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Title: State of Florida's Housing
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Title: State of Florida's Housing
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Language: English
Creator: Shimberg Center for Affordable Housing
Publisher: Shimberg Center for Affordable Housing
Place of Publication: Gainesville, Fla.
Publication Date: 2008
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Bibliographic ID: UF00087010
Volume ID: VID00003
Source Institution: University of Florida
Holding Location: University of Florida
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Table of Contents
    Title Page
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    Acknowledgement
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    Table of Contents
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Full Text















Douglas White
Florida Housing Data Clearinghouse
Shimberg Center
University of Florida

Jim Martinez
Florida Housing Data Clearinghouse
Shimberg Center
University of Florida

Diep Nguyen
Florida Housing Data Clearinghouse
Shimberg Center
University of Florida

William 0'Dell
Florida Housing Data Clearinghouse
Shimberg Center
University of Florida

March 2009







Major funding for preparation this report provided by the State of Florida
Funding for publication of this report provided by the Florida Association
of Realtors'

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

Public access to Florida Housing Data Clearinghouse data and publications
is provided over the Internet at

http://flhousingdata.shimberg.ufl.edu


The
State of Florida's

Housing

2008




i TheStateof Flridas Houing, 008















ACKNOWLEDGEMENT


The Shimberg Center for Housing Studies acknowledges the Florida

Association of REALTORS' for its financial support of the preparation

and printing of this report. The Florida Association of REALTORS(FAR)

is the largest trade association in Florida with more than 125,000 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.










Contents
Introduction ............................................................................................................................................................ 9
Florida's housing Supply ..................................................................................................................................................................... 9
Data Description ............................................................................................................................................................................... 9
Geography........................................................................................................................................................................................ 10
Single-Family H housing ............................................. .................................................................................................................. 11
Condom inium................................................................................ 15
M ulti-Family H housing .......................................................................... .................................................................................. 15

Housing Affordability ............................................................................................................................................ 28
H housing A ff ordab ility Index .................................................................................................................................................................................... 28
The 2007 Single-Family H om e M arket..................................................................................................................... .................. 29
The 2007 Condom inium M market .................................................................. ....... 50

Housing Supply on the MSA and County Level.................................................................................................... 51
Florida's Major MSAs .....................51.................................................................................................................................................. 551
Jacksonville, FL M SA H housing Supply ............................................................................................................................................. 51
M iami-Fort Lauderdale-Pompano Beach FL M SA Housing Supply..................................................................................... .............................52
Orlando-Kissim m ee, FL M SA H housing Supply.................................................................................................. ........................ 58
Tam pa-St. Petersburg-Clearwater M SA H housing Supply.................................................................................. ........................... 59
Florida's Rem gaining M SAs ...................................................................................................... ................................................ 63
Cape Coral-Fort Myers, FL MSA ............................................................ ....... 66
Deltona-Daytona Beach-Ormond Beach, FL M SA Housing Supply.......................................................................... ..................... 66
Fort W alton Beach-Crestview-Destin, FL M SA H housing Supply..................................................................... ..................... 66
Gainesville FL M SA H housing Supply........................................................................................................................ ................... 67
Lakeland, FL M SA H housing Supply .........................................................................72
N aples-M arco Island, FL M SA H housing Supply ................................................................................ .......... ............................72
O cala, FL M SA H housing Supply ....................... ................................................................................................................. ...... 72
Palm Bay-M elbourne-Titusville, FL M SA H housing Supply.................................................. ................................................. 72
Palm Coast, FL M SA H housing Supply.......................................................................................................................................... 75
Panam a City, FL M SA Housing ........................................... ................................................................................................ 75
Pensacola-Ferry Pass-Brent, FL M SA H housing Supply ....................................................................................... .........................77
Port St. Lucie-Ft. Pierce, FL M SA Housing Supply ........................................................................................... .........................77
Punta Gorda, FL M SA H housing Supply........................................................................................................... .................. ......... 82
Sarasota-Bradenton-Venice FL, M SA H housing Supply..................................................................................... ...........................82
Sebastian-Vero Beach, FL M SA H housing Supply ................................................................................ .......... ........................... 89
Tallahassee FL, M SA H housing Supply....................................................................................................................... .................. 89

Florida's Non-Metropolitan Areas ...................................................................................................................... 94
N northeast, FL Non-M metropolitan Area H housing Supply .................................................................................... ......................... 94
N northwest, FL Non-M metropolitan Area H housing Supply ................................................................... ................................... 96
Central, FL Non-M metropolitan Area H housing Supply...................................................................................... ........................... 96
South, FL Non-M metropolitan Area H housing Supply .......................................................................................... ......................... 96

Econom ic Im pact of New Residential Construction................................................................................................ 100
Economy ic M ultipliers and Actual Em ploym ent and Earnings........................................................................ ..................... 100
Total Im pact on O utput ...................................................................................................... ................................................ 110
Total Im pact on Earnings ...................................................................................................... ............................................... 110
Total Im pact on Em ploym ent.................................................................. ....... 112

Conclusion .......................................................................................................................................................... 112

Endnotes ............................................................................................................................................................. 117


i TheStateof Flridas Houing, 008










Tables
Table 1. Single-Fam ily H housing Stock..................................................................................................................... ................... 12-14
Table 2. C ondom inium Stock..................................... ........................................................................................ ... ................ 16-19
Table 3. Multi-Family Housing Stock with 9 or Less Units ................................................ ..................................................20-23
Table 4. Multi-Family Housing Stock with 10 or More .................................................................................. ...........................24-27
Table 5. County Affordability Index ........................................................................30-31
Table 6..County Affordability Index and Rank ........................................................................................................... 32
Table 7. Percentage of County Single-Family Sales Affordable at 70% of 2006 HUD Median Family Income...............................33-35
Table 8. Percentage of County Single-Family Sales Affordable at 2006 HUD Median Family Income ......................................... 36-38
Table 9. Percentage of County Single-Family Sales Affordable at 130% of 2006 HUD Median Family Income............................... 39-41
Table 10. Yearly Change in Real Single-Family Sales Price (2007 $) ............................................................... ......................42-45
Table 11. Yearly Change in Real Median Condominium Sales Price (2007 $) ....................................................................46-49
Table 12. Jacksonville, FL M SA H housing Supply.................................................................................... ......... ........................... 51
Table 13. Baker C county H housing Supply............................................................................................................... ......................... 52
Table 14. C lay C county H housing Supply....................................................................................................................... ................... 52
Table 15. D uval C county H housing Supply ............................................................................................... ....... .................. ......... 53
Table 16. N assau C county H housing Supply................................................................................................................... ................... 53
Table 17. St. Johns C county H housing Supply............................................................................................................. ................ ...... 53
Table 18. Miami-Fort Lauderdale-Pompano Beach FL MSA Housing Supply........................................................... ..................... 56
Table 19. Broward County Housing Supply.................................................................................................................................... 56
Table 20. Miami-Dade County Housing Supply.................................................................................................. ........................... 56
Table 21. Palm Beach C county H housing Supply.................................................................................................... ................... ........ 57
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....................................................................... ..................... 62
Table 28. H ernando C county H housing Supply...................................................................................................... ................... ........ 62
Table 29. Hillsborough County Housing Supply .................................................................................... ......... ................... ........ 62
Table 30. Pasco C county H housing Supply ............................................................................................................. ................... ........ 63
Table 31. Pinellas C county H housing Supply......................... ..... .......................................................................................... ...... 63
Table 32. Cape Coral-Fort Myers (Lee County), FL MSA Housing Supply ........................................... ................................... 64
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. Gainesville FL MSA Housing Supply ..............................................................................................................................70
Table 36. Alachua County Housing Supply ....................................................................................................................................70
Table 37. G ilchrist C county H housing Supply .............................................................................................. ..... ............................70
Table 38. Lakeland (Polk County), FL MSA Housing Supply................................................................................ .........................73
Table 39. Naples-Marco Island (Collier County), FL MSA Housing Supply............................................................................. .............................73
Table 40. Ocala (Marion County), FL MSA Housing Supply ............................................................................. ...........................76
Table 41. Melbourne-Titusville (Brevard County), FL MSA Housing Supply........................................................................... ......................78
Table 42. Palm Coast (Flagler County), FL MSA Housing Supply.........................................................................................79
Table 43. Panama City (Bay County), FL MSA Housing .................................................................................... ........................... 81
Table 44. Pensacola-Ferry Pass-Brent, FL MSA Housing Supply.......................................................................... ..................... 83
Table 45. Escambia County, FL MSA Housing Supply....................................................................................... ........................... 83
Table 46. Santa Rosa County, FL MSA Housing Supply...................................................................................... ........................... 83
Table 47. Port St. Lucie-Ft. Pierce, FL MSA Housing Supply................................................................................ ......................... 84
Table 48. M martin C county H housing Supply................................................................................................................... ................... 84
Table 49. St Lucie C county H housing Supply .............................................................................. ...................................................... 84
Table 50. Punta Gorda (Charlotte County), FL MSA Housing Supply........................................................... ................................... 85
Table 51. Sarasota-Bradenton-Venice FL, MSA Housing Supply.......................................................................... ..................... 88









Table 52. M anatee County H housing Supply ........................................................................................................ ........................... 88
Table 53. Sarasota County H housing Supply ....................... ........................... ......................................................... ......... 88
Table 54. Sebastian-Vero Beach (Indian River County), FL M SA H housing Supply .............................................. ..................... 91
Table 55. Tallahassee FL, M SA H housing Supply............................................................................................................ .................. 92
Table 56. G adsden County H housing Supply ........................................................................................................ ........................... 93
Table 57. Jefferson County H housing Supply ........................................................................................................ ........................... 93
Table 58. Leon County H housing Supply....................................................................................................................... .................. 93
Table 59. W akulla County H housing Supply ............................................................................................................ .................. ...... 94
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 ...................................................................................................... ........................... 97
Table 63. D ixie County H housing Supply ............................................................................................................... ......................... 98
Table 64. H am ilton County H housing Supply................................................................................................................ .................. 98
Table 65. Lafayette County H housing Supply................................................................................................................. .................. 98
Table 66. Levy County H housing Supply............................................................................................................... ........................... 99
Table 67. M adison County H housing Supply ........................................................................................................ ........................... 99
Table 68. Suwannee County H housing Supply ...................................................................................................... ........................... 99
Table 69. Taylor County H housing Supply............................................................................................................. ........................ 100
Table 70. Union County H housing Supply........................ ................................................................................ ........................... 100
Table 71. N northwest, FL N on-M metropolitan Area H housing Supply.................................................................... ..................... 102
Table 72. Calhoun County H housing Supply ........................................................................................................ ......................... 102
Table 73. Franklin County H housing Supply................................................................................................................ .................. 102
Table 74. G ulf County H housing Supply...................................................................................................................... .................. 103
Table 75. H olm es County H housing Supply................................................................................................................. .................. 103
Table 76. Jackson County H housing Supply........................................................................................................... ........................ 103
Table 77. Liberty County H housing Supply.................................................................................................................. .................. 104
Table 78. W alton County H housing Supply .......................................................................................................... ......................... 104
Table 79. W ashington County H housing Supply....................................................................................... ....... ........................... 104
Table 80. Central, FL N on-M metropolitan Area H housing Supply......................................................................... ......................... 105
Table 81. Citrus County H housing Supply............................................................................................................. ........................ 105
Table 82. Putnam County H housing Supply................................................................................................................. .................. 105
Table 83. Sumter County Housing Supply ...................................................... ...... 106
Table 84. South, FL N on-M metropolitan Area H housing Supply ............................................................ ................................... 108
Table 85. D esoto County H housing Supply.................................................................................................................. .................. 108
Table 86. Glades County H housing Supply ......................................................................................................... ................... ........ 108
Table 87. H ardee County H housing Supply .......................................................................................................... ......................... 109
Table 88. H endry County H housing Supply................................................................................................................. .................. 109
Table 89. H highlands County H housing Supply............................................................................................................. .................. 109
Table 90. M onroe County H housing Supply ....................................................................................................... ................... ........ 110
Table 91. O keechobee County H housing Supply ...................................................... ........................... ..................... 110
Table 92. Value ($1000s) & Num ber of New Units Constructed in 2006........................................................................... ..... ............... 113
Table 93. Im pact on O utput ($1000s) ............................................................................................ .............................................. 114
Table 94.Total Im pact on Earnings ($1000s) ................................................................................. .............................................. 115
Table 95. Im pact on Labor Earnings ($1000) .................................................................................................... ........................... 116


i TheStateof Flridas Houing, 008










Figures (2008 Dollars unless otherwise indicated)
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 Areas....................................................................................................... ..................... 11
Figure 4. Percentage of Florida's Single-Fam ily H housing Stock................................................................ .................................. 11
Figure 5. M edian 2006 Single-Fam ily Sales Price .................................................................................... .................................. 11
Figure 6. Percentage of Florida's Condom inium Stock ........................................................................... .................................. 15
Figure 7. M edian 2006 Condom inium Sales Price...................................................................................... .............................. 15
Figure 8. Percentage Decrease in Single-Family Sales 2005 to 2006 ........................................................................29
Figure 9. Change in Real Median Single-Family Home Sales Prices (2007 Dollars)....................................................... 50
Figure 10. Change in Number of Condominium Sales 2005 to 2006 ..................................................... .................................. 50
Figure 11. Change in Real Median Condominium Sales Prices (2007 Dollars) ........................................ ............................... 50
Figure 12. Jacksonville, FL M SA ............................................ ................................. ........................................................................ 51
Figure 13. Jacksonville MSA Real Median Single-Family Sales Prices (2008 Dollars) ................................................... 54
Figure 14. Jacksonville MSA Real Condominium Sales Prices (2008 Dollars) ........................................ ................................. 54
Figure 15. Miami-Fort Lauderdale-Pompano Beach, FL MSA............................................................... ................................... 52
Figure 16. M iam i M SA Real M edian Single-Fam ily Sales Prices........................................................................... ......................... 55
Figure 17. Miami MSA Real Median Condominium Sales Prices......................................................................... ......................... 57
Figure 18. O rlando-Kissim m ee, FL .............................. .................................................................................................................. 58
Figure 19. Orlando-Kissimmee MSA Real Median Single-Family Sales Prices...................................................... .......................... 58
Figure 20. Orlando-Kissimmee MSA Real Median Condominium Sales Prices.................................................... .......................... 60
Figure 21. Tampa-St. Petersburg-Clearwater MSA................................. ..................................... 59
Figure 22. Tampa-St. Petersburg-Clearwater MSA Real Median Single-Family Sales Prices ................................... ................ 60
Figure 23. Tampa-St. Petersburg-Clearwater MSA Real Median Condominium Sales Prices..................................................... 64
Figure 24. Cape Coral-Fort Myers, FL MS ................................................................................................................. 66
Figure 25. Cape Coral-Ft. Myers MSA Real Median Single-Family Sales Prices ................................................... .......................... 65
Figure 26. Cape Coral-Ft. Myers MSA Real Median Condominium Sales Prices ................................................. .......................... 65
Figure 27. Deltona-Daytona Beach-Ormond Beach, FL MSA.............................. ........................................................ 66
Figure 28. Deltona-Daytona Beach-Ormond Beach MSA Real Median Single-Family Sales Prices ........................ ..................... 68
Figure 29. Deltona-Daytona Beach-Ormond Beach MSA Real Median Condominium Sales Prices ........................ ..................... 68
Figure 30. Fort Walton Beach-Crestview-Destin, FL MSA.................................................................................. 66
Figure 31. Fort Walton Beach-Crestview-Destin MSA Real Median Single-Family Sales Prices........................ ..... ..................... 69
Figure 32. Fort Walton Beach-Crestview-Destin MSA Real Median Condominium Sales Prices....................................................... 69
Figure 33. Gainesville, FL MSA ................................................................. ...... 67
Figure 34. Gainesville MSA Real Median Single-Family Sales Prices ................................................................... ...................... 71
Figure 35. Gainesville MSA Real Median Condominium Sales Prices................................................................. ...................... 71
Figure 36. Lakeland, FL MSA..................................................................... 72
Figure 37. Lakeland-Winter Haven MSA Real Median Single-Family Sales Prices.................... ....................................... .......... 73
Figure 38. Lakeland MSA Real Median Condominium Sales Prices.................................................................... ...................... 74
Figure 39. N aples-M arco Island, FL M SA ..................................................................................... ........................ ....................... 72
Figure 40. Naples-Marco Island MSA Real Median Single-Family Sales Prices........................................... ............................... 74
Figure 41. Naples-Marco Island MSA Real Median Condominium Sales Prices........................................ ...............................75
Figure 42. O cala FL, M SA ..................................................................... ................................................................................... 72
Figure 43. Ocala MSA Real Median Single-Family Sales Prices ........................................................................... ......................76
Figure 44. Ocala MSA Real Median Condominium Sales Prices......................................................................... ......................77
Figure 45. Palm Bay-Melbourne-Titusville, FL MSA..................................................................................... 72
Figure 46. Melbourne-Titusville-Palm Bay MSA Real Median Single-Family Sales Prices............................. ..................... 78
Figure 47. Palm Bay-Melbourne-Titusville MSA Real Median Condominium Sales Prices ....................................... ......................79
Figure 48. Palm Coast, FL MSA ............................................................................. 75
Figure 49. Palm Coast M SA Real M edian Single-Fam ily Sales Prices.......................................................................... ..................... 80
Figure 50. Palm Coast MSA Real Median Condominium Sales Prices ........................................................ .................................... 80
Figure 51. Panam a City-Lynne H aven FL, M SA ............................................................................ .................................................75









