $352,287 $68,616 $158,951 $191,065 $4,541,101
Median just value $221,195 $62,525 $112,018 $170,930 $964,875
Total assessed value
Total assessed value $10,988.25 $162.92 $1,701.56 $171.40 $281.05
milsls.)
Total just value $15,134.26 $221.22 $2,072.09 $182.28 $281.55
milsls.)
2005 Mean Sales Price $419,375 $220,209
2005 Median Sales
Price$320,000 $184,500
Price


Fort Walton Beach, FL MSA
As can be
Figure 35. Fort Walton Beach, FL MSA As e
seen in Figure
35, the Fort
Walton Beach,
Fl MSA is
located in the
northwest
corner of the
state along the
Gulf of Mexico,
and is a single
county, Oka-
,,^ loosa County,
MSA. It
contains 1.33% of the state's single-family housing stock and 0.7%
of the state's condominium stock. As shown in Table 41, Okaloosa
County has extremely expensive condominium sales prices, and
actually ranks as having the fifth highest condominium prices in
the state for 2005
As can be seen in Figure 36, the real median sales price for
single-family homes in the Fort Walton Beach MSA, while slightly
less than the state real median, almost match the state's increases
over the last ten years. Figure 37 highlights the expensive nature of
condominiums in the Fort Walton Beach MSA.


Gainesville, FL MSA
As can be seen in Figure 38, the Gainesville, Fl MSA is located
in the northern interior of the state, and is a single county, Alachua
County, MSA. It contains 1.2% of the state's single-family housing
stock and 0.25% of the state's condominium stock. Table 42 shows
that Alachua County has a relatively large number of large multi-
family housing units. Since the University of Florida is located in
Alachua County, there is a large student population that requires
these multi-family housing units.


Figure 38. Gainesville, FL MSA


Figure 39 shows that the real median single-family sales price
in the Gainesville MSA have increased along with the state's real
median single-family sales price. Figure 40 shows that while condo-
miniums have seen a large real return, they have still priced below
the state median.


Lakeland--Winter Haven, FL MSA

Figure 41. Lakeland--Winter Haven, FL MSA











Table 40. St Lucie County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total than 1 Ui re U
Home than 10 Units More Units
TOTAL
PROPERTIES 75,497 3,832 13,605 92,934 1,455 67
UNITS/PROPERTIES
Homesteads 54,579 2,031 4,668 61,278 153 2
Mean year built 1985 1989 1979 1967 1979
Median year built 1988 1989 1983 1969 1983
Mean assessed value $115,055 $91,482 $144,066 $114,092 $2,910,346
Median assessed value $97,513 $86,185 $103,000 $86,900 $810,600
Mean just value $149,943 $109,045 $169,088 $116,387 $2,914,031
Median just value $134,500 $104,850 $132,300 $88,200 $810,600
Total assessed value
Total assessed value $8,686.28 $350.56 $1,960.02 $166.00 $194.99
milsls.)
Total just value $11,320.27 $417.86 $2,300.44 $169.34 $195.24
milsls.)
2005 Mean Sales Price $244,432 $252,008
2005 Median Sales $234,000 $212,000
Price $234,000


Figure 33. Fort Pierce-Port St. Lucie MSA Real Median Single-Family Sales Prices
(2006 Dollars)

$350,000

$300,000-

$250,000 Martin County

$200,000 St. Lucie County

SFort Pierce--Port St. Lucie,
$150,000- FL MSA
0,00*I -u- Florida



$100I00 I


$0 FT~i-"i- -------T--a-

, q03 ,b b b



Figure 34. Fort Pierce-Port St. Lucie MSA Real Median Condominium Sales Prices
(2006 Dollars)

$250,000


$200,000
Martin County

$150,000- m St. Lucie County

S0 I Fort Pierce--Port St. Lucie,
$100,000 1 I FL MSA


$50,000- I Florida
$50,000


$0 i m m m 1m m mL
'b Cb C1 Q' Q; & ( t
'00 'C' Cp 'q 'q 43 'fs 43 43 'eLO& 200







-TeSaeoF.loida' Housing


Table 41. Fort Walton Beach (Okaloosa County), FL MSA Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home Single-Familythan 10 Units More Units
Home than 10 Units More Units


TOTAL
UNITS/PROPERTIES
Homesteads
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milsls.)
Total just value
milsls.)
2005 Mean Sales Price
2005 Median Sales
Price


56,427

39,518
1981
1984
$133,196
$94,843
$164,959
$118,910


2,732

1,508
1983
1984
$43,141
$32,840
$50,731
$40,514


10,973 70,132


1,026
($)
($)
$269,968
$225,600
$278,033
$250,000


42.052


$7,515.86 $117.86 $2,962.36

$9,308.15 $138.60 $3,050.86


$273,644

$201,000


742

42
1973
1975
$175,521
$128,921
$177,672
$129,192

$130.24

$131.83


160

2
1982
1985
$1,419,930
$687,490
$1,423,672
$699,377

$227.19

$227.79


$486,738

$405,000


Figure 36. Fort Walton Beach MSA Real Median Single-Family Sales Prices
(2006

$250,000



$200,000



$150,000
Fort Walton Beach, FL MSA
-- Florida
$100,000



$50,000



$0





Figure 37. Fort Walton Beach MSA Real Median Condominium Sales Prices (2006
Dollars)

$450,000

$400,000-

$350,000-

$300,000-


$250,000

$200,000

$150,000

$100,000


SFort Walton Beach, FL MSA
1-- Florida


$50,000

$0 N I, I, ,











Table 42. Gainesville (Alachua County), FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 51,194 5,612 3,766 60,572 1,697 388
UNITS/PROPERTIES
Homesteads 39,797 4,159 1,644 45,600 110 3
Mean year built 1980 1987 1987 1973 1981
Median year built 1980 1987 1986 1979 1981
Mean assessed value $110,041 $45,721 $73,448 $101,916 $2,341,766
Median assessed value $93,545 $43,210 $70,100 $89,000 $676,800
Mean just value $134,019 $52,238 $81,813 $103,419 $2,341,777
Median just value $117,400 $49,500 $82,200 $90,200 $676,800
Total assessed value
Total assessed value $5,633.46 $256.58 $276.60 $172.95 $908.61
milsls.)
Total just value $6,860.96 $293.16 $308.11 $175.50 $908.61
milsls.)
2005 Mean Sales Price $208,322 $143,743
2005 Median Sales $184,300 $139,950
Price $184,300 $139,950
Price


Figure 39. Gainesville MSA Real Median Single-Family Sales Prices (2006 Dollars)


$250,000-



$200,000-



$150,000--


$100,000



$50,000


Gainesville, FL MSA
-w- Florida


$0 --
1995 1996 1997 1998 1999 20002001 2002 2003 2004 2005



Figure 40. Gainesville MSA Real Median Condominium Sales Prices (2006 Dollars)


$250,000



$200,000



$150,000-



$100,000 -


$50,000



$0


1995 1996 1997 1998 1999 20002001 2002 2003 2004 2005


SGainesville, FL MSA
-i- Florida







-TheStaeoflorda' H ng


Table 43. Lakeland-Winter Haven (Polk County), FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total
Home than 10 Units More Units
TOTAL
ITSPROPERTIES 138,097 33,561 7,637 179,295 4,275 242
UNITS/PROPERTIES
Homesteads 98,083 18,956 2,744 119,783 395 3
Mean year built 1976 ($) ($) 1970 1977
Median year built 1979 ($) ($) 1979 1980
Mean assessed value $95,600 $38,137 $53,144 $77,923 $1,647,575
Median assessed value $81,329 $35,600 $44,500 $68,350 $483,752
Mean just value $112,616 $43,659 $55,668 $78,534 $1,647,800
Median just value $99,800 $40,435 $44,500 $68,670 $483,752
Total assessed value
Total assessed value $13,202.03 $1,279.91 $405.86 $333.12 $398.71
milsls.)
Total just value $15,551.94 $1,465.23 $425.14 $335.73 $398.77
milsls.)
2005 Mean Sales Price $180,177 $88,720
2005 Median Sales $167,900 $80,000
Price $167,900 $80,000
Price

Figure 42. Lakeland-Winter Haven MSA Real Median Single-Family Sales Prices (2006
Dollars)
$250,000



$200,000 -


a


$150,000 A-

-...... ..- ...
$100,000



$50,000


Lakeland-- Wnter Haven, FL MSA
Florida


1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


Figure 43. Lakeland-Winter Haven MSA Real Median Condominium Sales Prices (2006
Dollars)

$250,000


a'-' /P


$150,000


$100,000


/


ALakeland--Winter Haven, FL
MSA
-w- Florida


$50,000 -










As can be seen in Figure 41, the Lakeland-Winter Haven, Fl MSA
is located in the center of the state, and is a single county, Polk
County, MSA. It contains 3.3% of the state's single-family housing
stock and 0.5% of the state's condominium stock. Table 43 shows
that Polk County has a large number of multi-family housing with
9 or less units.
Figure 42 shows that the real median single-family sales price in
the Lakeland-Winter Haven MSA have shown a good rate of real
growth, but not as large as the state's. Figure 43 shows that condo-
miniums have seen almost no real return over the last ten years and
are priced way below the state median.


Melbourne--Titusville--Palm Bay, FL MSA

Figure 44. Melboume--Titusville--Palm Bay, FL MSA


As can be seen in Figure 44, the Melbourne-Titusville, Fl MSA is
located in the center of the state on its eastern coast, and is a single-
county, Brevard County, MSA. It contains 3.8% of the state's single-
family housing stock and 1.9% of the state's condominium stock.


Figure 45 and Figure 46 show that the real median single-family
and real median condominium sales price have mirrored the real
price increases across the state. Both single-family units and condo-
miniums are priced slightly below the state medians.


Naples, FL MSA


Figure 47. Naples, FL MSA


As can be seen
.. /7 / L


111 figure -/ t e
n Naples, Fl MSA
is located on the
southwest coast,
and is a single
county, Collier
County, MSA. It
contains 1.6% of
the state's single-
family housing
stock and 5.75% of
w* the state's con-
dominium stock.
As can be seen in
Table 45, Collier County is one of the highest priced markets for
single-family homes in the state of Florida. Notice the difference in
the mean and median single-family sales price for 2005, implying
that the upper end of single-family home sales is extremely valuable
in Collier County.
Figure 48 shows that the real median single-family sales price in
the Naples MSA has exploded over the last ten years. It also shows
how much more expensive single-family homes are in Collier
County than compared to the state median. Figure 49 shows that
while condominiums are more expensive in the Naples MSA than
the state median, the spread between Naples and the state has not
changed much over the last ten years.


