• TABLE OF CONTENTS
HIDE
 Front Cover
 Title Page
 Acknowledgement
 Table of Contents
 List of Tables
 List of Figures
 Introduction
 Housing affordability
 Housing supply on the MSA and county...
 Florida's non-metropolitan...
 Economic impact of new residential...
 Endnotes
 Back Cover














Group Title: State of Florida's Housing
Title: State of Florida's Housing 2007
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 Material Information
Title: State of Florida's Housing 2007
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: 2007
 Record Information
Bibliographic ID: UF00087010
Volume ID: VID00002
Source Institution: 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
        Page 16
    Housing affordability
        Page 17
        Page 18
        Page 19
        Page 20
        Page 21
        Page 22
        Page 23
        Page 24
        Page 25
        Page 26
        Page 27
        Page 28
        Page 29
        Page 30
        Page 31
        Page 32
        Page 33
        Page 34
        Page 35
        Page 36
        Page 37
        Page 38
        Page 39
        Page 40
        Page 41
        Page 42
        Page 43
        Page 44
        Page 45
        Page 46
        Page 47
    Housing supply on the MSA and county level
        Page 48
        Page 49
        Page 50
        Page 51
        Page 52
        Page 53
        Page 54
        Page 55
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        Page 91
        Page 92
        Page 93
        Page 94
        Page 95
        Page 96
        Page 97
        Page 98
    Florida's non-metropolitan areas
        Page 99
        Page 100
        Page 101
        Page 102
        Page 103
        Page 104
        Page 105
        Page 106
        Page 107
        Page 108
        Page 109
        Page 110
        Page 111
        Page 112
        Page 113
        Page 114
    Economic impact of new residential construction
        Page 115
        Page 116
        Page 117
        Page 118
        Page 119
    Endnotes
        Page 120
    Back Cover
        Back Cover
Full Text



















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Douglas White
Florida Housing Data Clearinghouse
Shimberg Center
University of Florida

Mary Lois White
Albright College

Jim Martinez
Florida Housing Data Clearinghouse
Shimberg Center
University of Florida

Diep Nguyen
Florida Housing Data Clearinghouse
Shimberg Center
University of Florida

William O'Dell
Shimberg Center
University of Florida


March 2008





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


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

http://flhousingdata.shimberg.ufl.edu


The
State of Florida's

Housing

2007




Te-tef -orda'Hosig ,200















ACKNOWLEDGEMENT


The Shimberg Center for Affordable Housing acknowledges the Florida

Association of REALTORS' for it's financial support of the preparation

and printing of this report.


The Florida Association of REALTORS (FAR) is the largest trade associ-

ation in Florida with more than 170,000 members and more than 17,000

member firms. FAR provides services, continuing education, 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.







TeSateoflordasHousing


Contents


Introduction ............................................................................................................................................................ 9
Florida's H housing Supply ............................................................................ ......................... .................. 9
Data Description ...............................................................................................................................................................................9
Geography........................................................................................................................................................................................ 10
Single-Family H housing ............................................. .................................................................................................................. 11
Condom inium s ................................................................................................................................................................................ 16
M ulti-fam ily Housing ........................................................................... ................................................................................. 17
Housing Affordability............................................................................................................................................ 17
H housing Affordability Index ................................................... ............................ ........................... 17
Real M edian Sales Price and Sales Volum e Changes, 2005-2006...................................................................... ..... ................ 31
The 2006 Single-Family H om e M arket..................................................................................................................... .................. 31
The 2006 Condom inium M arket.............................................................................................................................. .................. 48
Housing Supply on the MSA and County Level.................................................................................................... 48
Florida's M major M SAs .................................................................. ............................ ..............................48
Jacksonville, FL M SA .......................................................................................... .................................................................. 49
M iam i-Fort Lauderdale-Pom pano Beach FL M SA ........................................................................................... ........................... 56
Orlando-Kissim m ee, FL M SA ............................................ ........................................................................ 60
Tam pa-St. Petersburg-Clearwater, FL M SA............................................................................................. ...... ........................... 62
Florida's Rem gaining M SAs ...................................................................................................... ................................................ 64
Cape Coral-Fort M years, FL M SA................................................................................................................................ ................ 66
Deltona-D aytona Beach-Orm ond Beach, FL M SA .......................................................................................... ........................... 68
Fort W alton Beach-Crestview-Destin, FL M SA ................................................................................................. ......................... 71
Gainesville, FL MSA......................72................................................................................................................................................... 7272
Lakeland, FL M SA ........................................................................... ..................................................................................... 74
N aples-M arco Island, FL M SA ........................................................................ 76
O cala, FL M SA....................................................................... .................................................................... ...................... 78
Palm Bay-M elbourne-Titusville, FL M SA .............................................................................................................. ..................... 78
Palm Coast, FL M SA .............................................................................................................................................. .................... 81
Panama City-Lynn Haven, FL MSA......................................................................... 83
Pensacola-Ferry Pass-Brent, FL M SA ....................................................................... 84
Port St. Lucie-Ft. Pierce, FL M SA.......................................................................................................................... ..................... 87
Punta Gorda, FL M SA........................................................................................................................................... ..................... 87
Sarasota-Bradenton-Venice, FL M SA ..................................................................................................................... ..................... 87
Sebastian-Vero Beach, FL M SA .................................................................................................................................................. 95
Tallahassee, FL MSA......................96................................................................................................................................................... 9696
Florida's Non-Metropolitan Areas ...................................................................................................................... 99
N northeast, FL Non-M metropolitan Area ........................................................................ 99
N northwest, FL Non-M metropolitan Area ............................................................................................................. ......................... 99
Central, FL Non-M metropolitan Area.................................................................. ....... 101
South, FL Non-Metropolitan Area ................. ........................................ ...... 101
Econom ic Im pact of New Residential Construstion................................................................................................ 115
Economy ic M ultipliers and Actual Em ploym ent & Earnings........................................................................... .......................... 115
Total Im pact on O utput ...................................................................................................... ................................................ 115
Total Im pact on Earnings ...................................................................................................... ................................................ 115
Total M ultipliers for Em ploym ent ..................................................................... 115
Conclusion .......................................................................................................................................................... 115










Tables
T able 1: Single Fam ily H housing Stock .................................................................................................................. ................... ........ 12
T able 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 .................................................................. ....... 32
Table 6: County Affordability Index and Rank ..................... ............................................................................................ 34
Table 7: Percentage of County Single-Family Sales Affordable at 70% of 2006 HUD Median Family Income............................ 35
Table 8: Percentage of County Single-Family Sales Affordable at 2006 HUD Median Family Income ............................................ 38
Table 9: Percentage of County Single-Family Sales Affordable at 130% of 2006 HUD Median Family Income.................................... 41
Table 10:Yearly Change in Real Single-Family Sales Price (2007 $)................................................................................................. 44
Table 1 1:Yearly Change in Real Median Condominium Sales Price (2007 $)....................................................... ........................... 50
Table 12:Jacksonville, FL MSA Housing Supply...................................................................................... ...... ........................... 54
Table 13: Baker C county H housing Supply................................................................................................................ ........................ 54
Table 14:C lay C county H housing Supply......................................................................................................................... .................. 54
Table 15: D uval C county H housing Supply ............................................................................................... ....... .................. ......... 55
Table 16: N assau C county H housing Supply.................................................................................................................... .................. 55
Table 17:St. Johns C county H housing Supply .............................................................................................................. ................ ...... 55
Table 18:Miami-Fort Lauderdale-Pompano Beach FL MSA Housing Supply................................................................................ 58
Table 19: Broward County Housing Supply.................................................................................................................................... 58
Table 20:Miami-Dade County Housing Supply.............................................................................................................................. 58
Table 21: Palm Beach County Housing Supply............................................................................................................................... 59
Table 22:Orlando-Kissimmee, FL MSA Housing Supply............................................................ ................................. 59
Table 23:Lake County Housing Supply .................................................................. ...... 59
Table 24: O range C county H housing Supply .......................................................................................................... ........................... 61
Table 25:O sceola C county H housing Supply.................................................................................................................... .................. 61
Table 26:Sem inole C county H housing Supply......................................................................................................... ..................... ...... 61
Table 27: Tampa-St. Petersburg-Clearwater MSA Housing Supply....................................................................... ..................... 63
Table 28:Hernando County Housing Supply.................................................................................................................................. 63
Table 29: Hillsborough County Housing Supply .................................................................................... ......... ................... ........ 63
Table 30:Pasco County Housing Supply .................................................................. ....... 64
Table 31: Pinellas C county H housing Supply.......................................................................................................... ..................... ...... 64
Table 32:Cape Coral-Fort Myers (Lee County), FL MSA Housing Supply ........................................... .................................... 67
Table 33: Deltona-Daytona Beach-Ormond Beach (Volusia County), FL MSA Housing Supply............................. .................. 67
Table 34: Fort Walton Beach-Crestview-Destin (Okaloosa County), FL MSA Housing Supply.......................... ... .............. 67
Table 35: G ainesville FL M SA H housing Supply ...................................................................................... ......... ........................... 69
Table 36:A lachua C county H housing Supply .......................................................................................................... .................. ......... 69
Table 37:G ilchrist C county H housing Supply ................................................................................................ .. .................. ......... 69
Table 38: Lakeland (Polk County), FL MSA Housing Supply................................................. .................................................. 75
Table 39:Naples-Marco Island (Collier County), FL MSA Housing Supply........................................................ .......................... 75
Table 40: Ocala (Marion County), FL MSA Housing Supply ........................ ........................................................................... 75
Table 41: Palm Bay-Melbourne-Titusville (Brevard County), FL MSA Housing Supply ................... ............................... 80
Table 42: Palm Coast (Flagler County), FL MSA Housing Supply....................................................................... ..................... 80
Table 43: Panama City (Bay County), FL MSA Housing Supply............................................................ .................................. 80
Table 44: Pensacola-Ferry Pass-Brent, FL MSA Housing Supply.......................................................................... ..................... 85
Table 45:Escambia County, FL MSA Housing Supply............................................................ ................................. 85
Table 46:Santa Rosa County, FL MSA Housing Supply....................................................................................... ........................... 85
Table 47: Port St. Lucie-Ft. Pierce, FL MSA Housing Supply................................................................................ ......................... 88
Table 48:M martin C county H housing Supply..................................................................................................................... .................. 88
Table 49: St Lucie C county H housing Supply ......................................................................................................... ........................... 88






TeSateoflordasHousing


Table 50: Punta G orda (Charlotte County), FL M SA H housing Supply................................................................ ..................... 92
Table 51: Sarasota-Bradenton-Venice FL, M SA H housing Supply.......................................................................... ..................... 92
Table 52:M anatee County H housing Supply ......................................................................................................... ........................... 92
Table 53: Sarasota County H housing Supply ....................... ........................... ......................................................... ......... 93
Table 54: Sebastian-Vero Beach (Indian River County), FL M SA H housing Supply.............................................. ..................... 93
Table 55: Tallahassee FL, M SA H housing Supply............................................................................................................ .................. 93
Table 56:G adsden County H housing Supply ............................................................................................................ ........................ 94
Table 57:Jefferson County H housing Supply ......................................................................................................... ........................... 94
Table 58: Leon County H housing Supply....................................................................................................................... .................. 94
Table 59: W akulla County H housing Supply ............................................................................................................ .................. ...... 97
Table 60: N northeast, FL N on-M metropolitan Area H housing Supply.......................................................... .................................. 97
Table 61: Bradford County H housing Supply........................................................................................................... ........................ 97
Table 62: Colum bia County H housing Supply ...................................................................................................... ......................... 102
Table 63: D ixie County H housing Supply .............................................................................................. .......... ................... ........ 102
Table 64: H am ilton County H housing Supply.............................................................................................................. .................. 102
Table 65: Lafayette County H housing Supply............................................................................................................... .................. 103
Table 66: Levy County H housing Supply...................................................................................................................... .................. 103
Table 67: M adison County H housing Supply......................................................................................................... ........................ 103
Table 68: Suw annee County H housing Supply ...................................................................................................... ......................... 104
Table 69: Taylor County H housing Supply............................................................................................................. ........................ 104
Table 70: U union County H housing Supply........................ ................................................................................ ........................... 104
Table 71: N northwest, FL N on-M metropolitan Area H housing Supply.................................................................... ..................... 107
Table 72: Calhoun County H housing Supply ........................................................................................................ ......................... 107
Table 73: Franklin County H housing Supply................................................................................................................ .................. 107
Table 74: G ulf County H housing Supply...................................................................................................................... .................. 108
Table 75: H olm es County H housing Supply................................................................................................................. .................. 108
Table 76: Jackson County H housing Supply........................................................................................................... ........................ 108
Table 77: Liberty County H housing Supply.................................................................................................................. .................. 109
Table 78: W alton County H housing Supply .......................................................................................................... ......................... 109
Table 79: W ashington County H housing Supply....................................................................................... ....... ........................... 109
Table 80: Central, FL N on-M metropolitan Area H housing Supply......................................................................... ......................... 110
Table 81:Citrus County Housing Supply......................................................................... 110
Table 82: Putnam County H housing Supply................................................................................................................. .................. 110
Table 83: Sum ter County H housing Supply......................................................................................................... ........................... 111
Table 84: South, FL N on-M metropolitan Area H housing Supply.............................................................. .................................. 111
Table 85:D esoto County H housing Supply................................................................................................................... .................. 111
Table 86: G lades County H housing Supply ......................................................................................................... ................... ........ 112
Table 87: H ardee County H housing Supply .......................................................................................................... ......................... 112
Table 88: H endry County H housing Supply................................................................................................................. .................. 112
Table 89: H highlands County H housing Supply............................................................................................................. .................. 113
Table 90: M onroe County H housing Supply ....................................................................................................... ................... ........ 113
Table 91:O keechobee County H housing Supply........................ ..................................................................................................... 113
Table 92: Value ($1000s) & N um ber of N ew Units Constructed in 2006.......................................................... ..................... 116
Table 93: Im pact on O utput ($1000s) ............................................................................................ .............................................. 117
Table 94: Im pact on Labor Earnings ($1000) ...................................................................................................... ......................... 118
Table 95: Im pact on Em ploym ent................................................................................................................................... .............. 119










Figures
Figure 1: Florida's 4 M major M metropolitan Areas ...................................................................................................... ......................... 10
Figure 2: Florida's Rem gaining 16 M metropolitan Areas............................................................................... ........ ................... ........ 10
Figure 3: Florida's 4 N on-m metropolitan A reas....................................................................................................... ................... ........ 11
Figure 4: Percentage of Florida's Single-Fam ily H housing Stock................................................................ .................................. 11
Figure 5: M edian 2006 Single-Fam ily Sales Price .................................................................................... ......... ................... ........ 16
Figure 6: Percentage of Florida's C ondom inium Stock ........................................................................... .......... ................... ........ 16
Figure 7: M edian 2006 C ondom inium Sales Price...................................................................................... ..... ........................... 16
Figure 8: Percentage Decrease in Single-Family Sales 2005 to 2006 .......................................................................................... 31
Figure 9: Change in Real Median Single-Family Home Sales Prices (2007 $)....................................................... .....................31
Figure 10: Change in Number of Condominium Sales 2005 to 2006 .............................. .....................................................48
Figure 11: Change in Real Median Condominium Sales Prices (2007 $) ............................................................ ......................48
Figure 12: Jacksonville, FL M SA ..................................................... ............................................................................................... 49
Figure 13: Jacksonville MSA Real Median Single-Family Sales Prices (2007 Dollars) ................................................ ......................49
Figure 14: Jacksonville MSA Real Condominium Sales Prices (2007 Dollars) ........................................ ................................. 56
Figure 15: Miami-Fort Lauderdale-Pompano Beach, FL MSA................................................................... ............................... 56
Figure 16: Miami MSA Real Median Single-Family Sales Prices (2007 Dollars)........................................ ............................... 57
Figure 17: Miami MSA Real Median Condominium Sales Prices (2007 Dollars)...................................................................... 57
Figure 18:O rlando-Kissim m ee, FL M SA.................................................................................................... ........................................... 60
Figure 19: Orlando-Kissimmee MSA Real Median Single-Family Sales Prices (2007 Dollars) ................................... .............. 60
Figure 20: Orlando-Kissimmee MSA Real Median Condominium Sales Prices (2007 Dollars) ...................... ...... ..................... 62
Figure 21: Tampa-St. Petersburg-Clearwater MSA............................................................ ................................. 62
Figure 22: Tampa-St. Petersburg-Clearwater MSA Real Median Single-Family Sales Prices (2007 Dollars) ........................................ 65
Figure 23: Tampa-St. Petersburg-Clearwater MSA Real Median Condominium Sales Prices (2007 Dollars) ....................................... 65
Figure 24: Cape Coral-Fort M years, FL M SA .................................... ...... ...................... .................................................. 66
Figure 25: Cape Coral-Ft. Myers MSA Real Median Single-Family Sales Prices (2007 Dollars)........................................................ 66
Figure 26: Cape Coral-Ft. Myers MSA Real Median Condominium Sales Prices (2007 Dollars) ........................ ................68
Figure 27:Deltona-Daytona Beach-Orm ond Beach, FL M SA ............................................ ........................................................... 68
Figure 28: Deltona-Daytona Beach-Ormond Beach MSA Real Median Single-Family Sales Prices (2007 Dollars).............................. 70
Figure 29: Deltona-Daytona Beach-Ormond Beach MSA Real Median Condominium Sales Prices (2007 Dollars)............................ 70
Figure 30: Fort Walton Beach-Crestview-Destin, FL MSA............................................ ....................... ............................ 71
Figure 31: Fort Walton Beach-Crestview-Destin MSA Real Median Single-Family Sales Prices (2007 Dollars) ...................................71
Figure 32: Fort Walton Beach-Crestview-Destin MSA Real Median Condominium Sales Prices (2007 Dollars) .................................72
Figure 33: G ainesville, FL M SA ............................................ ......... ................................................................................................ 72
Figure 34: Gainesville MSA Real Median Single-Family Sales Prices (2007 Dollars) ........................................... ......................73
Figure 35: Gainesville MSA Real Median Condominium Sales Prices (2007 Dollars) ............................. .............................73
Figure 36:Lakeland, FL MSA................................................. ............................ 74
Figure 37: Lakeland-Winter Haven MSA Real Median Single-Family Sales Prices (2007 Dollars) ...................................................... 74
Figure 38: Lakeland MSA Real Median Condominium Sales Prices (2007 Dollars) ............................................ ......................76
Figure 39: N aples-M arco Island, FL M SA .......................................... ........................................................................................... 76
Figure 40:Naples-Marco Island MSA Real Median Single-Family Sales Prices (2007 Dollars) ..................... ............................ 77
Figure 41: Naples-Marco Island MSA Real Median Condominium Sales Prices (2007 Dollars) ....................................................... 77
Figure 42: O cala FL M SA ..................................... ... ................................................................................... ............................ 78
Figure 43: Ocala MSA Real Median Single-Family Sales Prices (2007 Dollars) ................................................... ......................78
Figure 44: Ocala MSA Real Median Condominium Sales Prices (2007 Dollars) ...................................................................79
Figure 45: Palm Bay-Melbourne-Titusville, FL MSA ......................................... ............................................... 78
Figure 46:Palm Bay-Melbourne-Titusville MSA Real Median Single-Family Sales Prices (2007 Dollars)............................................. 79
Figure 47: Palm Bay-Melbourne-Titusville MSA Real Median Condominium Sales Prices (2007 Dollars)......................................... 81
Figure 48: Palm C oast, FL M SA ......................................... ....................................... ............................................................. 81
Figure 49: Palm Coast MSA Real Median Single-Family Sales Prices (2007 Dollars)................................................. 82






TeSateoflordasHousing


Figure 50: Palm Coast MSA Real Median Condominium Sales Prices (2007 Dollars).................... ............................. 82
Figure 51: Panam a City-Lynne H aven FL, M SA ............................ ............. ........................................................... ........... 83
Figure 52: Panama City-Lynne Haven MSA Real Median Single-Family Sales Prices (2007 Dollars) ..................... ................... 83
Figure 53: Panama City-Lynne Haven MSA Real Median Condominium Sales Prices (2007 Dollars) ........................................... 84
Figure 54: Pensacola-Ferry Pass-Brent FL, MSA.............................................. ......... ............. .................... 84
Figure 55: Pensacola-Ferry Pass-Brent MSA Real Median Single-Family Sales Prices (2007 Dollars) ........................................ 86
Figure 56: Pensacola-Ferry Pass-Brent MSA Real Median Condominium Sales Prices (2007 Dollars)....................... ..................... 86
Figure 57: Port St. Lucie-Ft. Pierce, FL MSA.................................................................................................. ..................... 87
Figure 58: Port St. Lucie-Ft. Pierce MSA Real Median Single-Family Sales Prices (2007 Dollars) ............................................. 89
Figure 59: Port St. Lucie-Ft. Pierce MSA Real Median Condominium Sales Prices (2007 Dollars) ............................................89
Figure 60:Punta Gorda FL, MSA .......................................... .................................... ...... 87
Figure 61:Punta Gorda MSA Real Median Single-Family Sales Prices (2007 Dollars) ........................... .......... ..................... 90
Figure 62: Punta Gorda MSA Real Median Condominium Sales Prices (2007 Dollars) .......................... ........... ..................... 90
Figure 63: Sarasota-Bradenton-Venice FL, M SA ........................................ ........................................................................ 87
Figure 64: Sarasota-Bradenton-Venice MSA Real Median Single-Family Sales Prices (2007 Dollars).................................................. 91
Figure 65: Sarasota-Bradenton-Venice MSA Real Median Condominium Sales Prices (2007 Dollars)............................................... 91
Figure 66: Sebastian-Vero Beach FL, M SA ........................................... ................................... ................................ ......... 95
Figure 67: Sebastian-Vero Beach MSA Real Median Single-Family Sales Prices (2007 Dollars) ............................ .....................95
Figure 68: Sebastian-Vero Beach MSA Real Median Condominium Sales Prices (2007 Dollars) ........................ ............... 96
Figure 69: Tallahassee FL, MSA ................... ................. ......................................................... ..................... 96
Figure 70: Tallahassee MSA Real Median Single-Family Sales Prices (2007 Dollars)............................................. ..................... 98
Figure 71: Tallahassee MSA Real Median Condominium Sales Prices (2007 Dollars)................................ ................... 98
Figure 72: Northeast, FL Non-Metropolitan Area........................................................................... 99
Figure 73: Northeast, FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2007 Dollars)........................................ 100
Figure 74: Northeast, FL Non-Metropolitan Area Real Median Condominium Sales Prices (2007 Dollars)...................................... 100
Figure 75:N northwest, FL N on-M metropolitan Area............................... ................................................................................. 99
Figure 76: Northwest, FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2007 Dollars)....................................... 105
Figure 77: Northwest, FL Non-Metropolitan Area Real Median Condominium Sales Prices (2007 Dollars)..................................... 105
Figure 78:Central, FL N on-M metropolitan Area .............................. ............................................................................................... 101
Figure 79: Central, FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2007 Dollars)......................................... 106
Figure 80: Central, FL Non-Metropolitan Area Real Median Condominium Sales Prices (2007 Dollars) ........................................ 106
Figure 81: South, FL N on-M metropolitan A rea............................. ..................... ..................... ............... .............................. 101
Figure 82: South, FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2007 Dollars).................... ..................... 114
Figure 83: South, FL Non-Metropolitan Area Real Median Condominium Sales Prices (2007 Dollars)......................................... 114










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 39 urban counties and the
28 rural counties, as well as between coastal and non-coastal coun-
ties. The characteristics of Florida's housing reflect the characteris-
tics of the state's population.
In the first part of the report, property appraiser data files are used
to examine Florida's housing stock. First the housing stock is sepa-
rated into three broad categories: single-family housing, condomini-
ums, and multi-family housing, which are further separated into
complexes with two to nine units and complexes with ten or more
units. This separation highlights 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.
The issue of housing affordability is examined in the next section.
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.
The report then examines how the sales volume and real median
sales price has changed between 2005 and 2006 for both single-
family housing and condominiums. Specifically, the real median
sales price for single-family homes increased only 7.38% from 2005
to 2006. This increase is a marked departure from the 21.44%
increase experienced from 2004 to 2005 and the 12.18% increase
from 2003 to 2004. At the same time the number of sales also
decreased from over 400,000 in both 2004 and 2005 to 336,093 in
2006.
The next section looks at the housing supply and the real median
single-family and real median condominium sales price for each
metropolitan statistical area (MSA) and the four non-metropolitan
areas. The section also examines the individual counties that make
up multi-county MSAs and/or Non-metropolitan areas, and looks
at the differences in those counties.
The final section examines the impact of new residential construc-
tion in Florida in 2006. This section estimates the number and
value of new single-family and multi-family homes built in Florida
in 2006, and their impact on the Florida economy. Specifically, this
section examines the impact on 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 57 percent of the state's single-family hous-
ing stock is located in four major metropolitan areas: Jacksonville,


Miami-Fort Lauderdale-Pompano Beach, Orlando-Kissimmee, and
Tampa-St. Petersburg-Clearwater. Although not a type of structure,
condominium housing is an important housing category in some
areas of the state. The Miami-Fort Lauderdale-Pompano Beach
MSA alone has approximately 56.5 percent of the state's condomin-
iums. Significant concentrations of condominiums are also found
in Collier, Lee, Pinellas, and Sarasota Counties. Clearly, condo-
miniums 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 exemp-
tion; and location of the property by section, township, and range.
The database contains most but not all residential structures, exclud-
ing (1) residential structures located on land that is not residentially
coded, such as residential structures located on land that has an
agriculture coding or residential structures that have a commercial
coding (2) manufactured housing not classified as real property
(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 2006, 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
the year built information or square footage is missing for condo-
miniums' 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 multiple times, eliminating the older records. In an attempt
to overcome this problem, we have merged sales data from the
previous six roll years (2000, 2001, 2002, 2003, 2004 and 2005)
with the current roll year (2005). Continuing the change made to
last year's report, in an attempt to generate the most current data
possible, we have also merged the 2007 preliminary tax roll2. The







. TeSaeoFlrasHuig207


use of the preliminary tax roll allows us to report 2006 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 field3.
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.4
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.5


Geography

Figure 1: Florida's 4 Major Metropolitan Areas


ft t.nmq C-n.