Figure 52. Panama City-Lynne Haven MSA Real Median Single-Family Sales Prices ........................................... ..........................81
Figure 53. Panama City-Lynne Haven MSA Real Median Condominium Sales Prices................................... ............................. 82
Figure 54. Pensacola-Ferry Pass-Brent FL, M SA .................................................................................... ..........................................77
Figure 55. Pensacola-Ferry Pass-Brent MSA Real Median Single-Family Sales Prices............................................ ......................... 85
Figure 56. Pensacola-Ferry Pass-Brent MSA Real Median Condominium Sales Prices..................................... ..................... 86
Figure 57. Port St. Lucie-Ft. Pierce, FL M SA ......................................................... ...................................... ............................ 77
Figure 58. Port St. Lucie-Ft. Pierce MSA Real Median Single-Family Sales Prices ............................ .......................................... 86
Figure 59. Port St. Lucie-Ft. Pierce MSA Real Median Condominium Sales Prices.............................................. ..................... 87
Figure 60. Punta G orda FL, M SA ............................................................................. ................................................ ............. 82
Figure 61. Punta Gorda MSA Real Median Single-Family Sales Prices .................................................... .................................. 87
Figure 62. Punta Gorda MSA Real Median Condominium Sales Prices............................................................... ..................... 89
Figure 63. Sarasota-Bradenton-Venice FL, M SA ..................................................................................................... 82
Figure 64. Sarasota-Bradenton-Venice MSA Real Median Single-Family Sales Prices........................... ............................ 90
Figure 65. Sarasota-Bradenton-Venice MSA Real Median Condominium Sales Prices ......................... ............................................... 90
Figure 66. Sebastian-Vero Beach FL, M SA ...................................................................... ........................................... ...................... 89
Figure 67. Sebastian-Vero Beach MSA Real Median Single-Family Sales Prices ........................................ ...............................91
Figure 68. Sebastian-Vero Beach MSA Real Median Condominium Sales Prices.................................................. .......................... 92
Figure 69. Tallahassee FL, MSA .................................................................. ...... 89
Figure 70. Tallahassee MSA Real Median Single-Family Sales Prices .....................................................................95
Figure 71. Tallahassee MSA Real Median Condominium Sales Prices ....................................................................................... 95
Figure 72. Northeast, FL Non-Metropolitan Area....................... ......... ............................ 94
Figure 73. Northeast, FL Non-Metropolitan Area Real Median Single-Family Sales Prices................................. ............ ... 101
Figure 74. Northeast, FL Non-Metropolitan Area Real Median Condominium Sales Prices................................. ............. .. 101
Figure 75. N orthw est, FL N on-M metropolitan Area.............................. .............................................................................................. 96
Figure 76. Northwest, FL Non-Metropolitan Area Real Median Single-Family Sales Prices................................ ............ ... 106
Figure 77. Northwest, FL Non-Metropolitan Area Real Median Condominium Sales Prices................................ ............ ... 107
Figure 78. Central, FL Non-Metropolitan Area ................................................................. ........................................... 96
Figure 79. Central, FL Non-Metropolitan Area Real Median Single-Family Sales Prices ....................................... 107
Figure 80. Central, FL Non-Metropolitan Area Real Median Condominium Sales Prices ................................................... 111
Figure 81. South, FL N on-M metropolitan Area............................. ............ ... ...................................... 96
Figure 82. South, FL Non-Metropolitan Area Real Median Single-Family Sales Prices......................... ................................ 111
Figure 83. South, FL Non-Metropolitan Area Real Median Condominium Sales Prices............................................... ... 112


i TheStateof Flridas Houing, 008










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
separated into three broad categories: single-family housing, con-
dominiums, 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 hous-
ing 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 2006 and 2007 for both single-
family housing and condominiums.
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 2007. This section estimates looks at the number
and value of new single-family and multi-family homes built in
Florida in 2007, and their impact on the Florida economy. Specifi-
cally, this section examines the impact on output, earnings, and
employment.


FLORIDA'S HOUSING SUPPLY

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 56 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 55.3 percent of the state's condominiums. Signifi-
cant concentrations of condominiums are also found in Collier, Lee,
Pinellas, and Sarasota Counties. Clearly, condominiums tend to be
a coastal phenomenon. By contrast, mobile or manufactured hous-
ing 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 the
preliminary tax roll year 2008.
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 coun-
ties the year built information and/or square footage is missing for
condominiums' 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 proper-
ties selling multiple times, eliminating the older records. In an
attempt to overcome this problem, we have merged sales data from
the previous eight roll years (2000, 2001, 2002, 2003, 2004, 2005,
2006, and 2007) with the current preliminary roll year (2008). The
use of the preliminary tax roll allows us to report 2007 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 somewhat
across counties; an example of this is square footage. Property ap-
praisers 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 field.2
Another problem that has to be addressed when creating the
database 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.3
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.4


Geography
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


n.. 1,... ...
.....
,.m---.--


0'**-L'-


Figure 1: Florida's 4 Major Metropolitan Areas


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-metropolitan.5
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.


r --l n,,, - U


TeS toflrd'Hui ,20 1-









Figure 3: Florida's 4 Non-Metropolitan Areas


It.- .1..n pa- ..
E n- r- a.


Single-Family Housing6
Summary data by county, with aggregations to metropolitan
and state totals, are included in Table 1. There are 4.64 million
single-family housing units in the state of Florida and the total
assessed value of these units is $894.4 billion. A total of 73.2% of
these units are occupied by their owner; the remaining units are
renter-occupied. The number of single-family sales in 2007 totaled
202,704, which is equal to approximately 4.4 percent of the total



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


,"L '." .r *'
7-




P~iriU.rl (I llonadn <>lIqle I innl v l fl *l Hciiuni) M4h T*
P .. ..id-.%i~qI.S -IVN--1 q1-h

m.J


&14-


single-family housing stock in this state. The median 2007 single-
family sales price was $240,000.
As shown in Figure 4, Florida's housing is geographically concentrated.
The four major MSAs contain approximately 2.6 million single-
family units and these units comprise about 56 percent of the total
housing stock in the state. Twenty-nine percent of the major MSA
total, comprising nearly 16.4 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 22 percent
of the major MSA total, representing 12.11 percent of the state's
single-family stock, the Jacksonville MSA has 8.1 percent of the
state total, and the Miami-Fort Lauderdale-Pompano Beach MSA
represents 19.3 percent of the state total.
The 16 other MSAs contain 37.96 percent of the state's single-
family housing stock, while the 28 non-metropolitan counties con-
tain only 6.13 percent. The non-metropolitan counties show the
extremes of population densities in the state. For example, Lafay-
ette County has only 924 single-family units. Other counties with
less than 2,000 units include Glades, Liberty and Union County.
Counties with the largest number of sales transactions in 2007
are, as expected, the largest counties in population. Approximately
54 percent of the single-family transactions in the state in 2007
were in the major MSA counties. Another 40 percent of all sales
in 2007 were in the other MSA counties, while the remaining 6
percent were in the non-metropolitan counties.

Figure 5: Median 2007 Single-Family Sales Price





Si- -


M din are DI Mlr.|le I Miilly a n iat Pur _

,.,~ ---
mn .... u














The highest single-family median sales prices in 2007 were in
Monroe ($675,000), Collier ($425,000), Palm Beach ($369,972),
and Miami-Dade ($365,000) Counties. Other counties with
median sales prices above $250,000 include Broward, Franklin, Lee
Manatee, Martin, Nassau, Orange, Osceola, Seminole, St. John's,
and Walton County.
As shown in Figure 5, the sales price data further illustrate the
differences between urban and rural counties and between coastal

















Table 1. Single-Family Housing Stock


Total Assessed
% Owner Value
County Total Umts % ofState Occupied allue a
(Milhons ofDollars)


4,638,900 100 00% 73 19%


3,850 0 08% 81 71%

52,760 1 14% 79 65%

243,641 5 25% 75 69%

19,316 042% 73 91%

55,996 1 21% 75 89%

375,563 8 10% 76 25%


Miami-Fort Lauderdale-Pompano Beach, FL MSA Broward County 370,835 799% 78 64%

Miami-Dade County 310,525 6 69% 79 42%

Palm Beach County 215,373 464% 77 80%

MSA Total 896,733 19 33% 78 71%


Orlando-Kissimmee, FL MSA


MSA Total


Tampa-St Petersburg-Clearwater, FL MSA


Major Metropolitan Area Total



Cape Coral-Fort Myers, FL MSA


Deltona-Daytona Beach-Ormond Beach, FL MSA Volusia County


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


88,329 1 90% 71 86%

275,826 5 95% 71 23%

79,470 1 71% 56 41%

118,017 254% 7820%

561,642 12 11% 70 70%



60,192 130% 7267%

312,280 673% 7731%

141,559 3 05% 72 82%

245,628 5 29% 77 80%

759,659 16 38% 76 26%



2,593,597 55 91% 75 90%



197,003 4 25% 62 87%



152,572 3 29% 75 01%


Total Just Value
% of State (Millons of % of State


Florida


Jacksonville. FL MSA


60,874 131% 69 23% $10,201 45 1 14% $12,68280 1 10%


Baker County

Clay County

Duval County

Nassau County

St Johns County


$894,395 64 100 00%


$405 19 0 05%

$8,065 23 0 90%

$36,25682 4 05%

$4,155 13 0 46%

$15,21922 1 70%

$64,101 59 7 17%



$87,755 40 981%

$76,383 81 8 54%

$69,025 87 772%

$233,165 08 26 07%



$14,95859 1 67%

$54,90285 6 14%

$14,94607 167%

$22,224 80 2 48%

$107,03231 1197%



$7,943 50 089%

$49,511 48 5 54%

$20,285 35 2 27%

$40,405 86 452%

$118,14619 13 21%



$522,445 16 5841%



$45,548 46 5 09%



$22,327 19 2 50%


Dollars)

$1,152,419 59 100 00%


$523 00 0 05%

$9,949 86 0 86%

$47,582 71 4 13%

$5,113 36 044%

$18,819 07 1 63%

$81,98800 7 11%



$121,771 40 1057%

$123,751 04 1074%

$88,889 27 771%

$334,411 71 29 02%



$17,403 41 1 51%

$68,046 29 5 90%

$17,489 37 152%

$29,003 24 2 52%

$131,94231 1145%



$9,466 34 0 82%

$61,906 49 5 37%

$24,228 69 2 10%

$53,912 94 4 68%

$149,514 45 12 97%



$697,856 47 60 56%



$53,416 55 464%



$29,237 91 2 54%


1994 059 10,566 5 21% $262,500 5 36%



1984 1 05 5,799 2 86% $200,000 3 80%


1985 1 00 2,839 1 40% $200,800 4 66%


Number of Median
Mean Year Relative Nuber of Media Turnove
Sales in % of State 2007 e
Bmlt Age Index Rate
2007 Sales Price

1985 100 202,704 100 00% $240,000 437%


1995 055 223 0 11% $189,000 5 79%

1992 068 2,843 140% $215,500 539%

1980 1 23 12,256 6 05% $189,000 5 03%

1994 059 1,085 0 54% $254,200 5 62%

1997 045 3,904 193% $289,650 697%

1987 091 20,311 1002% $211,500 541%



1980 1 23 14,364 7 09% $330,000 3 87%

1969 1 73 9,451 466% $365,000 304%

1980 1 23 6,937 3 42% $369,972 3 22%

1978 1 32 30,752 15 17% $350,000 3 43%



1996 050 4,761 235% $236,800 539%

1990 077 15,350 7 57% $280,000 5 57%

1997 045 5,456 269% $262,850 687%

1985 1 00 5,773 2 85% $260,000 489%

1990 077 31,340 15 46% $265,000 5 58%



1989 082 2,658 1 31% $179,900 442%

1984 1 05 9,154 4 52% $233,450 2 93%

1986 095 7,731 3 81% $205,100 546%

1968 1 77 6,876 3 39% $209,000 280%

1981 1 18 26,419 13 03% $212,000 348%


108,822 53 69%


MSA Total


4 20%


Lake County

Orange County

Osceola County

Semmole County




Hernando County
Hillsborough
County
Pasco County

Pinellas County


MSA Total


Lee County
















Gainesville. FL MSA


MSA Total


Lakeland, FL MSA



Naples-Marco Island, FL MSA



Ocala, FL MSA



Palm Bay-Melbourne-Tltusville, 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