Table 44. Melboume-Titusville (Brevard County), FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 1
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 162,209 11,376 27,635 201,220 2,983 277
UNITS/PROPERTIES
Homesteads 128,290 7,610 11,594 147,494 841 9
Mean year built 1981 1983 1983 1964 1973
Median year built 1984 1983 1984 1963 1969
Mean assessed value $125,395 $43,369 $125,495 $181,315 $2,865,159
Median assessed value $99,860 $41,045 $88,470 $135,140 $825,000
Mean just value $186,505 $53,410 $147,041 $204,821 $2,866,252
Median just value $150,140 $54,260 $113,540 $150,000 $840,000
Total assessed value
Total assessed value $20,340.25 $493.37 $3,468.04 $540.86 $793.65
milsls.)
Total just value $30,252.86 $607.59 $4,063.48 $610.98 $793.95
milsls.)
2005 Mean Sales Price $249,261 $230,047
2005 Median Sales $212,000 $173,000
Price212,00


* .








-TheSta e.oflorda'H n,


Figure 45. Melboume--Titusville--Palm Bay MSA Real Median Single-Family Sales
Prices (2006 Dollars)

$250,000


$200,000



$150,000


$100,000


Melbourne--Titusville--Pal
Bay, FL MSA
-i- Florida


$50,000



$0


Figure 46. Melboume--Titusville--Palm Bay MSA Real Median Condominium Sales
Prices (2006 Dollars)

$250,000 i


$200,000



$150,000


$100,000-


$50,000


Melbourne--Titusville--Palr
Bay, FL MSA
-w- Florida


Table 45. Naples (Collier County), FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total than 10 Units More Units
Home than 10 Units More Units
TOTAL
PROPERTIES 67,857 3,489 85,077 156,423 1,998 98
UNITS/PROPERTIES
Homesteads 46,577 1,590 25,405 73,572 316 0
Mean year built 1988 1980 1989 1977 1987
Median year built 1991 1978 1990 1974 1989
Mean assessed value $374,107 $65,046 $271,228 $234,590 $6,765,880
Median assessed value $215,697 $51,830 $168,835 $190,870 $3,079,776
Mean just value $473,184 $77,677 $294,351 $244,231 $6,765,880
Median just value $279,097 $63,000 $181,137 $197,987 $3,079,776
Total assessed value
Total assessed value $25,385.78 $226.95 $23,075.25 $468.71 $663.06
milsls.)
Total just value $32,108.82 $271.01 $25,042.49 $487.97 $663.06
milsls.)
2005 Mean Sales Price $608,315 $453,239
2005 Median Sales 420,000 $271,600
Price420,00











Figure 48. Naples MSA Real Median Single-Family Sales Prices (2006 Dollars)

$500,000

$450,000

$400,000-

$350,000 -


$300,000

$250,000

$200,000

$150,000

$100,000


Naples, FL MSA
-w- Florida


$50,000

$0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


Figure 49. Naples MSA Real Median Condominium Sales Prices (2006 Dollars)

$300,000


$250,000-


$200,000 --


$0,000- Naples, FL MSA
$150,000-- Fo
--- Florida

$100,000


$50,000


$0


1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


Ocala, FL MSA


Figure 50. Ocala FL, MSA


As can be seen in Figure 50, the Ocala, FI MSA is located in the
center of the state, and is a single-county, Marion County, MSA. It
contains 2% of the state's single-family housing stock and 0.4% of
the state's condominium stock.
Figure 51 shows that the real median single-family sales price in
the Ocala MSA has increased over the last ten years, but remain
below the state median. Figure 52 show that condominiums have
experienced almost no real growth in real median prices over the last
ten years.







-TheStaeoflorda' H ng


Table 46. Ocala (Marion County), FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 1
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 84,255 25,543 6,085 115,883 1,077 104
UNITS/PROPERTIES
Homesteads 63,616 15,221 3,945 82,782 82 1
Mean year built 1985 1984 1985 1977 1981
Median year built 1988 1984 1986 1981 1982
Mean assessed value $95,204 $35,614 $58,767 $103,522 $2,123,498
Median assessed value $80,564 $31,355 $53,672 $98,285 $852,036
Mean just value $109,808 $40,538 $63,986 $105,086 $2,124,199
Median just value $95,359 $35,821 $59,764 $99,563 $852,036
Total assessed value
Total assessed value $8,021.45 $909.69 $357.60 $111.49 $220.84
milsls.)
Total just value $9,251.85 $1,035.46 $389.35 $113.18 $220.92
milsls.)
2005 Mean Sales Price $181,304 $103,404
2005 Median Sales $160,300 $96,000
Price $160,300 $96,000
Price



Figure 51. Ocala MSA Real Median Single-Family Sales Prices (2006 Dollars)


$250,000


-In~r r-~r


/


$150,000 -


Ocala, FL MSA
-- Florida


$100,000-



$50,000-



$0 -
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005



Figure 52. Ocala MSA Real Median Condominium Sales Prices (2006 Dollars)

$250,000



$200,000



$150,000
Ocala, FL MSA
$--- Florida
$100,000


$50,000


1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


'-uU.-U











Panama City, FL MSA

Figure 53. Panama City FL, MSA


As can be seen in Figure 53, the Panama City, Fl MSA is located
on the coast in Florida's panhandle, and is a single county, Bay
County, MSA. It contains 1.2% of the state's single-family housing
stock and 0.9% of the state's condominium stock. As can be seen
in Table 47, Bay County has extremely expensive condominium
sales prices in 2005, and actually ranks as the fourth most expensive
county for condominiums in the state.
Figure 54 shows that the real median single-family sales price
in the Panama City MSA have increased along with the state's real
median single-family sales price. Figure 55 shows that while condo-
miniums were in line with the state median until about 2002, they
have recently experienced a large real increase over the last 3 years.
In fact, Panama City condominiums have almost tripled in price
between 2002 and 2005 from $150,000 to nearly $450,000.


Table 47. Panama City (Bay County), FL MSA Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total than 1 Ui re U
Home than 10 Units More Units
TOTAL
TSPROPERTIES 48,775 8,867 13,173 70,815 868 128
UNITS/PROPERTIES
Homesteads 31,326 4,768 1,019 37,113 79 2
Mean year built 1981 1988 ($) 1984 1982
Median year built 1985 1990 ($) 1985 1984
Mean assessed value $116,633 $48,933 $197,852 $138,484 $1,361,290
Median assessed value $89,992 $42,430 $167,600 $113,942 $568,235
Mean just value $137,434 $54,648 $202,708 $141,324 $1,361,711
Median just value $110,291 $46,774 $175,001 $115,778 $568,235
Total assessed value
Total assessed value $5,688.76 $433.89 $2,606.31 $120.20 $174.25
milsls.)
Total just value $6,703.34 $484.56 $2,670.27 $122.67 $174.30
milsls.)
2005 Mean Sales Price $271,790 $442,923
2005 Median Sales20,000
Price $205,000 $420,000
Price



Figure 54. Panama City MSA Real Median Single-Family Sales Prices (2006 Dollars)

$250,000


$200,000-


$150,000-
u Panama City, FL MSA
---- Florida
$100,000-


$50,000-


$0 i i i i i i i i
(0~;~;







-TheSta e.oflorda'H n,


Figure 55. Panama City MSA Real Median Condominium Sales Prices (2006 Dollars)

$500,000


$450,000 -

$400,000-

$350,000-

$300,000-

$250,000


$200,000-

$150,000-

$100,000


$50,000 -


Panama City, FL MSA
-m- Florida


$0 I I
Kb Kb Kb Kb ~ 2 0 0L~0


Pensacola, FL MSA


Punta Gorda, FL MSA


Figure 56. Pensacola FL, MSA


As can be seen
in Figure 56, the
Pensacola, Fl MSA
is made up by two
northwest counties,
Escambia County
and Santa Rosa
County, in Florida's
panhandle. It con-
tains 3.2% of the
state's single-family
housing stock and
0.58% of the state's
condominium stock.
As can be seen in the


following tables, the Pensacola MSA has relatively expensive condo-
miniums in 2005. Escambia County ranks as the 10th most expen-
sive county to buy a condominium and Santa Rosa ranks 22nd.
Figure 57 shows that the Pensacola MSA has seen similar real
single-family sales price increases as the state over the last ten years.
Santa Rosa County's single-family houses have consistently been
more expensive than Escambia's, and that spread has expanded over
the last ten years. Figure 58 shows that real median condominium
sales prices have been greater than the state's median since 1997.
While Escambia has seen a constant real increase in prices, Santa
Rosa experienced a real decline in prices between 1999 and 2000
and has also experienced a real decline from its peak in 2003.


Figure 59. Punta Gorda FL, MSA













"


As can be seen
in Figure 59, the
Punta Gorda, Fl
MSA is made up by
Charlotte County,
and is located on the
southern Gulf coast.
It contains 1.4% of
the state's single-
family housing stock
and 0.85% of the
state's condominium
stock.
Figure 60 and


Figure 61 shows that
the real median single-family sales price and real median condomin-
ium sales price in Punta Gorda has preformed in a similar manner
as the state.