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 20 MSAs that
contain 39 of its 67 counties.


Figure 2: Florida's Remaining 16 Metropolitan Areas


.1..
BL.-,---









The state's 20 metropolitan areas (MSAs) are further divided into
"major" metropolitan areas (4 MSAs) and "other" metropolitan
areas (16 MSAs). The four major MSAs are Miami-Ft. Lauderdale-
Pompano Beach, Jacksonville, Orlando-Kissimmee, and Tampa-
St. Petersburg-Clearwater. As Figure 1 shows, a total of sixteen
counties make up the four major MSAs. The 16 remaining MSAs
include twenty-three counties, which are shown in Figure 2.
A total of 39 of Florida's 67 counties are therefore found in
metropolitan areas, with the remaining 28 being non-metropolitan6.
These remaining 28 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 4 Non-metropolitan Areas


state's single-family stock, the Jacksonville MSA has 8 percent of the
state total, and the Miami-Fort Lauderdale-Pompano Beach MSA
represents 20.3 percent of the state total.


Figure 4: Percentage of Florida's Single-Family Housing Stock


(7,L


IPrc4atq 14 FHlltf Stn*-FIr.i# Ifsihiigj Srdi
r 7. ,
. *"I **.. w
L. 'k. i *,
Z:~I~


~ 43


Single-Family Housing7
Summary data by county, with aggregations to metropolitan and
state totals, are included in Table 1. There are 4.38 million single-
family housing units in the state of Florida and the total assessed
value of these units is $789.8 billion. A total of 74.8% of these
units are occupied by their owner; the remaining units are renter-
occupied. The number of single-family sales in 2006 totaled ap-
proximately 336,093, which is equal to approximately 7.7 percent
of the total single-family housing stock in this state.8 The median
2006 single-family sales price was $250,500.
As shown in Figure 4, Florida's housing is geographically
concentrated.
The four major MSAs contain approximately 2.5 million single-
family units and these units comprise about 57 percent of the
total housing stock in the state. Twenty-nine 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-Kissimmee MSA has almost 20.9
percent of the major MSA total, representing 11.8 percent of the


The 16 other MSAs contain 37.3 percent of the state's single-fam-
ily housing stock, while the 28 non-metropolitan counties contain
only 6 percent. The non-metropolitan counties show the extremes
of population densities in the state. For example, Lafayette County
has fewer than 900 single-family units. Other counties with less
than 2,000 units include Dixie, Glades, Hamilton, and Liberty
Counties.
Counties with the largest number of sales transactions in 2006
are, as expected, the largest counties in population. Approximately
56 percent of the single-family transactions in the state in 2006
were in the major MSA counties. Another 35 percent of all sales in
2005 were in the other MSA counties, while the remaining 5.25
percent were in the non-metropolitan counties.
The highest single-family median sales prices in 2006 were in
Monroe ($700,000), Collier ($450,000), Palm Beach ($375,000),
and Walton ($351,900) Counties. Other counties with median
sales prices above $250,000 include Broward, Franklin, Lake, Lee
Manatee, Martin, Miami-Dade, Nassau, Orange, Osceola, Sarasota,
Seminole, and St. John's 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 2006 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.






























Table 1: Single Family Housing Stock

Single-Family % O er Total Assessed Total Just Value Mn Yr Number of Median
County Total Umts % of State OValue % of State (Millions of % of State Sales m % of State 2006
Housing Stock9l Cn Tte Occupied (Millions of Dollars) Dollars) Bilt Age Index 2006 Sales Price
Fonda 4,384,868 100 00% 74 82% $789,83838 100 00% $1,120,051 52 100 00% 1984 100 336,093 100 00% $250,500


Jacksonville, FL MSA Baker County 3,465 008% 82 68% $296 55 004% $378 65 003% 1980 118 271 008% $185,000
Clay County 49,111 1 12% 8055% $6,75445 086% $8,88252 079% 1990 073 5,347 159% $226,600
Duval County 231,882 529% 7719% $29,97567 380% $39,15305 350% 1978 127 19,473 579% $192,000
Nassau County 17,390 040% 75 48% $3,37208 043% $4,31741 039% 1991 068 1,640 049% $255,000
St Johns County 50,298 1 15% 7728% $12,64395 160% $16,797 02 150% 1995 050 5,635 168% $320,000
MSA Total 352,146 803% 7764% $53,042 71 672% $69,52866 621% 1985 095 32,366 963% $220,000


Miami-Fort Lauderdale-Pompano Beach, FL MSA Broward County 366,999 837% 80 54% $79,23256 10 03% $121,73845 10 87% 1980 118 23,021 685% $333,000
Miami-Dade County 309,527 706% 8006% $66,22444 838% $108,33509 967% 1968 173 17,711 527% $348,000
Palm Beach County 212,089 484% 7894% $64,01327 810% $93,870 16 838% 1980 118 11,470 341% $375,000
MSA Total 888,615 20 27% 7999% $209,47027 2652% $323,94369 2892% 1977 132 52,202 1553% $345,000


Orlando-Kissimmee, FL MSA Lake County 80,451 183% 72 89% $11,91522 151% $14,47398 129% 1994 055 8,362 249% $254,400
Orange County 253,843 579% 73 19% $44,809 78 567% $59,032 59 527% 1987 086 26,492 788% $287,300
Osceola County 70,196 160% 5849% $11,60537 147% $14,02035 125% 1995 050 9,171 273% $270,000
Seminole County 114,201 260% 8008% $19,470 75 247% $27,53601 246% 1984 100 8,802 262% $270,000
MSATotal 518,691 11 83% 7267% $87,801 12 11 12% $115,06293 1027% 1988 082 52,827 1572% $275,000


Tampa-St Petersburg-Clearwater, FL MSA Herando County 54,502 124% 75 96% $6,48896 082% $8,50847 076% 1988 082 3,686 1 10% $190,000
Hillsborough 297,024 677% 77 71% $43,90853 556% $62,655 18 559% 1983 105 21,342 635% $237,000
County
Pasco County 130,893 299% 74 91% $17,23323 2 18% $23,126 15 206% 1984 100 13,700 408% $233,750
Pinellas County 243,059 554% 79 22% $37,96621 481% $57,798 10 5 16% 1967 177 11,624 346% $210,000
MSA Total 725,478 16 55% 7758% $105,59693 13 37% $152,087 90 13 58% 1980 118 50,352 14 98% $225,050


Major Metropolitan Area Total 2,484,930 56 67% 77 43% 455,911 57 72% 660,623 58 98% 187,747 55 86%


Cape Coral-Fort Myers, FL MSA Lee County 168,569 384% 68 39% $39,642 46 502% $53,77345 480% 1990 073 18,905 562% $279,900


Deltona-Daytona Beach-Ormond Beach, FL MSA Volusia County 147,695 337% 75 69% $20,361 94 258% $29,91306 267% 1983 105 9,832 293% $218,000










Table 1: Single Family Housing Stock

Single-Family % Oer Total Assessed Total Just Value Mn Yr Number of Median
County Total Umts % of State OValue % of State (Millions of % of State Sales m % of State 2006
Housing Stock Occupied (Millions of Dollars) Dollars) Bilt Age Index 2006 Sales Price


Fort Walton Beach-Crestview-Destin, FL MSA


Gainesville, FL MSA


MSA Total


Lakeland, FL MSA


Naples-Marco Island, FL MSA


Ocala, FL MSA


Palm Bay-Melboume-Titusville, FL MSA


Palm Coast, FL MSA


Panama City-Lynn Haven, FL MSA


Pensacola-Feny Pass-Brent, FL MSA


MSA Total


Port St Lucle- Ft Pierce, FL MSA


MSA Total


Punta Gorda, FL MSA


Sarasota-Bradenton-Vemce. FL MSA


MSA Total


Sebastian-Vero Beach, FL MSA


Tallahassee. FL MSA


Okaloosa County


Alachua County

Gilchnst County




Polk County


Collier County


Manon County


Brevard County


Flagler County


Bay County


Escambia County

Santa Rosa County




Martin County

St Lucle County




Charlotte County


Manatee County

Sarasota County




Indian River County


Gadsden County

Jefferson County

Leon County


58,042 1 32% 68 96%


52,584 1 20% 77 25%

2,048 0 05% 73 73%

54,632 1 25% 77 12%


145,888 3 33% 69 00%


70,493 161% 67 58%


89,333 2 04% 73 86%


167,111 381% 7791%


33,539 0 76% 69 44%


50,377 1 15% 63 16%


93,204 2 13% 71 04%

44,876 102% 75 98%

138,080 315% 7265%


43,912 100% 7667%

82,433 1 88% 70 34%

126,345 2 88% 72 54%


60,734 1 39% 69 92%


76,657 175% 75 51%

121,847 278% 7138%

198,504 453% 72 97%


42,726 097% 71 38%


9,702 022% 73 67%

2,372 005% 68 00%

66,315 151% 7337%


$9,40754 1 19%


$6,42364 081%

$17222 002%

$6,595 85 0 84%


$16,97960 215%


$32,09551 406%


$9,881 97 125%


$24,198 19 306%


$5,775 37 0 73%


$7,791 18 099%


$8,93050 1 13%

$6,057 91 0 77%

$14,98841 190%


$12,86653 163%

$12,33777 156%

$25,20430 319%


$10,79451 137%


$16,41182 208%

$29,507 30 374%

$45,919 12 581%


$9,850 49 1 25%


$64451 008%

$16887 002%

$8,99269 1 14%


$12,977 16 1 16%


$8,135 92 0 73%

$21893 002%

$8,354 85 0 75%


$22,005 89 1 96%


$44,54331 398%


$12,60565 1 13%


$37,274 72 333%


$7,394 62 0 66%


$10,61507 095%


$11,946 15 107%

$7,890 21 0 70%

$19,83636 177%


$19,02682 170%

$16,621 26 1 48%

$35,64808 318%


$15,42343 138%


$22,111 09 197%

$42,976 43 384%

$65,08751 581%


$13,111 50 1 17%


$79234 007%

$200 71 002%

$11,54772 103%


1984 100 4,055 121% $210,000


1981 114 3,921 1 17% $209,900

1985 095 81 002% $150,000

1981 114 4,002 1 19% $208,500


1982 109 16,518 491% $217,700


1993 059 5,074 151% $450,000


1990 073 8,587 255% $190,000



($) ($) 10,341 308% $220,600


1998 036 3,478 103% $249,000


1985 095 2,616 078% $211,500


1975 141 5,396 161% $146,950

1992 064 3,363 100% $199,500

1981 114 8,759 261% $165,000


1987 086 2,668 079% $349,700

1989 077 8,656 258% $249,900

1988 082 11,324 337% $260,000


1986 091 2,866 085% $215,900


1987 086 5,884 175% $318,000

1982 109 8,471 252% $269,900

1984 100 000% $289,600


1988 082 3,818 1 14% $235,000


1975 141 512 015% $150,000

1980 118 99 003% $157,000

1983 105 5,070 151% $185,000





















Table 1: Single Family Housing Stock (continued)

Single-Family% Owner Total Assessed Total Just Value Number of Median
County Total Umts % of State O e Value % of State (Millions of % of State Sales m % of State 2006
Housing Stock Occupied (Millions of Dollars) Dollars) Built Age Index 2006 Sales Price


Wakulla County


MSA Total


Remaining Metropolitan Area Total


Northeast Non-metropolitan Area


Non-metropolitan Total


Northwest Non-metropolitan Area


Non-metropolitan Total


Central Non-metropolitan Area


Non-metropolitan Total


South Non-metropolitan Area


Bradford County

Columbia County

Dixie County

Hamilton County

Lafayette County

Levy County

Madison County

Suwannee County

Taylor County

Umon County




Calhoun County

Franklin County

Gulf County

Holmes County

Jackson County

Liberty County

Walton County

Washington County




Citrus County

Putnam County

Sumter County




DeSoto County

Glades County

Hardee County

Hendry County

Highlands County

Monroe County


5,972 0 14% 71 18%

84,361 1 92% 73 10%


1,636,429 37 32% 72 12%


5,277 0 12% 73 55%

11,770 027% 7506%

2,642 0 06% 60 86%

1,981 005% 67 90%

892 002% 7321%

6,947 016% 7061%

3,053 007% 69 24%

5,561 013% 7211%

5,080 0 12% 63 78%

1,180 003% 7542%

44,383 1 01% 7093%


2,525 006% 7291%

6,096 0 14% 42 47%

5,665 0 13% 5041%

3,246 0 07% 72 46%

10,112 023% 7085%

1,188 003% 6751%

18,146 041% 4802%

4,392 0 10% 69 03%

51,370 1 17% 5713%


47,762 109% 75 60%

16,000 036% 7071%

26,208 060% 70 46%

89,970 205% 73 23%


5,329 0 12% 69 34%

1,634 004% 55 26%

3,903 009% 73 74%

5,070 0 12% 71 40%

30,340 0 69% 68 98%

24.560 056% 53 17%


$70971 009%

$10,51578 133%


290,002 36 72%


$405 73 005%

$1,03349 013%

$19431 002%

$10849 001%

$6077 001%

$73450 009%

$16908 002%

$438 78 006%

$37671 005%

$7273 001%

$3,594 58 046%


$12845 002%

$2,24231 028%

$1,14362 014%

$17150 002%

$595 55 0 08%

$6280 001%

$6,441 86 082%

$268 87 003%

$11,05496 140%


$5,608 16 071%

$1,39267 018%

$3,41582 043%

$10,41665 132%


$500 05 0 06%

$14702 002%

$23816 003%

$51948 007%

$2,983 70 038%

$13,79339 175%


$91768 008%

$13,45845 120%


402,023 35 89%


$50231 004%

$1,28027 011%

$25904 002%

$13123 001%

$8267 001%

$1,05245 009%

$20910 002%

$60822 005%

$452 52 0 04%

$8627 001%

$4,664 08 042%


$14544 001%

$2,714 73 024%

$1,41598 0 13%

$19331 002%

$677 40 006%

$8311 001%

$7,407 40 066%

$30528 003%

$12,94265 1 16%


$7,819 78 070%

$1,92528 017%

$4,035 98 0 36%

$13,781 04 1 23%


$72099 006%

$18710 002%

$297 54 0 03%

$77268 007%

$4,130 79 037%

$18,99771 170%


1993 059 539 0 16% $158,900

1983 1 05 6,220 1 85% $177,500


116,395 3463%


184 005% $137,250

779 023% $165,000

88 003% $100,000

67 002% $100,000

32 001% $137,000

380 0 11% $155,000

89 003% $100,000

253 008% $147,700

197 006% $115,000

38 001% $152,250

2,107 063% $149,000


100 003% $87,100

118 004% $326,250

200 006% $192,850

78 002% $79,500

348 0 10% $112,650

38 001% $126,250

990 029% $351,900

154 005% $101,500

2,026 060% $208,150


3,197 095% $170,000

607 0 18% $138,900

5,242 1 56% $220,000

9,046 2 69% $200,200


281 008% $164,900

65 002% $161,000

193 006% $104,800

339 0 10% $185,000

2,117 063% $168,500

1,043 031% $700,000








Table 1: Single Family Housing Stock
Single-Family % O er Total Assessed Total Just Value Mn Yr Number of Median
County Total Umts % of State OValue % of State (Millions of % of State Sales m % of State 2006
Housing Stock9l Cn TtUe Occupied (Millions of Dollars) Dollars) Bilt Age Index 2006 Sales Price


Okeechobee County 6,950 016% 6932% $677 14 009% $91065 008% 1981 114 379 0 11% $175,000
Nonmetro Total 77,786 177% 64 15% $18,85894 239% $26,017 45 232% 1983 105 4,417 131% $200,000


Non-metropolitan Area Total 263,509 601% 67 03% $43,925 13 556% $57,40522 5 13% 17,596 524%







6 TeSaeoFlrd'Hosn,20 1


Figure 5: Median 2006 Single-Family Sales Price


.e IqII lIM .i &.I Ph.

S .......- *. -
-.. -.....


Condominiums

Figure 6: Percentage of Florida's Condominium Stock


there were 1,627,117 condominiums in the state in 2006, and
43.44 percent of these units are owner-occupied, much less than the
75 percent owner-occupied percentage found in the single-family
stock. A total of 918,450 units, or 56.45 percent of condominium
units in the state, are located in the Miami-Fort Lauderdale-Pom-
pano beach MSA. 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 89,053 condo-
minium units far exceed the 70,493 single-family housing units in
the county. Condominium units also exceed single-family units in
Palm Beach County.


Figure 7: Median 2006 Condominium Sales Price


V


rm Ut4ilW C il,'ld~ilrlim lt Pik#

I.-'1 n1/..1 j
Lj1 .; ;


a ...', .
U .
r
7%I-


-p


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


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.
The number of condominium sales in the state totaled 182,154
units in 2006. Of these 26.5 percent occurred in Miami-Dade
County, 13.9 percent in Palm Beach County, and 13.7 percent in
Broward County. These three southeast counties accounted for
about 54 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 2006 was $223,000. Counties with median
sales prices above $400,000 were Taylor10 ($1,127,000), Mon-
roe ($525,000), Gulf ($521,900), Flagler ($450,550), Franklin
($430,000) and Escambia County ($400,000). 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 retire-
ment 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 157,000 multifamily properties that contain fewer than 10
units in the state of Florida. Approximately 69 percent of these are
found in the four major metropolitan areas, with another almost 30
percent located in other metropolitan areas. Only 3.6 percent of
these small multifamily complexes are found in non-MSA counties.
Twenty percent of these units are found in Miami-Dade County.
Only nine of the non-MSA counties have more than 100 such com-
plexes, with Monroe having over 47 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 13,516 complexes in the state, there
are about 9 percent as many of these larger complexes as there are of
complexes with less than 10 units, but these complexes undoubtedly
comprise more total units than the smaller complexes. A total of
26.7 percent of these larger complexes are located in Miami-Dade
County, with 12 percent in Broward County and 13 percent in the
Tampa Bay MSA. The four major MSAs contain approximately 70
percent of all complexes of this type. The other MSAs contain al-
most 27 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 communities. Non-MSA counties contain only 3.9 percent of
the state's stock of larger apartment complexes.


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 ele-
ments that contribute to housing affordability. The most common
index construction method is that used by the National Association
of Realtors' (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."1
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:
































Table 2: Condominium Stock
Total Total Just
Condominium Stock County Total Umts % of State eValue % of State e % ofState Average Age Number of Sales % of State Median 2006 Turnover Rate
Occupied mll of (Millions of in 2006 Sales Price
(Millions of Dollars)
Dollars)

Fonda 1,627,117 10000% 4344% $314,93904 10000% $373,189 74 10000% ($) 182,154 10000% $223,000 11 19%


Jacksonville, FL MSA Baker County 0 0 00% 0 $0 00 0 00% $0 00 0 00% 0 0 0 00% $0 0
Clay County 1,339 008% 40 85% $13838 004% $15025 004% 1984 436 024% $159,800 32 56%
Duval County 17,154 105% 43 70% $2,519 15 080% $2,76201 074% ($) 5,201 286% $166,400 30 32%
Nassau County 3,238 020% 16 58% $1,37851 044% $1,487 21 040% 1983 385 021% $315,000 11 89%
St Johs 12,399 076% 2628% $3,097 70 098% $3,38450 091% ($) 1,380 076% $221,400 11 13%
County
MSA Total 34,130 210% 3469% $7,133 75 227% $7,78396 209% ($) 7,402 406% $175,000 2169%


Mia FortLauderdale Browd 251,118 1543% 4892% $35,26260 11 20% $44,091 99 11 81% ($) 24,892 13 67% $205,400 991%
Pompano Beach, FL MSA County
Miait-Dade 356,013 21 88% 49 34% $67,16267 21 33% $80,55345 21 59% ($) 48,244 26 49% $257,550 13 55%
County
PalmBeach 311,319 19 13% 5506% $60,07961 1908% $77,13550 2067% 1985 25,334 1391% $272,247 814%
County
MSA Total 918,450 56 45% 51 16% $162,50488 51 60% $201,78094 54 07% ($) 98,470 54 06% $245,000 10 72%


Orlando-Kissimmee, FL Lake County 2,787 0 17% 55 01% $442 79 0 14% $48635 0 13% 1985 252 0 14% $117,350 904%
MSA
Orange 62,027 381% 1988% $9,98691 3 17% $10,48894 281% ($) 12,986 713% $195,000 2094%
County
sceola 7,371 045% 11 41% $2,81551 089% $2,83551 076% 1999 2,797 154% $218,100 37 95%
County
Semole 14,611 0 90% 35 77% $1,341 39 043% $1,58043 042% 1984 3,461 190% $156,900 23 69%
County
MSA Total 86,796 533% 22 97% $14,58660 463% $15,391 24 4 12% ($) 19,496 10 70% $190,000 22 46%


Tampa-St Petersburg- Hemando
apa Petersrg- Henando 766 005% 51 04% $49 89 002% $61 36 002% 1985 61 003% $130,000 796%
Clearwater, FL MSA County
Hillsborough 34,562 2 12% 43 07% $3,955 11 126% $4,694 12 126% 1986 7,782 427% $158,400 22 52%
County
Pasco County 11,518 071% 46 55% $94467 030% $1,14461 031% 1982 1,300 071% $129,900 11 29%
iellas 100,243 616% 47 04% $16,00457 508% $19,71967 528% 1978 7,994 439% $168,000 797%
County
MSA Total 147,089 904% 4609% $20,95424 665% $25,619 76 687% 1980 17,137 941% $159,900 11 65%


Major Metropotan Area 1,186,465 72 92% 162 16% 205,179 65 15% 250,576 67 14% 142,505 78 23% 12 01%
Total










Table 2: Condominium Stock
Total Total Just
Condominium Stoc County total Uts % o State Value % o State Vue % of State Average Age Number of Sales % of State Mean 2006 Turnover Rate
Occupied mll of (Millions of in 2006 Sales Price
(Millions of Dollars)
Dollars)
_______________________________________o ll r s______________________________________________________________