Sarasota-Bradenton-Vemce, FL MSA


MSA Total


Sebastian-Vero Beach, FL MSA



Tallahassee, FL MSA


Alachua County

Gilchnst County




Polk County



Collier County



Marion 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

Wakulla County


MSA Total


54,784 1 18% 7695%

2,215 005% 7431%

56,999 1 23% 76 85%



159,841 3 45% 67 41%



75,791 163% 65 52%



99,806 2 15% 7148%



176,359 3 80% 75 77%



37,073 080% 68 36%


52,422 1 13% 65 13%



93,841 2 02% 72 10%

47,799 103% 75 56%

141,640 3 05% 73 27%



45,368 0 98% 75 86%

92,902 2 00% 67 02%

138,270 298% 69 92%



64,945 1 40% 67 60%



82,222 1 77% 73 02%

129,513 279% 6944%

211,735 456% 7083%


46,888 1 01% 7029%



10,481 023% 72 68%

2,584 0 06% 67 65%

68,687 1 48% 72 96%

6,769 0 15% 7292%

88,521 191% 72 77%


$7,776 05 0 87%

$229 71 0 03%

$8,005 76 090%



$21,65430 2 42%



$34,443 19 3 85%



$13,177 53 1 47%



$25,941 53 290%



$6,82634 0 76%


$8,323 98 0 93%



$9,41643 105%

$6,75035 0 75%

$16,16678 1 81%



$13,375 45 1 50%

$13,25962 1 48%

$26,635 07 298%



$10,581 89 1 18%



$18,56684 2 08%

$30,005 17 3 35%

$48,57200 5 43%


$11,081 95 124%


$82991 0 09%

$235 83 0 03%

$10,44286 1 17%

$863 57 0 10%

$12,372 18 138%


$9,874 72 086%

$300 24 0 03%

$10,17497 088%



$26,926 95 2 34%



$42,323 24 3 67%



$16,77623 146%



$33,304 35 2 89%



$7,97292 069%


$10,67960 093%



$11,27631 098%

$7,853 09 068%

$19,12940 166%



$16,80904 146%

$15,03724 130%

$31,84628 276%



$12,030 12 1 04%



$22,05806 1 91%

$36,601 90 3 18%

$58,659 96 5 09%


$12,97442 1 13%



$1,01687 009%

$301 86 0 03%

$13,081 28 1 14%

$1,037 60 0 09%

$15,43760 134%


2,919 1 44% $210,000 5 33%

56 0 03% $188,500 2 53%

2,975 1 47% $209,000 5 22%


8,945 4 41% $208,000 5 60%



3,451 1 70% $425,000 455%



4,870 2 40% $192,000 488%



6,835 3 37% $200,000 3 88%



1,644 0 81% $222,000 4 43%


2,279 1 12% $205,000 4 35%



3,803 1 88% $147,500 405%

2,556 1 26% $193,950 5 35%

6,359 3 14% $165,000 4 49%


1,805 089% $315,000 398%

4,492 222% $229,900 484%

6,297 3 11% $242,400 455%



2,470 1 22% $209,450 3 80%



4,063 2 00% $290,000 4 940%

5,356 2 64% $243,000 4 14%

9,419 4 65% $264,700 445%


2,721 1 34% $230,000 5 80%



417 021% $164,000 398%

77 004% $185,000 298%

3,427 169% $190,000 499%

420 0 21% $152,950 620%

4,341 2 14% $182,900 4 90%

















Remaimng Metropohtan Area Total



Northeast Non-metropohtan Area


Non-Metro Total


Northwest Non-metropohtan Area


1,760,739 37 96% 70 30% 321,860 35 99% 393,573 34 15%


Bradford County

Columbia County

Dilxe 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


Non-Metro Total


Central Non-metropohtan Area


Citrus County

Putnam County

Sumter County


Non-Metro Total


South Non-metropolitan Area


DeSoto County

Glades County

Hardee County

Hendry County

Highlands County

Monroe County

Okeechobee County


Non-Metro Total

Non-metropohtan Area Total


5,468 0 12% 74 40%

12,420 027% 74 67%

2,716 0 06% 61 78%

2,019 0 04% 69 49%

924 0 02% 71 43%

7,304 0 16% 71 65%

3,027 007% 68 45%

5,790 0 12% 7271%

5,347 0 12% 63 10%

1,251 003% 7642%

46,266 1 00% 71 17%



2,584 006% 73 41%

6,187 0 13% 41 44%

6,044 0 13% 49 07%

3,307 007% 74 33%

10,390 022% 71 18%

1,220 003% 6951%

20,274 044% 47 44%

4,666 0 10% 69 40%

54,672 1 18% 56 67%



52,220 1 13% 73 86%

16,491 036% 69 58%

33,296 0 72% 69 86%

102,007 2 20% 71 87%



5,457 0 12% 70 26%

1,698 004% 57 18%

4,037 0 09% 74 36%

5,496 0 12% 6951%

32,136 069% 6721%

25,459 0 55% 52 03%

7,336 0 16% 69 34%

81,619 1 76% 63 17%

284,564 6 13% 66 34%


$488 72 0 05%

$1,298 13 0 15%

$21490 002%

$13199 001%

$7516 001%

$861 50 0 10%

$204 45 0 02%

$527 11 0 06%

$453 20 0 05%

$9600 0 01%

$4,35116 049%


$15682 0 02%

$2,01650 023%

$1,181 01 0 13%

$19424 0 02%

$717 93 0 08%

$73 20 0 01%

$7,40925 083%

$332 90 0 04%

$12,081 85 1 35%



$6,60623 0 74%

$1,653 66 0 18%

$4,992 96 0 56%

$13,25285 1 48%



$59467 007%

$177 67 002%

$29651 0 03%

$63406 007%

$3,655 78 0 41%

$14,20494 1 59%

$84137 009%

$20,40501 228%

$50,090 88 5 60%


$615 78 0 05%

$1,603 65 0 14%

$273 65 002%

$171 61 001%

$10122 001%

$1,146 18 0 10%

$275 95 0 02%

$696 84 0 06%

$538 64 0 05%

$12138 001%

$5,544 90 0 48%


$19346 002%

$2,36451 021%

$1,38770 012%

$21894 0 02%

$85404 007%

$94 73 001%

$8,16870 0 71%

$374 20 0 03%

$13,65628 1 19%



$8,03139 070%

$2,272 74 0 20%

$5,76999 0 50%

$16,074 12 1 39%



$80007 007%

$221 45 0 02%

$384 27 0 03%

$825 89 007%

$4,751 53 041%

$17,68001 1 53%

$1,05132 009%

$25,71453 2 23%

$60,989 83 5 29%


81,810 40 36% 4 65%



139 0 07% $135,000 2 54%

530 026% $161,200 4 27%

60 003% $117,650 221%

42 002% $96,000 208%

24 001% $161,000 260%

217 011% $150,000 297%

62 003% $111,750 205%

173 0 09% $129,500 2 99%

120 0 06% $88,750 2 24%

48 0 02% $159,500 3 84%

1,415 070% $145,000 306%



72 004% $95,200 2 79%

109 0 05% $295,000 1 76%

182 0 09% $217,500 3 01%

75 0 04% $89,900 2 27%

212 0 10% $124,250 2 04%

29 001% $121,000 238%

888 0 44% $334,650 4 38%

108 005% $115,000 231%

1,675 083% $229,900 306%



2,042 1 01% $163,000 3 91%

421 021% $135,000 255%

3,548 1 75% $220,950 10 66%

6,011 297% $195,000 589%



135 007% $160,000 2 47%

48 002% $160,000 283%

137 0 07% $129,900 3 39%

164 0 08% $174,100 2 98%

1,331 066% $158,000 4 14%

906 0 45% $675,000 3 56%

250 0 12% $159,900 3 41%

2,971 147% $199,900 3 64%

12,072 5 96% 4 24%










and non-coastal counties. The highest mean prices in 2007 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 or panhandle of the state.


Condominiums


Figure 6: Percentage of Florida's Condominium Stock


--T -----_






r '-



.
im


A


.-r

The role of condominiums in providing housing in a county is
another indicator of the differences in housing stock across counties
Table 2 contains summary information on the state's stock of con-
dominiums. As expected, condominiums are an important source
of housing in coastal counties where a number of retirees live, but
not in interior counties. Summing across counties indicates that
there were 1,795,428 condominiums in the state in 2007, and
41.32 percent of these units are owner-occupied, much less than th
73 percent owner-occupied percentage found in the single-family
stock. A total of 993,097 units, or 55.3 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 1.7 percent of the total condominiums in the state,
and almost 80 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 coun-
ties, but condominiums still play a major role in the provision of
housing in those counties. For example, Collier County's 94,733
condominium units far exceed the 75,791 single-family housing
units in the county. Condominium units also exceed single-family
units in Palm Beach County.
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 97,969
units in 2007. Of these 26.5 percent occurred in Miami-Dade
County, 13.2 percent in Palm Beach County, and 12.8 percent in
Broward County. These three southeast counties accounted for
about 52.5 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 2007 was $225,000. Counties with median
sales prices at/or above $400,000 were Franklin ($550,000), Flagler
($495,000), Monroe ($440,000), Escambia (410,000), and Bay
($400,000). The relatively high price of portions of the condomin-
ium stock in Florida appears to reflect the steep premium paid for
the ocean accessibility that is an attribute of many condominiums
in coastal settings and the retirement clientele for the units.


Multi-family Housing
The use of the 2008 preliminary county property appraiser data
used in this report allows us to report for the first time the number
of residential units in the multifamily rental structures for many
of the counties. 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 153,500 multifamily properties that contain fewer than 10
units in the state of Florida, and these multi-family units contain
at a minimum around 322,000 residential units. Approximately
64 percent of these are found in the four major metropolitan areas,
with another 32 percent located in other metropolitan areas. Only
3.8 percent of these small multifamily complexes are found in non-
MSA counties. Twenty percent of these units are found in Miami-
Dade County. Only eleven of the non-MSA counties have more
Than 100 such complexes, with Monroe having almost 44 percent



Figure 7: Median 2007 Condominium Sales Price


- .


.Ii.
*I.
o


e

















Total
Total Total Just
Assessed Value
County Total Umts % of State 0 e Value % of State (Mllios of % of State Average Age
Occupied (MMllions of llons of
(Millons of Dollars)
Dollars)
Flonda 1,795,428 100 00% 41 32% $362,557 92 100 00% $404,759 52 100 00% ($)


Jacksonville, FL MSA Baker County

Clay County

Duval County

Nassau County
St Johns
County
MSA Total


Miami-Fort Lauderdale- Broward
Broward
Pompano Beach, FL County
MSA
Miami-Dade
County
Palm Beach
County
MSA Total


Orlando-Kissimmee, FL Lake County
MSA
Orange County
Osceola
County
Seminole
County
MSA Total


Tampa-St Petersburg- Hemando
Clearwater, FL MSA County
Hillsborough
County
Pasco County
Pnellas
County
MSA Total


Number of Sales
m 2007


% of State


97,969 10000%


000% 000% $000 000% $000 000%

0 13% 38 94% $23469 0 06% $244 14 0 06%

151% 38 12% $4,554 37 126% $4,83645 1 19%

021% 15 81% $1,56933 043% $1,646 18 041%

079% 2486% $3,281 90 091% $3,48089 086%

264% 3241% $9.640 30 266% $10207 65 252%


263,147 1466% 4751% $39,306'


1084% $44,75455 1106%


401,201 22 35% 47 13% $90,83364 25 05% $107,25405 26 50%

328,749 1831% 52 93% $61,451 38 16 95% $69,86800 17 26%

993,097 55 31% 49 15% $191,591 79 52 84% $221,876 60 54 82%



2,884 0 16% 52 25% $527 13 0 15% $570 05 0 14%

67,514 376% 2231% $12,90024 356% $13,33577 329%

13,276 074% 951% $4,52429 125% $4,54686 1 12%

15,936 089% 37 98% $1,89993 052% $2,101 77 052%

99.610 555% 23 98% $19.851 60 548% $20.554 45 508%


752

44,130

12,438

103,831

161.151


12,537 12 80%


25,912 2645%

12,956 1322%

51,405 5247%



144 0 15%

5,958 608%

1,410 144%

1,691 1 73%

9.203 939%


004% 4801% $5365 001% $62 79 002%

246% 39 59% $5,882 30 162% $6,344 78 157%

069% 42 02% $1,08020 030% $1,22077 030%

578% 4561% $16,291 09 449% $18,505 76 457%

898% 43 70% $23,307 24 643% $26,134 10 646%


Major Metropolitan Area
Total


1,301,247 7248% 4594% $244,39093 67 41% $278,77281 6887%


4,206 75 74%


8 (*) Less than 25 Observations, ($) Less than 2/3 of observations have valid year-built entries


Table 2. Condominium Stock8


Median 2007
Sales Price


$225,000


Turnover Rate


5 46%


0 00%

1894%

1234%

4 72%

5 89%

10 12%



4 76%


6 46%

3 94%

5 18%



4 99%

8 82%

1062%

1061%

9 24%


$0

$120,600

$165,200

$369,900

$212,000

$169,000



$199,900


$265,000

$249,550

$243,900



$129,200

$202,700

$220,000

$165,000

$197,000



$117,500

$179,900

$112,100

$159,000

$165,800


5 70%

















Cape Coral-Fort Myers, Lee Coty
FL MSA


Deltona-Daytona Beach- Volusia
Ormond Beach, FL MSA County


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


Alachua
Gainesville, FL MSA a
County
Gilchrist
County
MSA Total


Lakeland, FL MSA Polk County


Naples-Marco Island, FL Collier County
MSA


Ocala, FL MSA Manon County


Palm Bay-Melboume- Brevard
Titusville, FL MSA County


Palm Coast, FL MSA Flagler County


Panama City-Lyn Bay County
Haven, FL MSA


Pensacola-Ferry Pass- Escambia
Brent, FL MSA County
Santa Rosa
County
MSA Total


Port St Lucle, FL MSA Martin County
St Lucie
County
MSA Total


Charlotte
Punta Gorda, FL MSA C o
County


Sarasota-Bradenton- Manatee
Venice FT. MSA Colntv


83,101 463% 28 90%



30,303 1 69% 24 82%



13,394 0 75% 886%


041% 3461%

0 00% 000%

041% 3461%


0 46% 33 82%



5 28% 29 58%



0 38% 58 99%



1 94% 34 99%



0 25% 19 94%



1 11% 534%



050% 1551%

009% 17 70%

0 58% 15 84%


081% 4237%

0 87% 3032%

1 68% 36 14%



086% 2621%



1 70% 41 04%


$18,83436 5 19%



$6,41567 177%



$4,13898 1 14%



$79562 022%

$000 0 00%

$79562 022%


$72854 020%



$30,77421 849%



$55044 0 15%



$5,41737 149%



$1,642 70 045%



$4,563 88 1 26%



$2,543 39 0 70%

$42682 0 12%

$2,97021 082%


$2,10452 058%

$2,657 05 0 73%

$4,761 57 131%



$2,983 40 0 82%



s5 990 4 1 46%


$19,71982 487%



$6,786 10 168%



$4,21772 104%



$822 26 020%

$000 000%

$822 26 020%


$807 65 020%



$33,270 17 822%



$64791 0 16%



$6,064 00 1 50%



$1,67777 041%



$4,609 40 1 14%



$2,590 72 064%

$44158 011%

$3,032 30 075%


$2,362 23 058%

$2,85984 071%

$5,222 07 129%



$3,120 16 077%



I5 Ro4 nn 1 43%


4,475 457%



1,185 1 21%



505 0 52%


$250,700



$257,500



$370,000



$162,000

$0

$162,000


$112,000



$310,000



$119,700



$172,500



$495,000



$400,000



$410,000

$275,000

$364,950


$200,000

$235,000

$217,000



$288,250



1Q89 Ron


5 39%



391%



3 77%



1268%

0 00%

1268%


4 17%



3 20%



5 74%



5 45%



799%



6 77%



401%

3 09%

3 87%


3 98%

3 63%

3 79%



677%



4 090















Sarasota
County


MSA Total


Sebastian-Vero Beach, Indian River
FL MSA County


Gadsden
Tallahassee, FL MSA Gadsden
County
Jefferson
County
Leon County
Wakulla
County
MSA Total


Remaining Metropolitan
Area Total


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

Umon County

Non-Metro Total


Northwest Non- Calhoun
metropolitan Area County
Franklin
County
Gulf County
Holmes
County
Jackson
County
Liberty County

Walton County
Washington
County
Non-Metro Total


55,438 309% 36 87%

85,986 4 79% 38 35%



14,787 082% 3637%


0 00% 000%

0 00% 000%

021% 1947%

002% 27 96%

0 23% 20 05%


464,135 25 85% 200 98%



21 000% 8095%

45 0 00% 64 44%

134 001% 373%

0 000% 000%

0 000% 000%

240 001% 625%

0 000% 000%


0 00% 000%

001% 326%

0 00% 303%

003% 1239%


0 000% 000%

222 001% 225%

77 000% 390%

0 000% 000%


0 00% 000%

0 00% 000%

0 76% 5 18%

0 00% 000%

0 77% 5 12%


$15,35977 424%

$20,650 20 5 70%



$3,065 99 0 85%



$0 00 0 00%

$0 00 0 00%

$40345 011%

$4484 001%

$44829 012%



108,741 2999%



$190 000%

$366 000%

$3750 001%

$0 00 000%

$0 00 000%

$5248 001%

$0 00 000%

$0 00 000%

$2462 001%

$209 000%

$12225 003%



$0 00 000%

$55 71 002%

$24 78 001%

$0 00 000%

$0 00 000%

$0 00 000%

$4,505 78 124%

$0 00 000%

$4.586 27 126%


$16,65354 411%

$22,457 55 5 55%



$3,301 99 082%



$0 00 000%

$0 00 000%

$408 71 0 10%

$4654 001%

$45525 011%



116,212 2871%



$298 000%

$405 000%

$3750 001%

$0 00 000%

$0 00 000%

$5342 001%

$0 00 000%

$0 00 000%

$24 74 001%

$209 000%

$12477 003%



$0 00 000%

$5613 001%

$2519 001%

$0 00 000%

$0 00 000%

$0 00 000%

$4,56054 1 13%

$0 00 000%

$4.641 87 1 15%


3,050 311% $279,450

4,299 4 39% $238,000


750 0 77%


22,510 22 98%



1 0 00%

1 0 00%

28 003%

0 000%

0 000%

6 001%

0 000%


$220,000



$0

$0

$145,000

$172,500

$145,000


$210,000

$179,000

$350,000

$0

$0

$297,000

$0

$0

$0

$220,000

$330,000



$0

$550,000

$190,500

$0

$0

$0

$385,400

$0

$385.400


5 07%



0 00%

0 00%

10 32%

3 58%

9 86%



4 85%



4 76%

2 22%

20 90%

0 00%

0 00%

2 50%

0 00%

0 00%

0 00%

3 03%

6 55%


















Central Non-
metropolitan Area




Non-Metro Total


Citrus County
Putnam
County
Sumter County


South Non-metropolitan DeSoto
Area County
Glades County

Hardee County
Hendry
County
Highlands
County
Monroe
County
Okeechobee
County
Non-Metro Tntal