Table 48. Pensacola, FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 135,370 11,985 8,617 155,972 2,520 200
UNITS/PROPERTIES
Homesteads 99,435 6,355 1,481 107,271 291 0
Mean year built 1978 1986 1987 1973 1980
Median year built 1980 1986 1984 1979 1982
Mean assessed value $91,707 $29,271 $154,690 $98,605 $1,917,462
Median assessed value $73,796 $23,760 $94,000 $74,566 $971,332
Mean just value $108,408 $33,007 $159,574 $101,638 $1,917,462
Median just value $86,825 $27,693 $97,500 $76,961 $971,332
Total assessed value
Total assessed value $12,414.41 $350.81 $1,332.96 $248.49 $383.49
milsls.)
Total just value $14,675.20 $395.59 $1,375.05 $256.13 $383.49
milsls.)
2005 Mean Sales Price $187,320 $405,638
2005 Median Sales
Price $162,800 $277,500
Price




Table 49. Escambia County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 92,260 5,812 7,135 105,207 1,900 144
Homesteads 66,064 2,965 1,201 70,230 234 0
Mean year built 1974 1985 1987 1970 1980
Median year built 1974 1985 1984 1974 1979
Mean assessed value $80,559 $22,163 $152,646 $97,084 $2,249,517
Median assessed value $64,470 $16,265 $84,600 $71,155 $1,282,870
Mean just value $95,132 $27,056 $157,519 $100,736 $2,249,517
Median just value $76,030 $19,850 $97,500 $73,310 $1,282,870
Total assessed value
Total assessed value $7,432.37 $128.81 $1,089.13 $184.46 $323.93
milsls.)
Total just value $8,776.86 $157.25 $1,123.90 $191.40 $323.93
milsls.)
2005 Mean Sales Price $163,537 $425,048
2005 Median Sales
Price $143,000 $300,000
Price




Table 50. Santa Rosa County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 1
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 43,110 6,173 1,482 50,765 620 56
UNITS/PROPERTIES
Homesteads 33,371 3,390 280 37,041 57 0
Mean year built 1987 1987 1989 1982 1982
Median year built 1991 1987 1985 1982 1983
Mean assessed value $115,566 $35,963 $164,529 $103,268 $1,063,607
Median assessed value $96,051 $30,724 $100,000 $89,846 $494,499
Mean just value $136,821 $38,610 $169,468 $104,400 $1,063,607
Medianjust value $113,184 $33,816 $101,250 $92,428 $494,499
Total assessed value
Total assessed value $4,982.04 $222.00 $243.83 $64.03 $59.56
milsls.)
Total justvalue $5,898.33 $238.34 $251.15 $64.73 $59.56
milsls.)
2005 Mean Sales Price $229,315 $311,066
2005 Median Sales
Price205,000 $230,000
Price







-TheStaeoflorda' H ng


Figure 57. Pensacola MSA Real Median Single-Family Sales Prices (2006 Dollars)

$250,000


$200,000


$150,000


$100,000


$50,000


$0


Escambia County
Santa Rosa County
Pensacola, FL MSA
-U- Florida


1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


Figure 58. Pensacola MSA Real Median Condominium Sales Prices (2006 Dollars)

$400,000

$350,000

$300,000-

$250,000 --
Escambia County
$200,000-- Santa Rosa County
Pensacola, FL MSA
$150,000- --Florida

$100,000

$50,000-

$0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


Sarasota--Bradenton, FL MSA
As can be seen in Figure 62, the Sarasota, Fl MSA is made up by
Manatee County and Sarasota County, and is located on the south-
ern Gulf coast. It contains 4.5% of the state's single-family housing
stock and 5% of the state's condominium stock.
Figure 63 shows that the real median single-family sales price in
the Sarasota-Bradenton MSA has recently shown higher real increas-
es than the state median. Manatee County and Sarasota County
had similar real median sales prices in 1995, but recently Manatee
County has experienced a higher real increase and now a single-fam-
ily unit cost around $50,000 more than in Sarasota County. Figure
64 shows that condominiums have performed similar to the state
over the last ten years. The spread between condominiums in Sara-
sota and Manatee has slightly narrowed over the last ten years.


Figure 62. Sarasota-Bradenton FL, MSA











Table 51. Punta Gorda (Charlotte County), FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total than 1 Ui re U
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 59,050 5,715 12,521 77,286 1,071 26
UNITS/PROPERTIES
Homesteads 42,225 2,732 3,998 48,955 223 1
Mean year built 1983 1980 1987 1976 1976
Median year built 1986 1980 1985 1980 1984
Mean assessed value $141,543 $52,879 $154,119 $210,426 $1,714,692
Median assessed value $108,285 $44,558 $75,530 $131,260 $610,382
Mean just value $185,996 $63,898 $167,480 $226,071 $1,715,163
Median just value $143,880 $53,176 $85,078 $133,955 $616,510
Total assessed value
Total assessed value $8,358.12 $302.20 $1,929.73 $225.37 $44.58
milsls.)
Total just value $10,983.07 $365.18 $2,097.01 $242.12 $44.59
milsls.)
2005 Mean Sales Price $277,698 $280,325
2005 Median Sales $225,000 $200,000
Price



Figure 60. Punta Gorda MSA Real Median Single-Family Sales Prices (2006 Dollars)

$250,000



$200,000 --



$150,000
SPunta Gorda, FL MSA
-w- Florida
$100,000-


$50,000


$0





Figure 61. Punta Gorda MSA Real Median Condominium Sales Prices (2006 Dollars)

$250,000



$200,000



$150,000
L_ Punta Gorda, FL MSA
$100,000 Florida
$100,000


$50,000


$0 I e i I ,







TheStateoflorda' Hig


Table 52. Sarasota-Bradenton FL, MSA Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 1
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 189,168 23,252 73,252 285,672 6,790 589
UNITS/PROPERTIES
Homesteads 141,649 11,988 31,672 185,309 1,426 4
Mean year built 1980 1976 1982 1966 1983
Median year built 1982 1975 1981 1971 1988
Mean assessed value $197,459 $52,065 $223,102 $193,894 $2,021,538
Median assessed value $137,900 $48,661 $137,196 $120,700 $347,000
Mean just value $257,500 $59,842 $255,898 $210,842 $2,022,017
Median just value $179,875 $55,900 $161,170 $125,304 $347,000
Total assessed value
Total assessed value $37,352.87 $1,210.62 $16,342.70 $1,316.54 $1,190.69
milsls.)
Total just value $48,710.69 $1,391.45 $18,745.03 $1,431.61 $1,190.97
milsls.)
2005 Mean Sales Price $347,258 $325,898
2005 Median Sales $2 0
rice$274,250 221,100




Table 53. Manatee County Housing Supply
Single-Family Mobile Condomiium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 72,486 11,782 25,213 109,481 4,553 265
Homesteads 56,048 6,012 12,236 74,296 1,086 0
Mean year built 1980 1976 1982 1966 1990
Median year built 1985 1973 1981 1972 2002
Mean assessed value $185,048 $46,975 $147,370 $188,884 $2,117,160
Median assessed value $140,215 $41,343 $105,590 $115,926 $217,413
Mean just value $235,634 $53,320 $168,347 $210,584 $2,117,160
Median just value $183,896 $46,463 $128,209 $120,000 $217,413
Total assessed value
Total assessed value $13,413.40 $553.46 $3,715.64 $859.99 $561.05
milsls.)
Total just value $17,080.20 $628.22 $4,244.54 $958.79 $561.05
milsls.)
2005 Mean Sales Price $346,607 $257,572
2005 Median Sales $300,000 $200,000
Price $300,000 $200,000
Price



Table 54. Sarasota County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
UITPROPERTIES 116,682 11,470 48,039 176,191 2,237 324
UNITS/PROPERTIES
Homesteads 85,601 5,976 19,436 111,013 340 4
Mean year built 1980 1977 1982 1965 1978
Median year built 1981 1976 1981 1968 1979
Mean assessed value $205,168 $57,294 $262,850 $204,093 $1,943,329
Median assessed value $136,629 $54,276 $157,500 $148,100 $421,250
Mean just value $271,083 $66,542 $301,848 $211,366 $1,944,200
Median just value $177,200 $64,000 $185,250 $153,000 $421,250
Total assessed value $23,939.46 $657.16 $12,627.06 $456.56 $629.64
milsls.)
Total just value $31,630.50 $763.24 $14,500.49 $472.83 $629.92
milsls.)
2005 Mean Sales Price $347,706 $363,785
2005 Median Sales
Price,000 $230,000
Price











Figure 63. Sarasota--Bradenton MSA Real Median Single-Family Sales Prices (2006
Dollars)

$350,000

$300,000-


$250,000 Manatee County

$200,000-- m Sarasota County

Sarasota--Bradenton, FL
$150,000- MSA
-w- Florida
$100,000-


$50,000--

$0







Figure 64. Sarasota--Bradenton MSA Real Median Condominium Sales Prices (2006
Dollars)

$300,000


$250,000

S$Manatee County
$200,000
Sarasota County

$150,000- Sarasota--Bradenton, FL
MSA
$100,000- -w- Florida


$50,000


$0I U U U U U U U U

2~~ A C' Cp I b "I0 rOZ25 gOL J







-TheStaeoflorda' H ng


Tallahassee, FL MSA


Figure 65. Tallahassee FL, MSA


As can be seen in Figure 65, the Tallahassee, Fl MSA is made
up by Leon County and Gadsden County, and is located in the
Florida's panhandle on the Georgia border. It contains 1.8% of the
state's single-family housing stock and almost none of the state's
condominium stock. As can be seen in the following tables, Leon
County has the vast majority of the multi-family units in this MSA.
This fact is due to the presence of the Florida State University and
its large student population in Leon County.
Figure 66 shows that while the state and the Tallahassee MSA had
similar real median single-family sales prices in late 90s, recently the
two have diverged. With the state experiencing higher real increases
than the Tallahassee MSA. Leon County has had consistently higher
single-family sales prices than Gadsden County. Figure 67 shows
that the Tallahassee MSA real condominium sales price is solely
dependent on Leon County, and while increasing over the last ten
years remains well below the state median.


Table 55. Tallahassee FL, MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
PROPERTIES 74,735 9,757 870 85,362 2,110 421
UNITS/PROPERTIES
Homesteads 55,279 6,886 243 62,408 141 14
Mean year built 1979 1987 1976 1973 1978
Median year built 1982 1988 1973 1978 1975
Mean assessed value $114,195 $38,649 $57,396 $142,887 $2,180,722
Median assessed value $97,056 $34,596 $49,817 $118,184 $733,695
Meanjust value $137,811 $43,024 $61,514 $144,611 $2,181,030
Median just value $119,097 $38,952 $50,970 $119,442 $733,695
Total assessed value
Total assessed value $8,534.35 $377.10 $49.93 $301.49 $918.08
milsls.)
Total just value $10,299.28 $419.78 $53.52 $305.13 $918.21
milsls.)
2005 Mean Sales Price $199,446 $129,542
2005 Median Sales $168,200 $138,000
Price $168,200 $138,000
Price


Table 56. Leon County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total ta 1
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 65,276 6,653 870 72,799 2,100 368
UNITS/PROPERTIES
Homesteads 48,241 4,532 243 53,016 141 10
Mean year built 1980 1986 1976 1973 1978
Median year built 1983 1987 1973 1978 1974
Mean assessed value $122,103 $38,979 $57,396 $138,903 $2,482,320
Median assessed value $102,878 $34,431 $49,817 $118,073 $987,477
Mean just value $147,853 $44,790 $61,514 $140,636 $2,482,631
Median just value $126,850 $40,466 $50,970 $119,182 $987,477
Total assessed value $7,970.36 $259.33 $49.93 $291.70 $913.49
milsls.)
Total justvalue $9,651.27 $297.99 $53.52 $295.33 $913.61
milsls.)
2005 Mean Sales Price $203,753 $129,542
2005 Median Sales $170,900 $138,000
Price900 $1