Cape Coral-Fort Myers, FL Lee County
MSA


Deltona-Daytona Beach- Volusa
Omond Beach, FL MSA County


Fort Walton Beach- Okaloosa
Crestview-Destin, FL MSA County


Alachua
Gainesville, FL MSA a
County
Gilchnst
County


MSA Total


Lakeland, FL MSA Polk Cou


Naples-Marco Island, FL Collier C
MSA


Manon
Ocala, FL MSA on
County


Palm Bay-Melbourne- Brevard
Titusville, FL MSA County


Palm Coast, FL MSA Flagler C


Panama City-Lynn Haven, Bay Cou
FL MSA


Pensacola-Feny Pass- Escambia
Brent, FL MSA County
Santa Ros
County
MSA Total


Port St Lucle-Ft Pierce, Martin C
FL MSA
St Lucie
County
MSA Total


Charlotte
Punta Gorda, FL MSA Chalotte
County


Sarasota-Bradenton-Vemce, Manatee
FL MSA County


Ity



county











county



-ty




au





unty


71,216 438% 31 08%



28,113 173% 26 51%



11,865 073% 924%



5,136 032% 3621%

3 000% 000%

5,139 032% 36 19%


8,311 051% 3385%



89,053 5 47% 29 53%



5,975 037% 66 53%



30,908 1 90% 38 08%



3,557 022% 23 59%



13,433 083% 6 79%



8,124 050% 1503%

1,482 009% 17 95%

9,606 059% 15 48%



14,150 087% 43 84%

14,118 087% 3357%

28,268 174% 38 71%



13,103 081% 30 20%



28 103 1 73% 43 94%


$16,42302 521% $18,037 39 483%



$6,72237 213% $7,54689 202%



$4,241 12 135% $4,37805 1 17%



$52533 017% $56703 015%

$060 000% $060 000%

$52593 017% $56763 015%


$58291 019% $64077 017%



$27,98431 889% $30,95250 829%



$41654 013% $50829 014%



$4,944 08 157% $6,037 47 162%



$1,169 71 037% $1,217 13 033%



$3,66230 116% $3,755 16 101%



$1,93055 061% $2,01508 054%

$32220 010% $34496 009%

$2,252 75 072% $2,36004 063%



$2,268 11 072% $2,80805 075%

$2,840 73 090% $3,336 74 089%

$5,108 84 162% $6,144 79 165%



$2,60237 083% $2,91790 078%



$4,923 38 156% $5,755 73 154%


$257,000



$221,900



$376,500



$155,400

$0

$155,400


$101,000



$315,900



$130,000



$184,900



$450,550



$348,000



$400,000

$220,000

$315,100



$211,300

$242,000

$228,000



$235,900



$220,000


12 95%



9 14%



760%



30 98%

0 00%

30 96%


8 23%



6 29%



12 00%



8 16%



12 76%



5 10%



681%

6 75%

6 80%



7 73%

12 11%

9 92%



10 40%



8 18%




















Table 2: Condominium Stock (continued)
Total Total Just

Condominium Stock12 County Total Umts % of State % Owner V esed % of State Value % of State Average Age Number of Sales % of State Median 2006 Turnover Rate
Occupied (ll of (Millions of in 2006 Sales Price
(Millions of Dollars)
Dollars)


Sarasota
County


MSA Total


Sebastian-Vero Beach, FL Indian River
MSA County


Tallahassee, FL MSA







MSA Total


Gadsden
County
Jefferson
County
Leon County
Wakulla
County


51,549 3 17% 3868% $15,95622

79,652 490% 4054% $20,87960


13,570 083% 38 48%


0 00% 0

0 00% 0

015% 1806%

002% 2691%

016% 1889%


507% $18,552 72 497%

663% $24,30845 651%


$3,01329 096% $3,50250 094%


$000

$000

$20035

$4146

$241 81


0 00%

0 00%

0 06%

001%

0 08%


$000

$000

$207 67

$4336

$251 03


3,725 2 04% $259,000

0 00% $240,000



1,160 064% $202,000


$0

$0

$153,000

$130,100

$150,000


0 00%

0 00%

0 06%

001%

0 07%


Remaining Metropolitan
Area Total


Northeast Non-metropohtan Bradford
Area County
Columbia
County
Dixie County
Hamilton
County
Lafayette
County
Levy County
Madison
County
Suwannee
County
Taylor County

Union County

Non-metropolitan Total


Northwest Non-
metropohtan Area


414,421 2547% 28480%


100,771 3200% 113,126 3031%


31,813 1746%


0 00% 76 19%

0 00% 6042%

0 00% 000%

0 00% 0

0 00% 0

001% 542%

0 00% 0

0 00% 0

0 00% 408%

000% 0

003% 1456%


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


0 $000

0 $000

606% $4,431 54

0 $000


$000

$2481

$2267

$000

$000

$000

$4,51692

$000


0 0 00%

5 0 00%

7 000%

0 000%


8 55%



0

0

35 66%

11 24%

33 37%


$165,000

$95,000

$341,000

$0

$0

$262,500

$0

$0

$1,127,000

$0

$322,500



$0

$430,000

$521,900

$0

$0

$0

$382,700

$0


4 76%

8 33%

96 30%

0

0

5 42%

0

0

2 04%

0

1723%



0

4 46%

10 45%

0

0

0

721%

0









Table 2: Condominium Stock
Total Total Just
Condominium Stoc County otalUmts % o State Value % o State Value % of State Average Age Number of Sales % of State Mean 2006 Turnover Rate
Occupied mli of (Millions of m 2006 Sales Price
(Millions of Dollars)
Dollars)Dollars)


Non-metropolitan Total 11,295 069% 606% $4,478 15 142% $4,56441 122% ($) 813 045% $382,700 720%


Central Non-metropolitan Citrus County 1,600 0 10% 38 06% $172 94 005% $204 71 005% 1984 127 007% $150,000 794%
Area
Putnam 141 001% 31 91% $1756 001% $2044 001% 1990 10 001% $197,500 709%
County
Sumter County 153 001% 28 76% $888 000% $888 000% ($) 130 007% $209,900 8497%
Non-metropolitan Total 1,894 0 12% 36 85% $19939 006% $23403 006% 1984 267 0 15% $199,900 14 10%


South Non-metropolitan DeSoto
SoutNon-metropoltan Deo 607 004% 43 33% $65 93 002% $79 90 002% 1998 38 002% $175,350 626%
Area County
Glades County 177 001% 19 77% $692 000% $7 15 000% ($) 13 001% $33,100 734%
Hardee County 216 001% 3565% $10 14 000% $1070 000% 1994 7 000% $78,000 324%
Hendry 475 003% 11 79% $4406 001% $45 73 001% ($) 6 000% $140,500 126%
County
Highlands 1,249 008% 38 11% $8923 003% $10303 003% 1983 111 006% $140,000 889%
County
More 9,716 060% 15 16% $4,003 14 127% $4,348 76 1 17% ($) 467 026% $525,000 481%
County
Okeechobee190 001% 1632% $8 62 000% $9 06 000% 1978 20 001% $85,000 1053%
County
Non-metropolitan Total 12,630 078% 19 09% $4,22804 134% $4,60434 123% ($) 662 036% $366,500 524%


Non-metropolitan Area 26,231 161% 673 33% $8,98861 285% $9,487 84 254% 1,813 100% 691%
Total





























Table 3: Multi-family Housing Stock with 9 or Less Units
Total Assessed
Multi-Family Housing Stock County Vale Total Just Value Mean Relative
Total Assessed Total Just Value Mean Relative
Multi-Famil H Stock County 1Total Units % of State Value % of State (Millions of % of State Yea Bilt Ae e
with 9 or Less Units13 (Millions of Year Built Age Index
Dollars)ars)
Flonda 157,051 100 00% $35,624 69 100 00% $39,700 87 100 00% 1971 1 59


Jacksonville, FL MSA Baker County 39 002% $635 002% $636 002% 1985 095
Clay County 285 018% $4532 013% $4565 011% 1983 105
Duval County 4,264 272% $717 93 202% $781 11 197% 1960 209
Nassau County 412 026% $121 35 034% $135 10 034% 1985 095
St Johns County 1,831 117% $51660 145% $69096 174% 1981 114
MSA Total 6,831 435% $1,407 56 395% $1,659 19 418% 1971 159


Miami-Fort Lauderdale-Pompano Beach, FL MSA Broward County 18,846 12 00% $5,121 89 14 38% $5,671 38 14 29% 1966 182
Miami-Dade County 32,088 20 43% $9,15231 25 69% $10,157 24 25 58% 1960 209
Palm Beach County 10,692 681% $2,70504 759% $2,98623 752% 1964 191
MSA Total 61,626 3924% $16,97924 47 66% $18,81485 47 39% 1963 195


Orlando-Kissimmee, FL MSA Lake County 1,252 080% $172 65 048% $175 09 044% 1973 150
Orange County 10,235 652% $1,32777 373% $1,481 10 373% 1983 105
Osceola County 904 058% $16480 046% $16952 043% 1984 100
Seminole County 1,137 072% $18299 051% $191 21 048% 1979 123
MSA Total 13,528 861% $1,84821 519% $2,01693 508% 1983 105


Tampa-St Petersburg-Clearwater, FL MSA Herando County 455 029% $6621 0 19% $67 73 0 17% 1986 091
Hillsborough County 5,144 328% $80869 227% $83545 2 10% 1978 127
Pasco County 3,762 2 40% $450 42 1 26% $550 23 1 39% 1973 1 50
Pinellas County 13,005 828% $2,95607 830% $3,541 22 892% 1952 245
MSA Total 22,366 14 24% $4,281 39 12 02% $4,99464 12 58% 1967 177


Major Metropolitan Area Total 104,351 6644% 24,516 6882% 27,486 6923%


Cape Coral-Fort Myers, FL MSA Lee County 7,135 454% $1,68451 473% $1,823 10 459% 1982 109


Deltona-Daytona Beach-Ormond Beach, FL MSA Volusia County 9,703 6 18% $1,28357 360% $1,56860 395% 1983 105









Table 3: Multi-family Housing Stock with 9 or Less Units
Total Assessed
Total Assessed Total Just Value Mean Relative
Multi-Family Housing Stock County Value Toa J ol Mean Relative
Multi-Famil H Stock County 1Total Units % of State Value % of State (Millions of % of State Year Bilt e e
with 9 or Less Units13 (Millions of Year Built Age Index
Dollars)ars)


Fort Walton Beach-Crestview-Destn, FL MSA Okaloosa County 755 048% $16545 046% $16823 042% 1976 136


Gainesville, FL MSA Alachua County 1,678 107% $21543 060% $21867 055% 1979 123
Gilchnst County 8 001% $1 55 000% $1 55 000% (*) (*)
MSA Total 1,686 107% $21698 061% $22022 055% 1979 123


Lakeland, FL MSA Polk County 4,298 274% $43027 121% $43557 110% 1979 123


Naples-Marco Island, FL MSA Collier County 2,012 128% $65662 184% $68843 173% 1974 145


Ocala, FL MSA Manon County 1,129 072% $16060 045% $16335 041% 1982 109


Palm Bay-Melbourne-Titusville, FL MSA Brevard County 2,983 190% $70367 198% $82639 208% ($) ($)


Palm Coast, FL MSA Flagler County 830 053% $178 93 050% $18508 047% 2002 0 18


Panama City-Lynn Haven, FL MSA Bay County 858 055% $175 38 049% $18287 046% 1985 095


Pensacola-Feny Pass-Brent, FL MSA Escambia County 1,857 118% $227 42 064% $23994 060% 1976 136
Santa Rosa County 633 040% $8129 023% $82 75 021% 1983 105
MSA Total 2,490 159% $308 70 087% $32269 081% 1979 123


Port St Lucle-Ft Pierce, FL MSA Martin County 980 062% $22061 062% $23402 059% 1978 127
St Lucle County 1,463 093% $21507 060% $221 52 056% 1969 168
MSA Total 2,443 156% $43569 122% $45554 1 15% 1973 150


Punta Gorda, FL MSA Charlotte County 1,084 069% $30896 087% $338 17 085% 1981 114


Sarasota-Bradenton-Vemce, FL MSA Manatee County 4,510 287% $1,02777 289% $1,147 34 289% 1972 155
Sarasota County 2,216 141% $621 77 175% $649 15 164% 1968 173
MSA Total 6,726 428% $1,64954 463% $1,79649 453% 1971 159


Sebastian-Vero Beach, FL MSA Indian River County 789 050% $158 75 045% $16628 042% 1975 141


Tallahassee, FL MSA Gadsden County 14 001% $1747 005% $1747 004% (*) (*)
Jefferson County 17 001% $337 001% $341 001% (*) (*)
Leon County 2,115 135% $367 31 103% $372 94 094% 1978 127


















Table 3: Multi-family Housing Stock with 9 or Less Units (continued)

Total Assessed
Total Assessed Total Just Value Mean Relative
Multi-Family Housing Stock County Value To Vau Mean Relative
with 9 or Less Units3 (Millions of Dollars) Year Built Age Index
Dollars)


Wakulla County


$605

$394 20


$6 14

$399 95


2004 0 09

1978 127


Remaining Metropohtan Area Total


Northeast Non-metropohtan Area


Non-metropolitan Total


Northwest Non-metropohtan Area


Non-metropolitan Total


Central Non-metropolitan Area


Non-metroolitan Total


South Non-metropohtan Area


Bradford County
Columbia County

Dixie County

Hamilton County

Lafayette County

Levy County

Madison County

Suwannee County

Taylor County
Umon County




Calhoun County

Franklin County

Gulf County

Holmes County

Jackson County
Liberty County

Walton County

Washington County




Citrus County

Putnam County

Sumter County




DeSoto County

Glades County

Hardee County

Hendry County

Highlands County

Monroe County


47,109 30 00%


15 001%
219 0 14%

1 0 00%

16 001%

5 000%

68 004%

42 003%

43 003%

16 001%

2 0 00%
427 027%


8,912 2502%


$2090

$449

$1351

$5738

$6950

$1.821 51


9,741 24 54%


$1 29
$2942

$0 11

$526

$050

$949

$634

$320

$702
$063

$6325


$207

$1008

$302

$1 18

$1975
$0 10

$1521

$323

$5464


$5935

$1392

$625
$7952


$2187

$463

$1565

$7241

$7232

$2.072 57


MSA Total








Table 3: Multi-family Housing Stock with 9 or Less Units
Total Assessed
Total Assessed Total Just Value Mean Relative
Multi-Family Housing Stock County Value Total J Vl Mean Relative
Multi-Famil H Stock County 1Total Units % of State Value % of State (Millions of % of State Year Bilt e e
with 9 or Less Units13 (Millions of Dollars) Year Built Age Index
Dollars)

Okeechobee County 127 008% $1709 005% $1746 004% 1974 145
Non-metropolitan Total 4,349 277% $2,00439 563% $2,27692 574% 1970 164

Non-metropolitan Area Total 5,591 356% $2,19649 6 17% $2,47432 623%






























Table 4: Multi-Family Housing Stock with 10 or More Units

Multi-Family Housing Stock with Total Assessed Total Just Value Mean Relative
10 or More Units County Total Units % of State Value % of State (Millions of % of State Year Built Age Index
10 More (Millions of Dollars) Dollars) Year Built Age Index
Fonda 13,516 10000% $46,64229 10000% $46,664 13 10000% 1973 150


Jacksonville, FL MSA Baker County 1 001% $0 52 000% $0 52 000% (*) (*)
Clay County 41 030% $237 26 051% $237 26 051% ($) ($)
Duval County 540 400% $2,95435 633% $2,95442 633% 1975 141
Nassau County 34 025% $35 73 008% $3689 008% 1984 100
St Johns County 37 027% $13642 029% $13642 029% 1997 041
MSA Total 653 483% $3,36428 721% $3,36552 721% 1976 5 134


Miami-Fort Lauderdale-Pompano Beach, FL MSA Broward County 1,623 12 01% $5,89682 12 64% $5,90377 12 65% 1970 164
Miami-Dade County 3,613 26 73% $10,51800 22 55% $10,521 84 22 55% 1966 182
Palm Beach County 747 553% $4,03431 865% $4,03454 865% 1973 150
MSA Total 5,983 44 27% $20,449 13 4384% $20,460 15 4385% 1968 173


Orlando-Kissimmee, FL MSA Lake County 128 095% $22488 048% $22489 048% 1985 095
Orange County 623 461% $4,37560 938% $4,37595 938% 1986 091
Osceola County 77 057% $51852 1 11% $51856 1 11% 1988 082
Seinnole County 163 121% $1,69586 364% $1,69586 363% 1985 095
MSA Total 991 733% $6,81486 1461% $6,81526 1460% 1986 091


Tampa-St Petersburg-Clearwater, FL MSA Herando County 51 038% $9499 020% $9499 020% 1990 073
Hillsborough County 819 606% $4,53080 971% $4,53086 971% 1983 105
Pasco County 202 1 49% $406 32 0 87% $406 38 0 87% 1989 077
Pinellas County 686 5 08% $2,169 98 4 65% $2,171 59 4 65% 1971 1 59
MSA Total 1,758 1301% $7,20209 1544% $7,20381 1544% 1977 132


Major Metropolitan Area Total 9,385 6944% 37,830 81 11% 37,845 81 10%


Cape Coral-Fort Myers, FL MSA Lee County 166 123% $68434 147% $68451 147% 1982 109


Deltona-Daytona Beach-Ormond Beach, FL MSA Volusia County 563 4 17% $72096 155% $72301 155% 1974 145









Table 4: Multi-Family Housing Stock with 10 or More Units

Multi-Family Housing Stock with Total Assessed Total Just Value Mean Relative
10 or More Units County Total Units % of State Value % of State (Millions of % of State Year Built Age Index
10 More (Millions of Dollars) Dollars) Year Built Age Index

Fort Walton Beach-Crestview-Destin, FL MSA Okaloosa County 152 112% $22355 048% $223 74 048% 1984 100


Gainesville, FL MSA Alachua County 373 276% $95653 205% $95654 205% 1982 109
Gilchnst County 100 074% $8 87 002% $11 20 002% 1984 100
MSA Total 473 350% $96540 207% $96774 207% 1982 109


Lakeland, FL MSA Polk County 253 187% $46465 100% $464 74 100% 1980 118


Naples-Marco Island, FL MSA Collier County 90 067% $661 14 142% $661 14 142% 1989 077


Ocala, FL MSA Manon County 108 080% $25677 055% $25694 055% 1982 109


Palm Bay-Melbourne-Titusville, FL MSA Brevard County 258 191% $856 13 184% $85667 184% ($) ($)


Palm Coast, FL MSA Flagler County 9 007% $25 16 005% $25 16 005% (*) (*)


Panama City-Lynn Haven, FL MSA Bay County 126 093% $19842 043% $19852 043% 1984 100


Pensacola-Feny Pass-Brent, FL MSA Escambia County 139 103% $40360 087% $40360 086% 1980 118
Santa Rosa County 55 041% $6286 0 13% $6286 013% 1983 105
MSATotal 194 144% $46646 100% $46646 100% 1982 109


Port St Lucle-Ft Pierce, FL MSA Martin County 59 044% $201 81 043% $202 64 043% 1980 118
St Lucle County 65 048% $21054 045% $21058 045% 1983 105
MSA Total 124 092% $41235 088% $41322 089% 1981 114


Punta Gorda, FL MSA Charlotte County 26 0 19% $97 92 021% $97 95 021% 19865 089


Sarasota-Bradenton-Vemce, FL MSA Manatee County 283 209% $536 77 1 15% $536 77 1 15% 2002 0 18
Sarasota County 313 232% $68282 146% $683 12 146% 1980 118
MSA Total 596 441% $1,21959 261% $1,21989 261% 1995 050


Sebastian-Vero Beach, FL MSA Indian River County 47 035% $141 55 030% $141 55 030% 1987 086


Tallahassee, FL MSA Gadsden County 51 038% $2 66 001% $2 69 001% 1984 100
Jefferson County 7 005% $1 97 000% $1 97 000% (*) (*)
Leon County 352 260% $1,06466 228% $1,06482 228% 1974 145
Wakulla County 5 004% $295 001% $295 001% (*) (*)




















Table 4: Multi-Family Housing Stock with 10 or More Units (continued)

Multi-Family Housing Stock with Total Assessed Total Just Value Mean Relative
10 or More Units4 County Total Units % of State Value % of State (Millions of % of State Year Built Age Index
(Millions of Dollars) Dollars)Year Built Age Index


MSA Total


Remaining Metropohtan Area Total


Northeast Non-metropohtan Area
















Non-metropolitan Total


Northwest Non-metropohtan Area












Non-metro Total


Central Non-metropolitan Area




Non-metropolitan Total


South Non-metropohtan Area


415 307%


3,600 26 64%


$1,072 24


2 30%


$1,072 43


8,467 18 15%


2 30%


8,474 18 16%


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




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


Citrus County
Putnam County
Sumter County


DeSoto County
Glades County
Hardee County
Hendry County
Highlands County
Monroe County
Okeechobee County








Table 4: Multi-Family Housing Stock with 10 or More Units
Multi-Family Housing Stock with Total Assessed Total Just Value Mean Relative
10 or More Units4 County Total Units % of State Value % of State (Millions of % of State Year Built Age Index
(Millions of Dollars) Dollars) Year Built Age Index

Non-metropolitan Total 134 099% $135 13 029% $135 14 029% 1983 105

Non-metropolitan Area Total 531 393% $34528 074% $345 72 074%






TetaeoFordasHousing,


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 2006 is $36,747, the median 2006 sales price of a single-family
home is $209,900, and the 30-year mortgage interest rate of 6.41
percent14 yields a mortgage constant of 0.006262, the calculated
affordability index is 61.31:


$36,747 *100
4x12(0.95 x $209,900) x 0.006262


535,123
*100
$59,936


=61.31


The denominator is the annual mortgage payment, multiplied
by 4, because the income needed to qualify for a 5 percent down,
6.41-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 61.31 indicates that median
household income in the area is 38.69% 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."5
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' used by
the Realtors and our median income is household rather than fam-
ily 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 fifty-nine in 2006, an increase from
14 in 2003. These numbers point to a lessening of affordability in
Florida between 2003 and 2006.
Table 6 ranks the affordability of each county. Fifty-nine Florida
counties had an affordability index below 100 in 2006. The most
affordable counties are generally rural counties in the interior of the
state, mostly in the north part of the state. It should be emphasized
that most of the counties with the highest affordability indices also
had fewer than 300 transactions in 2006. The small number of
transactions is not surprising in small counties, but may be indica-
tive of the level of competition in the market and therefore the lack
of pressure on housing prices.


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.
Another complaint that has been raised against the affordabil-
ity index is that it assumes that the household has no other debt.
However, many buyers carry some form of debt whether it is credit
card debt, student loans, and/or car payments, and this debt reduces
the affordability of the median priced home. In an effort to address
some of the criticisms of the affordability index and make the
potential buyer more realistic, the Shimberg Center is introducing a
new measure of affordability. This measure expands on work done
by Stan Fitterman at the Florida Housing Coalition.16 This measure
calculates the maximum sales price that a household can afford
taking into account the cost of taxes, insurance, and assuming the
household has some other debt burden besides their house pay-
ment. The following assumptions are used to calculate the maxi-
mum affordable single-family sales price. First, it is assumed that
the monthly debt of the household is 15% of their income. Second,
the household is assumed to make a 5% down payment. The tax
rate is the county's total millage rate as reported in 2006 Florida
Property Valuations and Tax Data. The remaining assumptions are
the household takes out a conventional 30 year loan with a 6.41%
interest rat, and the annual cost of insurance is 1.25% the value of
the home. The following tables report the number and percentage of
single-family sales that are affordable for households making 70%,
100% and 130% of the 2006 HUD median family income for the
respective county. These tables give a more detailed look at afford-
ability for different households in each county and should help to
contextualize the affordability index.










REAL MEDIAN SALES PRICE

AND SALES VOLUME CHANGES,

2005-2006
Douglas White, Florida Housing Data Clearinghouse, Shimberg
Center, University of Florida
Mary Lois White, Albright College


The 2006 Single-Family Home Market
As can be seen in Table 10, which shows the yearly change in
real median sales prices between 2001 and 2006, the real median
sales price for single-family homes increased by only 7.38% from
2005-2006. Although an increase, it represents a departure from
the increase experienced from 2004-2005 when the real median
sales price increased 21.44%, and when it increased by 12.18%
from 2003-2004. It is more representative of the increase that oc-
curred between 2002-2003, when the median sales price increased
by 7.24%.
However, the slowing of the rate of increase in the median sales
price is not nearly as noticeable as the decrease in the number
of sales that occurred during the same time. In 2004 there were
406,171 sales statewide, increasing to 444,916 by 2005, but falling
to only 336,093 by 2006. These sales represent a 9.54% increase
from 2004-05, and a 24.46% decrease from 2005-06.

Figure 8: Percentage Decrease in Single-Family Sales 2005
to 2006






.. /



L- -'-" ** -- f L -- ---- p **- --* I
E-D


















Figure 8 shows how the number of single-family home sales has
changed across the state.
All but three counties experienced a decrease in single-family
home sales from 2005-2006, Baker, Gadsden, and Jackson counties,
experienced increases in the number of sales. Three counties expe-
rienced a drop of 50% more in sales, Franklin, Glades, and Walton.


Another four counties experienced decreases between 40-49.99%,
Flagler, Gulf, Hernando, and Homes. Another eight experienced
decreases of 30-39.99%, and twenty-six experienced decreases of
20-29.99%. Finally, sixteen counties experienced decreases between
10-19.99%, and seven experienced decreases of less than 10%. It is
interesting to note that the three counties that experienced increases
in sales are all located in the panhandle of Florida, while two of the
three that experienced decreases of over 50% are also located in the
panhandle. No region of the state seems to have been more vulner-
able than any other, although there does seem to be larger decreases
in southern and central Florida than in the panhandle.