0 09% 34 05%

001% 1717%

0 02% 28 68%

0 12% 31 81%


$181 00 005%

$3632 001%

$2474 001%

$24206 007%


$20281 005%

$3895 001%

$2484 001%

$266 60 007%


003% 4415% $5807 002% $6396 002%

001% 2324% $893 000% $933 000%

001% 3721% $11 10 000% $1161 000%

003% 1182% $5376 001% $5488 001%

007% 3780% $10675 003% $12132 003%

058% 14 79% $4,22591 1 17% $4,469 13 1 10%

001% 1837% $1046 000% $11 13 000%

075% 1R 67% 4 474 98 1 39% 4 741 17 1 17%


Non-metropolitan Area
Total


30,046 167% 91 72% $9,425 5'


260% $9,77460 241%


1,253 128%


76 008%

7 001%

27 003%

110 0 11%


$130,000

$196,000

$165,000

$150,000



$122,450

$35,000

$50,700

$180,000

$115,000

$440,000

$89,000

34n nnn


4 17%













Table 3. Multi-Family Housing Stock with 9 or Less Units9


County


Florida


Jacksonville, FL MSA






MSA Total


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


Miami-Fort Lauderdale-Pompano Beach, Broward County
FL MSA


MSA Total


Orlando-Kissimmee, FL MSA




MSA Total


Tampa-St. Petersburg-Clearwater, FL
MSA


Major Metropolitan Area Total


Cape Coral-Fort Myers, FL MSA


Miami-Dade County
Palm Beach County



Lake County
Orange County
Osceola County
Seminole County




Hernando County

Hillsborough
County
Pasco County
Pinellas County


Lee County


Number of
Number of ,Total Assessed Value
Total Units % of State Residential l % of State
Units (Millions of Dollars)
153,556 100.00% 322,331 $35,932.31 100.00%


48 0.03% NA
285 0.19% 304
4,373 2.85% 13,874
372 0.24% 554
1,753 1.14% NA
6,831 4.45% 14,732


18,528 12.07% 50,313

31,677 20.63% 86,022
10,530 6.86% 27,522
60,735 39.55% 163,857


1,284 0.84% 3,525
4,947 3.22% 1,329
942 0.61% 1,935
1,581 1.03% 2,981
8,754 5.70% 9,770


472 0.31%


4,693 3.06% 13,728

3,814 2.48% 5,425
12,826 8.35% 33,012
21,805 14.20% 53,369


98,125 63.90% 241,728


8,102 5.28% 18,428


$6.03 0.02%
$52.83 0.15%
$866.25 2.41%
$126.39 0.35%
$501.39 1.40%
$1,552.89 4.32%


$5,383.77 14.98%

$10,209.52 28.41%
$2,463.86 6.86%
$18,057.16 50.25%


$190.83 0.53%
$875.90 2.44%
$178.76 0.50%
$250.44 0.70%
$1,495.93 4.16%


$69.62 0.19%

$773.08 2.15%

$486.70 1.35%
$2,755.41 7.67%
$4,084.82 11.37%


$25,190.80 70.11%


$1,675.59 4.66%


Total Just Value
Mean Relative
(Millions of % of State Mean Relatve
Dollars)Year Built Age Index
Dollars)


$39,276.65 100.00%


$6.03 0.02%
$53.20 0.14%
$927.63 2.36%
$138.18 0.35%
$663.37 1.69%
$1,788.40 4.55%


$5,874.35 14.96%

$11,370.16 28.95%
$2,652.67 6.75%
$19,897.17 50.66%


$192.45 0.49%
$913.97 2.33%
$182.31 0.46%
$270.76 0.69%
$1,559.50 3.97%


$70.85 0.18%

$792.91 2.02%

$564.46 1.44%
$3,164.93 8.06%
$4,593.14 11.69%


$27,838.22 70.88%


$1,757.04 4.47%


1972


1.00


1984


0.66


9 (*) Less than 25 Observations, ($) Less than 2/3 of observations have valid year built entries


MSA Total













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


Sarasota-Bradenton-Venice, FL MSA


MSA Total


Sebastian-Vero Beach, 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


Manatee County
Sarasota County



Indian River County


11,066 7.21%


751 0.49% 2,762


1,642
9
1,651


4,331


1,984


1,195


2,950


921


864


1,848
643
2,491


975
1,457
2,432


1,153


4,425
2,194
6,619


804


1.07%
0.01%
1.08%


2.82%


1.29%


0.78%


1.92%


0.60%


0.56%


1.20%
0.42%
1.62%


0.63%
0.95%
1.58%


0.75%


2.88%
1.43%
4.31%


0.52%


4,822
18
4,840


NA


NA


3,476


7,935


974


2,156


NA
1,555
1,555


NA
3,713
3,713


2,898


10,135
4,998
15,133


NA


$1,451.89 4.04%



$156.38 0.44%


$236.50
$1.86
$238.36


$488.09


$562.61


$208.64


$646.55


$181.39


$165.22


$227.95
$82.68
$310.62


$192.30
$190.34
$382.64


$242.26


$987.50
$535.63
$1,523.13


$140.13


0.66%
0.01%
0.66%


1.36%


1.57%


0.58%


1.80%


0.50%


0.46%


0.63%
0.23%
0.86%


0.54%
0.53%
1.06%


0.67%


2.75%
1.49%
4.24%


0.39%


$1,654.08 4.21%



$157.60 0.40%


$239.44
$1.86
$241.30


$494.72


$578.70


$211.83


$725.02


$184.53


$170.77


$236.47
$83.86
$320.33


$206.91
$194.62
$401.53


$251.13


$1,070.00
$551.42
$1,621.42


$143.91


0.61%
0.00%
0.61%


1.26%


1.47%


0.54%


1.85%


0.47%


0.43%


0.60%
0.21%
0.82%


0.53%
0.50%
1.02%


0.64%


2.72%
1.40%
4.13%


0.37%


1984


0.66













Tallahassee, FL MSA




MSA Total


Remaining Metropolitan Area Total


Northeast Non-metropolitan Area













Non-Metro Total


Northwest Non-metropolitan Area










Non-Metro Total


Central Non-metropolitan Area


49,557 32.27% 70,315


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


Non-Metro Total


South Non-metropolitan Area


DeSoto County
Glades County
Hardee County


0.01%
0.14%
0.00%
0.01%
0.00%
0.04%
0.16%
0.03%
0.01%
0.00%
0.42%


0.00%
0.01%
0.01%
0.00%
0.00%
0.00%
0.05%
0.01%
0.08%


0.31%
0.08%
0.10%
0.50%


0.11%
0.03%
0.15%


8,772 24.41%


$0.68
$34.17
$0.10
$6.03
$0.60
$9.49
$24.80
$3.55
$9.28
$0.63
$89.32


$2.16
$6.96
$4.87
$1.63
$0.00
$0.07
$15.55
$4.10
$35.35


$73.05
$13.88
$19.99
$106.92


$23.00
$5.88
$19.92


0.00%
0.10%
0.00%
0.02%
0.00%
0.03%
0.07%
0.01%
0.03%
0.00%
0.25%


0.01%
0.02%
0.01%
0.00%
0.00%
0.00%
0.04%
0.01%
0.10%


0.20%
0.04%
0.06%
0.30%


0.06%
0.02%
0.06%


9,318 23.72%


$0.71
$34.58
$0.10
$6.04
$0.60
$10.34
$29.65
$3.58
$9.28
$0.63
$95.50


$2.16
$6.97
$4.87
$1.63
$0.00
$0.07
$15.95
$4.10
$35.74


$75.11
$14.44
$21.12
$110.67


$23.80
$5.96
$24.01


0.00%
0.09%
0.00%
0.02%
0.00%
0.03%
0.08%
0.01%
0.02%
0.00%
0.24%


0.01%
0.02%
0.01%
0.00%
0.00%
0.00%
0.04%
0.01%
0.09%


0.19%
0.04%
0.05%
0.28%


0.06%
0.02%
0.06%


Gadsden County
Jefferson County
Leon County
Wakulla County


0.02%
0.01%
1.38%
0.05%
1.46%


$16.78
$3.98
$364.37
$13.60
$398.73


0.05%
0.01%
1.01%
0.04%
1.11%


$16.78
$4.03
$369.29
$13.77
$403.87


0.04%
0.01%
0.94%
0.04%
1.03%


1998.5
(*)
1978
2005
1978


(*)
1982
(*)
(*)
(*)
1986
1972
1980
(*)
(*)
1979


(*)
(*)
(*)
(*)
0
(*)
1985
(*)
1987


1989
1977.5
($)
1987


1978
1981
1975













Hendry County 424 0.28% 52 $52.61 0.15% $60.55 0.15% 1975 0.91
Highlands County 766 0.50% NA $80.96 0.23% $83.72 0.21% 1979 0.80
Monroe County 2,570 1.67% 6,385 $1,535.63 4.27% $1,660.69 4.23% 1963 1.26
Okeechobee County 129 0.08% 216 $19.67 0.05% $20.01 0.05% 1975 0.91
Non-Metro Total 4,337 2.82% 7,602 $1,737.68 4.84% $1,878.74 4.78% 1970 1.06


Non-metropolitan Area Total 5,874 3.83% 10,288 $1,969.26 5.48% $2,120.65 5.40%













Table 4. Multi-Family Housing Stock with 10 or More Unitso1


County


Florida


Jacksonville, FL MSA






MSA Total


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


Miami-Fort Lauderdale-Pompano Beach, Broward County
FL MSA
Miami-Dade County
Palm Beach County
MSA Total


Orlando-Kissimmee, FL MSA




MSA Total

Tampa-St. Petersburg-Clearwater, FL
MSA


Major Metropolitan Area Total


Cape Coral-Fort Myers, FL MSA


Lake County
Orange County
Osceola County
Seminole County



Hernando County

Hillsborough
County
Pasco County
Pinellas County


Lee County


Number of
Total Units % of State Residential
Units
13,363 100.00% 686,546


2 0.01% NA
41 0.31% 1,268
521 3.90% 71,498
21 0.16% 913
40 0.30% NA
625 4.68% 73,679


1,654 12.38% 79,882

3,253 24.34% 124,713
705 5.28% 51,592
5,612 42.00% 256,187


142 1.06% 449
769 5.75% 20,897
74 0.55% 332
148 1.11% 28,707
1,133 8.48% 50,385


54 0.40%


733 5.49% 91,281

182 1.36% NA
665 4.98% 44,477
1,634 12.23% 136,217


9,004 67.38% 516,468


173 1.29% 15,380


Total Assessed Value of State
$86 % of State
(Millions of Dollars)

$48,674.20 100.00%


$1.97 0.00%
$243.07 0.50%
$3,689.20 7.58%
$32.47 0.07%
$161.04 0.33%
$4,127.76 8.48%


$6,400.64 13.15%

$9,868.45 20.27%
$3,713.85 7.63%
$19,982.94 41.05%


$340.53 0.70%
$5,255.96 10.80%
$472.89 0.97%
$1,893.75 3.89%
$7,963.13 16.36%


$120.87 0.25%

$4,895.34 10.06%

$465.32 0.96%
$2,256.73 4.64%
$7,738.26 15.90%


$39,812.09 81.79%


$508.94 1.05%


Total Just Value Men
Mean Relative
(Millions of % of State Ye ilt A
$4,69Year Built Age Index
Dollars)
$48,692.57 100.00% 1975 1.00


$1.97 0.00%
$243.07 0.50%
$3,689.33 7.58%
$33.41 0.07%
$161.04 0.33%
$4,128.83 8.48%


$6,406.99 13.16%

$9,870.86 20.27%
$3,714.58 7.63%
$19,992.43 41.06%


$340.56 0.70%
$5,255.98 10.79%
$472.93 0.97%
$1,893.75 3.89%
$7,963.23 16.35%


$120.89 0.25%

$4,895.49 10.05%

$465.32 0.96%
$2,257.39 4.64%
$7,739.09 15.89%


$39,823.57 81.79%


$508.94 1.05%


(*)
1983
1978
(*)
1996.5
1980


1970

1966
1973
1968


1986
1989
1988
1986
1988


1990

1981

1988.5
1971
1975


1984


0.72


10 (*) Less than 25 Observations, ($) Less than 2/3 of observations have valid year built entries


MSA Total













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


Sarasota-Bradenton-Venice, FL MSA


MSA Total


Sebastian-Vero Beach, 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


Manatee County
Sarasota County



Indian River County


516 3.86%


154 1.15% 4,991


3.52%
0.67%
4.20%


2.10%


0.65%


0.85%


1.90%


0.07%


1.01%


0.97%
0.45%
1.42%


0.43%
0.49%
0.91%


0.57%


2.17%
2.27%
4.44%


0.33%


31,125
195
31,320


NA


37,120


1,576


20,075


8


3,390


NA
2,148
2,148


NA
5,335
5,335


1,995


12,302
2,014
14,316


NA


$770.28 1.58%



$231.52 0.48%


$1,056.99
$8.81
$1,065.79


$547.14


$575.27


$319.08


$755.21


$23.30


$264.48


$406.52
$78.57
$485.09


$145.55
$204.11
$349.66


$83.15


$605.90
$479.44
$1,085.34


$124.54


2.17%
0.02%
2.19%


1.12%


1.18%


0.66%


1.55%


0.05%


0.54%


0.84%
0.16%
1.00%


0.30%
0.42%
0.72%


0.17%


1.24%
0.99%
2.23%


0.26%


$771.75 1.58% 1974



$231.70 0.48% 1985


$1,056.99
$11.70
$1,068.69


$547.26


$575.27


$319.20


$755.41


$23.30


$264.60


$406.52
$78.57
$485.09


$146.37
$204.13
$350.50


$83.15


$605.90
$479.80
$1,085.70


$124.54


2.17%
0.02%
2.19%


1.12%


1.18%


0.66%


1.55%


0.05%


0.54%


0.83%
0.16%
1.00%


0.30%
0.42%
0.72%


0.17%


1.24%
0.99%
2.23%


0.26%


1985.5
1984
1985


1981.5


1991


1983


1970.5


(*)


1984


1981
1983.5
1983


1985
1985.5
1985


1988


2002
1981
1995


1987













Tallahassee, FL MSA




MSA Total


Remaining Metropolitan Area Total


Northeast Non-metropolitan Area













Non-Metro Total


Northwest Non-metropolitan Area










Non-Metro Total


Central Non-metropolitan Area


Non-Metro Total


South Non-metropolitan 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


40 0.30%
8 0.06%
374 2.80%
7 0.05%
429 3.21%


3,738 27.97%


19 0.14%
31 0.23%
5 0.04%
0 0.00%
1 0.01%
16 0.12%
21 0.16%
13 0.10%
1 0.01%
12 0.09%
119 0.89%


5 0.04%
27 0.20%
9 0.07%
6 0.04%
97 0.73%
0 0.00%
103 0.77%
2 0.01%
249 1.86%


35 0.26%
30 0.22%
39 0.29%
104 0.78%


41 0.31%
4 0.03%
11 0.08%


414
95
25,118
24
25,651


163,305


$10.00 0.02%
$2.25 0.00%
$1,224.40 2.52%
$4.30 0.01%
$1,240.95 2.55%


8,430 17.32%


$16.16 0.03%
$31.33 0.06%
$1.53 0.00%
$0.00 0.00%
$1.28 0.00%
$11.20 0.02%
$5.21 0.01%
$9.85 0.02%
$2.47 0.01%
$1.35 0.00%
$80.37 0.17%


$0.70 0.00%
$7.81 0.02%
$9.59 0.02%
$3.11 0.01%
$24.83 0.05%
$0.00 0.00%
$41.44 0.09%
$1.23 0.00%
$88.70 0.18%


$40.41 0.08%
$28.08 0.06%
$9.99 0.02%
$78.48 0.16%


$26.20 0.05%
$1.13 0.00%
$13.84 0.03%


$10.03 0.02%
$2.25 0.00%
$1,224.48 2.51%
$4.30 0.01%
$1,241.05 2.55%


8,436 17.33%


$16.16 0.03%
$31.35 0.06%
$1.56 0.00%
$0.00 0.00%
$1.28 0.00%
$11.21 0.02%
$5.26 0.01%
$9.92 0.02%
$2.47 0.01%
$1.35 0.00%
$80.55 0.17%


$0.70 0.00%
$8.02 0.02%
$9.59 0.02%
$3.11 0.01%
$24.83 0.05%
$0.00 0.00%
$41.48 0.09%
$1.23 0.00%
$88.96 0.18%


$40.41 0.08%
$28.08 0.06%
$10.04 0.02%
$78.52 0.16%


$26.20 0.05%
$1.13 0.00%
$13.84 0.03%


1979.5
(*)
1978
(*)
1979


1990
1986.5
1984
1988


1989
(*)
(*)












Hendry County 14 0.10% NA $9.28 0.02% $9.28 0.02% (*) (*)
Highlands County 59 0.44% NA $42.30 0.09% $42.30 0.09% 1985 0.69
Monroe County 16 0.12% 488 $88.18 0.18% $88.18 0.18% (*) (*)
Okeechobee County 4 0.03% 43 $3.87 0.01% $3.87 0.01% (*) (*)
Non-Metro Total 149 1.12% 1,461 $184.81 0.38% $184.81 0.38% 1985 0.69

Non-metropolitan Area Total 621 4.65% 6,773 $432.37 0.89% $432.85 0.89%









of the non-MSA total. Other non-MSA counties with more than
100 properties were Columbia, Citrus, Putnam, DeSoto, Hardee,
Hendry, Highlands, Madison, Sumter and Okeechobee Counties.
These numbers again point to the differences that are observed be-
tween 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 characterized by a largely single-family housing
stock.
Table 4 contains information on multifamily complexes with
10 or more units. With a total of 13,363 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 have
at a minimum 686,500 residential units, or over twice as many
residential units as the smaller multi-family complexes. A total of
24.3 percent of these larger complexes are located in Miami-Dade
County, with 12 percent in Broward County and 12 percent in the
Tampa Bay MSA. The four major MSAs contain approximately
67.4 percent of all complexes of this type. The other MSAs contain
almost 28 percent of the state total, with Volusia, Alachua, and
Leon Counties having more than 350 complexes. The Alachua and
Leon numbers reflect the concentration of college students in those
communities. Non-MSA counties contain only 4.6 percent of the
state's stock of larger apartment complexes.