Table 57. Gadsden County Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total ta 1
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 9,459 3,104 0 12,563 10 53
UNITS/PROPERTIES
Homesteads 7,038 2,354 0 9,392 0 4
Mean year built 1972 1990 0 (*) 1976
Median year built 1974 1992 0 (*) 1984
Mean assessed value $59,624 $37,943 $0 (*) $86,611
Median assessed value $45,395 $34,976 $0 (*) $46,252
Mean just value $68,508 $39,238 $0 (*) $86,890
Median just value $53,090 $35,803 $0 (*) $47,496
Total assessed value
Total assessed value $563.99 $117.77 $0 (*) $4.59
milsls.)
Total just value
Total just value $648.01 $121.80 $0 (*) $4.61
milsls.)
2005 Mean Sales Price $133,876 $0
2005 Median Sales
Price $128,928 $0
Price

Figure 66. Tallahassee MSA Real Median Single-Family Sales Prices (2006 Dollars)

$250,000



$200,000



$150,000 Gadsden County
Leon County

$100,000- -m- Florida



$50,000--



$0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


Figure 67. Tallahassee MSA Real Median Condominium Sales Prices (2006 Dollars)


$250,000



$200000


/


$150,000- Gadsden County
Leon County
Tallahassee, FL MSA
$100,000 -i- Florida



$50,000



$0 I I
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


$



$







-TheStaeoflorda' H ng


Vero Beach, FL MSA


Figure 68. Vero Beach FL, MSA


As can be seen
in Figure 68, the
Vero Beach, Fl
MSA is located in
the middle of the
state on the eastern
coast, and is a single
county, Indian Riv-
er County, MSA. It
contains 1% of the
state's single-family
housing stock and
0.9% of the state's
condominium


Florida's Non-Metropolitan Areas
There are 32 remaining counties in Florida, and they are divided
into four regional groups: Northwest Non-Metropolitan, North-
east Non-Metropolitan, Central Non-Metropolitan, and South
Non-Metropolitan, according to categories used by the University
of Florida's Bureau of Economic and Business Research. These
remaining 4 non-metropolitan areas contain 6.3% of Florida's
population according to the 2005 Census' population projection
and contain 6.3% of the state's single-family housing stock, 1.7%
of the condominium stock and 3.6% and 3.7% of the multi-family
9 or less units and multi-family 10 or more units, respectively. The
following section will examine each of these non-metropolitan areas
individually.


stock.
Figure 69 and Figure 70 shows that the real median single-family
sales price and real median condominium sales price in the Indian
River MSA have increased along with the state's real median prices.


Table 58. Vero Beach (Indian River County), FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 40,024 1,347 13,054 54,425 794 47
UNITS/PROPERTIES
Homesteads 29,375 700 5,332 35,407 109 1
Mean year built 1983 1978 1984 1974 1987
Median year built 1986 1976 1983 1975 1987
Mean assessed value $200,628 $44,139 $176,875 $156,969 $2,693,424
Median assessed value $103,440 $34,460 $103,000 $126,675 $960,900
Mean just value $254,707 $51,280 $199,948 $163,407 $2,693,424
Median just value $134,545 $41,010 $114,750 $132,300 $960,900
Total assessed value
($miTotal assessed value s.) $8,029.95 $59.46 $2,308.93 $124.63 $126.59
milsls.)
Total just value $10,194.38 $69.07 $2,610.12 $129.74 $126.59
milsls.)
2005 Mean Sales Price $318,887 $298,462
2005 Median Sales $210,450 $185,000
Price $210,450 $185,000
Price


Figure 69. Vero Beach MSA Real Median Single-Family Sales Prices (2006 Dollars)

$250,000


$200,000 -


$150,000-
$ Vero Beach, FL MSA
-1-- Florida
$100,000-


$50,000-


$0--
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005










Figure 70. Vero Beach MSA Real Median Condominium Sales Prices (2006 Dollars)
$250,000



$200,000 -



$150,000
iiVero Beach, FL MSA
n -w --- Florida
i --...-i-)- L ... i'
$100,000



$50,000



$0 -
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


Northwest, FL Non-Metropolitan Area

Figure 71. Northwest, FL Non-Metropolitan Area


As can be seen in Figure 71, the Northwest, FL Non-Metro-
politan Area is located in the Florida panhandle, and is made up
of ten counties: Calhoun County, Franklin County, Gulf County,
Holmes County, Jackson County, Jefferson County, Liberty County,
Wakulla County, Walton County, and Washington County. It con-
tains approximately 1.4% of the state's single-family housing stock
and 0.75% of the state's condominium stock. As can be seen in the
follow tables, these counties can vary greatly in size from barely over
1,000 single-family units to almost 17,000 single-family units.
Figure 72 shows that the Northwest Non-Metropolitan area has
a higher real median single-family sales price than the state median.
However, a more careful examination revels that this is only partially
true. Most of the counties have real median single-family sales prices
below the state median, but the Franklin County, Gulf County
and Walton County have such high real median single-family sales
prices. They pull the entire non-metropolitan area up. Figure 73
shows that very few of these counties have condominium sales, but
there are a few counties with extremely expensive condominiums in
this non-metropolitan area.


Northeast, FL Non-Metropolitan Area

Figure 74. Northeast, FL Non-Metropolitan Area


As can be seen in Figure 74, the Northeast, FL Non-Metropolitan
Area is located in the Florida panhandle, and is made up by twelve
counties: Baker County, Bradford County, Columbia County, Dixie
County, Gilchrist County, Hamilton County, Lafayette County,
Levy County, Madison County, Suwannee County, Taylor County,
and Union County. It contains approximately 1.1% of the state's
single-family housing stock and almost none of the state's condo-
minium stock.
Figure 75 shows that the Northeast Non-Metropolitan area has
a significantly lower real median single-family sales price than the
state median. Figure 76 shows that very few of these counties have
condominium sales, but there are a few counties with extremely
expensive condominiums in this non-metropolitan area.


____.__AM ..--







TheStateoflorda' Hig


Table 59. Northwest, FL Non-Metropolitan Area Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total than 10 Units More Units
Home than 10 Units More Units
TOTAL
PROPERTIES 48,327 36,792 356 85,475 472 96
UNITS/PROPERTIES
Homesteads 35,037 24,531 58 59,626 43 6
Mean year built 1974 1987 1991 1976 1976
Median year built 1976 1989 1993 1981 1978
Mean assessed value $69,934 $37,999 $141,128 $134,756 $662,023
Median assessed value $55,823 $32,750 $150,000 $74,622 $453,975
Mean just value $83,271 $42,692 $144,660 $136,853 $662,918
Median just value $66,704 $37,181 $150,000 $75,439 $453,975
Total assessed value
Total assessed value $3,379.68 $1,398.04 $50.24 $63.60 $63.55
milsls.)
Total just value $4,024.23 $1,570.71 $51.50 $64.59 $63.64
milsls.)
2005 Mean Sales Price $152,617 $283,718
2005 Median Sales
Price _$131,000 $286,900
Price




Table 60. Calhoun County Housing Supply
ingle-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 2,500 991 0 3,491 3 4
UNITS/PROPERTIES
Homesteads 1,820 682 0 2,502 0 0
Mean year built 1972 1986 0 (*) (*)
Median year built 1974 1987 0 (*) (*)
Mean assessed value $45,618 $26,086 $0 (*) (*)
Median assessed value $36,396 $21,728 $0 (*) (*)
Mean just value $48,002 $27,701 $0 (*) (*)
Median just value $38,798 $23,620 $0 (*) (*)
Tot assessed value $114.04 $25.85 $0 (*) (*)
milsls.)
Totust value $120.01 $27.45 $0 (*) (*)
milsls.)
2005 Mean Sales Price $101,019 $0
2005 Median Sales $81,000 $0
Price $_81,000 $0
Price



Table 61. Franklin County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
PROPERTIES 5,969 1,223 38 7,230 17 28
UNITS/PROPERTIES
Homesteads 2,559 764 5 3,328 2 3
Mean year built 1976 1983 1998 (*) 1980
Median year built 1981 1984 1997 (*) 1980
Mean assessed value $327,828 $51,562 $236,640 (*) $309,090
Median assessed value $147,959 $34,333 $236,569 (*) $156,061
Mean just value $381,037 $67,793 $244,735 (*) $309,091
Median just value $210,520 $46,241 $236,569 (*) $156,061
Total assessed value $1,956.81 $63.06 $8.99 (*) $8.65
milsls.)
Totust value $2,274.41 $82.91 $9.30 (*) $8.65
milsls.)
2005 Mean Sales Price $580,854 $302,950
2005 Median Sales
Price,000 $337,500
Price











Table 62. Gulf County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total ts
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 5,521 1,858 74 7,453 0 10
UNITS/PROPERTIES
Homesteads 2,822 802 4 3,628 0 2
Mean year built 1982 1985 1992 0 (*)
Median year built 1984 1988 1988 0 (*)
Mean assessed value $195,380 $57,157 $318,579 $0 (*)
Median assessed value $92,623 $35,785 $295,962 $0 (*)
Mean just value $248,071 $70,849 $326,767 $0 (*)
Median just value $157,421 $45,545 $296,866 $0 (*)
Total assessed value
To$mls. d v e $1,078.69 $106.20 $23.57 (*) (*)
milsls.)
Totust value $1,369.60 $131.64 $24.18 (*) (*)
milsls.)
2005 Mean Sales Price $346,807 $463,326
2005 Median Sales
Price $240,000 $500,000
Price




Table 63. Holmes County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
PROPERTIES 3,209 1,052 0 4,261 6 6
UNITS/PROPERTIES
Homesteads 2,339 740 0 3,079 0 0
Mean year built 1970 ($) 0 (*) (*)
Median year built 1973 ($) 0 (*) (*)
Mean assessed value $47,964 $25,680 $0 (*) (*)
Median assessed value $41,555 $23,558 $0 (*) (*)
Mean just value $51,225 $27,021 $0 (*) (*)
Median just value $44,480 $25,002 $0 (*) (*)
Tot assessed value $153.92 $27.02 $0 (*) (*)
milsls.)
Total just value
Total just value $164.38 $28.43 $0 (*) (*)
milsls.)
2005 Mean Sales Price $102,656 $0
2005 Median Sales
Price $73,500 $0
Price