Figure 9: Change in Real Median Single-Family Home Sales
Prices (2007 $)


m : ..'. .
Ir. .| i i M.ldia.. gl|J ..l iV Slkl IF 1,4 Aj* r .1*

L31 1


Figure 9 shows the change in real median sales prices between
2005 and 2006.
While the overall state real median increased in 2006, Table 11
shows that this increase was modest compared to previous years. As
Figure 9 clearly shows, 11 counties experienced real median sales
price decreases, and Bay had no real change in median sales price.
Dixie County, Gulf County, and Walton County all experienced
real median sales price decreases of 20% or more. Although Wakul-
la County experienced a decrease of 12.04%, Charlotte County,
Escambia County, Franklin County, Monroe County, Palm Beach
County, Santa Rosa County, and Washington County, experienced
decreases of less than 10%.
Of the 55 counties from Figure 9 that experienced an increase in
real median sales price, only thirteen counties saw their real median
sales price increase between 2005 and 2006 at a rate greater than
the change between 2004 and 2005 (Calhoun, Clay, Columbia,
Franklin, Gadsden, Hamilton, Hardee, Jackson, Liberty, Madison,
Marion, Polk, and Union). The remaining counties that saw real
median sales price increases between 2005 and 2006, experienced
increases at a slower rate than the increase between 2004 and 2005.







Te-tofFoias.- Housig ,


Table 5: County Affordability Index
Metropolitan Area
Jacksonville, FL MSA






Miami-Fort Lauderdale-Pompano Beach, FL MSA





Orlando-Kissimmee, FL MSA





Tampa-St. Petersburg-Clearwater, FL MSA






Cape Coral-Fort Myers, FL MSA

Deltona-Daytona Beach-Ormond Beach, FL MSA

Fort Walton Beach-Crestview-Destin, FL MSA

Gainesville, FL MSA



Lakeland, FL MSA

Naples-Marco Island, FL MSA

Ocala, FL MSA

Palm Bay-Melboume-Titusville, FL MSA

Palm Coast, FL MSA

Panama City-Lynn Haven, FL MSA


County
Baker County
Clay County
Duval County
Nassau County
St. Johns County

Broward County
Miami-Dade
County
Palm Beach County

Lake County
Orange County
Osceola County
Seminole County

Hemando County
Hillsborough
County
Pasco County
Pinellas County

Lee County

Volusia County

Okaloosa County

Alachua County
Gilchrist County

Polk County

Collier County

Marion County

Brevard County

Flagler County

Bay County

Escambia County


2003
158.14
137.69
118.82
108.24
99.49

83.14

75.78

77.07

104.20
102.94
108.42
120.64

126.98

112.96

102.25
108.17

97.82

109.55

133.77

94.24
136.87

125.35

74.68

102.28

124.51

125.33

106.89


2004
132.63
117.63
106.63
100.34
86.29

67.86

59.36

61.95

90.90
88.25
86.47
109.36

105.01

98.13

90.42
94.06

87.11

95.46

108.88

79.76
104.64

108.51

60.23

93.44

101.52

101.71

90.23


2005
106.14
106.50
97.31
88.27
74.97

56.33

49.69

50.82

71.10
69.22
65.10
85.27

84.37

81.91

73.62
82.01

66.43

78.53

88.33

71.35
92.14

89.33

47.88

83.71

78.61

78.55

74.46


130.64 120.97 103.74 97.00


2006
87.92
86.24
85.55
74.83
63.35

50.58

41.31

47.67

59.46
57.02
55.71
73.79

70.98

68.96

59.94
71.81

59.72

66.20

81.90

61.31
81.56

66.31

43.48

68.02

72.91

64.90

70.48


Pensacola-Ferry Pass-Brent, FL MSA










Table 5: County Affordability Index
State, Metropolitan Area, County 2003 2004 2005 2006
Santa Rosa County 131.76 113.43 86.26 86.00


Port St. Lucie, FL MSA



Punta Gorda, FL MSA


Sarasota-Bradenton-Venice, FL MSA



Sebastian-Vero Beach, FL MSA


Martin County
St. Lucie County

Charlotte County

Manatee County
Sarasota County


Indian River
County


78.39 64.31 56.49 49.41
105.90 83.98 64.79 58.06

106.90 88.70 68.26 68.43

83.38 67.00 54.89 49.52
100.26 86.08 69.68 63.25


109.71 93.54 77.95 66.66


Tallahassee, FL MSA


Northeast Nonmetropolitan Area













Northwest Nonmetropolitan Area










Central Nonmetropolitan Area




South Nonmetropolitan Area


Gadsden County
Jefferson County
Leon County
Wakulla County

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

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

Citrus County
Putnam County
Sumter County

DeSoto County
Glades County
Hardee County
Hendry County
Highlands County
Monroe County
Okeechobee
County


144.11
139.35
112.98
111.50

157.97
127.99
143.63
136.00
143.78
131.26
181.87
150.16
173.29
173.32

182.15
45.94
67.49
183.39
155.95
141.75
56.03
163.93

135.39
146.83
99.56

148.24
160.05
190.14
176.84
141.62
42.47

124.25


113.02
133.51
95.65
100.20

137.45
102.00
108.18
114.40
157.17
94.06
135.71
132.05
134.49
130.96

139.20
33.71
51.46
172.60
133.34
193.60
39.04
138.21

109.17
121.80
75.96

127.76
139.19
152.75
122.79
121.22
30.05

98.44


101.62
102.41
90.43
87.84

116.69
90.17
90.77
117.22
94.76
81.42
135.67
95.45
122.01
160.32

137.02
36.44
48.49
160.13
125.69
194.79
33.33
116.08

86.52
99.08
69.33

79.97
104.01
146.30
89.04
88.44
24.72

85.21


85.68
85.15
81.54
93.53

97.58
73.37
107.30
97.18
83.79
70.52
107.68
81.03
103.80
91.55

123.34
36.95
64.18
144.84
109.16
91.66
40.99
111.64

74.38
82.93
60.10

72.84
78.35
113.06
69.58
72.09
24.84

69.67







Te-tofFoias.- Housig ,


Table 6: County Affordability Index and Rank
County 2006 Affordability 2006 Rank County 2006 Affordability 2006 Rank


Holmes County
Calhoun County
Hardee County
Washington County
Jackson County
Madison County
Dixie County
Taylor County
Bradford County
Hamilton County
Escambia County
Wakulla County
Liberty County
Union County
Baker County
Clay County
Santa Rosa County
Gadsden County
Duval County
Jefferson County
Lafayette County
Putnam County
Okaloosa County
Gilchrist County
Leon County
Suwannee County
Glades County
Nassau County
Citrus County
Seminole County
Columbia County
Brevard County
DeSoto County
Highlands County
Pinellas County
Hernando County
Levy County
Bay County
Okeechobee County
Hendry County
Hillsborough County
Charlotte County
Marion County
Indian River County
Polk County
Volusia County
Flagler County


144.84
123.34
113.06
111.64
109.16
107.68
107.30
103.80
97.58
97.18
97.00
93.53
91.66
91.55
87.92
86.24
86.00
85.68
85.55
85.15
83.79
82.93
81.90
81.56
81.54
81.03
78.35
74.83
74.38
73.79
73.37
72.91
72.84
72.09
71.81
70.98
70.52
70.48
69.67
69.58
68.96
68.43
68.02
66.66
66.31
66.20
64.90


Most Affordable
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47


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


64.18
63.35
63.25
61.31
60.10
59.94
59.72
59.46
58.06
57.02
55.71
50.58
49.52
49.41
47.67
43.48
41.31
40.99
36.95
24.84


48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
Least Affordable








Table 7: Percentage of County Single-Family Sales Affordable at 70% of 2006 HUD Median Family Income
Number of Total Percentage of Total
HUD 2006 Median 70% of HUD 2006 Median x S P A a 7 o M Single-Family Sales Single-Family Sales
y Family Income Family Income Affordable at 70% of Affordable at 70% of
Median Median
Alachua County $54,500 $38,150 $115,474 455 11.60%

Baker County $52,500 $36,750 $115,088 30 11.07%

Bay County $51,600 $36,120 $118,023 262 10.02%

Bradford County $46,900 $32,830 $103,514 63 34.24%

Brevard County $57,300 $40,110 $125,474 516 4.99%

Broward County $60,600 $42,420 $129,363 78 0.34%

Calhoun County $38,500 $26,950 $87,101 50 50.00%

Charlotte County $50,800 $35,560 $115,357 140 4.88%

Citrus County $44,000 $30,800 $98,430 310 9.70%

Clay County $60,300 $42,210 $132,743 374 6.99%

Collier County $66,100 $46,270 $150,761 49 0.97%

Columbia County $42,900 $30,030 $94,092 131 16.82%

Miami-Dade County $55,900 $39,130 $119,612 173 0.98%

DeSoto County $41,600 $29,120 $93,367 45 16.01%

Dixie County $37,400 $26,180 $82,169 32 36.36%

Duval County $60,300 $42,210 $120,503 3,389 17.40%

Escambia County $51,900 $36,330 $114,155 1,569 29.08%

Flagler County $55,500 $38,850 $124,177 16 0.46%

Franklin County $37,400 $26,180 $88,322 10 8.47%

Gadsden County $58,500 $40,950 $127,779 155 30.27%

Gilchrist County $54,500 $38,150 $118,679 27 33.33%

Glades County $40,700 $28,490 $89,313 13 20.00%

Gulf County $43,300 $30,310 $100,641 30 15.00%

Hamilton County $36,500 $25,550 $81,482 26 38.81%














Table 7: Percentage of County Single-Family Sales Affordable at 70% of 2006 HUD Median Family Income (continued)
Number of Total Percentage of Total
Couy HUD 2006 Median 70% of HUD 2006 Median x Ss P A a 7 o M Single-Family Sales Single-Family Sales
n Family Income Family Income Affordable at 70% of Affordable at 70% of
Median Median

Hardee County $39,000 $27,300 $86,968 74 38.34%

Hendry County $41,800 $29,260 $92,447 31 9.14%

Hernando County $54,400 $38,080 $119,260 426 11.56%

Highlands County $43,400 $30,380 $96,304 339 16.01%

Hillsborough County $54,400 $38,080 $116,363 1,047 4.91%

Holmes County $41,300 $28,910 $93,305 55 70.51%

Indian River County $55,500 $38,850 $124,128 175 4.58%

Jackson County $44,000 $30,800 $99,795 153 43.97%

Jefferson County $58,500 $40,950 $127,605 34 34.34%

Lafayette County $42,400 $29,680 $94,041 14 43.75%

Lake County $57,400 $40,180 $125,929 530 6.34%

Lee County $56,000 $39,200 $124,084 398 2.11%

Leon County $58,500 $40,950 $127,111 793 15.64%

Levy County $36,800 $25,760 $82,687 55 14.47%

Liberty County $41,100 $28,770 $91,427 15 39.47%

Madison County $38,200 $26,740 $85,845 41 46.07%

Manatee County $58,400 $40,880 $128,411 177 3.01%

Marion County $44,900 $31,430 $100,098 588 6.85%

Martin County $54,600 $38,220 $121,573 23 0.86%

Monroe County $61,000 $42,700 $142,135 2 0.19%

Nassau County $60,300 $42,210 $133,172 75 4.57%

Okaloosa County $57,800 $40,460 $130,451 394 9.72%

Okeechobee County $42,300 $29,610 $95,352 35 9.23%

Orange County $57,400 $40,180 $126,006 738 2.79%

Osceola County $57,400 $40,180 $127,680 95 1.04%

PalmBeach County $64,400 $45,080 $139,106 209 1.82%

Pasco County $54,400 $38,080 $121,430 1,464 10.69%








Table 7: Percentage of County Single-Family Sales Affordable at 70% of 2006 HUD Median Family Income
Number of Total Percentage of Total
HUD 2006 Median 70% of HUD 2006 Median Single-Family Sales Single-Family Sales
County Family Income Family Income Max Sales Price Affordable at 70% of Media Affordable at 70% of Affordable at 70% of
Median Median

Pinellas County $54,400 $38,080 $117,284 917 7.89%

Polk County $49,500 $34,650 $108,494 1,400 8.48%

Putnam County $41,500 $29,050 $91,337 172 28.34%

St. Johns County $60,300 $42,210 $133,716 94 1.67%

St. Lucie County $54,600 $38,220 $117,047 218 2.52%

Santa Rosa County $51,900 $36,330 $117,089 324 9.63%

Sarasota County $58,400 $40,880 $131,462 157 1.85%

Seminole County $57,400 $40,180 $126,624 207 2.35%

Sumter County $44,500 $31,150 $100,367 149 2.84%

Suwannee County $40,800 $28,560 $90,920 66 26.09%

Taylor County $41,800 $29,260 $93,250 81 41.12%

Union County $44,500 $31,150 $98,068 12 31.58%

Volusia County $50,300 $35,210 $109,439 381 3.88%

Wakulla County $49,400 $34,580 $110,030 67 12.43%

Walton County $45,500 $31,850 $106,856 75 7.58%

Washington County $39,500 $27,650 $88,932 59 38.31%






















Table 8: Percentage of County Single-Family Sales Affordable at 2006 HUD Median Family Income
Number of Total Percentage of Total
HUD 2006 Median Max Sales Price Affordable at Median Family Single-Family Sales Single-Family Sales
County Family Income Income Affordable at Median Affordable at Median
Family Income Family Income
Alachua County $54,500 $162,493 1,168 29.79%

Baker County $52,500 $162,392 97 35.79%

Bay County $51,600 $167,194 814 31.12%

Bradford County $46,900 $145,886 101 54.89%

Brevard County $57,300 $177,261 26.24%
2,713
Broward County $60,600 $182,501 723 3.14%

Calhoun County $38,500 $122,683 68 68.00%

Charlotte County $50,800 $163,272 651 22.71%

Citrus County $44,000 $138,784 987 30.87%

Clay County $60,300 $187,744 1,605 30.02%

Collier County $66,100 $214,010 127 2.50%

Columbia County $42,900 $132,265 257 32.99%

Miami-Dade County $55,900 $168,555 878 4.96%

DeSoto County $41,600 $131,563 85 30.25%

Dixie County $37,400 $115,134 50 56.82%

Duval County $60,300 $168,989 7,508 38.56%

Escambia County $51,900 $161,100 3,144 58.27%

Flagler County $55,500 $175,697 222 6.38%

Franklin County $37,400 $125,133 19 16.10%

Gadsden County $58,500 $180,531 384 75.00%

Gilchrist County $54,500 $167,450 45 55.56%

Glades County $40,700 $125,402 20 30.77%

Gulf County $43,300 $142,535 75 37.50%








Table 8: Percentage of County Single-Family Sales Affordable at 2006 HUD Median Family Income
Number of Total Percentage of Total
HUD 2006 Median Max Sales Price Affordable at Median Family Single-Family Sales Single-Family Sales
County Family Income Income Affordable at Median Affordable at Median
Family Income Family Income

Hamilton County $36,500 $114,389 37 55.22%

Hardee County $39,000 $122,269 116 60.10%

Hendry County $41,800 $130,023 70 20.65%

Hernando County $54,400 $168,373 1,307 35.46%

Highlands County $43,400 $135,613 650 30.70%

Hillsborough County $54,400 $163,892 3,878 18.17%

Holmes County $41,300 $131,574 65 83.33%

Indian River County $55,500 $175,620 808 21.16%

Jackson County $44,000 $140,947 219 62.93%

Jefferson County $58,500 $180,262 60 60.61%

Lafayette County $42,400 $132,355 15 46.88%

Lake County $57,400 $177,939 1,508 18.03%

Lee County $56,000 $175,430 1,509 7.98%

Leon County $58,500 $179,504 2,405 47.44%

Levy County $36,800 $116,227 116 30.53%

Liberty County $41,100 $128,644 20 52.63%

Madison County $38,200 $120,773 52 58.43%

Manatee County $58,400 $181,524 703 11.95%

Marion County $44,900 $141,127 1,821 21.21%

Martin County $54,600 $171,899 152 5.70%

Monroe County $61,000 $201,969 5 0.48%

Nassau County $60,300 $188,401 309 18.84%

Okaloosa County $57,800 $184,800 1,508 37.19%

Okeechobee County $42,300 $134,480 88 23.22%

























Table 8: Percentage of County Single-Family Sales Affordable at 2006 HUD Median Family Income
Number of Total Percentage of Total
y ( ) HUD 2006 Median Max Sales Price Affordable at Median Family Single-Family Sales Single-Family Sales
Family Income Income Affordable at Median Affordable at Median
Family Income Family Income

Orange County $57,400 $178,057 2,903 10.96%

Osceola County $57,400 $180,633 611 6.66%

PalmBeach County $64,400 $196,607 1,064 9.28%

Pasco County $54,400 $171,729 3,918 28.60%

Pinellas County $54,400 $165,317 3,398 29.23%

Polk County $49,500 $152,934 3,240 19.61%

Putnam County $41,500 $128,356 272 44.81%

St. Johns County $60,300 $189,235 781 13.86%

St. Lucie County $54,600 $164,901 892 10.30%

Santa Rosa County $51,900 $165,659 1,134 33.72%

Sarasota County $58,400 $186,211 1,078 12.73%

Seminole County $57,400 $179,008 1,027 11.67%

Sumter County $44,500 $141,684 377 7.19%

Suwannee County $40,800 $127,940 104 41.11%

Taylor County $41,800 $131,305 109 55.33%

Union County $44,500 $138,047 16 42.11%

Volusia County $50,300 $154,188 1,617 16.45%

Wakulla County $49,400 $155,361 263 48.79%

Walton County $45,500 $151,599 145 14.65%

Washington County $39,500 $125,239 101 65.58%

Methodology for the preparation of this table was developed by Stan Fitterman of the Florida Housing Coalition.








Table 9: Percentage of County Single-Family Sales Affordable at 130% of 2006 HUD Median Family Income
Number of Total Percentage of Total
HUD 2006 Median 130% of HUD 2006 Median x S P A a 1 o M Single-Family Sales Single-Family Sales
y Family Income Family Income Affordable at 130% Affordable at 130% of
of Median Median
Alachua County $54,500 $70,850 $209,512 1,952 49.78%

Baker County $52,500 $68,250 $209,696 178 65.68%

Bay County $51,600 $67,080 $216,365 1,365 52.18%

Bradford County $46,900 $60,970 $188,258 137 74.46%

Brevard County $57,300 $74,490 $229,049 5,574 53.90%

Broward County $60,600 $78,780 $235,639 3,231 14.04%

Calhoun County $38,500 $50,050 $158,265 78 78.00%

Charlotte County $50,800 $66,040 $211,187 1,373 47.91%

Citrus County $44,000 $57,200 $179,138 1,724 53.93%

Clay County $60,300 $78,390 $242,745 3,079 57.58%

Collier County $66,100 $85,930 $277,258 413 8.14%

Columbia County $42,900 $55,770 $170,439 417 53.53%

Miami-Dade County $55,900 $72,670 $217,499 2,610 14.74%

DeSoto County $41,600 $54,080 $169,759 148 52.67%

Dixie County $37,400 $48,620 $148,099 63 71.59%

Duval County $60,300 $78,390 $217,475 11,649 59.82%

Escambia County $51,900 $67,470 $208,045 4,228 78.35%

Flagler County $55,500 $72,150 $227,216 1,197 34.42%

Franklin County $37,400 $48,620 $161,943 29 24.58%

Gadsden County $58,500 $76,050 $233,282 446 87.11%

Gilchrist County $54,500 $70,850 $216,220 62 76.54%

Glades County $40,700 $52,910 $161,491 33 50.77%

Gulf County $43,300 $56,290 $184,428 98 49.00%

Hamilton County $36,500 $47,450 $147,297 48 71.64%














Table 9: Percentage of County Single-Family Sales Affordable at 130% of 2006 HUD Median Family Income (continued)
Number of Total Percentage of Total
HUD 2006 Median 130% of HUD 2006 Median x S P A a 1 o M Single-Family Sales Single-Family Sales
y Family Income Family Income Affordable at 130% Affordable at 130% of
of Median Median

Hardee County $39,000 $50,700 $157,570 151 78.24%

Hendry County $41,800 $54,340 $167,600 130 38.35%

Hernando County $54,400 $70,720 $217,485 2,418 65.60%

Highlands County $43,400 $56,420 $174,922 1,129 53.33%

Hillsborough County $54,400 $70,720 $211,421 8,322 38.99%

Holmes County $41,300 $53,690 $169,841 70 89.74%

Indian River County $55,500 $72,150 $227,112 1,742 45.63%

Jackson County $44,000 $57,200 $182,099 271 77.87%

Jefferson County $58,500 $76,050 $232,920 73 73.74%

Lafayette County $42,400 $55,120 $170,670 22 68.75%

Lake County $57,400 $74,620 $229,949 3,133 37.47%

Lee County $56,000 $72,800 $226,776 4,428 23.42%

Leon County $58,500 $76,050 $231,897 3,361 66.29%

Levy County $36,800 $47,840 $149,767 173 45.53%

Liberty County $41,100 $53,430 $165,860 31 81.58%

Madison County $38,200 $49,660 $155,701 68 76.40%

Manatee County $58,400 $75,920 $234,637 1,487 25.27%

Marion County $44,900 $58,370 $182,156 3,877 45.15%

Martin County $54,600 $70,980 $222,225 505 18.93%

Monroe County $61,000 $79,300 $261,802 27 2.59%

Nassau County $60,300 $78,390 $243,630 731 44.57%

Okaloosa County $57,800 $75,140 $239,149 2,562 63.18%

Okeechobee County $42,300 $54,990 $173,607 185 48.81%

Orange County $57,400 $74,620 $230,108 7,333 27.68%

Osceola County $57,400 $74,620 $233,586 2,628 28.66%

PalmBeach County $64,400 $83,720 $254,109 2,575 22.45%

Pasco County $54,400 $70,720 $222,028 6,142 44.83%








Table 9: Percentage of County Single-Family Sales Affordable at 130% of 2006 HUD Median Family Income
Number of Total Percentage of Total
HUD 2006 Median 130% of HUD 2006 Median x S P A a 1 o M Single-Family Sales Single-Family Sales
y Family Income Family Income Affordable at 130% Affordable at 130% of
of Median Median

Pinellas County $54,400 $70,720 $213,350 5,969 51.35%

Polk County $49,500 $64,350 $197,374 6,486 39.27%

Putnam County $41,500 $53,950 $165,375 383 63.10%

St. Johns County $60,300 $78,390 $244,754 1,332 23.64%

St. Lucie County $54,600 $70,980 $212,756 2,563 29.61%

Santa Rosa County $51,900 $67,470 $214,229 1,944 57.81%

Sarasota County $58,400 $75,920 $240,961 3,330 39.31%

Seminole County $57,400 $74,620 $231,392 2,767 31.44%

Sumter County $44,500 $57,850 $183,001 1,567 29.89%

Suwannee County $40,800 $53,040 $164,961 144 56.92%

Taylor County $41,800 $54,340 $169,359 132 67.01%

Union County $44,500 $57,850 $178,026 25 65.79%

Volusia County $50,300 $65,390 $198,938 4,092 41.62%

Wakulla County $49,400 $64,220 $200,692 341 63.27%

Walton County $45,500 $59,150 $196,342 222 22.42%

Washington County $39,500 $51,350 $161,547 124 80.52%




















Table 10:Yearly Change in Real Single-Family Sales Price (2007 $)
State, Metropolitan Area, County 2001 to 2002
Florida 6.29%


2002 to 2003
7.24%


2003 to 2004
12.18%


2004 to 2005
21.44%


Jacksonville, FL MSA





MSA Total

Miami-Fort Lauderdale-Pompano
Beach, FL MSA



MSA Total

Orlando-Kissimmee, FL MSA




MSA Total

Tampa-St. Petersburg-Clearwater, FL
MSA


Baker County
Clay County
Duval County
Nassau County
St. Johns County



Broward County

Miami-Dade County
Palm Beach County



Lake County
Orange County
Osceola County
Seminole County



Hernando County

Hillsborough County
Pasco County
Pinellas County


MSA Total


Lee County 7.92% 7.09%


2005 to 2006
7.38%


7.86%
4.35%
6.07%
4.35%
8.12%
5.51%


10.31%

9.18%
12.32%
10.19%

4.50%
8.38%
4.39%
6.78%
6.07%


5.74%

5.35%
13.31%
6.59%
6.50%


9.17%
5.63%
9.32%
-0.27%
5.57%
8.91%


9.66%

10.85%
18.76%
12.81%

6.80%
6.34%
8.64%
6.53%
7.21%


12.22%

5.99%
8.39%
7.55%
6.50%


13.48%
12.29%
4.95%
4.45%
9.20%
7.56%


17.31%

19.88%
20.14%
18.23%

12.38%
9.82%
17.49%
6.56%
10.70%


18.90%

8.44%
10.36%
10.01%
10.07%


27.35%
8.74%
10.31%
13.37%
11.98%
10.65%


19.98%

20.90%
20.94%
20.67%

28.26%
27.96%
32.17%
26.79%
28.46%


24.34%

20.33%
21.29%
14.99%
18.56%


13.43%
15.54%
6.59%
10.11%
10.60%
9.91%


4.06%

12.38%
-1.82%
5.10%

12.02%
12.20%
9.44%
7.86%
11.00%


11.08%

9.85%
16.13%
5.96%
11.23%


Cape Coral-Fort Myers, FL MSA


14.73% 31.39% 2.36%







Table 10:Yearly Change in Real Single-Family Sales Price (2007 $)