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:


Aff ordalitJ Index=


Median household income


Qualify ingincome


x100


HOUSING AFFORDABILITY


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


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 200 is $37,616, the median 2007 sales price of a single-family
home is $210,000, and the 30-year mortgage interest rate of 6.34
percent"2 yields a mortgage constant of 0.006021, the calculated
affordability index is 63.18:

$37,616 *100
4x12(0.95 x $210,000) x 0.006021
$37,616 *100
$57,657
=63.18

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 63.18 indicates that median
household income in the area is 36.82% 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.13


h Sae fFlrd'sHusn, 081-









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 sixty in 2007, an increase from 14 in
2003. These numbers point to a lessening of affordability in Florida
between 2003 and 2007.
Table 6 ranks the affordability of each county. Sixty Florida
counties had an affordability index below 100 in 2007. 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 2007. 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 continuing to
report our new measure of affordability based on work done by Stan
Fitterman at the Florida Housing Coalition.14 This measure calcu-
lates the maximum sales price that a household can afford taking
into account the cost of taxes, insurance, and assuming the house-
hold has some other debt burden besides their house payment. The
following assumptions are used to calculate the maximum 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 2007 Florida Property Valuations
and Tax Data. The remaining assumptions are the household takes


out a conventional 30 year loan with a 6.34% 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 2007 HUD median family income for the respective
county. These tables give a more detailed look at affordability for
different households in each county and should help to contextual-
ize the affordability index.


The 2007 Single-Family Home Market
As can be seen in Table 10, which shows the yearly change in real
median sales prices between 2001 and 2007, the real median sales
price for single-family homes decreased 6.64% between 2006 and
2007. For the second straight year, the number of single-family
sales has decreased. The year to year change in the number of sales
was 40.57% lower in 2007 than 2006, and this is on top of a
24.24% decrease between 2005 and 2006. All told, statewide single-
family sales are down 55% since their 2005 peak.
Figure 8 shows how the number of single-family home sales


Figure 8: Percentage Decrease in Single-Famiy Sales
2006 to 2007








F ....... n. -.. m % -k I J A .W


I -7 -. - --
II-. %j a















has changed across the state. Only Union County experienced an
increase in single-family home sales between 2006 and 2007. Four
counties experienced a drop of 50% more in sales, DeSoto, Flagler
Hendry, and Hillsborough. Another thirteen counties experienced
decreases between 40-49.99%. Another twenty-eight experienced
decreases of 30-39.99%, and twelve experienced decreases of
20-29.99%. Finally, five counties experienced decreases between
10-19.99%, and two experienced decreases of less than 10%. No
region of the state seems to have been more vulnerable than any
other, although there does seem to be larger decreases in southern
and central Florida than in the panhandle.





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

Pensacola-Ferry Pass-Brent, FL MSA



Port St. Lucie, 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

Hernando 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
Santa Rosa County

Martin County


2003
158.14
137.85
118.82
108.30
99.52

83.26

75.78

77.14

104.27
103.75
108.42
120.57

122.23

112.96

102.22
108.17

96.69

109.55

133.77

94.28
141.89

125.35

74.57

102.40

124.51

125.24

106.89

130.64
131.91

78.39


2004
132.63
117.63
106.70
101.00
86.29

67.83

59.36

61.93

91.12
88.97
86.47
109.36

102.54

98.13

90.42
94.06

86.68

95.46

108.88

79.76
105.12

108.51

60.33

93.48

101.52

101.65

90.23

120.25
113.43

64.31


2005
106.24
106.50
97.31
88.21
75.00

56.33

49.69

50.82

71.10
70.09
65.80
85.27

82.58

81.91

73.62
82.01

66.91

78.48

87.72

71.35
92.63

89.49

47.85

83.66

78.55

78.18

74.46

103.24
86.26

56.49


2006
87.92
86.33
85.55
74.83
63.35

50.74

41.62

47.67

59.50
57.49
55.73
73.79

65.79

68.96

60.13
71.81

59.72

66.23

81.90

61.31
82.66

66.49

43.48

68.02

72.94

64.79

70.48

97.16
85.96

49.61


h Sae fFlrd'sHusn, 081-


2007
88.00
93.47
88.97
77.29
71.83

52.35

39.75

49.06

64.74
59.74
58.37
77.82

77.48

72.57

70.59
73.55

65.46

73.34

90.39

63.18
66.17

70.92

46.46

69.43

82.99

75.71

74.99

100.49
90.48

55.51














Punta Gorda, FL MSA


Sarasota-Bradenton-Venice, FL MSA



Sebastian-Vero Beach, FL MSA


Tallahassee, FL MSA





Northeast Non-metropolitan Area













Northwest Non-metropolitan Area










Central Non-metropolitan Area




South Non-metropolitan Area


St. Lucie County

Charlotte County

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
Washington County

Citrus County
Putnam County
Sumter County

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


105.68 83.98 65.21 58.16 66.69


106.44 88.70 68.26 68.43

83.21 67.00 54.89 49.79
100.26 86.08 69.71 63.25


109.71 93.27 77.95 66.66


144.11 113.02 102.00 85.68
136.62 133.51 102.41 84.37
113.06 95.65 90.43 81.54
111.50 100.25 87.84 94.99

157.97 137.45 116.69 95.84
127.99 102.00 90.23 73.37
149.29 107.10 90.77 100.99
136.00 114.40 116.53 97.18
132.72 156.13 96.62 85.03
131.26 94.50 82.00 70.52
185.01 135.71 135.67 107.68
150.16 132.05 95.45 80.95
173.29 134.49 119.07 99.48
173.32 130.96 160.32 91.55

182.15 137.66 138.73 122.08
45.57 32.74 32.92 31.98
67.49 51.25 47.39 64.18
183.39 172.60 160.13 144.84
155.75 133.34 125.69 108.53
138.14 193.60 192.40 92.58
55.46 38.94 33.22 40.08
163.93 138.21 115.80 110.01

135.39 110.02 87.16 74.38
146.83 121.80 99.08 83.47
99.56 75.96 69.26 60.10

148.24 127.76 80.48 73.15
160.05 133.26 105.34 78.59
190.14 152.75 146.30 112.84
176.84 122.79 90.01 69.58
141.62 121.22 88.44 71.88
41.83 29.29 24.28 24.84

124.89 98.84 85.38 69.70


70.72

55.89
70.61


70.30


79.36
73.66
81.96
99.00

102.14
76.95
91.54
104.19
73.54
74.97
98.05
93.81
138.34
88.04

113.79
41.32
59.17
129.97
99.86
97.91
43.41
100.04

79.02
86.13
61.65

77.12
79.71
93.20
75.95
76.72
26.50

77.79










Table 6. County Affordability Index and Rank
County 2007 Affordability 2007 Rank
Taylor County 138.34 Most Affordable
Holmes County 129.97 2
Calhoun County 113.79 3
Hamilton County 104.19 4
Bradford County 102.14 5
Escambia County 100.49 6
Washington County 100.04 7
Jackson County 99.86 8
Wakulla County 99.00 9
Madison County 98.05 10
Liberty County 97.91 11
Suwannee County 93.81 12
Clay County 93.47 13
Hardee County 93.20 14
Dixie County 91.54 15
Santa Rosa County 90.48 16
Okaloosa County 90.39 17
Duval County 88.97 18
Union County 88.04 19
Baker County 88.00 20
Putnam County 86.13 21
Brevard County 82.99 22
Leon County 81.96 23
Glades County 79.71 24
Gadsden County 79.36 25
Citrus County 79.02 26
Seminole County 77.82 27
Okeechobee County 77.79 28
Hernando County 77.48 29
Nassau County 77.29 30
DeSoto County 77.12 31
Columbia County 76.95 32
Highlands County 76.72 33
Hendry County 75.95 34
Flagler County 75.71 35
Bay County 74.99 36
Levy County 74.97 37


Jefferson County
Pinellas County
Lafayette County
Volusia County
Hillsborough County
St. Johns County
Polk County
Charlotte County
Sarasota County
Pasco County
Indian River County
Marion County
St. Lucie County
Gilchrist County
Lee County
Lake County
Alachua County
Sumter County
Orange County
Gulf County
Osceola County
Manatee County
Martin County
Broward County
Palm Beach County
Collier County
Walton County
Franklin County
Miami-Dade County
Monroe County


73.66
73.55
73.54
73.34
72.57
71.83
70.92
70.72
70.61
70.59
70.30
69.43
66.69
66.17
65.46
64.74
63.18
61.65
59.74
59.17
58.37
55.89
55.51
52.35
49.06
46.46
43.41
41.32
39.75
26.50


38
39
40
41
42
43
44
45
46
47
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 2007 HUD Median Family Income
Number of Total Percentage of Total
HUD 2007 Median 70% of HUD 2007 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 $54,200 $37,940 $117,025 273 9.35

Baker County $51,000 $35,700 $113,471 27 12.11

Bay County $51,300 $35,910 $118,613 229 10.05

Bradford County $45,600 $31,920 $101,537 47 33.81

Brevard County $55,600 $38,920 $124,089 545 7.97

Broward County $58,400 $40,880 $127,195 65 0.45

Calhoun County $37,300 $26,110 $84,046 32 44.44

Charlotte County $49,800 $34,860 $114,032 223 9.03

Citrus County $42,800 $29,960 $96,787 240 11.75

Clay County $59,700 $41,790 $134,291 199 7.00

Collier County $63,900 $44,730 $147,621 185 5.36

Columbia County $41,800 $29,260 $93,071 88 16.60

Miami-Dade County $45,200 $31,640 $99,620 20 0.21

DeSoto County $40,400 $28,280 $91,692 25 18.52

Dixie County $36,400 $25,480 $80,939 20 33.33

Duval County $59,700 $41,790 $132,797 2,329 19.00

Escambia County $52,500 $36,750 $116,774 1,155 30.37

Flagler County $51,900 $36,330 $117,617 20 1.22

Franklin County $36,700 $25,690 $87,475 13 11.93

Gadsden County $58,200 $40,740 $129,038 109 26.14

Gilchrist County $54,200 $37,940 $120,170 14 25.00

Glades County $40,400 $28,280 $89,497 9 18.75

Gulf County $42,200 $29,540 $98,337 20 10.99

Hamilton County $35,600 $24,920 $80,159 13 30.95












Hardee County $37,800 $26,460 $85,555 39 28.47

Hendry County $40,500 $28,350 $90,457 16 9.76

Hernando County $53,900 $37,730 $120,307 373 14.03

Highlands County $41,300 $28,910 $93,262 200 15.03

Hillsborough County $53,900 $37,730 $117,169 421 4.60

Holmes County $40,100 $28,070 $91,630 38 50.67

Indian River County $54,100 $37,870 $121,962 187 6.87

Jackson County $42,500 $29,750 $97,504 75 35.38

Jefferson County $58,200 $40,740 $129,341 21 27.27

Lafayette County $40,900 $28,630 $92,320 7 29.17

Lake County $54,900 $38,430 $122,375 264 5.55

Lee County $54,700 $38,290 $122,571 304 2.88

Leon County $58,200 $40,740 $128,568 503 14.68

Levy County $35,800 $25,060 $81,311 28 12.90

Liberty County $40,000 $28,000 $89,724 12 41.38

Madison County $37,200 $26,040 $84,800 20 32.26

Manatee County $57,500 $40,250 $128,291 138 3.40

Marion County $42,700 $29,890 $97,032 317 6.51

Martin County $52,800 $36,960 $119,114 36 1.99

Monroe County $59,400 $41,580 $140,734 1 0.11

Nassau County $59,700 $41,790 $133,902 39 3.59

Okaloosa County $62,600 $43,820 $142,319 428 15.08

Okeechobee County $41,100 $28,770 $93,679 25 10.00

Orange County $54,900 $38,430 $122,564 383 2.50

Osceola County $54,900 $38,430 $123,540 66 1.21

PalmBeach County $61,200 $42,840 $134,565 145 2.09

Pasco County $53,900 $37,730 $121,797 1,191 15.41












Pinellas County $53,900 $37,730 $118,161 450 6.54

Polk County $46,900 $32,830 $104,904 733 8.19

Putnam County $39,600 $27,720 $88,631 109 25.89

St. Johns County $59,700 $41,790 $134,245 78 2.00

St. Lucie County $52,800 $36,960 $114,811 232 5.16

Santa Rosa County $52,500 $36,750 $119,552 245 9.59

Sarasota County $57,500 $40,250 $130,717 258 4.82

Seminole County $54,900 $38,430 $123,075 139 2.41

Sumter County $42,900 $30,030 $98,305 78 2.20

Suwannee County $39,800 $27,860 $89,953 43 24.86

Taylor County $40,500 $28,350 $91,398 62 51.67

Union County $43,400 $30,380 $96,408 15 31.25

Volusia County $49,900 $34,930 $110,093 293 5.05

Wakulla County $48,000 $33,600 $108,187 50 11.90

Walton County $44,600 $31,220 $105,889 67 7.55

Washington County $38,400 $26,880 $87,202 35 32.41













Table 8. Percentage of County Single-Family Sales Affordable at 2007 HUD Median Family Income
Number of Total Percentage of Total
HUD 2007 Median Max Sales Price Affordable at Median Family Single-Family Sales Single-Family Sales
CountyFamily Income Income Affordable at Median Affordable at Median
Family Income Family Income
Alachua County $54,200 $164,883 821 28.13