Table 64. Jackson County Housing Supply
Single-Family Mobile Condomiium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
PROPERTIES 9,970 2,835 0 12,805 71 16
UNITS/PROPERTIES
Homesteads 7,169 2,053 0 9,222 10 3
Mean year built 1971 1987 0 1983 (*)
Median year built 1972 1989 0 1985 (*)
Mean assessed value $55,099 $30,956 $0 $265,208 (*)
Median assessed value $42,474 $25,914 $0 $66,859 (*)
Mean just value $62,902 $32,822 $0 $265,605 (*)
Median just value $49,471 $28,773 $0 $66,859 (*)
Total assessed value $549.34 $87.76 $0 $18.83 (*)
milsls.)
Totustvalue $627.13 $93.05 $0 $18.86 (*)
milsls.)
2005 Mean Sales Price $112,496 $0
2005 Median Sales $95,800 $0
Price95







TheStateoflorda' Hig


Table 65. Jefferson County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total ta 10 Ui Mr Units
Home than 10 Units More Units
TOTAL
PROPERTIES 2,220 1,144 0 3,364 16 7
UNITS/PROPERTIES
Homesteads 1,553 747 0 2,300 4 0
Mean year built 1977 1990 0 (*) (*)
Median year built 1978 1992 0 (*) (*)
Mean assessed value $61,115 $35,668 $0 (*) (*)
Median assessed value $48,466 $32,553 $0 (*) (*)
Mean just value $70,284 $37,913 $0 (*) (*)
Median just value $58,397 $35,012 $0 (*) (*)
Tot assessed value $135.68 $40.80 $0(*) (*)
milsls.)
Total just value
Total just value $156.03 $43.37 $0 (*) (*)
milsls.)
2005 Mean Sales Price $152,520 $0
2005 Median Sales
Price$136,750 $0
Price




Table 66. Liberty County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total ts
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 1,177 661 0 1,838 4 2
UNITS/PROPERTIES
Homesteads 787 424 0 1,211 1 0
Mean year built 1971 1985 0 (*) (*)
Median year built 1970 1986 0 (*) (*)
Mean assessed value $46,796 $23,239 $0 (*) (*)
Median assessed value $32,501 $16,422 $0 (*) (*)
Mean just value $54,022 $27,028 $0 (*) (*)
Median just value $37,275 $18,910 $0 (*) (*)
Total assessed value $55.08 $15.36 $0 (*) (*)
milsls.)
Totust value $63.58 $17.87 $0 (*) (*)
milsls.)
2005 Mean Sales Price $101,456 $0
2005 Median Sales $66,000 $0
Price $66,000 $0
Price



Table 67. Wakulla County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 5,557 3,606 155 9,318 24 2
Homesteads 3,912 2,206 48 6,166 1 0
Mean year built 1985 1989 ($) (*) (*)
Median year built 1990 1990 ($) (*) (*)
Mean assessed value $106,223 $48,637 $184,096 (*) (*)
Median assessed value $84,362 $42,061 $155,960 (*) (*)
Mean just value $133,608 $62,313 $197,352 (*) (*)
Median just value $107,004 $57,579 $220,000 (*) (*)
Tot assessed value $590.28 $175.38 $28.53 (*) (*)
milsls.)
Total just value
Total just value $742.46 $224.70 $30.59 (*) (*)
milsls.)
2005 Mean Sales Price $201,760 $144,273
2005 Median Sales $172,500 $126,000
Price500 $1












Table 68. Walton County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 16,769 4,540 10,811 32,120 75 88
UNITS/PROPERTIES
Homesteads 8,424 2,323 658 11,405 5 4
Mean year built 1987 1987 ($) 1987 1993
Median year built 1992 1988 ($) 1985 1997
Mean assessed value $295,081 $37,447 $329,252 $249,528 $276,492
Median assessed value $141,714 $27,620 $271,724 $71,310 $113,652
Mean just value $333,755 $41,368 $335,112 $255,289 $277,226
Median just value $195,154 $28,976 $279,493 $71,310 $113,652
Total assessed value
($miTotal assessed value s.) $4,948.21 $170.01 $3,559.55 $18.71 $24.33
milsls.)
Total just value $5,596.73 $187.81 $3,622.90 $19.15 $24.40
milsls.)
2005 Mean Sales Price $622,330 $590,022
2005 Median Sales
Price$435,000 $460,600
Price





Table 69. Washington County Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total ta 1
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 4,247 2,163 0 6,410 12 2
UNITS/PROPERTIES
Homesteads 2,953 1,351 0 4,304 0 0
Mean year built 1979 1988 0 (*) (*)
Median year built 1978 1990 0 (*) (*)
Mean assessed value $53,457 $32,318 $0 (*) (*)
Median assessed value $46,154 $28,867 $0 (*) (*)
Mean just value $56,092 $33,913 $0 (*) (*)
Median just value $48,658 $30,657 $0 (*) (*)
Total assessed value
Tal ssss alu $227.03 $69.90 $0 (*) (*)
milsls.)
Totlust value $238.22 $73.35 $0 (*) (*)
milsls.)
2005 Mean Sales Price $119,793 $0
2005 Median Sales
Price$103,000
Price


Figure 72. Northwest, FL
Prices (2006 Dollars)


Non-Metropolitan Area Real Median Single-Family Sales


1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


Calhoun County
Franklin County
SGulf County
Holmes County
Jackson County
Jefferson County
Liberty County
Wakulla County
Walton County
Washington County
Northwest Nonmetropolitan Area
- Florida








TheStateoflorda' Hig


Figure 73. Northwest, FL Non-Metropolitan Area Real Median Condominium Sales
Prices (2006 Dollars)

$600,000



$500,000 -


= Calhoun County
$400 000 Franklin County
Gulf County
Holmes County
SJackson County
$300,000 ____Jeerson County
i Liberty County
Wakulla County
SWalton County
Washington County
Florida
$200,000 - -Northwest Nonmetropolhtan Area



$100,000 -



$0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005



Table 70. Northeast, FL Non-Metropolitan Area Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 Ui Mr U
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 48,327 36,792 356 85,475 472 96
UNITS/PROPERTIES
Homesteads 35,037 24,531 58 59,626 43 6
Mean year built 1974 1987 1991 1976 1976
Median year built 1976 1989 1993 1981 1978
Mean assessed value $69,934 $37,999 $141,128 $134,756 $662,023
Median assessed value $55,823 $32,750 $150,000 $74,622 $453,975
Mean just value $83,271 $42,692 $144,660 $136,853 $662,918
Median just value $66,704 $37,181 $150,000 $75,439 $453,975
Total assessed value
Total assessed value $3,379.68 $1,398.04 $50.24 $63.60 $63.55
milsls.)
Total just value $4,024.23 $1,570.71 $51.50 $64.59 $63.64
milsls.)
2005 Mean Sales Price $152,617 $283,718
2005 Median Sales
Price$131,000 $286,900
Price




Table 71. Baker County Housing Supply

Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
PROPERTIES 3,286 1,954 0 5,240 37 1
UNITS/PROPERTIES
Homesteads 2,763 1,516 0 4,279 2 0
Mean year built 1977 1988 0 1985 (*)
Median year built 1979 1989 0 1985 (*)
Mean assessed value $74,877 $37,798 $0 $145,670 (*)
Median assessed value $66,676 $34,399 $0 $72,010 (*)
Mean just value $92,122 $44,287 $0 $145,670 (*)
Median just value $84,044 $41,385 $0 $72,010 (*)
Total assessed value $246.04 $73.86 $0 $5.39 (*)
milsls.)
Total just value
Total just value $302.71 $86.54 $0 $5.39 (*)
milsls.)
2005 Mean Sales Price $167,354 $0
2005 Median Sales
Price155,000
Price











Table 72. Bradford County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 5,211 2,091 21 7,323 16 17
Homesteads 3,854 1,370 15 5,239 2 1
Mean year built 1971 1986 (*) (*) (*)
Median year built 1974 1987 (*) (*) (*)
Mean assessed value $67,772 $38,383 (*) (*) (*)
Median assessed value $54,153 $34,242 (*) (*) (*)
Mean just value $75,745 $41,678 (*) (*) (*)
Median just value $59,661 $37,297 (*) (*) (*)
Total assessed value
Tot ssessed value $353.16 $80.26 (*) (*) (*)
milsls.)
Tot stvalue $394.71 $87.15 (*) (*) (*)
milsls.)
2005 Mean Sales Price $136,075 $129,950
2005 Median Sales
Price_ $122,000 $129,950
Price




Table 73. Columbia County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total than 1 Ui re U
Home than 10 Units More Units
TOTAL
ITPS 11,397 5,992 46 17,435 223 24
UNITS/PROPERTIES
Homesteads 8,660 4,314 32 13,006 18 1
Mean year built 1976 1989 1979 1976 (*)
Median year built 1979 1990 1980 1981 (*)
Mean assessed value $77,135 $41,879 $66,895 $114,016 (*)
Median assessed value $65,508 $38,429 $60,959 $80,637 (*)
Mean just value $88,352 $44,905 $70,862 $114,660 (*)
Median just value $75,620 $41,892 $62,610 $81,126 (*)
Total assessed value
mlssessed v e $879.10 $250.94 $3.08 $25.43 (*)
milsls.)
Total just value $1,006.94 $269.07 $3.26 $25.57 (*)
milsls.)
2005 Mean Sales Price $151,761 $137,614
2005 Median Sales
Price$139,000 $138,800
Price


Table 74. Dixie County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
PROPERTIES 2,594 3,555 0 6,149 1 4
UNITS/PROPERTIES
Homesteads 1,566 1,972 0 3,538 0 1
Mean year built 1974 1981 0 (*) (*)
Median year built 1975 1982 0 (*) (*)
Mean assessed value $65,350 $38,452 $0 (*) (*)
Median assessed value $36,085 $24,588 $0 (*) (*)
Mean just value $85,177 $47,825 $0 (*) (*)
Median just value $52,400 $32,200 $0 (*) (*)
Tot assessed value $169.52 $136.70 $0 (*) (*)
milsls.)
Total just value
Total just value $220.95 $170.02 $0 (*) (*)
milsls.)
2005 Mean Sales Price $180,010 $0
2005 Median Sales
Price125,000
Price







TheStateoflorda' Hig


Table 75. Gilchrist County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total ta 10 Ui Mr Units
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 1,974 2,463 0 4,437 8 1
Homesteads 1,453 1,784 0 3,237 0 0
Mean year built 1980 1987 0 (*) (*)
Median year built 1983 1988 0 (*) (*)
Mean assessed value $71,645 $40,227 $0 (*) (*)
Median assessed value $63,230 $36,346 $0 (*) (*)
Mean just value $80,129 $45,047 $0 (*) (*)
Median just value $70,419 $41,149 $0 (*) (*)
Tot assessed value $141.43 $99.08 $0(*) (*)
milsls.)
Total just value
Totaljustvalue $158.17 $110.95 $0 (*) (*)
milsls.)
2005 Mean Sales Price $141,326 $0
2005 Median Sales
Price $143,250 $0
Price