State, Metropolitan Area,
Deltona-Daytona Beach-Ormond Beach,
FL MSA

Fort Walton Beach-Crestview-Destin,
FL MSA

Gainesville, FL MSA

MSA Total

Lakeland, FL MSA

Naples-Marco Island, FL MSA

Ocala, FL MSA

Palm Bay-Melboure-Titusville, FL
MSA

Palm Coast, FL MSA

Panama City-Lynn Haven, FL MSA


Pensacola-Ferry Pass-Brent, FL MSA


MSA Total

Port St. Lucie, FL MSA

MSA Total

Punta Gorda, FL MSA


County


2001 to 2002


Volusia County



Okaloosa County


Alachua County
Gilchrist County



Polk County

Collier County

Marion County


Brevard County


Flagler County

Bay County


Escambia County

Santa Rosa County



Martin County
St. Lucie County



Charlotte County


6.74%



7.00%


7.33%
12.41%
6.94%

1.28%

7.18%

19.73%


8.37%


2.76%

5.64%


3.88%

4.67%
4.30%

10.17%
16.32%
7.96%

12.18%


2002 to 2003

10.52%



4.35%


7.86%
0.79%
7.94%

10.81%

3.91%

10.35%


7.19%


6.65%

13.51%


3.41%

3.83%
3.92%

16.07%
20.17%
11.33%

10.59%


2003 to 2004

12.39%



16.14%


10.72%
26.81%
11.17%

9.68%

19.61%

3.56%


18.32%


19.06%

15.18%


3.78%

13.73%
5.52%

18.47%
22.12%
16.48%

17.88%


2004 to 2005

21.87%



25.18%


13.19%
13.97%
12.38%

21.48%

26.25%

12.35%


28.96%


27.55%

22.40%


2005 to 2006

11.74%



1.41%


9.97%
3.24%
10.37%

25.31%

2.63%

14.82%


0.80%


14.32%

-0.05%


18.18%

27.92%
21.20%

14.63%
29.13%
26.51%

30.32%


-0.59%

-5.72%
-1.88%

5.87%
3.68%
3.23%

-7.04%

















Table 10:Yearly Change in Real Single-Family Sales Price (2007 $) (continued)
State, Metropolitan Area, County 2001 to 2002 2002 to 2003


Sarasota-Bradenton-Venice, FL MSA


MSA Total


Sebastian-Vero Beach, FL MSA

Tallahassee, FL MSA




MSA Total

Northeast Non-metropolitan Area










Non-metro Total

Northwest Non-metropolitan Area


Manatee County

Sarasota County



Indian River County

Gadsden County
Jefferson County
Leon County
Wakulla County



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



Calhoun County
Franklin County
Gulf County
Holmes County
Jackson County
Liberty County
Walton County


2003 to 2004


2004 to 2005


2005 to 2006


8.74%

6.27%
6.89%


4.34%

-0.17%
-2.53%
5.00%
7.42%
4.67%

7.64%
9.66%
34.09%
1.41%
-23.68%
12.60%
-5.22%
-1.30%
-0.88%
7.40%
6.47%

-6.38%
17.63%
21.20%
3.31%
-3.25%
-2.50%
26.00%


11.73%

7.23%
9.31%

9.58%

6.23%
22.21%
5.47%
4.56%
5.59%

15.98%
7.20%
-7.94%
24.82%
72.54%
2.05%
2.10%
-4.70%
0.65%
-3.11%
3.34%

1.33%
27.95%
9.66%
16.39%
6.75%
53.32%
12.76%


18.94%

14.54%
18.40%

16.61%

20.68%
-2.59%
10.20%
7.72%
10.32%

9.78%
22.08%
33.01%
8.58%
-18.83%
38.23%
27.12%
13.36%
22.45%
32.54%
22.49%

30.39%
37.27%
23.73%
2.86%
12.78%
-30.26%
46.07%


22.18%

23.38%
21.43%

21.90%

11.76%
33.48%
7.96%
9.33%
7.32%

18.68%
12.98%
22.12%
-2.24%
67.65%
14.27%
0.49%
38.20%
11.29%
-16.79%
17.91%

2.68%
-9.37%
6.60%
8.45%
8.07%
0.87%
16.91%


2.69%

2.54%
2.13%


5.89%

12.29%
10.21%
3.59%
-12.04%
1.36%

10.57%
15.00%
-22.50%
14.64%
2.09%
7.25%
21.09%
11.39%
10.03%
64.06%
12.77%

4.17%
-3.49%
-27.87%
4.08%
9.13%
89.91%
-21.63%







Table 10:Yearly Change in Real Single-Family Sales Price (2007 $)
State, Metropolitan Area, County 2001 to 2002 2002 to 2003 2003 to 2004 2004 to 2005 2005 to 2006


Non-metro Total


Central Non-metropolitan Area



Non-metro Total

South Non-metropolitan Area








Non-metro Total


Washington County



Citrus County
Putnam County
Sumter County



DeSoto County
Glades County
Hardee County
Hendry County
Highlands County
Monroe County
Okeechobee County


-1.61%
22.29%

7.91%
3.57%
2.73%
-5.16%

1.04%
-0.21%
-3.27%
7.66%
3.42%
12.62%
7.87%
2.66%


9.35%
11.44%

9.27%
4.29%
-14.66%
4.74%

1.44%
10.17%
8.64%
1.08%
15.43%
25.07%
16.14%
13.48%


14.96%
55.85%

18.84%
15.67%
33.65%
30.67%

11.49%
9.58%
16.89%
31.12%
14.60%
36.61%
23.75%
10.82%


20.17%
13.76%

26.02%
22.18%
11.97%
13.20%

60.87%
35.95%
5.40%
41.86%
37.35%
21.96%
16.38%
10.89%


-4.07%
-36.97%

9.06%
12.13%
8.30%
12.50%

1.11%
23.30%
19.44%
16.38%
14.95%
-6.47%
13.17%
7.64%







6 TeSaeoFlrd'Hosn,20 1


The 2006 Condominium Market
The 2006 Florida condominium market was significantly different
than recent years. The most noticeable difference was the number
of condominiums that sold decreased by 22% between 2005 and
2006. This decrease comes after a 22.6% increase in number of
sales between 2004 and 2005, and a 19.2% increases in the number
of sales between 2003 and 2004. Along with this decrease in num-
ber of sales, the real median sales price increased only 3.4%. This
increase is rather modest considering the year to year real median
sales price increase for the last four years has been 13.9%, 11.6%,
iC c on -J 10 f-1l


Vaqcnb 4Aela uflwiii SIMn 2l o hM
I~ m -
an.. -I---
II I' J.-
El --... -
0- --


in median sales price. Walton County, Nassau County, and Levy
County all saw real median sales price decreases of 20% or more,
and Bay County experienced a decrease of almost 19%. If you com-
pare the 34 counties from Figure 11 that experienced an increase
in real median sales price, only Flagler County, Hernando County,
Okeechobee County, Glades County, and Sumter County saw their
real median sales price increase between 2005 and 2006 at a rate
greater than the change between 2004 and 2005. The remaining
counties that saw real median sales price increases between 2005
and 2006 at a slower rate than the increase between 2004 and 2005.


Figure 10 shows how the number of condominium sales has
changed across the state. Excluding counties that had less than
20 condominium sales in either 2005 or 2006, 32 counties saw a
decrease in the number of condominium sales between 2005 and
2006. Only 12 counties saw their number of sales increase, and
Santa Rosa County saw its number of sales remain the same. Almost
all of the Southern part of the state saw a decrease in the number
of sales, with the Miami-Fort Lauderdale-Pompano Beach MSA
seeing a 26% decline in the number of condominium sales. Monroe
County and Sarasota Count each saw decreases of over 50% and
Collier County and Lee County experienced decreases of 25% and
26% respectively.
Table 11 shows the yearly change in real median condominium
sales prices between 2001 and 2006, and Figure 11 shows the
change in real median condominium sales prices between 2005 and
2006 for those counties that had at least 20 condominium sales in
2005 and 2006. While the overall state real median increased in
2006, Table 11 shows that this increase was modest compared to
previous years. As Figure 11 clearly shows, 10 counties experienced
real median sales price decreases, and Wakulla had no real change


HOUSING SUPPLY ON THE MSA AND

COUNTY LEVEL
Douglas White, Florida Housing Data Clearinghouse, Shimberg
Center, University of Florida


Florida's Major MSAs
The four "major" metropolitan areas are: the Jacksonville MSA,
the Miami-Fort Lauderdale-Pompano Beach MSA, the Orlando-
Kissimmee MSA, and the Tampa-St. Petersburg-Clearwater MSA.
According to 2005 Census' population estimates, nearly 63% of
Florida's population is found in these four MSAs, and they also
contain approximately 57% of Florida's single-family housing units,
73% of the condominium stock, and approximately 66% and 70%
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.


5.o0o, and io.y/o respecnivey. Figure 11: Change in Real Median Condominium Sales Prices

Figure 10: Change in Number of Condominium Sales 2005 to (2007
2006




'Lw- 77


m -. .P.l'P aI El. ii... cm .i.~ ..I Slr IMI La A
KLI In. I
II ... I'.' II
t-. I --.










Jacksonville, FL MSA


Figure 12: Jacksonville, FL MSA


As can be seen in Figure 12, the Jacksonville MSA is located in the
northeast corner of the state and contains five counties. Of these
five counties, three are coastal counties (Nassau, Duval, and St.
Johns) and the remaining counties are Baker and Clay. According
to the Census' 2006 population estimates, the Jacksonville MSA has
approximately 8.2% of the state's population; however the popula-
tion is concentrated in Duval County, which has nearly 57% of the


MSAs population. This difference in population is reflected in the
housing supply as can be seen in Table 12 through Table 17 which
show the Jacksonville MSA housing supply and the individual
counties that make up the MSA.
The Jacksonville MSA has 8% and 2.1% of Florida's single-family
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 66% of the MSA's single-family hous-
ing stock. Notice that Duval County has a mean year built of 1978
for single-family housing which is actually older than the state's
value of 1984. The other counties in the MSA have mean-year-built
values of 1980, 1990, 1991 and 1995. These values suggest that
Duval County is relatively built out, and that population is expand-
ing to the neighboring counties. The tables also show that Duval
County has 4,755 more condominiums than St. Johns County, but
St. Johns County's condominiums are assessed for approximately
$579 million more than Duval County's. Nassau County only has
19% of the number 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 two 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 13 shows the real median single-family sales price increase
for the past 8 years in the Jacksonville MSA and the five underly-
ing counties. As can be seen, the Jacksonville MSA experienced
real price increases that mirrored the state between 1999 and 2004.
However, after 2004 the MSA experienced slower real price growth
than the state. As would be expected the two coastal counties have
the highest real median single-family sales price in the Jacksonville
MSA.


Figure 13: Jacksonville MSA Real Median Single-Family Sales Prices (2007 Dollars)


1999 200W 2001 2002 2003 2004 Wos 2e06


I Cur.')
Si "l Cen .U i"
-a-MraaKMSM


$3SU000
$?D'0 .


sso.ooo


$350000


52W.OOO





c0,000%






5 $.




















Table 11:Yearly Change in Real Median Condominium Sales Price (2007 $)
State, Metropolitan Area, County 2001 to 2002 2002 to 2003 2003 to 2004 2004 to 2005 2005 to 2006
Florida 13.87% 11.85% 15.80% 18.91% 3.36%


Jacksonville, FL MSA


MSA Total


Miami-Fort Lauderdale-Pompano Beach, FL MSA


MSA Total


Orlando-Kissimmee, FL MSA




MSA Total


Tampa-St. Petersburg-Clearwater, FL MSA


Baker County
Clay County
Duval County
Nassau County
St. Johns County



Broward County

Miami-Dade County
Palm Beach County



Lake County
Orange County
Osceola County
Seminole County



Hernando County

Hillsborough County
Pasco County
Pinellas County


MSA Total


Lee County 5.68% 6.27%


NA
9.78%
11.21%
4.85%
5.04%
8.85%


18.15%

11.71%
8.84%
14.94%

10.19%
13.93%
7.57%
8.63%
10.52%


3.75%

-3.93%
15.25%
9.33%
6.26%


NA
-3.92%
-1.25%
9.91%
13.61%
-3.78%


14.35%

12.26%
18.30%
13.42%

4.76%
10.13%
14.83%
4.71%
10.77%


-4.18%

11.91%
3.34%
15.25%
14.55%


NA
71.70%
12.49%
11.41%
-9.33%
7.03%


26.63%

16.26%
16.09%
17.56%

7.67%
15.43%
-13.94%
20.12%
12.09%


12.42%

28.17%
16.14%
28.92%
27.27%


NA
6.42%
10.26%
3.57%
10.93%
8.12%


39.13%

18.53%
19.65%
21.59%

36.51%
58.53%
43.12%
32.22%
52.01%


17.90%

27.67%
31.04%
18.96%
24.73%


NA
12.42%
4.74%
-20.84%
9.43%
0.97%


6.41%

10.06%
4.00%
7.88%

-2.84%
8.07%
26.37%
3.05%
9.56%


26.00%

-7.00%
19.85%
1.09%
-3.12%


Cape Coral-Fort Myers, FL MSA


9.71% 25.33% 8.25%







Table 11:Yearly Change in Real Median Condominium Sales Price (2007 $)
State, Metropolitan Area, County 2001 to 2002 2002 to 2003 2003 to 2004 2004 to 2005 2005 to 2006


Deltona-Daytona Beach-Ormond Beach, FL MSA



Fort Walton Beach-Crestview-Destin, FL MSA


Gainesville, FL MSA

MSA Total

Lakeland, FL MSA

Naples-Marco Island, FL MSA

Ocala, FL MSA


Palm Bay-Melbourne-Titusville, FL MSA


Palm Coast, FL MSA

Panama City-Lynn Haven, FL MSA


Pensacola-Ferry Pass-Brent, FL MSA


MSA Total

Port St. Lucie, FL MSA

MSA Total

Punta Gorda, FL MSA


Volusia County



Okaloosa County


Alachua County
Gilchrist County



Polk County

Collier County

Marion County


Brevard County


Flagler County

Bay County


Escambia County

Santa Rosa County



Martin County
St. Lucie County



Charlotte County


10.26%



-4.35%


7.19%
NA
7.19%

6.94%

8.30%

0.93%


12.35%


-8.74%

0.57%


-11.63%

63.43%
11.87%

16.28%
26.70%
19.57%

13.46%


24.09%



11.74%


11.33%
NA
11.33%

12.44%

5.55%

-1.41%


28.17%


132.14%

27.53%


34.66%

19.64%
20.57%

36.63%
25.92%
47.50%

23.07%


18.07%



44.12%


17.99%
NA
17.99%

8.42%

15.03%

13.48%


16.11%


9.86%

48.81%


-8.68%

-20.37%
-16.38%

24.66%
-2.59%
12.31%

27.27%


8.81%



9.50%


24.35%
NA
24.35%

46.22%

20.50%

32.77%


11.78%


7.23%

45.96%


37.56%

-17.77%
25.42%

27.92%
22.33%
27.10%

32.84%


-4.46%



-9.27%


7.53%
NA
7.53%

1.13%

12.68%

31.25%


4.02%


9.39%

-18.77%


21.09%

-10.47%
3.48%

10.95%
9.04%
10.44%

14.84%

















Table 11:Yearly Change in Real Median Condominium Sales Price (2007 $) (continued)
State, Metropolitan Area, County 2001 to 2002 2002 to 2003 2003 to 2004 2004 to 2005 2005 to 2006


Sarasota-Bradenton-Venice, FL MSA


Manatee County

Sarasota County


MSA Total


Sebastian-Vero Beach, FL MSA


Tallahassee, FL MSA


MSA Total


Northeast Non-metropolitan Area










Non-metro Total
INUIUlIHI1U 1 LCU
Northwest Non-metropolitan Area


Indian River County

Gadsden County
Jefferson County
Leon County
Wakulla County



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


Calhoun County
Franklin County
Gulf County
Holmes County
Jackson County
Liberty County
Walton County


11.80%

9.75%
8.70%

-16.86%

NA
NA
6.17%
-8.40%
-6.98%

NA
19.42%
NA
NA
NA
17.76%
NA
NA
NA
NA
52.50%

NA
-8.85%
-28.26%
NA
NA
NA
8.36%


16.49%

7.95%
10.62%

21.68%

NA
NA
24.01%
3.20%
22.59%

6.09%
-28.89%
NA
NA
NA
29.31%
NA
NA
NA
NA
22.69%

NA
8.64%
-6.19%
NA
NA
NA
17.33%


11.82%

10.49%
11.55%

12.52%

NA
NA
44.81%
22.36%
40.25%

14.60%
50.29%
NA
NA
NA
6.91%
NA
NA
NA
NA
6.42%

NA
-24.16%
125.25%
NA
NA
NA
33.11%


19.04%

17.09%
20.75%

21.73%

NA
NA
15.94%
-31.94%
14.98%

4.74%
43.88%
NA
NA
NA
37.56%
NA
NA
NA
NA
30.86%

NA
-2.39%
30.71%
NA
NA
NA
21.51%


6.56%

9.09%
4.92%

5.78%

NA
NA
5.68%
0.07%
4.17%


23.00%
-37.35%
14.43%
NA
NA
-20.53%
NA
NA
NA
NA
8.67%

NA
51.48%
1.12%
NA
NA
NA
-23.42%







Table 11:Yearly Change in Real Median Condominium Sales Price (2007 $)
State, Metropolitan Area, County 2001 to 2002 2002 to 2003 2003 to 2004 2004 to 2005 2005 to 2006


Non-metro Total


Central Non-metropolitan Area



Non-metro Total

South Non-metropolitan Area








Non-metro Total


Washington County



Citrus County
Putnam County
Sumter County



DeSoto County
Glades County
Hardee County
Hendry County
Highlands County
Monroe County
Okeechobee County


NA
8.24%

10.14%
13.09%
0.59%
11.16%

0.94%
-38.93%
29.78%
-3.16%
2.66%
25.72%
25.20%
22.14%


NA
17.29%

12.11%
3.52%
-8.65%
12.31%

8.96%
270.91%
9.42%
3.41%
-0.90%
27.53%
-4.79%
21.94%


NA
31.54%

15.98%
47.46%
12.63%
14.60%

33.74%
-64.34%
-7.31%
19.84%
17.32%
34.74%
13.93%
41.01%


NA
22.99%

24.68%
33.99%
51.62%
27.67%

24.52%
-30.36%
20.22%
28.65%
39.46%
22.24%
3.11%
22.02%


NA
-23.42%

10.09%
1.37%
250.59%
46.71%

3.90%
78.14%
37.39%
0.82%
39.46%
-3.03%
54.49%
-13.40%







. TeSaeoFlrasHuig207


Table 12: Jacksonville, FL MSA Housing Supply
Single-Family Mobile Condominium
Home


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.)
2006 Mean Sales Price
2006 Median Sales Price


352,146
273,402
1980
1985
$150,627
$113,938
$197,443
$150,518

$53,042.71
$69,528.66
$264,699
$220 000


33,236
21,479
1988
1988
$53,709
$46,241
$65,714
$57,127

$1,785.07
$2,184.06


34,130
11,838
($)
($)
$209,017
$140,595
$228,068
$150,000

$7,133.75
$7,783.96
$235,993
$175 000


Total Multi-Family Less than
10 Units


419,512
306,719


Multi-Family 10 or
More Units


6,831
1,613
1967
1971
$206,055
$146,099
$242,891
$165,897

$1,407.56
$1,659.19


653
6
1979
1977
$5,152,041
$1,954,700
$5,153,935
$1,954,700

$3,364.28
$3,365.52


Table 13: Baker County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 3,465 2,014 0 5,479 39 1
Homesteads 2,865 1,554 0 4,419 1 0
Mean year built 1979 1989 0 1985 (*)
Median year built 1980 1989 0 1985 (*)
Mean assessed value $85,585 $42,067 $0 $162,933 (*)
Median assessed value $73,980 $37,776 $0 $73,416 (*)
Mean just value $109,278 $51,567 $0 $163,113 (*)
Median just value $97,782 $47,603 $0 $73,416 (*)
Total assessed value
milsls.) $296.55 $84.72 $0.00 $6.35 $0.52
Total just value milsls.) $378.65 $103.86 $0.00 $6.36 $0.52
2006 Mean Sales Price $190,183 $0
2006 Median Sales
Price $185,000 $0


Table 14: Clay County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family H Condominium Total 10 Ui Mr U
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 49,111 9,768 1,339 60,218 285 41
Homesteads 39,561 6,422 547 46,530 11 0
Mean year built 1988 1989 1989 1982 ($)
Median year built 1990 1989 1984 1983 ($)
Mean assessed value $137,534 $48,141 $103,348 $159,024 $5,786,937
Median assessed value $117,451 $45,031 $105,636 $182,303 $2,500,000
Mean just value $180,866 $56,979 $112,207 $160,189 $5,786,937
Median just value $154,005 $54,635 $105,636 $182,303 $2,500,000
Total assessed value
milsls.) $6,754.45 $470.24 $138.38 $45.32 $237.26
Total just value milsls.) $8,882.52 $556.57 $150.25 $45.65 $237.26
2006 Mean Sales Price $255,224 $156,774
2006 Median Sales Price $226,600 $159,800












Table 15: Duval County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 231,882 9,983 17,154 259,019 4,264 540
Homesteads 178,980 5,587 7,496 192,063 616 1
Mean year built 1975 1985 ($) 1959 1978
Median year built 1978 1985 ($) 1960 1975
Mean assessed value $129,271 $45,630 $146,855 $168,370 $5,471,013
Median assessed value $100,901 $35,502 $117,720 $117,888 $2,329,500
Mean just value $168,849 $51,778 $161,013 $183,187 $5,471,153
Median just value $134,515 $39,767 $122,000 $123,999 $2,329,500
Total assessed value
milsls.) $29,975.67 $455.53 $2,519.15 $717.93 $2,954.35
Total just value milsls.) $39,153.05 $516.90 $2,762.01 $781.11 $2,954.42
2006 Mean Sales Price $225,847 $208,902
2006 Median Sales Price $192,000 $166,400


Table 16: Nassau County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 17,390 5,523 3,238 26,151 412 34
Homesteads 13,126 4,204 537 17,867 112 4
Mean year built 1987 1989 1983 1984 1981
Median year built 1991 1989 1983 1985 1984
Mean assessed value $193,909 $59,641 $425,730 $294,542 $1,050,756
Median assessed value $140,597 $56,036 $340,000 $240,742 $748,738
Mean just value $248,270 $71,046 $459,299 $327,911 $1,084,921
Median just value $175,663 $65,733 $350,000 $267,753 $802,079
Total assessed value
milsls.) $3,372.08 $329.40 $1,378.51 $121.35 $35.73
Total just value milsls.) $4,317.41 $392.39 $1,487.21 $135.10 $36.89
2006 Mean Sales Price $335,053 $447,629
2006 Median Sales Price $255,000 $315,000


Table 17: St. Johns County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 50,298 5,948 12,399 68,645 1,831 37
Homesteads 38,870 3,712 3,258 45,840 873 1
Mean year built 1992 1991 ($) 1980 1994
Median year built 1995 1991 ($) 1981 1997
Mean assessed value $251,381 $74,846 $249,835 $282,144 $3,687,079
Median assessed value $188,415 $59,013 $182,655 $202,706 $1,150,000
Mean just value $333,950 $103,285 $272,965 $377,369 $3,687,079
Median just value $247,035 $83,820 $210,000 $257,190 $1,150,000
Total assessed value
milsls.) $12,643.95 $445.18 $3,097.70 $516.60 $136.42
Total just value milsls.) $16,797.02 $614.34 $3,384.50 $690.96 $136.42
2006 Mean Sales Price $391,058 $304,078
2006 Median Sales Price $320,000 $221,400







. TeSaeoFlrasHuig207


Figure 14: Jacksonville MSA Real Condominium Sales Prices (2007 Dollars)


%450.000






$c30000








Si0o00O0




50


199 2000 2001 2002 "03 2004 2005 200B


Figure 14 shows the real median condominium sales price
increase for the past 8 years in the Jacksonville MSA and the five
underlying counties. As this Figure shows, the Jacksonville MSA
real median condominium sales price has not increased as fast as the
state's median. Jacksonville had a higher real median condominium
sales price than the state until 2003 when the state's real median
condominium sales price went higher than the MSA's. It is inter-
esting to note that Nassau County, after five years of steady price
increases, saw a 21% drop in its real median condominium sales
price in 2006.