Baker County $51,000 $160,191 71 31.84

Bay County $51,300 $168,106 744 32.65

Bradford County $45,600 $143,086 77 55.40

Brevard County $55,600 $175,449 2,446 35.79

Broward County $58,400 $179,574 492 3.43

Calhoun County $37,300 $118,128 48 66.67

Charlotte County $49,800 $161,403 736 29.80

Citrus County $42,800 $136,493 669 32.76

Clay County $59,700 $190,167 1,037 36.48

Collier County $63,900 $209,607 245 7.10

Columbia County $41,800 $130,926 168 31.70

Miami-Dade County $45,200 $140,188 152 1.61

DeSoto County $40,400 $129,233 43 31.85

Dixie County $36,400 $113,450 29 48.33

Duval County $59,700 $187,876 6,079 49.60

Escambia County $52,500 $164,922 2,316 60.90

Flagler County $51,900 $166,392 259 15.75

Franklin County $36,700 $123,969 19 17.43

Gadsden County $58,200 $182,450 282 67.63

Gilchrist County $54,200 $169,746 23 41.07

Glades County $40,400 $125,714 16 33.33

Gulf County $42,200 $139,175 40 21.98

Hamilton County $35,600 $112,521 26 61.90













Hardee County $37,800 $120,369 61 44.53

Hendry County $40,500 $127,216 42 25.61

Hernando County $53,900 $170,034 1,160 43.64

Highlands County $41,300 $131,410 454 34.11

Hillsborough County $53,900 $165,178 1,660 18.13

Holmes County $40,100 $129,247 51 68.00

Indian River County $54,100 $172,541 716 26.31

Jackson County $42,500 $137,739 119 56.13

Jefferson County $58,200 $182,915 37 48.05

Lafayette County $40,900 $130,052 9 37.50

Lake County $54,900 $172,978 929 19.51

Lee County $54,700 $173,331 1,646 15.58

Leon County $58,200 $181,727 1,571 45.84

Levy County $35,800 $114,318 58 26.73

Liberty County $40,000 $126,227 18 62.07

Madison County $37,200 $119,396 36 58.06

Manatee County $57,500 $181,465 610 15.01

Marion County $42,700 $136,918 1,007 20.68

Martin County $52,800 $168,472 177 9.81

Monroe County $59,400 $200,115 10 1.10

Nassau County $59,700 $189,571 241 22.21

Okaloosa County $62,600 $201,801 1,423 50.12

Okeechobee County $41,100 $132,151 74 29.60

Orange County $54,900 $173,270 1,578 10.28

Osceola County $54,900 $174,777 405 7.42

PalmBeach County $61,200 $190,255 692 9.98

Pasco County $53,900 $172,338 2,744 35.49













Pinellas County $53,900 $166,713 1,996 29.03

Polk County $46,900 $147,982 1,764 19.72

Putnam County $39,600 $124,622 183 43.47

St. Johns County $59,700 $190,096 720 18.44

St. Lucie County $52,800 $161,801 795 17.70

Santa Rosa County $52,500 $169,231 909 35.56

Sarasota County $57,500 $185,195 1,305 24.37

Seminole County $54,900 $174,058 679 11.76

Sumter County $42,900 $138,870 228 6.43

Suwannee County $39,800 $126,670 85 49.13

Taylor County $40,500 $128,723 74 61.67

Union County $43,400 $135,687 18 37.50

Volusia County $49,900 $155,232 1,364 23.52

Wakulla County $48,000 $152,799 209 49.76

Walton County $44,600 $150,287 133 14.98

Washington County $38,400 $122,789 61 56.48












Table 9. Percentage of County Single-Family Sales Affordable at 130% of 2007 HUD Median Family Income
Number of Total Percentage of Total
HUD 2007 Median 130% of HUD 2007 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 $54,200 $70,460 $212,740 1,499 51.35

Baker County $51,000 $66,300 $206,912 138 61.88

Bay County $51,300 $66,690 $217,599 1,263 55.42

Bradford County $45,600 $59,280 $184,635 111 79.86

Brevard County $55,600 $72,280 $226,810 4,231 61.90

Broward County $58,400 $75,920 $231,953 2,161 15.04

Calhoun County $37,300 $48,490 $152,210 60 83.33

Charlotte County $49,800 $64,740 $208,775 1,231 49.84

Citrus County $42,800 $55,640 $176,199 1,163 56.95

Clay County $59,700 $77,610 $246,042 1,847 64.97

Collier County $63,900 $83,070 $271,594 511 14.81

Columbia County $41,800 $54,340 $168,782 282 53.21

Miami-Dade County $45,200 $58,760 $180,757 402 4.25

DeSoto County $40,400 $52,520 $166,773 76 56.30

Dixie County $36,400 $47,320 $145,961 40 66.67

Duval County $59,700 $77,610 $242,955 8,765 71.52

Escambia County $52,500 $68,250 $213,070 3,036 79.83

Flagler County $51,900 $67,470 $215,166 767 46.65

Franklin County $36,700 $47,710 $160,463 30 27.52

Gadsden County $58,200 $75,660 $235,862 373 89.45

Gilchrist County $54,200 $70,460 $219,321 35 62.50

Glades County $40,400 $52,520 $161,931 24 50.00

Gulf County $42,200 $54,860 $180,013 73 40.11

Hamilton County $35,600 $46,280 $144,882 30 71.43












Hardee County $37,800 $49,140 $155,184 95 69.34

Hendry County $40,500 $52,650 $163,975 77 46.95

Hernando County $53,900 $70,070 $219,760 1,943 73.10

Highlands County $41,300 $53,690 $169,559 754 56.65

Hillsborough County $53,900 $70,070 $213,187 3,735 40.80

Holmes County $40,100 $52,130 $166,864 67 89.33

Indian River County $54,100 $70,330 $223,121 1,281 47.08

Jackson County $42,500 $55,250 $177,975 161 75.94

Jefferson County $58,200 $75,660 $236,490 54 70.13

Lafayette County $40,900 $53,170 $167,783 14 58.33

Lake County $54,900 $71,370 $223,581 2,048 43.02

Lee County $54,700 $71,110 $224,091 3,743 35.42

Leon County $58,200 $75,660 $234,886 2,225 64.93

Levy County $35,800 $46,540 $147,325 103 47.47

Liberty County $40,000 $52,000 $162,729 23 79.31

Madison County $37,200 $48,360 $153,991 51 82.26

Manatee County $57,500 $74,750 $234,638 1,258 30.96

Marion County $42,700 $55,510 $176,804 2,094 43.00

Martin County $52,800 $68,640 $217,830 421 23.32

Monroe County $59,400 $77,220 $259,496 23 2.54

Nassau County $59,700 $77,610 $245,239 504 46.45

Okaloosa County $62,600 $81,380 $261,284 2,126 74.89

Okeechobee County $41,100 $53,430 $170,623 148 59.20

Orange County $54,900 $71,370 $223,975 4,246 27.66

Osceola County $54,900 $71,370 $226,014 1,730 31.71

PalmBeach County $61,200 $79,560 $245,944 1,550 22.34

Pasco County $53,900 $70,070 $222,879 4,486 58.03












Pinellas County $53,900 $70,070 $215,265 3,628 52.76

Polk County $46,900 $60,970 $191,059 3,747 41.89

Putnam County $39,600 $51,480 $160,613 268 63.66

St. Johns County $59,700 $77,610 $245,947 1,426 36.53

St. Lucie County $52,800 $68,640 $208,791 1,712 38.11

Santa Rosa County $52,500 $68,250 $218,910 1,649 64.51

Sarasota County $57,500 $74,750 $239,673 2,594 48.43

Seminole County $54,900 $71,370 $225,042 1,924 33.33

Sumter County $42,900 $55,770 $179,435 1,057 29.79

Suwannee County $39,800 $51,740 $163,387 116 67.05

Taylor County $40,500 $52,650 $166,049 90 75.00

Union County $43,400 $56,420 $174,966 26 54.17

Volusia County $49,900 $64,870 $200,371 2,981 51.41

Wakulla County $48,000 $62,400 $197,410 279 66.43

Walton County $44,600 $57,980 $194,685 191 21.51

Washington County $38,400 $49,920 $158,376 70 64.81











Table 10. Yearly Change in Real
State, Metropolitan Area
Florida

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


Single-Family Sales Price (2008 $)
County 2001 to 2002 2002 to 2003
6.41% 7.48%


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


6.73%
4.40%
6.16%
4.35%
8.12%
5.44%


10.31%

9.18%
11.69%
10.19%

4.67%
7.72%
4.31%
6.78%
6.47%


6.21%

5.28%
13.21%
6.59%
6.51%


10.12%
5.70%
9.32%
-0.33%
5.54%
8.93%


9.50%

10.85%
18.63%
12.81%

6.68%
7.55%
8.72%
6.59%
6.95%


12.90%

6.07%
8.52%
7.55%
6.58%


Lee County 8.37% 7.74% 13.95%


2003 to 2004
12.32%


13.48%
12.42%
4.88%
3.82%
9.23%
7.51%


17.53%

19.88%
20.30%
18.28%

12.18%
9.80%
17.49%
6.50%
10.62%


17.21%

8.44%
10.32%
10.01%
9.99%


2004 to 2005
21.39%


27.23%
8.74%
10.39%
14.20%
11.94%
10.84%


19.94%

20.90%
20.90%
20.62%

28.57%
27.40%
30.76%
26.79%
28.43%


24.05%

20.33%
21.29%
14.99%
18.50%


2005 to 2006
7.21%


13.54%
15.41%
6.59%
10.04%
10.64%
9.92%


3.75%

11.54%
-1.82%
5.10%

11.96%
12.69%
10.58%
7.86%
11.31%


17.30%

9.85%
15.75%
5.96%
11.76%


2006 to 2007
-6.64%


-0.65%
-7.41%
-4.27%
-3.05%
-11.97%
-6.51%


-3.34%

2.77%
-4.05%
-1.34%

-9.42%
-4.46%
-5.29%
-6.35%
-6.15%


-14.66%

-4.21%
-14.39%
-3.21%
-8.77%


Cape Coral-Fort Myers, FL MSA


29.82% 3.10% -8.80%











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


7.32%



7.08%


7.33%
12.41%
6.94%

1.88%

7.05%

19.73%


8.32%


2.67%

5.64%


4.38%

4.67%
4.00%

10.31%
14.84%
10.96%

12.18%


9.67%



4.27%


7.82%
-2.78%
7.94%

12.47%

4.17%

10.23%


7.19%


6.73%

13.51%


2.92%

3.72%
3.83%

17.33%
19.79%
12.98%

11.07%


12.39%



16.14%


10.76%
30.87%
11.17%

9.68%

19.24%

3.64%


18.32%


19.04%

15.18%


4.40%

13.86%
5.52%

18.47%
21.86%
16.14%

17.37%


21.95%



26.05%


13.19%
13.89%
12.38%

21.26%

26.52%

12.46%


29.05%


28.08%

22.40%


18.05%

27.92%
21.28%

14.63%
28.30%
26.31%

30.31%


11.61%



0.71%


9.97%
2.41%
10.26%

25.19%

2.57%

14.75%


0.69%


13.97%

-0.05%


-1.24%

-5.68%
-1.94%

5.44%
4.18%
3.66%

-7.04%


-10.74%



-7.01%


-2.70%
23.86%
-2.42%

-6.83%

-8.15%

-1.73%


-11.79%


-13.43%

-5.74%


-2.22%

-5.50%
-2.75%

-12.05%
-10.39%
-9.30%

-5.66%













Manatee County 8.77% 11.93% 18.70%


MSA Total


Sebastian-Vero Beach, FL MSA

Tallahassee, FL MSA




MSA Total

Northeast Non-metropolitan Area












Non-Metro Total

Northwest Non-metropolitan Area


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


6.27%
6.69%

4.46%

-0.41%
-2.22%
5.42%
7.46%
4.67%

7.64%
8.49%
33.33%
1.41%
-25.18%
12.60%
-8.67%
-0.67%
3.73%
7.40%
7.14%

-5.06%
15.62%
22.99%
3.31%
-3.68%
-3.37%
26.93%


7.23%
9.66%

9.36%

6.49%
24.66%
4.98%
4.66%
5.59%

15.98%
8.07%
-13.24%
24.81%
90.65%
2.05%
3.10%
-4.39%
0.65%
-3.11%
3.28%

1.33%
28.99%
9.62%
16.39%
8.11%
57.32%
12.96%


14.54%
17.99%

16.96%

20.68%
-4.50%
10.28%
7.67%
10.39%

9.78%
22.08%
39.65%
8.58%
-24.57%
37.59%
29.31%
13.36%
22.45%
32.54%
22.56%

31.84%
40.17%
24.26%
2.86%
12.63%
-32.04%
44.96%


23.33%
21.06%

21.54%

11.34%
33.48%
7.95%
9.38%
7.41%

18.68%
12.90%
20.90%
-1.66%
63.34%
13.98%
0.49%
38.20%
14.03%
-16.79%
17.54%

0.30%
-2.54%
8.61%
8.45%
8.07%
2.13%
16.94%


2.58% -12.44%
2.30% -11.07%


5.89%

12.71%
11.23%
3.60%
-13.39%
1.49%

12.58%
15.08%
-17.66%
13.97%
2.57%
8.03%
21.09%
11.51%
12.05%
64.06%
12.82%

6.56%
0.75%
-29.50%
4.08%
9.76%
85.73%
-20.10%


-4.82%

6.33%
13.55%
-0.12%
-4.93%
-0.07%

-6.06%
-4.99%
7.68%
-6.64%
15.98%
-5.89%
8.68%
-14.82%
-28.08%
1.88%
-5.11%

5.21%
-23.90%
9.68%
9.97%
6.65%
-5.86%
-9.57%


22.18% 2.12% -10.82%


Sarasota-Bradenton-Venice, FL MSA












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


-3.97%
22.70%

7.97%
3.57%
2.69%
-5.16%

1.63%
-0.14%
-2.03%
7.67%
3.42%
13.19%
8.23%
6.09%


12.04%
12.47%

9.21%
4.29%
-14.66%
4.50%

1.44%
10.17%
7.26%
1.14%
15.42%
25.24%
15.55%
13.54%


14.96%
57.02%

17.91%
15.67%
33.65%
30.70%

11.49%
14.45%
16.89%
31.12%
14.60%
38.05%
23.88%
12.42%


20.46%
13.28%

26.08%
22.18%
12.08%
12.38%

59.85%
28.52%
5.40%
40.34%
37.35%
20.99%
16.61%
10.52%


-2.89%
-35.91%

9.87%
11.41%
8.19%
13.44%

1.32%
24.49%
19.67%
17.64%
15.30%
-8.11%
13.33%
5.60%


8.58%
3.99%


-6.75%
-4.86%
-2.33%
-5.18%

-5.24%
-3.05%
20.31%
-8.48%
-9.08%
-6.22%
-11.09%
-6.09%











Table 11. Yearly Change in Real Median Condominium Sales Price (2008 $)
State, Metropolitan Area County 2001 to 2002 2002 to 2003
Florida 12.83% 12.63%