Table 76. Hamilton County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total than 1 Ui re U
Home than 10 Units More Units
TOTAL
UNITS/PROPERTIES 1,959 1,233 0 3,192 16 0
Homesteads 1,341 893 0 2,234 1 0
Mean year built 1969 1989 0 (*) 0
Median year built 1970 1990 0 (*) 0
Mean assessed value $49,378 $32,843 $0 (*) $0
Median assessed value $41,655 $30,533 $0 (*) $0
Mean just value $54,443 $35,471 $0 (*) $0
Median just value $45,967 $32,701 $0 (*) $0
Tot assessed value $96.73 $40.50 $0 (*) (*)
milsls.)
Total just value $106.65 $43.74 $0 (*) (*)
milsls.)
2005 Mean Sales Price $100,496 $0
2005 Median Sales $84,000 $0
Price


Table 77. Lafayette County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
UTS 873 698 0 1,571 5 1
UNITS/PROPERTIES
Homesteads 655 438 0 1,093 0 0
Mean year built 1973 1984 0 (*) (*)
Median year built 1978 1985 0 (*) (*)
Mean assessed value $57,125 $30,453 $0 (*) (*)
Median assessed value $50,536 $25,654 $0 (*) (*)
Mean just value $68,131 $33,702 $0 (*) (*)
Median just value $61,668 $28,740 $0 (*) (*)
Tot assessed value $49.87 $21.26 $0 (*) (*)
milsls.)
Total just value
Total just value $59.48 $23.52 $0 (*) (*)
milsls.)
2005 Mean Sales Price $139,400 $0
2005 Median Sales $135,000 $0
Price$13











Table 78. Levy County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
PROPERTIES 6,471 8,487 240 15,198 67 12
UNITS/PROPERTIES
Homesteads 4,621 5,297 10 9,928 6 0
Mean year built 1975 1987 1993 1977 (*)
Median year built 1978 1988 1993 1985 (*)
Mean assessed value $83,766 $36,781 $161,458 $107,846 (*)
Median assessed value $64,104 $32,021 $168,800 $72,006 (*)
Mean just value $108,462 $41,129 $163,452 $118,907 (*)
Median just value $82,570 $35,532 $172,800 $72,234 (*)
Total assessed value
Total assessed value $542.05 $312.16 $38.75 $7.23 (*)
milsls.)
Totlustvalue $701.86 $349.07 $39.23 $7.97 (*)
milsls.)
2005 Mean Sales Price $169,043 $300,677
2005 Median Sales
Price_ $140,000 $320,000
Price




Table 79. Madison County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total than 1 Ui re U
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 3,036 1,365 0 4,401 43 8
UNITS/PROPERTIES
Homesteads 2,132 1,029 0 3,161 12 2
Mean year built 1962 1989 0 1981 (*)
Median year built 1963 1990 0 1985 (*)
Mean assessed value $50,461 $32,247 $0 $173,238 (*)
Median assessed value $39,039 $27,147 $0 $52,085 (*)
Mean just value $57,359 $32,837 $0 $174,776 (*)
Median just value $44,777 $27,998 $0 $53,789 (*)
Total assessed value
mlssessed v e $153.20 $44.02 $0 $7.45 (*)
milsls.)
Total just value
Totaljustvalue $174.14 $44.82 $0 $7.52 (*)
milsls.)
2005 Mean Sales Price $105,607 $0
2005 Median Sales
Price $80,000 $0
Price


Table 80. Suwannee County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 5,391 5,123 0 10,514 43 15
Homesteads 3,930 3,839 0 7,769 2 1
Mean year built 1972 1989 0 1977 (*)
Median year built 1976 1990 0 1980 (*)
Mean assessed value $65,722 $39,257 $0 $74,246 (*)
Median assessed value $55,302 $35,951 $0 $47,873 (*)
Mean just value $81,853 $44,854 $0 $74,611 (*)
Median just value $70,480 $41,627 $0 $47,873 (*)
Totalssessedvalue $354.31 $201.11 $0 $3.19 (*)
milsls.)
Total just value
Total just value $441.27 $229.79 $0 $3.21 (*)
milsls.)
2005 Mean Sales Price $152,871 $0
2005 Median Sales
Price$129,950
Price







-TeSaeoF.loida' Housing


Table 81. Taylor County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 4,973 2,849 49 7,871 11 1
UNITS/PROPERTIES
Homesteads 3,177 1,464 1 4,642 0 0
Mean year built 1977 1991 ($) (*) (*)
Median year built 1979 1991 ($) (*) (*)
Mean assessed value $65,992 $37,268 $141,817 (*) (*)
Median assessed value $44,248 $28,845 $150,000 (*) (*)
Mean just value $76,476 $42,269 $142,639 (*) (*)
Median just value $48,790 $30,941 $150,000 (*) (*)
Tot assessed value $328.18 $106.18 $6.95 (*) (*)
milsls.)
Totlust value $380.32 $120.42 $6.99 (*) (*)
milsls.)
2005 Mean Sales Price $165,198 $0
2005 Median Sales
Price $100,



Table 82. Union County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Single-Family Condominium Total t 10 U Mr Unit
Home than 10 Units More Units
TOTAL
UNITSPROPERTIES 1,162 982 0 2,144 2 12
UNITS/PROPERTIES
Homesteads 885 615 0 1,500 0 0
Mean year built 1977 1990 0 (*) (*)
Median year built 1977 1991 0 (*) (*)
Mean assessed value $56,880 $32,585 $0 (*) (*)
Median assessed value $50,220 $29,595 $0 (*) (*)
Mean just value $66,285 $36,279 $0 (*) (*)
Median just value $60,378 $34,736 $0 (*) (*)
Tot assessed value $66.09 $32.00 $0 (*) (*)
milsls.)
Totlust value $77.02 $35.63 $0 (*) (*)
milsls.)
2005 Mean Sales Price $108,108 $0
2005 Median Sales $88,450 $0
Price














Figure 75. Northeast, FL Non-Metropolitan Area Real Median Single-Family Sales

Prices (2006 Dollars)

$250,000


$200,000





$150,000

-- I il
in- i-E l '- -11 1i


$100,000





$50,000





$0


1995 1996 1997 1998 1999 2000 2001 2002 2003
1995 1996 1 1998 1 2000 2 2 2


OE Baker County
Bradford County
Columbia County
Dixie County
Gilchrist County
Hamilton County
SLafayette County
Levy County
Madison County
Suwannee County
Taylor County
Union County
Northeast Nonmetropolitan Area
-- Florida


2004 2005


Figure 76. Northeast, FL Non-Metropolitan Area Real Median Condominium Sales

Prices (2006 Dollars)

$350,000



$300,000



$ Baker County
$250000 Bradford County
Columbia County
$ 0Dixie County
SGilchrlst County
$20 0 Hamilton County
Lafayette County
Levy County
$150,000 -Madson County
m Suwannee County
STaylor County
Union County
$100,000 -Northeast Nonmetropolitan Area
Flori da



$50,000



$0 AL







-TheStaeoflorda' H ng


Central, FL Non-Metropolitan Area

Figure 77. Central, FL Non-Metropolitan Area


As can be seen in Figure 77, the Central, FL Non-Metropolitan
Area made up by three counties: Citrus County, Putnam County,
and Sumter County. It contains approximately 2% of the state's
single-family housing stock and 0.1% of the state's condominium
stock.
Figure 78 shows that the Central Non-Metropolitan area has a
lower median single-family sales price than the state median. In fact,
Sumter County has a similar price as the state, and without Sumter
pulling up the non-metropolitan median, it would be significantly
lower than the state median. Figure 79 shows that the Central Non-
Metropolitan area has a lower median condominium sales price
than the state median. However, recently Putnam has experienced
a large real increase in prices and is similarly priced as the state
median.


South, FL Non-Metropolitan Area

Figure 80. Central, FL Non-Metropolitan Area


As can be seen in Figure 80, the South, Fl Non-Metropolitan Area
made up by six southern inland counties: Desoto County, Glades
County, Hardee County, Hendry County, Highlands County, and
Okeechobee County, and one coastal county, Monroe County. It
contains approximately 1.8% of the state's single-family housing
stock and 0.8% of the state's condominium stock. The addition of
Monroe County has a large impact on this non-metropolitan area.
As shown in the following tables, Monroe County's median 2005
sales price for single-family units and condominiums is significantly
higher than the other counties in this non-metropolitan area. In
fact, Monroe County has the most expensive single-family housing
and condominiums in the state. These high prices are largely related
to the unique housing market of the Florida Keys which are located
in Monroe County.


Table 83. Central, FL Non-Metropolitan Area Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL 83,546 36,157 1,762 121,465 613 124
UNITS/PROPERTIES
Homesteads 62,124 22,095 692 84,911 79 5
Mean year built 1984 1984 1983 1978 1983
Median year built 1988 1984 1984 1981 1985
Mean assessed value $97,270 $37,048 $81,169 $92,344 $667,863
Median assessed value $80,600 $31,415 $71,600 $73,000 $354,600
Mean just value $120,032 $43,231 $92,079 $95,776 $668,085
Median just value $102,340 $37,017 $81,000 $74,600 $354,600
Total assessed value $8,126.51 $1,339.55 $143.02 $56.61 $82.81
milsls.)
Total just value $10,028.19 $1,563.11 $162.24 $58.71 $82.84
milsls.)
2005 Mean Sales Price $197,020 $152,457
2005 Median Sales $172,400 $129,450
Price


S.,rf


I _40$'











Table 84. Citrus County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home Single-Familythan 10 Units More Units
Home than 10 Units More Units


TOTAL
UNITS/PROPERTIES
Homesteads
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milsls.)
Total just value
milsls.)


45,597 15,575

35,331 9,494
1985 1983
1987 1983
$97,796 $38,238
$77,800 $32,700
$123,085 $45,323
$100,500 $40,000

$4,459.21 $595.55

$5,612.31 $705.91


2005 Mean Sales Price $179,949
2005 Median Sales
D;__ $151,000


1,516 62,688


603
1983
1984
$83,105
$71,800
$95,108
$81,150

$125.99

$144.18

$158,303

$129,950


45.428


397

51
1981
1982
$96,634
$80,400
$99,251
$82,100

$38.36

$39.40


48

1
1986
1987
$598,885
$396,350
$598,885
$396,350

$28.75

$28.75


Table 85. Putnam County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home Single-Familythan 10 Units More Units
Home than 10 Units More Units


TOTAL
UNITS/PROPERTIES
Homesteads
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milsls.)
Total just value
milsls.)