Miami-Fort Lauderdale-Pompano Beach FL
MSA
As can be seen in Figure 15, the Miami-Fort Lauderdale-Pompa-
no Beach MSA is located in the southeast corner of the state, and
is made up of Broward County, Miami-Dade County, and Palm
Beach County. According to the 2006 Census population estimates,
this MSA contained 30.2% of the state's population and has nearly
twice the population of next largest MSA (in fact, the non-major
MSAs when combined only have 31.3% of the state's population).
This MSA has 20.3% of the state's single-family units, 56.5% of its
condominiums, 39.2% of the multi-family units with 9 or fewer
units, and 44.3% of multi-family units with 10 or more units.
According to the 2006 Census' population estimates, Miami-
Dade County is the largest county by population, and if it were
treated separately, it would be the second largest MSA by popula-
tion. It contains 8.4% of the state's single-family housing stock and
21.9% of the state's condominium stock. Miami-Dade County is
one of the few counties in Florida that actually has a greater number
of condominiums than single-family housing units, and is the only
county where condominiums have a higher assessed value than
single-family units.


According to the 2006 Census population estimates, Broward
County is the second largest county by population. It contains
8.4% of the state's single-family housing stock and 15.4% of the
state's condominium stock.
According to the 2006 Census' population estimates, Palm Beach
County is the third largest county by population. It contains 4.8%
of the state's single-family housing stock and 19.1% of the state's
condominium stock. Palm Beach County is another of the few
counties that have more condominiums than single-family units,
having 99,230 more condominiums than single-family houses.
Notice that, for single-family housing, the mean just value is
almost $125,000 higher than the median just value. This difference
indicates that the presence of some extremely valuable single-family
housing in Palm Beach County.

Figure 15: Miami-Fort Lauderdale-Pompano Beach, FL MSA


=3 aker County
Clay County
- Otuval Co L nty
Nassau COLltyV
3B Joihns Curm y
-O--Jmc&BaoyfTI fL MSA










Figure 16: Miami MSA Real Median Single-Family Sales Prices (2007 Dollars)


f1JEi4C


199 200 1 20 2 2003 2004 2005 2o00


Figure 16 shows that Miami-Fort Lauderdale-Pompano Beach
MSA has always had higher real median single-family sales prices
than the state. What is interesting is how much the spread between
the state and the MSA has increased over the preceding eight years.
In 1999 there was only about a $25,000 difference and by 2006
that difference had grown to almost $100,000. These three counties
are obviously having a large effect on the overall state median. It


should also be noted that Palm Beach County saw a slight decrease
in real median single-family sales price between 2005 and 2006.
Figure 17 shows that the real median sales price for condomini-
ums for the Miami-Fort Lauderdale-Pompano Beach MSA has
increased at the state's rate for the last eight years. This result is not
that surprising due to the fact that 54% of all condominium sales
occur in the three counties that make up the MSA. Since 1999


Figure 17: Miami MSA Real Median Condominium Sales Prices (2007 Dollars)


199 2OTo 2001 20Z2 203 2004 2O6 3o


uuV~mJU --I-


520,000


s$o0,oo0


c== Millai-a County

-m Palm Beach Comty
--Flo|rila

--MIarnl-Foft Lairal-Polipai Beach, FL
MSA


Im wward County
Miarri Dade Coanty
I Pm rm Be, a County
-- Flnsm
- MHia-FwCt LiatmH-Pfnmpao B4eah. PL
MSA


40V.Uurj


mr







6 TeSaeoFlrd'Hosn,20 1


Table 18: Miami-Fort Lauderdale-Pompano Beach FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
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.)
2006 Mean Sales Price
2006 Median Sales


888,615
710,830
1976
1977
$235,727
$157,600
$364,549
$268,950

$209,470.27
$323,943.69
$470,024


8,427
4,290
1978
1977
$118,256
$52,800
$130,899
$70,230

$996.54
$1,103.09


918,450
469,919
($)
($)
$176,934
$129,552
$219,697
$169,500


1,815,492
1,185,039


$162,504.88
$201,780.94
$316,076


61,626
17,664
1963
1963
$275,521
$229,726
$305,307
$256,955

$16,979.24
$18,814.85


5,983
69
1968
1968
$3,417,873
$1,123,044
$3,419,714
$1,126,655

$20,449.13
$20,460.15


Price $345,000 $245,000


Table 19: Broward County Housing Supply
Single-Family Mobile Condominum Total Multi-Family Less than Multi-Family 10 or
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 366,999 4,385 251,118 622,502 18,846 1,623
Homesteads 295,588 2,515 122,856 420,959 4,430 30
Mean year built 1980 1978 ($) 1965 1971
Median year built 1980 1978 ($) 1966 1970
Mean assessed value $215,893 $170,184 $140,422 $271,776 $3,633,287
Median assessed value $164,400 $59,330 $103,180 $226,685 $1,053,400
Mean just value $331,713 $185,247 $175,583 $300,933 $3,637,567
Median just value $268,800 $80,300 $141,280 $250,015 $1,062,600
Total assessed value
milsls.) $79,232.56 $746.26 $35,262.60 $5,121.89 $5,896.82
Total just value milsls.) $121,738.45 $812.31 $44,091.99 $5,671.38 $5,903.77
2006 Mean Sales Price $427,279 $260,592
2006 Median Sales
Price $333,000 $205,400


Table 20: Miami-Dade County Housing Supply
Single-Family Mobile Condominum Total Multi-Family Less than Multi-Family 10 or
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 309,527 316 356,013 665,856 32,088 3,613
Homesteads 247,813 93 175,655 423,561 10,826 31
Mean year built 1970 1964 ($) 1961 1965
Median year built 1968 1962 ($) 1960 1966
Mean assessed value $213,954 $115,222 $188,652 $285,225 $2,911,155
Median assessed value $140,641 $34,907 $135,000 $240,660 $1,148,231
Meanjust value $350,002 $124,230 $226,265 $316,543 $2,912,216
Median just value $254,392 $39,010 $172,437 $272,737 $1,150,950
Total assessed value
milsls.) $66,224.44 $36.41 $67,162.67 $9,152.31 $10,518.00
Total just value milsls.) $108,335.09 $39.26 $80,553.45 $10,157.24 $10,521.84
2006 Mean Sales Price $459,440 $337,906
2006 Median Sales
Price $348,000 $257,550












Table 21: Palm Beach County Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Fa Home 10 Units More Units
_____________ ___ Home ____________10 Units ______ M ore 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.)
2006 Mean Sales Price
2006 Median Sales
Price


212,089
167,429
1978
1980
$301,823
$172,676
$442,598
$297,366

$64,013.27
$93,870.16
$572,160

$375,000


3,726
1,682
1980
1978
$57,400
$47,617
$67,504
$56,510


311,319 527,134
171,408 340,519
1986
1985
$192,984
$144,812
$247,770
$201,276


$213.87 $60,079.61
$251.52 $77,135.50
$329,019

$272,247


Table 22: Orlando-Kissimmee, FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Fa Home 10 Units More Units
____________ ___ Home ____________10 Units ______ M ore 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.)
2006 Mean Sales Price
2006 Median Sales
Price


518,691
376,925
1985
1988
$169,274
$138,374
$221,833
$189,293

$87,801.12
$115,062.93
$319,762


32,133
19,441
1983
1984
$69,280
$53,418
$84,912
$68,074

$2,226.18
$2,728.49


$275,000


86,796
19,935
($)
($)
$168,056
$110,416
$177,327
$122,450

$14,586.60
$15,391.24
$212,933

$190,000


637,620
416,301


13,528
3,920
1977
1983
$136,621
$111,974
$149,093
$123,151

$1,848.21
$2,016.93


991
4
1984
1986
$6,876,756
$3,580,250
$6,877,150
$3,580,250

$6,814.86
$6,815.26


Table 23: Lake County Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 80,451 20,125 2,787 103,363 1,252 128
Homesteads 58,643 12,349 1,533 72,525 119 1
Mean year built 1986 1982 1984 1967 1982
Median year built 1994 1983 1985 1973 1985
Mean assessed value $148,105 $70,093 $158,878 $137,896 $1,756,860
Median assessed value $130,156 $51,955 $77,985 $115,723 $745,089
Mean just value $179,911 $83,562 $174,507 $139,849 $1,756,926
Median just value $163,832 $65,413 $98,648 $118,723 $745,089
Total assessed value
milsls.) $11,915.22 $1,410.62 $442.79 $172.65 $224.88
Total just value
milsls.) $14,473.98 $1,681.69 $486.35 $175.09 $224.89
2006 Mean Sales Price $274,837 $158,236
2006 Median Sales
Price $254,400 $117,350


10,692
2,408
1962
1964
$252,996
$203,663
$279,296
$219,948

$2,705.04
$2,986.23


747
8
1974
1973
$5,400,676
$1,100,000
$5,400,988
$1,100,000

$4,034.31
$4,034.54







. TeSaeoFlrasHuig207


Miami-Dade County and Palm Beach County have seen real me-
dian condominium prices more than double, and Broward County
prices have almost tripled. However, in all three counties the real
median condominium sales price increased at a slower rate from
2005 to 2006 than at any year in the recent past. This could point
to a slowing of the condominium market in these counties.


Orlando-Kissimmee, FL MSA


Figure 18: Orlando-Kissimmee, FL MSA


As can be seen in Figure 18, the Orlando-Kissimmee 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 Census' 2006 population estimates, the Orlando-
Kissimmee MSA has 9.5% of the state's population; however the
population is concentrated in Orange County, which has nearly
60.6% of the MSAs population. This difference in population is
reflected in the housing supply as can be seen in Table 22 through
Table 26 which shows the Orlando-Kissimmee MSA housing sup-
ply and the individual counties that make up the MSA.
The Orlando-Kissimmee MSA has approximately 11.8% and
5.3% of Florida's single-family housing stock and condominium
stock, respectively. Knowing that the population is concentrated
in Orange County, it is not surprising to see that it contains nearly
49% of the single-family housing stock with another 22% located
in Seminole County. Orange County has nearly 71.5% of all of the
Orlando-Kissimmee MSA condominiums, and another 16.8% are
found in Seminole County. However, in Seminole County ap-
proximately 35.8% of condominiums are owner occupied and only
19.9% 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 19 the real median sales price for single-
family homes in the Orlando-Kissimmee MSA has nearly doubled
over the last eight years going from $142,000 to $280,000. How-
ever, this increase while large merely mirrors what has happened
to the real median single-family sales price in Florida. Figure 20
shows that while the Orlando-Kissimmee 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 1999.


Figure 19: Orlando-Kissimmee MSA Real Median Single-Family Sales Prices (2007 Dollars)


=-- LSDc E'.u-
rLB r cqr.'1
Cwmnrji *julr~
_*3hL ;ajiCr-li
-Cr-Dklf L-Aj'
-^-*iy- Kjt.PV~m L W-0t


1999 220 2001 2 200 2M4 2005 2e00











Table 24: Orange County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 253,843 4,658 62,027 320,528 10,235 623
Homesteads 185,776 2,584 12,334 200,694 3,546 2
Mean year built 1984 1983 ($) 1979 1984
Median year built 1987 1982 ($) 1983 1986
Mean assessed value $176,526 $60,628 $161,009 $129,729 $7,023,437
Median assessed value $139,575 $45,318 $117,200 $104,917 $4,387,844
Mean just value $232,556 $75,016 $169,103 $144,710 $7,023,990
Median just value $194,342 $59,500 $129,521 $117,808 $4,387,844
Total assessed value
milsls.) $44,809.78 $282.40 $9,986.91 $1,327.77 $4,375.60
Total just value
milsls.) $59,032.59 $349.43 $10,488.94 $1,481.10 $4,375.95
2006 Mean Sales Price $337,686 $216,709
2006 Median Sales
Price $287,300 $195,000


Table 25: Osceola County Housing Supply
Single-Family Mobile Condomnium Total Multi-Family Less than Multi-Family 10 or
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 70,196 5,406 7,371 82,973 904 77
Homesteads 41,057 3,283 841 45,181 113 1
Mean year built 1991 1985 1995 1976 1985
Median year built 1995 1985 1999 1984 1988
Mean assessed value $165,328 $73,239 $381,972 $182,298 $6,734,050
Median assessed value $142,100 $63,100 $134,630 $158,550 $3,366,403
Mean just value $199,731 $93,374 $384,685 $187,525 $6,734,538
Median just value $175,500 $77,900 $136,270 $162,650 $3,366,403
Total assessed value
milsls.) $11,605.37 $395.93 $2,815.51 $164.80 $518.52
Total just value
milsls.) $14,020.35 $504.78 $2,835.51 $169.52 $518.56
2006 Mean Sales Price $309,606 $256,097
2006 Median Sales
Price $270,000 $218,100


Table 26: Seminole County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 114,201 1,944 14,611 130,756 1,137 163
Homesteads 91,449 1,225 5,227 97,901 142 0
Mean year built 1983 ($) 1983 1975 1984
Median year built 1984 ($) 1984 1979 1985
Mean assessed value $170,495 $70,595 $91,807 $160,945 $10,404,070
Median assessed value $139,844 $57,290 $85,007 $145,214 $7,996,303
Mean just value $241,119 $99,072 $108,167 $168,174 $10,404,070
Median just value $206,888 $87,521 $107,901 $152,156 $7,996,303
Total assessed value
milsls.) $19,470.75 $137.24 $1,341.39 $182.99 $1,695.86
Total just value
milsls.) $27,536.01 $192.60 $1,580.43 $191.21 $1,695.86
2006 Mean Sales Price $319,077 $167,865
2006 Median Sales
Price $270,000 $156,900







Te-tofFoias.- Housig ,


Figure 20: Orlando-Kissimmee MSA Real Median Condominium Sales Prices (2007 Dollars)


e-- LO f.ffy
Orang Cnrty
m Osccola ount

_Flo*aidaKss
-a-adfurrKim5wnHe. FL H.SA.


Tampa-St. Petersburg-Clearwater, FL MSA

Figure 21: Tampa-St. Petersburg-Clearwater MSA


As can be seen in Figure 21, 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 County. Accord-


ing to the Census' 2006 population estimates, the Tampa MSA has
approximately 14.9% of the state's population. The population is
concentrated in Hillsborough and Pinellas Counties. This differ-
ence in population is reflected in the housing supply as can be seen
in Table 27 through Table 31 which show 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 5.5% of the state's single-family housing. Pinel-
las also has 100,243 condominiums or 6.16% of the state's total. It
is interesting to note that the mean year built for single-family hous-
ing in Pinellas County is 1967, whereas the state mean is 1984.
As can be seen in Figure 22 the real median sales price for single-
family homes in the Tampa MSA has increased from $126,000
to $229,000 between 1999 and 2006. However, the Florida real
median single-family sales price increased at an even greater rate,
so that the spread between the Tampa MSA median single-family
sales price and the Florida median has increased. Figure 23 shows
that while the Tampa MSA condominiums still have a real median
sales price below the state median. The real condominium sales
price more than doubled, increasing from $80,000 to $163,000.
Hernando County is the only county in the MSA that has not
seen its real median condominium price double between 1999 and
2006. It should be noted that the MSA as a whole did experience a
3.2% drop in real median condominium sales prices between 2005
and 2006.


S0. 00

S150.000








SIOI)


19m9 2an m i = 20o 2W004 2axs 2MW











Table 27: Tampa-St. Petersburg-Clearwater MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family H ome 10 Units More Units
Home 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.)
2006 Mean Sales Price
2006 Median Sales
Price


725,478
562,830
1979
1980
$145,555
$114,742
$209,638
$165,765

$105,596.93
$152,087.90
$267,098


75,726
42,286
1982
1980
$52,335
$42,900
$66,815
$57,600

$3,963.14
$5,059.63


$225,050


147,089
67,792
1981
1980
$142,460
$93,800
$174,179
$120,500

$20,954.24
$25,619.76
$213,211

$159,900


948,293
672,908


22,366
6,532
1962
1967
$191,424
$141,400
$223,314
$157,322

$4,281.39
$4,994.64


1,758
25
1977
1977
$4,096,750
$972,100
$4,097,731
$974,713

$7,202.09
$7,203.81


Table 28: Hernando County Housing Supply
Single-Family Mobile Condomiium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
UNITS/PROPERTIES 54,502 11,920 766 67,188 455 51
Homesteads 41,399 7,378 391 49,168 60 2
Mean year built 1988 1985 1987 1986 1988
Median year built 1988 1984 1985 1986 1990
Mean assessed value $119,059 $57,657 $65,132 $145,520 $1,862,476
Median assessed value $103,513 $47,767 $67,313 $128,657 $698,267
Mean just value $156,113 $74,816 $80,103 $148,858 $1,862,476
Median just value $139,175 $64,240 $92,567 $132,216 $698,267
Total assessed value
milsls.) $6,488.96 $687.28 $49.89 $66.21 $94.99
Total just value
milsls.) $8,508.47 $891.81 $61.36 $67.73 $94.99
2006 Mean Sales Price $204,828 $117,477
2006 Median Sales
Price $190,000 $130,000



Table 29: Hillsborough County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
UNITS/PROPERTIES 297,024 14,362 34,562 345,948 5,144 819
Homesteads 230,825 9,481 14,885 255,191 518 3
Mean year built 1983 1985 1988 1976 1982
Median year built 1983 1985 1986 1978 1983
Mean assessed value $147,828 $64,944 $114,435 $157,210 $5,532,117
Median assessed value $118,711 $54,665 $92,585 $123,970 $1,670,900
Mean just value $210,943 $85,674 $135,817 $162,412 $5,532,181
Median just value $168,226 $74,988 $119,835 $129,096 $1,670,900
Total assessed value
milsls.) $43,908.53 $932.72 $3,955.11 $808.69 $4,530.80
Total just value
milsls.) $62,655.18 $1,230.45 $4,694.12 $835.45 $4,530.86
2006 Mean Sales Price $284,680 $185,529
2006 Median Sales
Price $237,000 $158,400







. TeSaeoFlrasHuig207


Table 30: Pasco 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
UNITS/PROPERTIES 130,893 29,515 11,518 171,926 3,762 202
Homesteads 98,046 16,348 5,362 119,756 1,743 3
Mean year built 1985 1982 1983 1972 1990
Median year built 1984 1982 1982 1973 1989
Mean assessed value $131,659 $49,767 $82,017 $119,730 $2,011,484
Median assessed value $110,424 $41,411 $69,609 $97,160 $428,333
Mean just value $176,680 $63,133 $99,375 $146,261 $2,011,781
Median just value $155,351 $53,558 $85,075 $118,650 $428,333
Total assessed value
milsls.) $17,233.23 $1,468.87 $944.67 $450.42 $406.32
Total just value
milsls.) $23,126.15 $1,863.38 $1,144.61 $550.23 $406.38
2006 Mean Sales Price $244,565 $139,190
2006 Median Sales
Price $233,750 $129,900


Table 31: Pinellas County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less Multi-Family 10 or
Home than 10 Units More Units
TOTAL
UNITS/PROPERTIES 243,059 19,929 100,243 363,231 13,005 686
Homesteads 192,560 9,079 47,154 248,793 4,211 17
Mean year built 1968 1975 1979 1952 1965
Median year built 1967 1973 1978 1952 1971
Mean assessed value $156,202 $43,869 $159,658 $227,303 $3,163,231
Median assessed value $114,948 $37,389 $99,700 $160,203 $845,000
Mean just value $237,795 $53,891 $196,719 $272,297 $3,165,581
Median just value $174,100 $47,000 $127,200 $181,600 $845,000
Total assessed value
milsls.) $37,966.21 $874.27 $16,004.57 $2,956.07 $2,169.98
Total just value
milsls.) $57,798.10 $1,074.00 $19,719.67 $3,541.22 $2,171.59
2006 Mean Sales Price $281,118 $252,928
2006 Median Sales
Price $210,000 $168,000


Florida's Remaining MSAs
Besides the six "major" MSAs, Florida has 16 other metropolitan
statistical areas. They are: the Cape Coral-Fort Myers MSA, the
Deltona-Daytona Beach-Ormond Beach MSA, the Fort Walton
Beach-Crestview-Destin MSA, the Gainesville MSA, the Lakeland
MSA, the Naples-Marco Island MSA, the Palm Bay-Melbourne-
Titusville MSA, the Palm Coast MSA, the Panama City-Lynn
Haven MSA, the Ocala MSA, the Pensacola-Ferry Pass-Brent
MSA, the Port St. Lucie-Ft. Pierce MSA, the Punta Gorda MSA,


the Sarasota-Bradenton MSA, Sebastian-Vero Beach MSA, and the
Tallahassee MSA. These remaining 16 MSAs contain twenty-three
counties and, according to the 2006 Census' population projec-
tions, they contain 31% of Florida's population. Slightly more than
37% of the state's single-family housing stock, approximately 26%
of the condominium stock and 30% and 26.5% 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.












Figure 22: Tampa-St. Petersburg-Clearwater MSA Real Median Single-Family Sales Prices (2007 Dollars)


III- Psc o nly
K PIerne Cowity
IodL aSA
-a-TampSI PeLrs9-earlwaer FL MSA


19w 200B 2W1 22 22003 M24 2axs 2036


Figure 23: Tampa-St. Petersburg-Clearwater MSA Real Median Condominium Sales Prices (2007 Dollars)


1999 2000 001 2002 2003 2004 2 2006


Y "rmn Lo'r,
SftMr~ Ca~rt
PascoCanty
Ranees cOMtv

Ia-lapv1 Pete-tr{-2O4rwaWtr. F-I USA


s2wo coo


SiM =







. TeSaeoFlrasHuig207


Cape Coral-Fort Myers, FL MSA


Figure 24: Cape Coral-Fort Myers, FL MSA


As can be seen in Figure 24, the Cape Coral-Fort Myers, FL MSA
is located in the southwest corner of the state, and is a single county,
Lee County, MSA. It contains 3.8% of the state's single-family
housing stock and 4.4% of the state's condominium stock. As can
be seen in Table 32, the mean year built for condominiums is 1990,
implying that this is relatively new construction in Lee County.
As can be seen in Figure 25 and Figure 26 the real median sales
price for single-family homes and condominiums in the Cape
Coral-Ft. Myers MSA has experienced a significant increase between
1999 and 2006. However, this increase while large merely mirrors
what has happened to the real median single-family sales price in
Florida. It should also be noted that the real median single-family
sales price barely changed between 2005 and 2006, likely pointing
to a softening of the market.