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% 6.20% 9.84%


2003 to 2004
16.28%


2004 to 2005
18.10%


2005 to 2006
3.38%


2006 to 2007
-2.32%


0.00%
13.55%
12.20%
4.85%
5.04%
8.81%


18.15%

11.71%
8.86%
14.94%

10.19%
13.93%
7.57%
8.63%
10.52%


3.75%

-3.93%
15.25%
9.54%
6.26%


0.00%
-6.25%
-0.94%
9.91%
13.61%
-3.56%


14.35%

12.26%
18.42%
13.42%

4.76%
10.13%
14.83%
4.71%
10.77%


-5.60%

11.91%
3.34%
15.80%
14.55%


0.00%
75.26%
11.00%
11.41%
-9.44%
6.58%


26.63%

16.26%
16.09%
17.56%

7.67%
15.37%
-13.94%
20.12%
12.09%


11.32%

28.17%
16.14%
28.04%
27.27%


0.00%
6.28%
10.53%
3.57%
11.06%
7.61%


39.13%

18.68%
19.72%
21.59%

36.51%
58.65%
43.12%
32.13%
52.01%


20.54%

27.67%
31.04%
19.75%
24.73%


0.00%
11.92%
4.94%
-20.84%
9.43%
1.17%


6.41%

8.82%
3.87%
7.88%

-3.66%
8.04%
27.47%
3.12%
9.56%


26.32%

-7.00%
19.85%
1.72%
-3.06%


0.00%
-26.65%
-4.26%
14.20%
-6.88%
-6.33%


-5.35%

1.06%
-10.80%
-3.19%

7.99%
1.09%
-2.75%
2.27%
0.83%


-12.10%

10.45%
-16.08%
-8.50%
0.78%


25.26% 8.67% -5.50%


Cape Coral-Fort Myers, FL MSA












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 10.26% 24.09% 18.07%


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


-4.34%


7.19%
NA
7.19%

1.07%

8.26%

0.87%


12.35%


-8.74%

0.57%


-12.60%

63.44%
8.38%

15.61%
26.70%
18.57%

13.40%


11.74%


11.33%
NA
11.33%

1.92%

5.49%

-0.49%


28.17%


132.13%

27.53%


61.00%

19.64%
37.54%

29.57%
26.66%
37.82%

22.10%


44.12%


17.99%
NA
17.99%

8.82%

15.09%

11.45%


16.11%


9.86%

48.81%


15.12%

-25.35%
6.48%

24.44%
2.48%
13.95%

27.58%


8.81% -4.85% 13.31%


9.50%


24.34%
NA
24.34%

46.85%

20.50%

33.85%


11.65%


7.23%

45.96%


-9.97%

-12.29%
-12.60%

28.15%
16.64%
25.43%

33.71%


-8.43%


7.43%
NA
7.43%

18.79%

12.68%

32.57%


3.58%


9.39%

-18.76%


47.25%

-10.47%
42.07%

10.95%
8.51%
10.80%

14.40%


-5.31%


1.48%
NA
1.48%

-11.09%

-4.57%

-10.46%


-8.78%


6.84%

11.78%


-13.28%

21.56%
-15.46%

-7.95%
-5.95%
-8.21%

19.29%













Manatee County 11.92% 15.83% 12.59%


MSA Total


Sebastian-Vero Beach, FL MSA


Tallahassee, FL MSA


MSA Total


Northeast Non-metropolitan Area












Non-Metro Total

Northwest Non-metropolitan Area


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


9.89%
8.70%


-17.06%

NA
NA
13.38%
-8.40%
5.96%

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

NA
-8.85%
-28.26%
NA
NA
NA
7.13%


7.81%
10.62%

21.97%

NA
NA
16.94%
3.20%
13.83%

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

NA
8.64%
-6.19%
NA
NA
NA
20.99%


10.49%
11.55%

12.52%

NA
NA
44.81%
22.36%
40.55%

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

NA
-20.47%
125.25%
NA
NA
NA
36.54%


17.09%
20.94%

21.69%

NA
NA
15.94%
-31.93%
14.73%

4.74%
43.88%
NA
NA
NA
37.56%
NA
NA
NA
NA
31.13%

NA
-6.92%
30.71%
NA
NA
NA
20.62%


9.09%
4.75%

5.33%

NA
NA
5.68%
0.05%
4.17%

23.00%
-37.35%
14.19%
NA
NA
-20.53%
NA
NA
NA
NA
8.36%

NA
42.67%
1.12%
NA
NA
NA
-22.30%


4.93%
-3.56%

6.39%

NA
NA
-7.83%
28.94%
-5.99%

23.77%
83.24%
-0.18%
NA
NA
10.03%
NA
NA
NA
NA
-0.41%

NA
32.07%
-64.50%
NA
NA
NA
-6.21%


19.95% 6.57% -16.48%


Sarasota-Bradenton-Venice, FL MSA












Non-Metro Total


Central Non-metropolitan Area



Non-Metro Total

South Non-metropolitan Area


Washington County



Citrus County
Putnam County
Sumter County



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


Non-Metro Total


NA
6.62%

10.14%
13.09%
0.59%
11.16%

0.94%
-38.93%
29.78%
-3.16%
2.66%
28.17%
25.20%
24.62%


NA
21.15%

12.11%
3.52%
-8.65%
12.31%

9.43%
270.91%
10.01%
3.41%
-0.90%
29.50%
-4.79%
23.50%


NA
36.54%

14.62%
47.46%
12.63%
14.60%

34.73%
-64.34%
-7.80%
19.84%
18.10%
33.00%
13.93%
46.11%


NA
20.39%

26.59%
33.99%
51.62%
28.11%

23.07%
-30.36%
20.22%
47.36%
38.53%
22.89%
3.11%
18.22%


NA
-22.09%

9.71%
1.37%
250.59%
45.55%

4.16%
64.42%
36.07%
-11.98%
39.46%
-6.71%
54.49%
-16.44%


NA
-6.28%

-15.72%
-3.49%
-23.55%
-26.70%

-32.26%
11.42%
-36.17%
24.59%
-20.12%
-17.71%
1.83%
-12.87%









Figure 9. Change in Real Median Single-Family Home
Sales Prices (2008 $)


* h pIn Ir n. i* F Mi 1 Inv II..IAn.l s IA P.I In1-, Ii )llr
I ".


Figure 10. Change in Number of Condominium Sales
2006 to 2007


OIew, II NW.nnl b. CmfltndmmnrIuIm SCiM UM I'
cI
I ," -- "-
[_'C ....
C3- .... .. .... ..


Figure 9 shows the change in real median sales prices between
2006 and 2007.
Fifty-three counties in Florida saw a decrease in the real median
single-family home sales price. Franklin and Taylor saw decrease
over twenty percent. Twelve counties saw decrease of between en
and twenty percent. Thirty-nine counties saw decreases between
zero and ten percent. The remaining 14 counties saw increases.
Except for Miami-Dade these counties that saw increase tend to be
rural and also tend to have fewer sales than most counties.


The 2007 Condominium Market
The 2007 Florida condominium market saw a 47.7% decrease in
the number of sales between 2006 and 2007. This decrease follows
a 20.6% in the number of sales between 2005 and 2006. All told,
statewide condominium sales are down 58% since their 2005 peak.
Along with this decrease in number of sales, the real median sales
price decreased by 2.32%.
Figure 10 shows how the number of condominium sales has
changed across the state. Only three counties saw the number of
condominium sales increase, Bay, Hardee, and Hendry. It should
be pointed out that Hardee and Hendry had less than 20 condo-
minium sales, so this increase may be due to the small nature of the
sample rather than any underlying strength in their condominium
market. Thirty counties experienced declines of forty-five percent or
more. Another ten experienced declines between thirty and forty-
five percent, and sevn counties experienced declines of less than
thirty-percent.
Table 11 shows the yearly change in real median condominium
sales prices between 2001 and 2007, and Figure 11 shows the
change in real median condominium sales prices between 2006 and
2007. Table 11 show that the statewide real median condominium
sales price decreased by 2.32% between 2006 and 2007. This
decline comes after a very modest increase between 2005 and 2006,
and points to a drastic change in the state's condominium market


Figure 11. Change in Real Median Condominium Sales Prices
(2008 $)









S..f 1M.4 .A- P Mb. K

















years.
As Figure 11 clearly shows, 29 counties experienced real me-
dian sales price decreases, with six counties experiencing real price
declines of twenty percent or more. Another nine counties experi-
enced declines between ten and twenty percent, including Monroe
County which saw a real decline of eighteen percent. Another four-
teen counties saw real decreases of at least ten percent. While most


''p


h Sae fFlrd'sHusn, 081-










of the state experienced a decline in real median condominium sales
prices, twenty-two counties did see a real price increase (of these
twenty-two counties, eight had less than twenty sales, so again any
price increase may be due to the small nature of the sample rather
than any underlying strength in the market). After excluding the
counties with less than twenty sales, five counties, Bay, Charlotte,
Hillsborough, Nassau, and Volusia, had real median price increases
of ten percent or more.


HOUSING SUPPLY ON THE MSA

LEVEL


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 2007 Census' population estimates, nearly 63% of
Florida's population is found in these four MSAs, and they also
contain approximately 56% of Florida's single-family housing units,
72.5% of the condominium stock, and approximately 64% and
67% 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.


Jacksonville, FL MSA


Figure 12. Jacksonville, FL MSA
,- As can be seen in
-- Figure 12, the Jackson-
'S,,. ',- ville MSA is located in
the northeast corner of
S the state and contains
five counties. Of these
five counties, three
are coastal counties
v L (Nassau, Duval, and St.


Johns) and the remaining counties are Baker and Clay. According
to the Census' 2007 population estimates, the Jacksonville MSA has
approximately 7.1% of the state's population; however the popula-
tion is concentrated in Duval County, which has 65% of the MSAs
population. This difference in population is reflected in the hous-
ing supply as can be seen in Tables 12 through 17 which show the
Jacksonville MSA housing supply and the individual counties that
make up the MSA.
The Jacksonville MSA has 8.1% and 2.6% 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 65% of the MSA's
single-family housing stock. Notice that Duval County has a mean
year built of 1980 for single-family housing which is actually older
than the state's value of 1985. The other counties in the MSA have
mean-year-built values of 1992, 1994, 1995 and 1997. These values
suggest that Duval County is relatively built out, and that popula-
tion is expanding to the neighboring counties. St John's County
only has 52% of the number of condominiums that Duval County
has, but St. Johns County's condominiums have 72% the total as-
sessed value of Duval County's. A similar if not as drastic dynamic
is at play in Nassau County which has only 14% of the number of
condominiums that Duval County has, but Nassau County's con-
dominiums have 34% of 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 9 years in the Jacksonville MSA and the five
underlying counties. As can be seen, the Jacksonville MSA expe-
rienced 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. All five counties that make up the Jacksonville
MSA experienced real price decreases between 2006 and 2007. The
MSA as a total saw real median single-family price decrease of 6.5


Table 12. Jackson


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


ville, FL MSA Housing Supply
Single- Mobile Condominium
Family Home
375,563 33,305 47,389
286,356 21,519 15,358


1983
1987
$170,681
$132,223
$218,307
$169,987
$64,101.59
$81,988.00
$261,172
$211,500


1989
1989
$62,040
$53,910
$77,360
$68,463
$2,066.24
$2,576.47


($)
($)
$203,429
$142,000
$215,401
$148,000
$9,640.30
$10,207.65
$242,179
$169,000


Multi-Family Less than
10 Units


Multi-Family 10 or
More Units


456,257
323,233


14,732
1968
1971
$227,330
$172,864
$261,807
$188,767
$1,552.89
$1,788.40


73,679
1981
1980
$6,604,415
$2,876,700
$6,606,126
$2,876,700
$4,127.76
$4,128.83











Table 13. Baker County Housing Supply
Single- Mobile Condominium
Family Hom Condominium
Family Home


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


3,850 2,128 0
3,146 1,586 0


1992
1995
$105,245
$90,933
$135,843
$122,747


Total
5,978
4,732


Multi-Family Less than
10 Units


1990
1992
$50,886
$44,895
$63,889
$58,835


$405.19 $108.29


$523.00
$193,075
$189,000


$135.95


1992
1999
$125,600
$74,679
$125,600
$74,679


$0.00
$0.00
$0
$0


Multi-Family 10 or
More Units


NA

(*)
(*)
$987,392
$987,392
$987,392
$987,392
$1.97
$1.97


Table 14. Clay (


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
52,760 9,742 2,265
42,022 6,516 882


1990
1992
$152,866
$132,211
$188,587
$160,313


1990
1990
$56,385
$52,272
$69,064
$65,361


$8,065.23 $549.30
$9,949.86 $672.82
$245,323
$215,500


1997
2002
$103,617
$90,591
$107,786
$94,103
$234.69
$244.14
$139,411
$120,600


Total
64,767
49,420


Multi-Family Less than
10 Units


304
1982
1983
$185,384
$205,924
$186,667
$205,924
$52.83
$53.20


Multi-Family 10 or
More Units


1,268
1983
1983
$5,928,631
$2,600,000
$5,928,631
$2,600,000
$243.07
$243.07


percent. Both St Johns County and Clay County saw real price
decrease greater than the MSA decline, with real St Johns decreasing
12 percent, and Clay decreasing 7.4 percent.
Figure 14 shows the real median condominium sales price
increase for the past 9 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. The Jackson-
ville MSA saw a real median condominium sales price decrease of
6.3 percent between 2006 and 2007. Clay County experienced a
26.7% decrease in real median sales prices between 2006 and 2007,
one of the largest in the state.


Miami-Fort Lauderdale-Pompano Beach FL

MSA


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


crt- ry ;I
~~A


As can be seen in Figure
15, the Miami-Fort
Lauderdale-Pompano
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. Accord-
ing to the 2007 Census
population estimates, this
MSA contained 29.7% of
the state's population and


TeS toflrd'Hui ,20 1-












Table 15. Duval County Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


Single-
Family
243,641
184,414


1978
1980
$148,812
$119,331
$195,298
$158,314


Mobile
Home
9,879
5,540


1986
1986
$56,233
$44,196
$68,290
$55,068


$36,256.82 $555.52


$47,582.71
$223,577
$189,000


Condominium

27,193
10,365


1996
2005
$167,483
$132,750
$177,856
$136,000

$4,554.37


Total

280,713
200,319


Multi-Family Less than
10 Units


Multi-Family 10 or
More Units


13,874

1960
1961
$198,090
$149,856
$212,126
$157,391

$866.25

$927.63


$674.64 $4,836.45
$215,752
$165,200


71,498

1980
1978
$7,080,992
$3,344,500
$7,081,247
$3,344,500

$3,689.20

$3,689.33


Table 16. Nassau



Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
19,316 5,742 3,833
14,277 4,225 606


1990
1994
$215,113
$159,490
$264,722
$193,210


1990
1990
$68,103
$64,368
$83,749
$77,680


($)
($)
$409,427
$313,500
$429,475
$324,520


$4,155.13 $391.05 $1,569.33


$5,113.36
$325,817
$254,200


$480.89 $1,646.18
$766,034
$369,900


Total

28,891
19,108


Multi-Family Less than
10 Units


1984
1985
$339,755
$290,212
$371,440
$321,466

$126.39

$138.18


Multi-Family 10 or
More Units


913

(*)
(*)
$1,546,356
$1,121,279
$1,590,964
$1,313,529

$32.47

$33.41


Table 17. St. Johns County Housing Supply
Single- Mobile Condominium
Family Hom Condominium
Family Home


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price
Total Units/Properties


55,996 5,814 14,098
42,497 3,652 3,505


1994
1997
$271,791
$204,571
$336,079
$246,258


1992
1992
$79,476
$65,873
$105,292
$90,838


$15,219.22 $462.07


$18,819.07
$376,660
$289,650
55,996


($)
($)
$232,792
$174,397
$246,907
$185,300

$3,281.90


$612.17 $3,480.89
$287,824
$212,000
5,814 14,098


Total

75,908
49,654


Multi-Family Less than
10 Units
1,753
832


1981
1982
$286,019
$198,334
$378,421
$240,336

$501.39

$663.37


75,908


Multi-Family 10 or
More Units


NA

1993
1997
$4,026,017
$976,066
$4,026,017
$976,066

$161.04

$161.04


1,753












Figure 13. Jacksonville MSA Real Median Single-Family Sales Prices (2008 Dollars)


Figure 14. Jacksonville MSA Real Condominium Sales Prices (2008 Dollars)


SBaker County
1 Clay County
ES Duval County
G Nassau County
St. Johns County
-*-Florida
-A-Jacksonville, FL MSA


1999 2000 2001 2002 2003 2004 2005 2006 2007


$450,000


$400,000


$350,000


$300,000

Baker County
$250,000 E Clay County
OE Duval County
Nassau County
St. Johns County
$200,000- -4-Florida
-&-Jacksonville, FL MSA

$150,000 -


$100,000


$50,000


$0
1999 2000 2001 2002 2003 2004 2005 2006 2007


TeS toflrd'Hui ,20 1-










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 19.3% of the state's single-family units,
55.3% of its condominiums, 39.6% of the multi-family units with
9 or fewer units, and 42% of multi-family units with 10 or more
units. One important item of note in this is MSA is how different
the median and mean single-family sales prices are. For the MSA
as a whole, the 2007 mean sales price is $159,000 higher than the
2007 median sales price.
According to the 2007 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 6.7% of the state's single-family housing stock and
22.4% 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
According to the 2007 Census population estimates, Broward
County is the second largest county by population. It contains 8%
of the state's single-family housing stock and 14.7% of the state's
condominium stock.
According to the 2007 Census' population estimates, Palm Beach
County is the third largest county by population. It contains 4.6%
of the state's single-family housing stock and 18.3% of the state's
condominium stock. Palm Beach County is another of the few
counties that have more condominiums than single-family units,
having 113,000 more condominiums than single-family houses.


Notice that, for single-family housing, the mean just value is
over $283,000 higher than the median just value. This difference
indicates that the presence of some extremely valuable single-family
housing in Palm Beach County.
Figure 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 nine years.
In 1999 there was only about a $25,000 difference and by 2007
that difference had grown to over $115,000. These three counties
are obviously having a large effect on the overall state median. The
Miami-Fort Lauderdale-Pompano Beach MSA experience a small
real median single-family sales price decline between 2006 and
2007 with Broward County decreasing 3.3 percent and Palm Beach
declining 4 percent. Miami-Dade saw a 2.7 percent increase. With
the state as whole experiencing a 6.6 percent decrease, the MSA's
decrease appears mild.
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 nine 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. Real median
condominium prices have risen drastically over the last nine yeas;
however the MSA as a whole experienced a real median price de-
crease between 2006 and 2007. Broward County experienced a real
decline of 5.3 percent and Palm Beach County saw real decline of
almost 11 percent.