15,802 14,943


141 30,886


11,253 9,199 47
1972 1985 1987
1975 1986 1990
$76,069 $37,809 $93,625
$56,675 $31,759 $86,164
$96,258 $42,657 $100,911
$68,545 $34,758 $87,543


$1,202.05 $564.98

$1,521.07 $637.43


2005 Mean Sales Price $160,072
2005 Median Sales
$120,000


20,499


$13.20


$14.23

$185,031

$188,750


141

23
1969
1974
$88,421
$66,839
$94,351
$67,231

$12.47

$13.30


30

0
1985
1988
$1,421,066
$817,273
$1,421,066
$817,273

$42.63

$42.63


Table 86. Sumter County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home Single-Familythan 10 Units More Units
Home than 10 Units More Units


TOTAL
UNITS/PROPERTIES


22,147


5,639


105


Homesteads 15,540 3,402 42
Mean year built 1991 1982 ($)
Median year built 1998 1983 ($)
Mean assessed value $111,313 $31,746 $36,489
Median assessed value $107,024 $27,102 $31,500
Mean just value $130,709 $38,974 $36,489
Median just value $121,874 $33,730 $31,500
Total assessed value $2,465.26 $179.02 $3.83
milsls.)
Total just value $2,894.81 $219.78 $3.83
milsls.)
2005 Mean Sales Price $215,639 $73,491
2005 Median Sales


27,891

18,984


75

5
1980
1982
$77,010
$55,600
$80,062
$55,600


46

4
1977
1980
$248,620
$50,136
$249,218
$50,136

$11.44

$11.46


$196,700


$55,500









-TeSaeoF.loida' Housing


Figure 78. Central, FL Non-Metropolitan Area Real Median Single-Family Sales Prices

(2006 Dollars)

$250,000 -


$200,000




$150,000


-"


$100,000 -




$50,000




$01 1-1
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


SCitrus County
SPutnam County
Sumter County
Central Nonmetropolitan Area
-W-- Florida


Figure 79. Central, FL Non-Metropolitan Area Real Median Condominium Sales Prices

(2006 Dollars)

$250,000




$200,000




$150,000
*O Citrus County
Putnam County
S umter County
Central Nonmetropolitan Area
$ 0 ------- --- Florida
$100,000 -




$50,000





$0 1996 17 1998 1999 2000 2001 2002 2003 2004 2005
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


F'_1 I











Table 87. South, FL Non-Metropolitan Area Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units


TOTAL 76,068 28,674 12,257
UNITS/PROPERTIES
Homesteads 49,452 13,248 2,384
Mean year built 1979 1982 ($)
Median year built 1982 1982 ($)
Mean assessed value $202,240 $68,393 $268,872
Median assessed value $87,818 $38,870 $212,831
Mean just value $261,949 $81,475 $289,643
Median just value $111,803 $45,203 $240,405
Total assessed value $15,383.96 $1,961.10 $3,295.57


milsls.)
Total just value


116,999 4,354 137


65.084


$19,925.97 $2,336.21 $3,550.15


milsls.)
2005 Mean Sales Price $364,672
2005 Median Sales $179,900


1,333
1965
1969
$395,358
$315,418
$439,561
$376,379
$1,721.39

$1,913.85


2
1979
1982
$989,813
$444,061
$990,247
$444,061
$135.60

$135.66


$476,521
$411,000


Table 88. Desoto County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL 5,214 2,557 607 8,378 169 34


UNITS/PROPERTIES
Homesteads
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milsls.)


3,632
1974
1975
$72,012
$56,050
$85,785
$66,686
$375.47


Total just value milsls.) $447.28
2005 Mean Sales Price $169,099
2005 Median Sales $155,000
Price


1,364 259
1982 1994
1981 1998
$29,860 $83,264
$25,361 $75,356
$35,792 $93,501
$29,149 $100,000
$76.35 $50.54

$91.52 $56.76
$164,677
$163,500


5,255


26
1974
1976
$79,015
$62,276
$80,624
$63,249
$13.35

$13.63


0
1980
1984
$411,410
$265,428
$411,410
$265,428
$13.99

$13.99


Table 89. Glades County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL 1,611 2,764 177 4,552 39 4


UNITS/PROPERTIES
Homesteads
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milsls.)
Total just value
milsls.)


917 1,195 34
1977 1984 ($)
1978 1985 ($)
$74,003 $42,238 $33,671
$63,034 $37,911 $22,121
$84,687 $46,440 $34,163
$71,574 $42,211 $22,121
$119.22 $116.75 $5.96


$136.43 $128.36


2005 Mean Sales Price $150,248
2005 Median Sales $124,900
Price


$6.05


$37,838
$19,000


7
1978
1977
$88,066
$78,901
$90,234
$83,261
$3.43


$3.52







-TeSaeoF.loida' Housing


Table 90. Hardee County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL 3,801 1,329 217 5,347 213 9


UNITS/PROPERTIES
Homesteads
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milsls.)
Total just value
milsls.)
2005 Mean Sales Price
2005 Median Sales


2,833 682 79
1972 1985 1995
1974 1985 1994
$52,361 $30,864 $41,148
$41,092 $26,298 $38,898
$57,657 $33,458 $42,101
$45,519 $28,161 $40,222
$199.02 $41.02 $8.93


$219.16 $44.47


$103,176
$85,000


3.594


$9.14


86
1966
1970
$54,430
$44,374
$57,119
$45,559
$11.59

$12.17


$61,500
$55,000


Table 91. Hendry County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units


TOTAL 4,915 4,317 475
UNITS/PROPERTIES
Homesteads 3,574 2,320 48
Mean year built 1979 1987 ($)
Median year built 1980 1988 ($)
Mean assessed value $83,522 $37,800 $69,873
Median assessed value $63,090 $33,220 $68,260
Mean just value $106,999 $43,073 $71,667
Median just value $76,930 $37,950 $72,000
Total assessed value $410.51 $163.18 $33.19
milsls.)
Total just value $525.90 $185.95 $34.04
milsls.)
2005 Mean Sales Price $177,206 $134,167
2005 Median Sales $152,300 $135,000


9,707 447 13


5,942


180
1974
1975
$102,907
$76,100
$117,175
$83,460
$46.00


$52.38


Table 92. Highlands County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL 29,561 5,494 1,187 36,242 715 60


UNITS/PROPERTIES
Homesteads
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milsls.)
Total just value
milsls.)


20,705 2,805 480
1983 1980 1982
1985 1979 1981
$79,822 $29,756 $52,343
$64,896 $25,724 $48,381
$98,005 $33,714 $55,467
$80,425 $28,730 $51,987
$2,359.62 $163.48 $62.13


$2,897.13 $185.22


2005 Mean Sales Price $163,587
2005 Median Sales $142,000
Price


23,990


$65.84


119
1973
1977
$71,054
$59,638
$72,643
$59,982
$50.80

$51.94


1
1982
1984
$539,970
$452,438
$540,894
$452,438
$32.40

$32.45


$105,974
$96,250












Table 93. Monroe County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL 24,159 5,978 9,405 39,542 2,642 16
UNITS/PROPERTIES
Homesteads 13,040 2,190 1,449 16,679 899 0
Mean year built 1976 1978 ($) 1961 (*)
Median year built 1980 1977 ($) 1963 (*)
Mean assessed value $469,148 $183,859 $332,469 $598,210 (*)
Median assessed value $359,501 $152,727 $296,964 $522,593 (*)
Mean just value $619,845 $225,579 $358,319 $667,770 (*)
Median just value $492,491 $206,536 $320,450 $591,646 (*)
Total assessed value $11,334.14 $1,099.11 $3,126.87 $1,580.47 (*)
milsls.)
Total just value $14,974.85 $1,348.51 $3,369.99 $1,764.25 (*)
milsls.)
2005 Mean Sales Price $913,535 $590,093
2005 Median Sales $735,000 $525,000
Price




Table 94. Okeechobee County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL 6,807 6,235 189 13,231 129 1
UNITS/PROPERTIES
Homesteads 4,751 2,692 35 7,478 16 0
Mean year built 1979 1984 1977 1975 (*)
Median year built 1980 1985 1978 1974 (*)
Mean assessed value $86,084 $48,311 $42,038 $121,978 (*)
Median assessed value $70,317 $42,160 $48,265 $108,119 (*)
Mean just value $106,542 $56,485 $44,127 $123,829 (*)
Median just value $85,868 $48,713 $48,580 $109,881 (*)
Total assessed value $585.97 $301.22 $7.95 $15.74 (*)
milsls.)
Total just value $725.23 $352.18 $8.34 $15.97 (*)
milsls.)
2005 Mean Sales Price $161,513 $66,005
2005 Median Sales $148,864 $53,300
Price




Figure 81. South, FL Non-Metropolitan Area Real Median Single-Family Sales Prices
2006 Dollars)
$900,000

$800,000

$700,000

$600,000
SDeSoto County
Glades County
$500,000 _Hardee County
SHendry County
Highlands County
$400,000 __Monroe County
Okeechobee County
S-outh Nonmetropolitan Area
$300 --- Flonda


$200,000


$100,000 -


1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005







-TeSaeoF.loida' Housing


Figure 82. South, FL Non-Metropolitan Area Real Median Condominium Sales Prices
(2006 Dollars)
$600,000


$500,000 -


$400,000
fDeSoto County
Glades County
Hardee County
Hendry County
$300,000 Highlands County
Monroe County
Okeechobee County
South Nonmetropolitan Area
S$200,0 Florida
$200,000


$100,000



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005


Figure 81 shows that the South Non-Metropolitan area has a
similar real median single-family sales price to the state median.
However, a more careful examination revels that this is only partially
true. Most of the counties have real median single-family sales prices
below the state median, but Monroe County has such high real me-
dian single-family sales prices it pulls the entire non-metropolitan
area up. Figure 82 shows a similar story for condominiums.



ECONOMIC IMPACT OF NEW

RESIDENTIAL CONSTRUCTION
Douglas White, Florida Housing Data Clearinghouse,
Shimberg Center, University of Florida

Building Permit activity, obtained from the University of Florida's
Bureau of Economic and Business Research, is analyzed to derive
the value of new construction for the state. Additions to the tax
base and revenues generated are also determined. According to the
building permit data, there were 287,250 new units built in Florida
in 2005. Slightly more than 209,000 of these units were single-fam-
ily units and the remaining 78,000 were multi-family units. The
single-family units have a value of $36.3 billion and the multi-fam-
ily units have a value of $10.5 billion for a total of $46.8 billion in
new residential construction. Table 95 shows the distribution of this
new construction by MSA and non-metro regions.