Figure 25: Cape Coral-Ft. Myers MSA Real Median Single-Family Sales Prices (2007 Dollars)


SCape Coal-For Myers. FL MSA
- Florida


1999 2000 2001 2002 2003 2004 2005 2006


$300000



$250,000



$200,000



$150,000



$100,000



$50,000



$0











Table 32: Cape Coral-Fort Myers (Lee County), FL MSA Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total 10 U Mr Unit
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 168,569 16,902 71,216 256,687 7,135 16(
Homesteads 115,292 7,815 22,135 145,242 1,196
Mean year built 1987 1981 1990 1983 1981
Median year built 1990 1981 1989 1982 198;
Mean assessed value $235,171 $78,802 $230,609 $236,092 $4,122,51;
Median assessed value $170,560 $56,390 $179,000 $208,930 $1,101,60(
Meanjust value $319,000 $98,335 $253,277 $255,515 $4,123,582
Median just value $232,700 $71,620 $202,000 $217,740 $1,101,60(
Total assessed value
milsls.) $39,642.46 $1,331.91 $16,423.02 $1,684.51 $684.3z
Total just value milsls.) $53,773.45 $1,662.05 $18,037.39 $1,823.10 $684.51
2006 Mean Sales Price $358,634 $321,649
2006 Median Sales
Price $279,900 $257,000


Table 33: Deltona-Daytona Beach-Ormond Beach (Volusia County), FL MSA Housing
Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 147,695 7,816 28,113 183,624 9,703 563
Homesteads 111,790 4,795 7,454 124,039 4,743 29
Mean year built 1979 1981 ($) 1979 1970
Median year built 1983 1980 ($) 1983 1974
Mean assessed value $137,865 $68,909 $239,120 $132,286 $1,280,576
Median assessed value $110,029 $55,027 $161,529 $114,338 $363,133
Mean just value $202,533 $94,500 $268,448 $161,661 $1,284,215
Median just value $164,807 $74,171 $207,000 $142,710 $365,545
Total assessed value
milsls.) $20,361.94 $538.59 $6,722.37 $1,283.57 $720.96
Total just value milsls.) $29,913.06 $738.62 $7,546.89 $1,568.60 $723.01
2006 Mean Sales Price $251,077 $298,305
2006 Median Sales
Price $218,000 $221,900


Table 34: Fort Walton Beach-Crestview-Destin (Okaloosa County), FL MSA
Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family H Condominium Total 10 U Mr Unit
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 58,042 2,740 11,865 72,647 755 152
Homesteads 40,027 1,504 1,096 42,627 42 1
Mean year built 1982 1984 ($) 1974 1981
Median year built 1984 1985 ($) 1976 1984
Mean assessed value $162,082 $52,261 $357,448 $219,143 $1,470,735
Median assessed value $112,480 $38,772 $318,000 $154,714 $758,825
Mean just value $223,582 $65,115 $368,989 $222,816 $1,471,950
Median just value $158,111 $51,759 $320,000 $156,144 $758,825
Total assessed value
milsls.) $9,407.54 $143.19 $4,241.12 $165.45 $223.55
Total just value milsls.) $12,977.16 $178.42 $4,378.05 $168.23 $223.74
2006 Mean Sales Price $265,189 $498,294
2006 Median Sales
Price $210,000 $376,500







Te-tofFoias.- Housig ,


Figure 26: Cape Coral-Ft. Myers MSA Real Median Condominium Sales Prices (2007 Dollars)

$300,000



$250,000



$200,000



199 2 0 20ape Cc,,aI-Fc,, Myer: FL M2 6
$150000Florida



$100,000 -



$50,000



$0
1999 2000 2001 2002 2003 2004 2005 2006


Deltona-Daytona Beach-Ormond Beach, FL
MSA

Figure 27: Deltona-Daytona Beach-Ormond Beach, FL MSA


As can be seen in Figure 27, the Deltona-Daytona Beach-Or-
mond Beach, FL MSA is located near the center of the state on its
eastern coast and is a single-county MSA, Volusia County. Accord-
ing to the Census' 2006 population estimates, the Deltona-Daytona
Beach-Ormond Beach MSA has approximately 2.75% of the states
population. It also contains 3.4% of Florida's single-family housing
and 1.7% of Florida's condominiums. Volusia County's single-fam-
ily units have a mean year built of 1983 which makes them slightly
older than the state mean of 1984.











Table 35: Gainesville FL MSA Housing Supply
Mobile
Single-Family o e Condominium
Home


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.)
2006 Mean Sales Price
2006 Median Sales
Price


54,632
42,132
1981
1981
$120,732
$102,250
$152,930
$133,500

$6,595.85
$8,354.85
$232,470

$208,500


8,138
5,899
1987
1988
$48,925
$45,109
$59,379
$54,800

$398.15
$483.22


5,139
1,860
1989
1987
$102,340
$100,300
$110,455
$107,300

$525.93
$567.63
$155,736

$155,400


Total Multi-Family Less than
10 Units


67,909
49,891


Multi-Family 10 or
More Units


1,686
100
1974
1979
$128,695
$115,200
$130,616
$116,100

$216.98
$220.22


473
71
1981
1982
$2,041,022
$496,000
$2,045,957
$496,000

$965.40
$967.74


Table 36:Alachua County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family H Condominium Total 10 U More U
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 52,584 5,678 5,136 63,398 1,678 373
Homesteads 40,622 4,163 1,860 46,645 100 2
Mean year built 1981 1987 1989 1974 1981
Median year built 1981 1988 1987 1979 1982
Mean assessed value $122,160 $49,943 $102,284 $128,384 $2,564,431
Median assessed value $103,510 $46,400 $100,300 $115,500 $842,700
Mean just value $154,722 $59,025 $110,404 $130,314 $2,564,441
Median just value $134,900 $54,500 $107,300 $116,200 $842,700
Total assessed value
milsls.) $6,423.64 $283.58 $525.33 $215.43 $956.53
Total just value milsls.) $8,135.92 $335.14 $567.03 $218.67 $956.54
2006 Mean Sales Price $233,889 $155,736
2006 Median Sales
Price $209,900 $155,400


Table 37: Gilchrist County Housing Supply
Single-Family Mobile Condomiium Total Multi-Family Less than Multi-Family 10 or
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 2,048 2,460 3 4,511 8 100
Homesteads 1,510 1,736 0 3,246 0 69
Mean year built 1982 1988 (*) (*) 1982
Median year built 1985 1989 (*) (*) 1984
Mean assessed value $84,090 $46,574 (*) (*) $88,707
Median assessed value $71,504 $41,484 (*) (*) $67,856
Mean just value $106,897 $60,195 (*) (*) $112,011
Median just value $94,897 $56,455 (*) (*) $99,031
Total assessed value
milsls.) $172.22 $114.57 $0.60 $1.55 $8.87
Total just value milsls.) $218.93 $148.08 $0.60 $1.55 $11.20
2006 Mean Sales Price $163,779 $0
2006 Median Sales
Price $150,000 $0








Te-tofFoias.- Housig ,


Figure 28: Deltona-Daytona Beach-Ormond Beach MSA Real Median Single-Family Sales Prices
(2007 Dollars)


$300,000



$250,000



$200,000



$150,000


1999 2000 2001 2002 2003 2004 2005 2006


Figure 29: Deltona-Daytona Beach-Ormond Beach MSA Real Median Condominium Sales Prices
(2007 Dollars)


$250,000


$150,000




$100,000




$50,000




so


SDeltona-Daytona Beach-Ormond Beach. FL
MSA
-.-Flonda


1999 2000 2001 2002 2003 2004 2005 2006


Figure 28 shows that while the Deltona-Daytona Beach-Ormond Figure 29 shows that until 2003 the real median condominium
Beach MSA has seen the real median single-family sales prices dou- sales price reflected the state's median. After 2003, the MSA actually
ble between 1999 and 2006, this real growth was consistent with had higher real median condominium sales prices until 2006 when
what happened to real median single-family sales prices in the state. prices declined bringing the MSA back to the state median.


Deltona-Daytona Beach-Ormond Beach. FL
MSA
Florida


$50,000



so










Fort Walton Beach-Crestview-Destin, FL
MSA


Figure 30: Fort Walton Beach-Crestview-Destin, FL MSA


As can be seen in Figure 30, the Fort Walton Beach-Crestview-
Destin, FL MSA is located in the northwest corner of the state
along the Gulf of Mexico, and is a single county, Okaloosa County,
MSA. It contains 1.3% of the state's single-family housing stock
and 0.7% of the state's condominium stock. As shown in Table
34, Okaloosa County has extremely expensive condominium sales
prices, and actually ranks as having the eighth highest condomini-
um prices in the state for 2006.
As can be seen in Figure 31, the real median sales price for single-
family homes in the Fort Walton Beach-Crestview-Destin MSA,
while slightly less than the state's real median, almost match the
state's increases over the last eight years. Note that real single-family
sales prices were almost identical between 2005 and 2006 after years
of real increases. This situation points to a possible softening of the
market. Figure 32 highlights the expensive nature of condomini-
ums in the MSA and the real decline in condominium sales prices
last year. Again, this decrease likely points to the housing market
softening in the Fort Walton Beach-Crestview-Destin, FL MSA.


Figure 31: Fort Walton Beach-Crestview-Destin MSA Real Median Single-Family Sales Prices
(2007 Dollars)


S300,000



$250,000


-4


$200,000-



S150,000



$100,000



$50.000



$o 1999
1999 2000


1111111 Fort Walton Beach-Crestview-Desfin, FL
MSA
-*-Florda












2001 2002 2003 2004 2005 2006


I







Te-tofFoias.- Housig ,


Figure 32: Fort Walton Beach-Crestview-Destin MSA Real Median Condominium Sales Prices
(2007 Dollars)


Fort Walton Beach-Crestview-Destin, FL
MSA
- Flonda


1999 2000 2001 2002 2003 2004 2005 2006


Gainesville, FL MSA


Figure 33: Gainesville, FL MSA


As can be seen in Figure 33, the Gainesville, Fl MSA is located in
the northern interior of the state, and it contains two counties: Ala-
chua County and Gilchrist County. It contains 1.25% of the state's
single-family housing stock and 0.3% of the state's condominium
stock. Table 36 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 popu-
lation that requires these multi-family housing units.
Figure 34 shows that the real median single-family sales price in
the Gainesville MSA has increased along with the state's real median
single-family sales price. The Figure also shows that Alachua Coun-
ty's single-family housing is more expensive than Gilchrist County's
and that the spread between the two counties has increased between
1999 and 2006. Figure 35 shows that while condominiums have
seen a large real return, they have still been priced below the state
median.


$450,000

$0o,oo0


$300,000

$250,000

$200,000

$150,000

$100,000

$50,000

so













Figure 34: Gainesville MSA Real Median Single-Family Sales Prices (2007 Dollars)


S3oW O















c-a tanu cmny

510% OO

-G.iiwle, FL MSA


SIo MOU


1999 20O0 2Mi 2002 2002 200 2w6o 2"M


Figure 35: Gainesville MSA Real Median Condominium Sales Prices (2007 Dollars)


I I-


I. -


i 2oc 2WI 00i &Os 2W43- i -W 2-00 2"06


c= Alachua Crty
O-_G llst Co nty

mGakiewl., FR, MSA


$25 000






s12000 X


s5O000






sQ.OQOo


P._







Te-tofFoias.- Housig ,


Lakeland, FL MSA


Figure 36: Lakeland, FL MSA


Figure 37: Lakeland-Winter Haven MSA Real Median Single-Family Sales Prices (2

0t*aJ 000


$250,000



$200,000



$150,000



$100,000



$50,000



$0


As can be seen in Figure 36, the Lakeland, 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 38 shows that Polk County
has a large number of multi-family housing facilities with 9 or less
units.
Figure 37 shows that the real median single-family sales price in
the Lakeland MSA has shown a good rate of real growth, but not as
large as the state's. Figure 38 shows that condominiums saw almost
no real return between 1999 and 2004, but have recently increased
in prices. However, even with this recent increase, Lakeland's condo-
miniums are still priced well below the state median.


007 Dollars)














S Lakeland, FL MSA
-- Florida


1999 2000 2001 2002 2003 2004 2005 2006











Table 38: Lakeland (Polk County), FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total 10 U Mr Unit
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 145,888 33,978 8,311 188,177 4,298 253
Homesteads 100,656 18,928 2,813 122,397 370 3
Mean year built 1978 ($) ($) 1970 1977
Median year built 1982 ($) ($) 1979 1980
Mean assessed value $116,388 $45,325 $70,137 $100,108 $1,836,571
Median assessed value $96,882 $41,567 $55,000 $88,610 $532,381
Mean just value $150,841 $55,690 $77,099 $101,342 $1,836,917
Median just value $135,180 $52,419 $65,000 $89,850 $532,381
Total assessed value
milsls.) $16,979.60 $1,540.06 $582.91 $430.27 $464.65
Total just value milsls.) $22,005.89 $1,892.23 $640.77 $435.57 $464.74
2006 Mean Sales Price $231,278 $115,768
2006 Median Sales
Price $217,700 $101,000



Table 39: Naples-Marco Island (Collier County), FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total 10 U Mr Unit
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 70,493 3,482 89,053 163,028 2,012 90
Homesteads 47,640 1,531 26,297 75,468 303 0
Mean year built 1989 1981 1990 1977 1987
Median year built 1993 1979 1990 1974 1989
Mean assessed value $455,301 $89,047 $314,243 $326,350 $7,346,044
Median assessed value $269,459 $63,031 $208,405 $268,501 $3,433,263
Mean just value $631,883 $112,808 $347,574 $342,164 $7,346,044
Median just value $393,770 $88,070 $229,106 $280,503 $3,433,263
Total assessed value
milsls.) $32,095.51 $310.06 $27,984.31 $656.62 $661.14
Total just value milsls.) $44,543.31 $392.80 $30,952.50 $688.43 $661.14
2006 Mean Sales Price $650,168 $481,748
2006 Median Sales
Price $450,000 $315,900



Table 40: Ocala (Marion County), FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total 10 U Mr Unit
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 89,333 25,714 5,975 121,022 1,129 108
Homesteads 65,980 15,190 3,975 85,145 88 1
Mean year built 1986 1985 1986 1979 1982
Median year built 1990 1985 1986 1982 1982
Mean assessed value $110,619 $43,127 $69,714 $142,246 $2,377,490
Median assessed value $93,651 $36,881 $59,931 $128,520 $962,052
Mean just value $141,109 $55,090 $85,069 $144,687 $2,379,069
Median just value $124,097 $47,685 $78,622 $129,666 $962,052
Total assessed value
milsls.) $9,881.97 $1,108.96 $416.54 $160.60 $256.77
Total just value milsls.) $12,605.65 $1,416.59 $508.29 $163.35 $256.94
2006 Mean Sales Price $209,508 $131,729
2006 Median Sales
Price $190,000 $130,000







Te-tofF.-rda'Hosig ,20


Figure 38: Lakeland MSA Real Median Condominium Sales Prices (2007 Dollars)


$250.000



S200.000



$150.000



$100,000



$50,000



so


1999 2000 2001 2002 2003 2004 2005 2006


Naples-Marco Island, FL MSA

Figure 39: Naples-Marco Island, FL MSA


As can be seen in Figure 39, the Naples-Marco Island, 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 5.5% of the state's condominium stock. As can be seen
in Table 39, 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 2006, implying
that the upper end of single-family home sales is extremely high in
Collier County.
Figure 40 shows that the real median single-family sales price in
the Naples-Marco Island MSA has rapidly increased since 1999. It
also shows how much more expensive single-family homes are in
Collier County than compared to the state median. This is another
MSA that shows a possible slowing in the single-family housing
market, as the real median single-family sales price barely changed
between 2005 and 2006.
Figure 41 shows that while condominiums are more expensive in
the Naples-Marco Island MSA than the state median, the spread be-
tween the MSA and the state has not changed much until recently.
The increase in the spread appears to be due to the fact that the
year-to-year change in the state's real condominium sales prices has
started to slow, and the Naples-Marco Island condominium market
has continued to show real increases.


a Lakeland. FL MSA
-t-Florida I









Figure 40: Naples-Marco Island MSA Real Median Single-Family Sales Prices (2007 Dollars)


500.000 -

$450,000

5400,000.

$350,000

$300.000.

$250.000-

$200,000

$150,000

$100,000

$50,000 -


1999 2000


2001 2002 2003 2004 2005 2006


S Naples-Marco Island, FL MSA
-w-Florida


Figure 41: Naples-Marco Island MSA Real Median Condominium Sales Prices (2007 Dollars)


$200,000


$150,000


100,000


$50.000


SO4 -,


1999 2000 2001 2002 2003 2004


F Naples-Marco Island FL MSA
--Florida


- -m


111


11111


2005 2006







Te-tofFoias.- Housig ,


Ocala, FL MSA

Figure 42: Ocala FL, MSA


Figure 43 shows that the real median single-family sales price in
the Ocala MSA has increased at a rate similar to the state over the
years, but remains below the state median. Figure 44 shows that
condominiums have only recently experienced growth in real me-
dian prices, but remain well below the state median.



Palm Bay-Melbourne-Titusville, FL MSA

Figure 45: Palm Bay-Melbourne-Titusville, FL MSA


As can be seen in Figure 42, the Ocala, FL 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 43: Ocala MSA Real Median Single-Family Sales Prices (2007 Dollars)

$300,000



S250.000 -



$200,000



$150,000 -


ion nnn


$50.000


1999 2000 2001 2002 2003 2004 2005 2006


I Ocala. FL MSA
-*-Flodda











As can be seen in Figure 45, Palm Bay-Melbourne-Titusville, FL As can be seen in Figure 46, the real median single-family sales
MSA is located in the center of the state on its eastern coast, and is a price in the Palm Bay-Melbourne-Titusville MSA is below the state
single-county, Brevard County, MSA. It contains 3.8% of the state's average. Again, this MSA show signs of a slowing housing market,
single-family housing stock and 1.9% of the state's condominium as there was almost no real year-to-year change in single-family sales
stock. prices. Figure 47 shows that condominiums are also priced below
the state median.



Figure 44: Ocala MSA Real Median Condominium Sales Prices (2007 Dollars)


$250,000





$200,000 -





$150,000 -

_____i Ocala. FL MSA


$100,000 -





$50,000






1999 2000 2001 2002 2003 2004 2005 2006



Figure 46: Palm Bay-Melbourne-Titusville MSA Real Median Single-Family Sales Prices
(2007 Dollars)


$250.000.




$200,000




$150.000.




$100,000




$50,000





1999 2000 2001 2002 2003 2004 2005 2006


Palm Ba-Meiloume-Tilusoille FL MSA
--FlodidaI







TetaeoFordasHousing,


Table 41: Palm Bay-Melbourne-Titusville (Brevard County), FL MSA Housing
Supply
Single-Faily Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family H Condominium Total 10 U Mr Unit
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 167,111 11,153 30,908 209,172 2,983 258
Homesteads 130,195 7,370 11,769 149,334 820 7
Mean year built ($) ($) 1983 ($) ($)
Median year built ($) ($) 1984 ($) ($)
Mean assessed value $144,803 $52,831 $159,961 $235,892 $3,318,342
Median assessed value $116,240 $47,600 $116,200 $176,000 $1,025,000
Mean just value $223,054 $69,552 $195,337 $277,032 $3,320,436
Median just value $182,660 $69,200 $153,120 $200,000 $1,025,000
Total assessed value
milsls.) $24,198.19 $589.23 $4,944.08 $703.67 $856.13
Total just value milsls.) $37,274.72 $775.71 $6,037.47 $826.39 $856.67
2006 Mean Sales Price $251,668 $243,789
2006 Median Sales
Price $220,600 $184,900


Table 42: Palm Coast (Flagler 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
UNITS/PROPERTIES 33,539 1,618 3,557 38,714 830 9
Homesteads 23,291 977 839 25,107 127 0
Mean year built 1995 1988 ($) 1996 (*)
Median year built 1998 1988 ($) 2002 (*)
Mean assessed value $172,199 $67,714 $328,847 $215,573 (*)
Median assessed value $142,266 $51,564 $267,000 $208,164 (*)
Mean just value $220,478 $88,130 $342,179 $222,989 (*)
Median just value $170,982 $70,209 $270,000 $210,279 (*)
Total assessed value
milsls.) $5,775.37 $109.56 $1,169.71 $178.93 $25.16
Total just value
milsls.) $7,394.62 $142.59 $1,217.13 $185.08 $25.16
2006 Mean Sales Price $283,443 $546,832
2006 Median Sales
Price $249,000 $450,550


Table 43: Panama City (Bay County), FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total 10 U Mr Unit
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 50,377 9,962 13,433 73,772 858 126
Homesteads 31,818 4,925 912 37,655 66 2
Mean year built 1982 1989 ($) 1984 1983
Median year built 1985 1991 ($) 1985 1984
Mean assessed value $154,658 $75,182 $272,635 $204,400 $1,574,779
Median assessed value $109,857 $53,864 $245,001 $166,657 $748,355
Mean just value $210,713 $88,160 $279,548 $213,133 $1,575,557
Median just value $159,872 $67,495 $245,001 $172,547 $748,355
Total assessed value
milsls.) $7,791.18 $748.96 $3,662.30 $175.38 $198.42
Total just value milsls.) $10,615.07 $878.25 $3,755.16 $182.87 $198.52
2006 Mean Sales Price $263,885 $366,624
2006 Median Sales
Price $211,500 $348,000










Figure 47: Palm Bay-Melbourne-Titusville MSA Real Median Condominium Sales Prices
(2007 Dollars)


$250.000




$200.000




$150.000




$100,000




$50,000




so


1999 2000 2001 2002 2003 2004 2005 2006


Palm Coast, FL MSA


Figure 48: Palm Coast, FL MSA


Palm Bay-Melboume-Titusville. FL MSA
---Foida


As can be seen in Figure 48, Palm Coast, FL MSA is located on
the northeastern coast, and is a single-county, Flagler County, MSA.
It contains less than 1% of the state's single-family housing stock
and only 0.22% of the state's condominium stock. While there
are few condominiums in the MSA, with a median sales price of
$450,550, they rank as some of the most expensive in the state.
As can be seen in Figure 49, real median single-family sales prices
are comparable to the state median. Figure 50 shows that since
2003 the real median condominium sales price has been higher
than the state median. While our data is lacking in valid year-built
data for the condominiums, it should be noted that the number of
condominiums found in Flagler County has nearly doubled from
the value reported in The State of Florida's Housing 2003, implying
that these condominiums are new construction. Being new con-
struction and being located in a coastal county are likely explana-
tions for the difference between the state's real median sales price
and Palm Coast's real median sales price.








Te-tofFoias.- Housig ,


Figure 49: Palm Coast MSA Real Median Single-Family Sales Prices (2007 Dollars)


$300,000




5250,000




$200,000 -



100mPalm Coast. FL MSA
$150,000. I Floi da




$100,000-




$50,00 -





1999 2000 2001 2002 2003 2004 2005 2006







Figure 50: Palm Coast MSA Real Median Condominium Sales Prices (2007 Dollars)


-s4u., uu -t --


$3-U.UuU 4 -


4LOU.LIUU ,


$200,000


$150.000


$100,000


$50,000


0 1999 2000 2001 2002 2003 2004 2005 2006
1999 2000 2001 2002 2003 2004 2005 2006


c nn ru-i n


I Palm Coast. FL MSA
- -Floda ___ I










Panama City-Lynn Haven, FL MSA


Figure 51: Panama City-Lynne Haven FL, MSA


As can be seen in Figure 51, the Panama City-Lynne Haven, FL
MSA is located on the coast in Florida's panhandle, and is a single
county, Bay County, MSA. It containsl.2% of the state's single-
family housing stock and 0.8% of the state's condominium stock.
As can be seen in Table 43, Bay County has extremely expensive
condominium sales prices in 2006.
Figure 52 shows that the real median single-family sales price
in the Panama City-Lynne Haven MSA has increased along with
the state's real median single-family sales price. Note that there is a
slight decline in the real single-family sales price in 2006 as com-
pared to 2005. Figure 53 shows that while condominiums were in
line with the state median until about 2002, when they started to
experience a large real increase in prices. However, in 2006 there
was a significant real decline in condominium prices with the real
median falling from $437,000 to $354,000, almost a 19% drop in
real median sales price.


Figure 52: Panama City-Lynne Haven MSA Real Median Single-Family Sales Prices
(2007 Dollars)


1999 2000 2001 2002 2003 2004 2005 2006


$300,000



$250,000



$200,000



$150,90



$100,000



$50,000

tSOOO


II Panama City-Lynn Haven, FL MSA
--FlondaI







Te-6atofH.- usig,2007


Figure 53: Panama City-Lynne Haven MSA Real Median Condominium Sales Prices
(2007 Dollars)


$250,000

$200,000

$150000 -

$100000.

S50 OO.