Economic Multipliers and Actual
Employment & Earnings
IMPLAN, an economic impact modeling software program, is
used to estimate the impacts generated by residential construction
and real estate related transactions. When estimating the impacts,
the residential construction numbers were divided into single-fam-
ily construction and multi-family construction to more accurately
model the impact, but only the combined impact is presented in
this report. Also note that in order to better model the impacts of
construction, Monroe County has been combined with the Miami-
Dade MSA and therefore, has been removed from the Southern
Nonmetropolitan region.
Three types of impacts are estimated for non-residential con-
struction and real estate related transactions: direct effects, indirect
effects, and induced effects. Direct effects are the changes in the in-
dustries to which a final demand change was made. Indirect effects
are the changes made in inter-industry purchases as they respond to
the new demands of the directly affected industries. Induced effects
typically reflect changes in spending from households as income
increases or decreases due to the changes in production.













Table 95. Value ($1000s) & Number of New Units Constructed in 2005

New Construction New Umts
Single-Family
Total Construction($1000) ($1000) Multi-Family($1000) Total Units Single-Family Multi-Family

Daytona Beach, FL MSA $1,981,462 $1,575,624 $405,838 10,869 8,403 2,466

Fort Lauderdale, FL MSA $1,106,813 $627,223 $479,590 6,951 3,609 3,342

Fort Myers--Cape Coral, FL MSA $4,762,930 $3,700,114 $1,062,816 29,330 22,211 7,119

Fort Pierce--Port St Lucle, FL MSA $1,747,804 $1,405,986 $341,818 10,316 8,006 2,310

Fort Walton Beach, FL MSA $745,171 $318,119 $427,052 3,720 1,768 1,952

Gamesville, FL MSA $241,496 $186,191 $55,305 2,293 1,346 947

Jacksonville, FL MSA $3,256,740 $2,496,853 $759,887 20,445 14,909 5,536

Lakeland--Wmter Haven, FL MSA $1,514,213 $1,448,730 $65,483 13,179 11,980 1,199

Melboue--Titusville--Palm Bay, FL MSA $796,943 $766,452 $30,491 3,819 3,657 162

Miami, FL MSA+ Monroe County $1,667,218 $1,467,149 $200,069 8,787 7,321 1,466

Naples, FL MSA $3,836,349 $1,542,045 $2,294,304 26,658 10,428 16,230

Ocala, FL MSA $1,655,669 $1,163,362 $492,307 6,622 4,052 2,570

Orlando, FL MSA $953,533 $904,436 $49,097 7,453 6,542 911

Panama City, FL MSA $5,677,200 $4,741,845 $935,355 40,761 30,931 9,830

Pensacola, FL MSA $802,153 $251,739 $550,414 5,538 1,542 3,996

Punta Gorda, FL MSA $1,086,731 $925,969 $160,762 6,754 5,824 930

Sarasota--Bradenton, FL MSA $825,249 $539,247 $286,002 4,694 2,902 1,792

Tallahassee, FL MSA $2,527,680 $2,264,636 $263,044 11,453 9,263 2,190

Tampa--St Petersburg--Clearwater, FL MSA $409,782 $311,874 $97,908 3,486 2,044 1,442

Vero Beach, FL MSA $5,424,416 $4,630,326 $794,090 34,174 27,643 6,531

West Palm Beach--Boca Raton, FL MSA $2,702,573 $2,203,554 $499,019 12,491 8,689 3,802

Northwest Nonmetropohtan Area $1,012,706 $779,130 $233,576 4,154 3,067 1,087

Northeast Nonmetropohtan Area $236,309 $225,981 $10,328 2,142 1,964 178

Central Nonmetropohtan Area $1,514,813 $1,513,419 $1,394 8,922 8,910 12
South Nonmetropohtan Area Minus Monroe
County $316,801 $311,037 $5,764 2,239 2,151 88

Total $46,802,754 $36,301,041 $10,501,713 287,250 209,162 78,088













































97








-TheStaeoflorda' H ng


Total Impact on Output

Output multipliers predict how much increased economic activity
in other industries is caused by every additional dollar increase in
one specified industry. Here the direct impacts are the non-residen-
tial construction and the real estate related transactions (estimated


as 5% of sales in the MSA). IMPLAN models these direct effects
and generates indirect and induced effects to come up with a total
impact on the MSA economy. These effects are then summed to get
an estimate of the total effect on the state. As can be seen in Table
96, the $46.8 billion in new residential construction generates a
total of $78.4 billion in economic activity.


Table 96. Impact on Output ($1000s)


Residential Construction

Direct


Daytona Beach, FL MSA

Fort Lauderdale, FL MSA

Fort Myers--Cape Coral, FL MSA

Fort Pierce--Port St Lucle, FL MSA

Fort Walton Beach, FL MSA

Gainesville, FL MSA

Jacksonville, FL MSA

Lakeland--Wnter Haven, FL MSA

Melbourne--Titusville--Palm Bay, FL MSA

Miami, FL MSA & Monroe County

Naples, FL MSA

Ocala, FL MSA

Orlando, FL MSA

Panama City, FL MSA

Pensacola, FL MSA

Punta Gorda, FL MSA

Sarasota--Bradenton, FL MSA

Tallahassee, FL MSA

Tampa--St Petersburg--Clearwater, FL MSA

Vero Beach, FL MSA

West Palm Beach--Boca Raton, FL MSA

Northwest Nonmetropohtan Area

Northeast Nonmetropohtan Area

Central Nonmetropolitan Area

South Nonmetropohtan Area Minus Monroe County

State Total


$1,981,462

$1,106,813

$4,762,930

$1,747,804

$745,171

$241,496

$3,256,740

$1,514,213

$796,943

$1,667,218

$3,836,349

$1,655,669

$953,533

$5,677,200

$802,153

$1,086,731

$825,249

$2,527,680

$409,782

$5,424,416

$2,702,573

$1,012,706

$236,309

$1,514,813

$316,801


Indirect

$589,905

$340,226

$1,434,451

$538,580

$169,843

$73,962

$1,115,311

$546,253

$219,349

$461,652

$1,136,661

$447,928

$301,113

$2,016,963

$201,878

$349,511

$211,641

$864,538

$109,230

$2,135,953

$871,698

$261,250

$72,733

$435,823

$81,388


Induced

$621,539

$467,235

$1,606,651

$543,228

$206,239

$70,366

$1,376,520

$483,628

$208,287

$485,311

$1,757,545

$491,555

$263,471

$2,167,705

$298,419

$362,535

$240,968

$866,542

$102,159

$2,386,698

$983,771

$220,612

$44,219

$293,091

$61,836


Total

$3,192,906

$1,914,274

$7,804,032

$2,829,612

$1,121,253

$385,824

$5,748,571

$2,544,094

$1,224,579

$2,614,181

$6,730,554

$2,595,152

$1,518,117

$9,861,867

$1,302,450

$1,798,777

$1,277,858

$4,258,760

$621,171

$9,947,067

$4,558,042

$1,494,568

$353,261

$2,243,727

$460,025


$46,802,754 $14,987,838 $16,610,128 $78,400,720













Total Impact on Earnings

Table 97 shows the impact on earnings for each MSA that the
new residential construction and real estate related transaction
generates. The $46.8 billion in new residential construction gener-
ates a total of $28.67 billion in earnings. Of this $28.67 billion,
the workers building the new residential construction directly earn









Table 97. Impact on Labor Earnings ($10

Residential Construe

Direct


Daytona Beach, FL MSA

Fort Lauderdale, FL MSA

Fort Myers--Cape Coral, FL MSA

Fort Pierce--Port St Lucle, FL MSA

Fort Walton Beach, FL MSA

Gainesville, FL MSA

Jacksonville, FL MSA

Lakeland--Wnter Haven, FL MSA

Melbourne--Titusville--Palm Bay, FL MSA

Miami, FL MSA & Monroe County

Naples, FL MSA

Ocala, FL MSA

Orlando, FL MSA

Panama City, FL MSA

Pensacola, FL MSA

Punta Gorda, FL MSA

Sarasota--Bradenton, FL MSA

Tallahassee, FL MSA

Tampa--St Petersburg--Clearwater, FL MSA

Vero Beach, FL MSA

West Palm Beach--Boca Raton, FL MSA

Northwest Nonmetropohtan Area

Northeast Nonmetropohtan Area

Central Nonmetropolitan Area

South Nonmetropolitan Area Minus Monroe County


$699,777

$492,908

$1,839,587

$636,814

$321,314

$87,267

$1,281,398

$488,195

$261,025

$610,022

$1,797,735

$674,676

$299,769

$2,167,022

$366,464

$369,886

$329,319

$883,145

$151,992

$2,000,027

$1,024,163

$349,624

$67,593

$431,488

$90,348


$17.7 billion. There are also $5.5 billion of indirect earnings and
$5.4 billion of induced earnings. An example of an indirect earner
would be someone involved in mining the raw materials used to
make the concrete that is be used in the new construction, and an
example of an induced earner would be a waiter who is hired due to
increase spending by the newly hired construction workers.


tion


Indirect

$211,331

$128,045

$549,257

$197,250

$67,656

$27,264

$412,753

$193,549

$84,638

$167,975

$421,022

$176,847

$107,238

$746,433

$77,248

$129,096

$76,858

$314,985

$42,167

$766,311

$337,607

$84,491

$22,555

$138,825

$27,647


Induced

$199,331

$155,410

$527,208

$180,143

$64,091

$22,507

$453,307

$154,481

$69,177

$157,244

$580,853

$164,868

$82,859

$725,829

$96,804

$118,417

$77,233

$284,767

$33,381

$783,490

$329,469

$60,585

$12,430

$87,083

$18,487


Total

$1,110,438

$776,362

$2,916,052

$1,014,208

$453,060

$137,038

$2,147,457

$836,225

$414,840

$935,241

$2,799,610

$1,016,390

$489,866

$3,639,283

$540,516

$617,399

$483,410

$1,482,897

$227,541

$3,549,828

$1,691,238

$494,700

$102,578

$657,397

$136,482


State Total $17 721 558 $5 509 048 $5 439 452 $28 670 058


State Total


$17,721,558 $5,509,048 $5,439,452 $28,670,058




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