1999 2000 2001 2002 2003 2004 2005 2006


Pensacola-Ferry Pass-Brent, FL MSA


Figure 54: Pensacola-Ferry Pass-Brent FL, MSA


As can be seen in Figure 54, the Pensacola-Ferry Pass-Brent, FL
MSA is made up of two northwest counties, Escambia County and
Santa Rosa County, in Florida's panhandle. It contains 3.2% of the
state's single-family housing stock and 0.59% of the state's condo-
minium stock. As can be seen in the following tables, the Pensaco-
la-Ferry Pass-Brent MSA had relatively expensive condominiums in
2006.
Figure 55 shows that the Pensacola-Ferry Pass-Brent MSA has
seen similar real single-family sales price increases as the state. How-
ever, both Escambia County and Santa Rosa County experienced re-
cent real declines in their median single-family sales prices. Again,
this decline is likely pointing to a slowing of the housing market.
Figure 56 shows that real median condominium sales prices have
been greater than the state's median since 1999. 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 experi-
enced a real decline from its peak in 2003.


oI Panama City-Lynn aven, FL MSA
--Florida t


liAin rmrn


an











Table 44: Pensacola-Ferry Pass-Brent, FL MSA Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 138,080 12,014 9,606 159,700 2,490 194
Homesteads 100,309 6,337 1,487 108,133 265 0
Mean year built 1979 1987 1988 1974 1981
Median year built 1981 1987 1985 1979 1982
Mean assessed value $108,549 $34,987 $234,515 $123,978 $2,404,417
Median assessed value $84,780 $28,060 $118,000 $98,494 $1,033,025
Mean just value $143,658 $41,808 $245,684 $129,594 $2,404,417
Median just value $115,870 $34,705 $128,750 $104,176 $1,033,025
Total assessed value
milsls.) $14,988.41 $420.33 $2,252.75 $308.70 $466.46
Total just value milsls.) $19,836.36 $502.28 $2,360.04 $322.69 $466.46
2006 Mean Sales Price $189,035 $439,723
2006 Median Sales
Price $165,000 $315,100


Table 45: Escambia County, FL MSA Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family H Condominium Total 10 U Mr Unit
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 93,204 5,791 8,124 107,119 1,857 139
Homesteads 66,210 2,942 1,221 70,373 208 0
Mean year built 1975 1986 1988 1971 1980
Median year built 1975 1985 1984 1976 1980
Mean assessed value $95,817 $25,365 $237,636 $122,465 $2,903,598
Median assessed value $74,750 $18,340 $117,250 $92,850 $1,365,370
Meanjust value $128,172 $31,478 $248,041 $129,207 $2,903,598
Median just value $101,050 $23,970 $130,000 $96,980 $1,365,370
Total assessed value
milsls.) $8,930.50 $146.89 $1,930.55 $227.42 $403.60
Total just value milsls.) $11,946.15 $182.29 $2,015.08 $239.94 $403.60
2006 Mean Sales Price $169,594 $465,248
2006 Median Sales
Price $146,950 $400,000


Table 46: Santa Rosa County, FL MSA Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 44,876 6,223 1,482 52,581 633 55
Homesteads 34,099 3,395 266 37,760 57 0
Mean year built 1988 1988 1989 1983 1982
Median year built 1992 1988 1985 1983 1983
Mean assessed value $134,992 $43,941 $217,409 $128,416 $1,142,850
Median assessed value $110,709 $37,418 $122,313 $121,843 $593,447
Meanjust value $175,822 $51,421 $232,766 $130,729 $1,142,850
Median just value $150,783 $45,002 $128,750 $123,055 $593,447
Total assessed value
milsls.) $6,057.91 $273.44 $322.20 $81.29 $62.86
Total just value milsls.) $7,890.21 $319.99 $344.96 $82.75 $62.86
2006 Mean Sales Price $220,228 $298,568
2006 Median Sales
Price $199,500 $220,000







Te-tofFoias.- Housig ,


Figure 55: Pensacola-Ferry Pass-Brent MSA Real Median Single-Family Sales Prices
(2007 Dollars)










$20B,000 ,


Ecamblae conty
s ____\_ 3wt Rose Counly
M I-- ida
SIPenWf-e-FIrY PaIn6et FL MSA


1999 2000 2001 2002 200 2004 20C0 200


Figure 56: Pensacola-Ferry Pass-Brent MSA Real Median Condominium Sales Prices
(2007 Dollars)



"$400 c


tI -- --








$TIDOCC -- c -a-IP-orrys- F- L IA-a


5150 4M .


its9 XOO 21 ? 2003W w 2%W4 a 2w006









Port St. Lucie-Ft. Pierce, FL MSA

Figure 57: Port St. Lucie-Ft. Pierce, FL MSA


As can be seen in Figure 57, the Port St. Lucie, FL MSA is located
on the eastern coast of the state, and is a two county, Martin Coun-
ty and St. Lucie County, MSA. It contains 2.9% of the state's single-
family housing stock and 1.7% of the state's condominium stock.
As can be seen in Table 48 and Table 49, while Martin County has
only half the number of single-family homes as St. Lucie County, its
single-family homes have higher assessed and just values. This fact
implies that the single-family homes are more valuable in Martin
County.
As can be seen in Figure 58 the real median sales price for single-
family homes in Martin County has consistently been higher than
in St. Lucie County. The Port St. Lucie- Fort Pierce MSA real
median single-family sales price closely resembles the state's in
performance over the last ten years. Figure 59 shows that while
single-family homes may be worth more in Martin County, condo-
miniums have a higher real median sales price in St. Lucie County.


Punta Gorda, FL MSA

Figure 60: Punta Gorda FL, MSA


As can be seen in Figure 60, the Punta Gorda, FL MSA is made
up of Charlotte County, and is located on the southern Gulf coast.
It contains 1.4% of the state's single-family housing stock and 0.8%
of the state's condominium stock.
Figure 61 and Figure 62 shows that the real median single-family
sales price and real median condominium sales price in Punta Gor-
da has preformed in a manner similar to the state. Note that the real
median single-family sales price declined between 2005 and 2006.



Sarasota-Bradenton-Venice, FL MSA


Figure 63: Sarasota-Bradenton-Venice FL, MSA







TetaeoFordasHousing,


Table 47: Port St. Lucie-Ft. Pierce, FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total 10 U Mr Unit
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 126,345 7,175 28,268 161,788 2,443 124
Homesteads 91,650 4,094 10,942 106,686 294 2
Mean year built 1986 1985 1980 1970 1979
Median year built 1988 1986 1982 1973 1981
Mean assessed value $199,488 $87,736 $180,729 $178,341 $3,325,423
Median assessed value $145,943 $76,936 $137,600 $130,400 $914,650
Mean just value $282,149 $111,293 $217,376 $186,468 $3,332,395
Median just value $200,500 $104,100 $159,000 $140,240 $925,420
Total assessed value
milsls.) $25,204.30 $629.50 $5,108.84 $435.69 $412.35
Total just value milsls.) $35,648.08 $798.53 $6,144.79 $455.54 $413.22
2006 Mean Sales Price $315,919 $256,881
2006 Median Sales
Price $260,000 $228,000


Table 48: Martin County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total 10 U More U
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 43,912 3,199 14,150 61,261 980 59
Homesteads 33,666 1,933 6,203 41,802 152 1
Mean year built 1984 1979 1979 1976 1977
Median year built 1987 1978 1979 1978 1980
Mean assessed value $293,007 $62,283 $160,291 $225,116 $3,420,474
Median assessed value $184,502 $54,600 $115,000 $200,645 $843,700
Mean just value $433,294 $88,513 $198,449 $238,792 $3,434,522
Median just value $289,885 $81,430 $148,500 $207,275 $843,700
Total assessed value
milsls.) $12,866.53 $199.24 $2,268.11 $220.61 $201.81
Total just value milsls.) $19,026.82 $283.15 $2,808.05 $234.02 $202.64
2006 Mean Sales Price $482,123 $240,768
2006 Median Sales
Price $349,700 $211,300


Table 49: St Lucie County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 82,433 3,976 14,118 100,527 1,463 65
Homesteads 57,984 2,161 4,739 64,884 142 1
Mean year built 1987 1990 1981 1967 1980
Median year built 1989 1990 1984 1969 1983
Mean assessed value $149,670 $108,214 $201,213 $147,008 $3,239,147
Median assessed value $129,904 $101,700 $160,600 $92,600 $948,700
Mean just value $201,634 $129,622 $236,347 $151,417 $3,239,695
Median just value $177,800 $117,500 $206,000 $96,400 $948,700
Total assessed value
milsls.) $12,337.77 $430.26 $2,840.73 $215.07 $210.54
Total just value milsls.) $16,621.26 $515.38 $3,336.74 $221.52 $210.58
2006 Mean Sales Price $264,691 $267,189
2006 Median Sales
Price $249,900 $242,000











Figure 58: Port St. Lucie-Ft. Pierce MSA Real Median Single-Family Sales Prices
(2007 Dollars)


U aFIt CgI,


DI .Ur V Uh8


1999 99 W ;OC1 .002 2000 0'O4 2004 zoO


Figure 59: Port St. Lucie-Ft. Pierce MSA Real Median Condominium Sales Prices
(2007 Dollars)

530 Owr













C o St Laia Cunr

7 _mSt Luaa. FL OASA


1" zraO 2Wc 2w a 201A MW 'raE





Te-tofFoias.- Housig ,


Figure 61: Punta Gorda MSA Real Median Single-Family Sales Prices (2007
Dollars)


S250.000

$200,000

$150.000

$100,000

$50000


Punta Gorda. FL MSA
-1,- Flodda


1999 2000 2001 2002 2003 2004 2005 2006

Figure 62: Punta Gorda MSA Real Median Condominium Sales Prices (2007
Dollars)


$300.000

$25090


$200.000


$150.000

$100.000

$50,000 -

So
1999 2000 2001 2002 2003 2004 2005 2006


I


I Punta Gorda. FL MSA
Florida











Figure 64: Sarasota-Bradenton-Venice MSA Real Median Single-Family Sales Prices
(2007 Dollars)


S3W3WOO







C, canx coil







u-o.-m L -S-ersla-Bd-Ion-Vic. FL MSA


19" M 'UOI 7 20007 ZU0 0 fO4 X


Figure 65: Sarasota-Bradenton-Venice MSA Real Median Condominium Sales Prices
(2007 Dollars)







$3-00.0 -








u arab Coulty
$Mr' -s--aFnda
SSaFst-Bradentr_- t FL MSA


18I9 ZW0 =01 2QM 2MO3 20w4 2z=6 2006







TetaeoFordasHousing,


Table 50: Punta Gorda (Charlotte County), FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total 10 U Mr Unit
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 60,734 5,747 13,103 79,584 1,084 26
Homesteads 42,467 2,662 3,957 49,086 240 1
Mean year built 1984 1982 1987 1977 1979
Median year built 1986 1981 1986 1981 1987
Mean assessed value $177,734 $73,219 $198,609 $285,018 $3,766,011
Median assessed value $133,421 $58,300 $126,378 $194,980 $836,639
Mean just value $253,951 $96,736 $222,690 $311,963 $3,767,254
Median just value $196,228 $77,180 $144,900 $205,441 $836,639
Total assessed value
milsls.) $10,794.51 $420.79 $2,602.37 $308.96 $97.92
Total just value milsls.) $15,423.43 $555.94 $2,917.90 $338.17 $97.95
2006 Mean Sales Price $268,089 $304,042
2006 Median Sales
Price $215,900 $235,900


Table 51: Sarasota-Bradenton-Venice FL, MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 198,504 23,725 79,652 301,881 6,726 596
Homesteads 144,852 11,920 32,289 189,061 1,335 3
Mean year built 1981 1976 1983 1966 1984
Median year built 1984 1975 1981 1971 1995
Mean assessed value $231,326 $60,496 $262,135 $245,249 $2,046,296
Median assessed value $164,763 $54,170 $166,444 $164,131 $310,836
Mean just value $327,890 $73,503 $305,183 $267,096 $2,046,800
Medianjust value $237,524 $65,900 $200,600 $173,800 $310,836
Total assessed value
milsls.) $45,919.12 $1,435.26 $20,879.60 $1,649.54 $1,219.59
Total just value milsls.) $65,087.51 $1,743.86 $24,308.45 $1,796.49 $1,219.89
2006 Mean Sales Price $368,537 $361,805
2006 Median Sales
Price $289,600 $240,000


Table 52: Manatee County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 76,657 12,169 28,103 116,929 4,510 283
Homesteads 57,883 6,074 12,348 76,305 1,021 0
Mean year built 1982 1976 1983 1966 1991
Median year built 1987 1973 1981 1972 2002
Mean assessed value $214,094 $51,018 $175,190 $227,888 $1,896,727
Median assessed value $162,658 $44,735 $125,297 $141,303 $82,478
Mean just value $288,442 $58,615 $204,808 $254,399 $1,896,727
Median just value $233,748 $50,858 $157,069 $151,080 $82,478
Total assessed value
milsls.) $16,411.82 $620.83 $4,923.38 $1,027.77 $536.77
Total just value milsls.) $22,111.09 $713.28 $5,755.73 $1,147.34 $536.77
2006 Mean Sales Price $369,130 $282,945
2006 Median Sales
Price $318,000 $220,000













Table 53: Sarasota County Housing Supply
Mobile
Single-Family Home Condominium
Home


Total Multi-Family Less than
10 Units


Multi-Family 10 or
More Units


TOTAL
UNITS/PROPERTIES
Homesteads
Mean year built
Median year built
Mean assessed value
Median assessed value
Meanjust value
Median just value
Total assessed value
milsls.)
Total just value milsls.)
2006 Mean Sales Price
2006 Median Sales


121,847
86,969
1981
1982
$242,167
$166,100
$352,708
$240,100

$29,507.30
$42,976.43
$368,125


11,556
5,846
1977
1976
$70,477
$62,400
$89,181
$85,200

$814.43
$1,030.58


51,549 184,952
19,941 112,756
1983
1981
$309,535
$190,000
$359,905
$226,170


$15,956.22
$18,552.72
$410,455


2,216
314
1965
1968
$280,582
$213,650
$292,938
$222,750

$621.77
$649.15


313
3
1978
1980
$2,181,529
$454,600
$2,182,489
$454,600

$682.82
$683.12


Price $269,900 $259,000


Table 54: Sebastian-Vero Beach (Indian River County), FL MSA Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 42,726 1,347 13,570 57,643 789 47
Homesteads 30,496 683 5,222 36,401 111 0
Mean year built 1985 1981 1985 1975 1988
Median year built 1988 1979 1984 1975 1987
Mean assessed value $230,550 $50,884 $222,055 $201,200 $3,011,787
Median assessed value $129,000 $41,660 $140,250 $172,780 $1,053,710
Mean just value $306,874 $61,294 $258,106 $210,741 $3,011,787
Median just value $180,215 $52,490 $170,000 $179,920 $1,053,710
Total assessed value
milsls.) $9,850.49 $68.54 $3,013.29 $158.75 $141.55
Total just value milsls.) $13,111.50 $82.56 $3,502.50 $166.28 $141.55
2006 Mean Sales Price $345,710 $290,585
2006 Median Sales
Price $235,000 $202,000


Table 55: Tallahassee FL, MSA Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total 10 U Mr Unit
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 84,361 14,728 2,652 101,741 2,188 415
Homesteads 61,668 9,948 501 72,117 152 11
Mean year built 1980 1988 1985 1974 1978
Median year built 1983 1989 1984 1978 1977
Mean assessed value $124,652 $44,124 $91,180 $180,166 $2,583,702
Median assessed value $104,900 $38,454 $88,768 $142,860 $891,857
Mean just value $159,534 $52,462 $94,657 $182,792 $2,584,159
Median just value $135,493 $46,883 $91,008 $145,512 $891,857
Total assessed value
milsls.) $10,515.78 $649.86 $241.81 $394.20 $1,072.24
Total just value milsls.) $13,458.45 $772.66 $251.03 $399.95 $1,072.43
2006 Mean Sales Price $215,002 $168,956
2006 Median Sales
Price $177,500 $150,000







TetaeoFordasHousing,


Table 56: Gadsden County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total 10 U More U
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 9,702 3,209 0 12,911 14 51
Homesteads 7,147 2,419 0 9,566 0 4
Mean year built 1973 1990 0 (*) 1976
Median year built 1975 1991 0 (*) 1984
Mean assessed value $66,431 $40,716 $0 (*) $52,204
Median assessed value $50,359 $37,001 $0 (*) $47,268
Mean just value $81,668 $45,198 $0 (*) $52,653
Median just value $62,506 $41,049 $0 (*) $47,881
Total assessed value
milsls.) $644.51 $130.66 $0.00 $17.47 $2.66
Total just value milsls.) $792.34 $145.04 $0.00 $17.47 $2.69
2006 Mean Sales Price $154,286 $0
2006 Median Sales
Price $150,000 $0


Table 57: Jefferson County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 2,372 1,211 0 3,583 17 7
Homesteads 1,613 768 0 2,381 4 0
Mean year built 1978 1990 0 (*) (*)
Median year built 1980 1992 0 (*) (*)
Mean assessed value $71,192 $39,632 $0 (*) (*)
Median assessed value $54,960 $34,946 $0 (*) (*)
Mean just value $84,617 $43,977 $0 (*) (*)
Median just value $69,247 $39,623 $0 (*) (*)
Total assessed value
milsls.) $168.87 $47.99 $0.00 $3.37 $1.97
Total just value milsls.) $200.71 $53.26 $0.00 $3.41 $1.97
2006 Mean Sales Price $184,352 $0
2006 Median Sales
Price $157,000 $0


Table 58: Leon County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total 10 U More U
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 66,315 6,723 2,403 75,441 2,115 352
Homesteads 48,657 4,486 434 53,577 147 7
Mean year built 1980 1986 1985 1973 1979
Median year built 1983 1987 1984 1978 1974
Mean assessed value $135,606 $42,375 $83,376 $173,670 $3,024,592
Median assessed value $114,033 $36,569 $80,352 $142,998 $1,179,468
Mean just value $174,134 $49,677 $86,423 $176,329 $3,025,065
Median just value $147,854 $44,316 $85,400 $146,072 $1,179,468
Total assessed value
milsls.) $8,992.69 $284.89 $200.35 $367.31 $1,064.66
Total just value milsls.) $11,547.72 $333.98 $207.67 $372.94 $1,064.82
2006 Mean Sales Price $224,002 $169,838
2006 Median Sales
Price $185,000 $153,000










As can be seen in Figure 63, the Sarasota-Bradenton-Venice, FL
MSA is made up of Manatee County and Sarasota County, and is
located on the southern Gulf coast. It contains 4.5% of the state's
single-family housing stock and 4.9% of the state's condominium
stock.

Figure 64 shows that the real median single-family sales price in
the Sarasota-Bradenton MSA has consistently been above the state
median, but that the spread between the two has increased over the
last few years. Manatee County and Sarasota County had similar
real median sales prices in 1999, but recently Manatee County has
experienced a higher real increase and now a single-family unit cost
is around $50,000 more than in Sarasota County. Again, it should
be noted that both Manatee County's and Sarasota County's single-
family housing market appears to be slowing. Figure 65 shows that
condominiums have performed similarly to the state.



Sebastian-Vero Beach, FL MSA


As can be seen in Figure 66, the Sebastian-Vero Beach, FL MSA
is located in the middle of the state on the east coast, and is a single
county, Indian River County, MSA. It contains 1% of the state's
single-family housing stock and 0.8% of the state's condominium
stock.


Figure 66: Sebastian-Vero Beach FL, MSA


Figure 67 and Figure 68 shows that the real median single-
family sales price and real median condominium sales price in the
Sebastian-Vero Beach MSA have increased along with the state's real
median prices.


Figure 67: Sebastian-Vero Beach MSA Real Median Single-Family Sales Prices
(2007 Dollars)


$300,000



$250,000



$200,000



$150,000



$100,000



$50000

tso$

$0 -


1999 2000 2001 2002 2003 2004


2005 2006


IVero Beach, FL MSA
F lorada I







Te-tofFoias.- Housig ,


Figure 68: Sebastian-Vero Beach MSA Real Median Condominium Sales Prices
(2007 Dollars)


$200,000



$150,000


$100,000



$50,000




1999 2000 2001 2002 2003


Tallahassee, FL MSA

Figure 69: Tallahassee FL, MSA


Vero Beach, FL MSA
--Flo 2006da











2005 2006


As can be seen in Figure 69, the Tallahassee, FL MSA is made up
by four counties: Gadsden County, Jefferson County, Leon County,
and Wakulla County, and it is located in the Florida's panhandle
on the Georgia border. It contains 1.9% 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 70 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. The state began experiencing higher real
increases than the Tallahassee MSA. Leon County and Wakulla
County have had consistently higher single-family sales prices than
Gadsden County and Jefferson County. However, the real price
decline that occurred in 2006 for Wakulla County's single-family
housing brought it into line with Gadsden and Jefferson County.
Figure 71 shows that the Tallahassee MSA real condominium sales
prices are solely dependent on Leon County and Wakulla County.
The MSA as a whole has real condominium sales prices below the
state median, but the market in Wakulla and Leon County appears
drastically different. Wakulla County has seen real prices drastically
decrease since their peak in 2004, while Leon County has seen real
prices almost double since 1999.











Table 59: Wakulla County Housing Supply
Single-Family Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total 10 Ui Mor Ui
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 5,972 3,585 249 9,806 42 5
Homesteads 4,251 2,275 67 6,593 1 0
Mean year built 1987 1989 ($) 1992 (*)
Median year built 1993 1990 ($) 2004 (*)
Mean assessed value $118,840 $51,972 $166,491 $144,147 (*)
Median assessed value $95,180 $44,137 $117,300 $134,926 (*)
Mean just value $153,663 $67,053 $174,123 $146,166 (*)
Median just value $122,454 $60,220 $130,000 $135,519 (*)
Total assessed value
milsls.) $709.71 $186.32 $41.46 $6.05 $2.95
Total just value milsls.) $917.68 $240.38 $43.36 $6.14 $2.95
2006 Mean Sales Price $193,656 $141,979
2006 Median Sales
Price $158,900 $130,100


Table 60: Northeast, FL Non-Metropolitan Area Housing Supply
Single-Faily Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Single-Family Condominium Total 10 U More U
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 44,383 33,773 412 78,568 427 101
Homesteads 31,480 21,943 60 53,483 46 8
Mean year built 1974 1988 1993 1976 1977
Median year built 1977 1990 1993 1980 1978
Mean assessed value $80,990 $45,309 $201,537 $144,512 $688,609
Median assessed value $61,664 $37,723 $206,304 $83,261 $396,136
Mean just value $105,087 $56,150 $206,441 $148,116 $689,915
Median just value $81,565 $47,621 $212,400 $84,331 $396,136
Total assessed value
milsls.) $3,594.58 $1,530.22 $83.03 $61.71 $69.55
Total just value milsls.) $4,664.08 $1,896.35 $85.05 $63.25 $69.68
2006 Mean Sales Price $165,290 $326,385
2006 Median Sales
Price $149,000 $322,500


Table 61: Bradford County Housing Supply
Single-Famiy Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Home 10 Units More Units
TOTAL
UNITS/PROPERTIES 5,277 2,179 21 7,477 15 18
Homesteads 3,881 1,420 16 5,317 2 1
Mean year built 1972 1987 (*) (*) (*)
Median year built 1975 1988 (*) (*) (*)
Mean assessed value $76,887 $44,060 (*) (*) (*)
Median assessed value $59,885 $38,722 (*) (*) (*)
Mean just value $95,188 $53,280 (*) (*) (*)
Median just value $74,278 $48,667 (*) (*) (*)
Total assessed value
milsls.) $405.73 $96.01 $1.53 $1.26 $17.30
Total just value milsls.) $502.31 $116.10 $2.02 $1.29 $17.31
2006 Mean Sales Price $155,091 $165,000
2006 Median Sales
Price $137,250 $165,000








. TeSaeoFlrasHuig207


Figure 70: Tallahassee MSA Real Median Single-Family Sales Prices (2007 Dollars)


j Ga",.W CI1ri

SLeon Coun
-m wIla Cofly

-IaIllhlasseH F MSA


Figure 71: Tallahassee MSA Real Median Condominium Sales Prices (2007 Dollars)


00- -- -













1999 200 3001 2002 0CO 004 00" 2w$


c- a Glwm Cw .ry
--i TJarm OCuty
SJLeon Caunty
- "WOl Coffly

-u-Tahabhee FtL MSA


1250 OW




$200 000




$150 C0




ts1oc0o


1B9 00 2001 2002 2003 204 2005 206


ST1 COO


S' *:(' 4





Si if )


r"


W*.0o


~I ii









FLORIDA'S NON-METROPOLITAN

AREAS

There are 28 remaining counties in Florida, and they are divided
into four regional groups: Northwest Non-Metropolitan, Northeast
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 remain-
ing 4 non-metropolitan areas contain 5.9% of Florida's population
according to the 2006 Census' population projection and contain
6.1% of the state's single-family housing stock, 1.6% of the con-
dominium stock and 3.6% of the multi-family 9-or-less-units and
3.6% multi-family 10-or-more-units. The following section will
examine each of these non-metropolitan areas individually.



Northeast, FL Non-Metropolitan Area

Figure 72: Northeast, FL Non-Metropolitan Area


As can be seen in Figure 72, the Northeast, FL Non-Metropolitan
Area is located in the Florida panhandle, and is made up by ten
counties: Bradford County, Columbia County, Dixie County, Ham-
ilton 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 condominium stock.
Figure 73 shows that the Northeast Non-Metropolitan area has
a significantly lower real median single-family sales price than the
state median. Figure 74 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.


Northwest, FL Non-Metropolitan Area

Figure 75: Northwest, FL Non-Metropolitan Area


As can be seen in Figure 75, the Northwest, FL Non-Metropol-
itan Area is located in the Florida panhandle, and is made up of
eight counties: Calhoun County, Franklin County, Gulf County,
Holmes County, Jackson County, Liberty County, Walton County,
and Washington County. It contains approximately 1.2% of the
state's single-family housing stock and 0.7% of the state's condo-
minium stock. As can be seen in the follow tables, these counties
can vary greatly in size from just under 1,200 single-family units to
18,146 single-family units.
Figure 76 shows that the Northwest Non-Metropolitan area
has had higher real median single-family sales price than the state
median between 2002 and 2005. However, a more careful examina-
tion 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 77 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.




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