Figure 16. Miami MSA Real Median Single-Family Sales Prices (2008 Dollars)


$350,000

$300,000

$250,000 Broward County
SMiami-Dade County
KS3- Palm Beach County
Florida
$200,000 -A- Miami-Fort Lauderdale-Pompano Beach, FL MSA

$150,000

$100,000

$50,000

10
1999 2000 2001 2002 2003 2004 2005 2006 2007












Table 18. Miami-Fort Lauderdale-Pompano Beach FL MSA Housing Supply
Single- Mobile Condominium Total Multi-Family Less than Multi-Family 10 or
Condominium Total
Family Home 10 Units More Units
Total Units/Properties 896,733 8,305 993,097 1,898,135 60,735 5,612
Homesteads 705,802 4,154 488,133 1,198,089 17,321 54


Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


1976
1978
$260,016
$178,290
$372,922
$273,060


($)
($)
$117,959
$60,104
$126,576
$70,320


($)
($)
$192,924
$144,627
$223,419
$174,130


$233,165.08 $979.65 $191,591.79


$334,411.71
$509,011

$350,000


$1,051.22


$221,876.60
$328,473

$243,900


Table 19. Brow


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


iard County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
370,835 4,332 263,147
291,616 2,413 125,012


1980
1980
$236,643
$184,930
$328,371
$263,100


($)
($)
$164,420
$63,920
$175,179
$78,390


Total

638,314
419,041


($)
($)
$149,372
$115,120
$170,074
$135,780


$87,755.40 $712.27 $39,306.77


$121,771.40 $758.88
$439,422

$330,000


$44,754.55
$245,540

$199,900


Multi-Family Less than
10 Units
18,528
4,155

50,313

1965
1966
$290,575
$252,000
$317,052
$271,860

$5,383.77

$5,874.35


Multi-Family 10 or
More Units


79,882

1971
1970
$3,869,797
$1,126,210
$3,873,635
$1,137,415

$6,400.64

$6,406.99


Table 20. Miami-Dade County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
Total Units/Properties 310,525 315 401,201
Homesteads 246,628 89 189,099


Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


1970
1969
$245,983
$163,856
$398,522
$298,325


1964
1962
$147,363
$51,672
$161,074
$58,365


Total

712,041
435,816


($)
($)
$226,404
$164,920
$267,332
$204,410


$76,383.81 $46.42 $90,833.64


$123,751.04
$509,063

$365,000


$50.74 $107,254.05
$374,399

$265,000


Multi-Family Less than
10 Units
31,677
10,844

86,022

1962
1961
$322,301
$275,976
$358,941
$311,995

$10,209.52

$11,370.16


Multi-Family 10 or
More Units
3,253
21


124,713

1966
1966
$3,033,645
$1,258,033
$3,034,386
$1,258,456

$9,868.45

$9,870.86


163,857
1963
1964
$297,311
$253,400
$327,606
$281,170

$18,057.16

$19,897.17


256,187
1968
1968
$3,560,752
$1,208,201
$3,562,442
$1,210,490

$19,982.94

$19,992.43


h Sae fFlrd'sHusn, 081-












Table 21. Palm Beach County Housing Supply


Single- Mobile
Family Home
Total Units/Properties 215,373 3,658
Homesteads 167,558 1,652
Total Number of
Residential Units
Mean year built 1978 1982
Median year built 1980 1980
Mean assessed value $320,495 $60,405
Median assessed value $184,605 $51,024
Mean just value $412,722 $66,047
Median just value $249,155 $62,560
Total assessed value $6902587 $220.96
milss.)
Total just value milss.) $88,889.27 $241.60
2007 Mean Sales Price $653,035
2007 Median Sales


Price


$369,972


Condominium Total Multi-Family Less than
10 Units
328,749 547,780 10,530
174,022 343,232 2,322

27,522


1987
1985
$186,925
$142,800
$212,527
$167,750

$61,451.38

$69,868.00
$316,874

$249,550


1962
1964
$233,985
$187,115
$251,915
$198,538

$2,463.86

$2,652.67


Multi-Family 10 or
More Units


51,592

1974
1973
$5,267,869
$1,069,170
$5,268,901
$1,069,170

$3,713.85

$3,714.58


Figure 17. Miami MSA Real Median Condominium Sales Prices (2008 Dollars)


$250,000



$200,000 -- Broward County
laMiami-Dade County
I Palm Beach County
S--Florida
$150,000 -A-Miami-Fort Lauderdale-Pompano Beach, FL MSA



$100,000



$50,000



0
1999 2000 2001 2002 2003 2004 2005 2006 2007










Orlando-Kissimmee, FL MSA


Figure 18. Orlando-Kissimmee, FL MSA

As can be seen in
., -Figure 18, the Orlando-
': Kissimmee MSA is lo-
cated in the center of the
state and contains four
counties: Lake County,
1 Orange County, Osceola
) County, and Seminole
County. According
to the Census' 2007
population estimates,
the Orlando-Kissimmee
MSA has 11.1% of the state's population; however the population
is concentrated in Orange County, which has nearly 52.5% of the
MSAs population. This difference in population is reflected in the
housing supply as can be seen in Tables 22 through 26 which show
the Orlando-Kissimmee MSA housing supply and the individual
counties that make up the MSA.
The Orlando-Kissimmee MSA has 12.1% and 5.6% 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 49% of the single-family
housing stock with another 21% located in Seminole County.


Orange County has nearly 68% of all of the Orlando-Kissimmee
MSA condominiums. Osceola and Seminole County have 13.3
percent and 16 percent of the MSA's condominiums respectively.
Condominiums play different roles in the four counties that make
up this MSA. In Lake County 52 percent of the condominiums are
owner occupied, an owner occupancy way above the state's 41 per-
cent average. Seminole County is close to the state average with its
38 percent owner occupancy. However, both Orange County and
Osceola County are way below the state's average with owner occu-
pancy rates of 22.3 percent and 9.5 percent respectively. The Disney
theme parks most likely explain the large number of condominiums
and their low owner occupancy in Osceola and 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 nine years going from $149,000 to $276,000. How-
ever, this increase while large merely mirrors what has happened to
the real median single-family sales price in Florida. Every county in
the Orlando-Kissimmee MSA saw a real median single-family sales
price decrease between 2006 and 2007. The MSA saw an overall
real decrease of 6.15 percent, with Lake County experiencing a 9.4
percent decline and the other three counties experiencing between
4.5 and 6.4 percent decreases.
Figure 20 shows that while the Orlando-Kissimmee MSA con-
dominiums 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. The MSA saw a slight overall increase in real median
condominium sales prices between 2006 and 2007, but this increase
is nothing compared to the increases seen over the last six years.


Figure 19. Orlando-Kissimmee MSA Real Median Single-Family Sales Prices (2008 Dollars)


1999 2000 2001 2002 2003 2004 2005 2006 2007


Lake County
__ Orange County
I3 Osceola County
SSeminole County
-*-Florida
--Orlando-Kissimmee. FL MSA


TeS toflrd'Hui ,20 1-











Table 22. Orlando-Kissimmee, FL MSA Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
561,642
397,054


1988
1990
$190,570
$158,585
$234,922
$195,950


Mobile
Home
32,246
19,307


1984
1984
$76,318
$59,438
$90,817
$73,400


Condominium

99,610
23,885


Total

693,498
440,246


($)
($)
$199,293
$138,000
$206,349
$144,000


$107,032.31 $2,460.96 $19,851.60


$131,942.31
$317,387
$265,000


$2,928.49


$20,554.45
$224,582
$197,000


Multi-Family Less than
10 Units
8,754
1,556
9,770
1977
1981
$170,885
$150,736
$178,147
$155,505
$1,495.93
$1,559.50


Multi-Family 10 or
More Units
1,133
3
50,385
1985
1988
$7,028,360
$2,773,582
$7,028,442
$2,773,582
$7,963.13
$7,963.23


Table 23. Lake County Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
88,329
63,473


1988
1996
$169,351
$151,399
$197,029
$178,397


Mobile
Home
20,178
12,238


1983
1984
$77,405
$57,491
$89,115
$69,906


$14,958.59 $1,561.88


$17,403.41
$267,240
$236,800


$1,798.16


Condominium

2,884
1,507


Total

111,391
77,218


Multi-Family Less than
10 Units
1,284
117


1985
1986
$182,779
$89,161
$197,660
$110,722
$527.13
$570.05
$157,913
$129,200


1968
1974
$148,625
$128,445
$149,883
$129,895
$190.83
$192.45


Multi-Family 10 or
More Units
142
1
449
1984
1986
$2,398,070
$953,490
$2,398,336
$953,490
$340.53
$340.56


Tampa-St. Petersburg-Clearwater, FL MSA


Figure 21. Tampa-St. Petersburg-Clearwater MSA


As can be seen in Figure
t_ k -- /* .&-,
.- .' 21, the Tampa-St. Peters-
.- \- ('" burg-Clearwater (Tampa)
MSA is located near the
center of the state on its
western coast. The Tampa
SMSA contains four coun-
S 7 ties: Hernando County,
Hillsborough County,
Pasco County, and Pinellas
SCounty. According 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 difference in population is reflected in the


housing supply as can be seen in Tables 27 through 31 which show
the Tampa MSA housing supply and the individual counties that
make up the MSA.
The Tampa MSA has 16.4% and 9% of Florida's single-family
housing stock and condominium stock, respectively. Hillsborough
County has 6.7% of the states single-family housing, and Pinellas
County has another 5.3% of the state's single-family housing. Pinel-
las also has 103,831 condominiums or 5.8% of the state's total. It is
interesting to note that the mean year built for single-family hous-
ing in Pinellas County is 1968, whereas the state mean is 1985.
As can be seen in Figure 22 the real median sales price for single-
family homes in the Tampa MSA has increased from $133,000
to $221,000 between 1999 and 2007. 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. The MSA as a whole
saw a real median single-family sales price decrease of 8.8 percent
between 2006 and 2007. Both Hernando and Pasco County saw
real median decreases of over 14 percent.











Figure 20. Orlando-Kissimmee MSA Real Median Condominium Sales Prices (2008 Dollars)


Figure 22. Tampa-St. Petersburg-Clearwater MSA Real Median Single-Family Sales Prices
(2008 Dollars)


1999 2000 2001 2002 2003 2004 2005 2006 2007


Lake County
'2 Orange County
IE"Osceola County
Seminole County
-*-Florida
-A-Orlando-Kissimmee, FL MSA


1999 2000 2001 2002 2003 2004 2005 2006 2007


I Hemando County
I Hillsborough County
S Pasco County
Pinellas County
-A-Florida
-*-Tampa-St. Petersburg-Clearwater, FL MSA


TeS toflrd'Hui ,20 1-











Table 24. Orange County Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
275,826
196,468


1989
1990
$199,049
$158,675
$246,700
$198,389


Mobile
Home
4,746
2,632


1985
1985
$61,908
$51,078
$74,509
$62,192


Condominium

67,514
15,064


($)
($)
$191,075
$144,840
$197,526
$147,680


Total

348,086
214,164


Multi-Family Less than
10 Units
4,947
910


1978
1980
$177,057
$156,588
$184,753
$162,254

$875.90

$913.97


$54,902.85 $293.82 $12,900.24


$68,046.29
$338,270

$280,000


$353.62 $13,335.77
$229,750

$202,700


Multi-Family 10 or
More Units
769
1

20,897

1986
1989
$6,834,805
$2,730,129
$6,834,831
$2,730,129

$5,255.96

$5,255.98


Table 25. Osceola County Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
79,470
44,826


1993
1997
$188,072
$167,300
$220,075
$192,400


Mobile
Home
5,431
3,275


1986
1986
$84,002
$72,037
$105,702
$88,400


Condominium

13,276
1,262


Total

98,177
49,363


Multi-Family Less than
10 Units
942


1997
2000
$340,787
$159,851
$342,487
$161,500


1977
1984
$189,764
$165,550
$193,536
$168,800

$178.76

$182.31


$14,946.07 $456.21 $4,524.29


$17,489.37
$306,697

$262,850


$574.07 $4,546.86
$262,500

$220,000


Multi-Family 10 or
More Units


332

1985
1988
$6,390,406
$3,855,931
$6,390,888
$3,855,931

$472.89

$472.93


Table 26. Semi



Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


nole County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
118,017 1,891 15,936
92,287 1,162 6,052


1984
1985
$188,319
$157,452
$245,755
$205,980


($)
($)
$78,822
$64,469
$107,163
$91,026


$22,224.80 $149.05

$29,003.24 $202.65
$313,317

$260,000


Total

135,844
99,501


Multi-Family Less than
10 Units
1,581
415


1985
1985
$119,223
$114,944
$131,888
$124,950

$1,899.93

$2,101.77
$180,435

$165,000


1979
1982
$158,405
$140,724
$171,261
$152,276

$250.44

$270.76


Multi-Family 10 or
More Units
148
0

28,707

1986
1986
$12,795,615
$10,372,359
$12,795,615
$10,372,359

$1,893.75

$1,893.75












Table 27. Tampa-St. Petersburg-Clearwater MSA Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
759,659
579,349


1980
1981
$155,525
$125,500
$196,818
$157,275


Mobile
Home
76,369
42,585


1982
1981
$55,187
$45,900
$66,101
$55,340


Condominium

161,151
70,417


Total

997,179
692,351


1983
1981
$144,630
$105,000
$162,172
$117,225


$118,146.19 $4,214.58 $23,307.24


$149,514.45 $5,048.10
$261,508

$212,000


$26,134.10
$233,095

$165,800


Multi-Family Less than
10 Units
21,805
6,383

53,369

1962
1967
$187,334
$140,200
$210,646
$151,466

$4,084.82

$4,593.14


Multi-Family 10 or
More Units


136,217

1976
1975
$4,735,779
$1,118,555
$4,736,284
$1,122,255

$7,738.26

$7,739.09


Table 28. Hern



Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


ando County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
60,192 11,998 752
43,740 7,267 361


1990
1989
$131,969
$117,368
$157,269
$140,940


1985
1984
$61,507
$51,096
$73,660
$61,684


$7,943.50 $737.96


$9,466.34
$192,855

$179,900


$883.77


1987
1987
$71,349
$72,505
$83,494
$90,973

$53.65

$62.79
$109,621

$117,500


Total

72,942
51,368


Multi-Family Less than
10 Units


1,204

1987
1986
$147,506
$132,680
$150,098
$136,175

$69.62

$70.85


Multi-Family 10 or
More Units


1989
1990
$2,238,272
$960,175
$2,238,731
$960,175

$120.87

$120.89


Table 29. Hillsborough (
Single-
Family
Total Units/Properties 312,280
Homesteads 241,423
Total Number of
Residential Units
Mean year built 1984
Median year built 1984
Mean assessed value $158,548
Median assessed value $129,915
Mean just value $198,240
Median just value $158,535
Total assessed value $49,511.48
milss.)
Total just value milss.) $61,906.49
2007 Mean Sales Price $290,618
2007 Median Sales $233,450
Price,4
Price


County Housing Supply
Mobile
Mobile Condominium Total
Home
14,208 44,130 370,618
9,516 17,472 268,411


1986
1986
$73,496
$63,209
$96,426
$84,044

$1,044.24

$1,370.03


1990
1988
$133,295
$113,676
$143,775
$120,580

$5,882.30

$6,344.78
$223,215

$179,900


Multi-Family Less than
10 Units


13,728

1976
1979
$164,731
$130,306
$168,955
$134,186

$773.08

$792.91


Multi-Family 10 or
More Units


91,281

1981
1981
$6,678,503
$2,220,300
$6,678,702
$2,220,300

$4,895.34

$4,895.49


TeS toflrd'Hui ,20 1-












Table 30. Pasco County Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
141,559
103,085


1986
1986
$143,300
$122,199
$171,156
$154,445


Mobile
Home
29,621
16,198


1983
1983
$51,275
$43,761
$59,873
$50,774


Condominium

12,438
5,227


Total

183,618
124,510


1984
1983
$86,846
$72,908
$98,148
$83,421


$20,285.35 $1,518.82 $1,080.20


$24,228.69 $1,773.49
$225,313

$205,100


$1,220.77
$130,073

$112,100


Multi-Family Less than
10 Units
3,814
1,723

5,425
1973
1974
$127,609
$104,378
$147,996
$118,562

$486.70

$564.46


Multi-Family 10 or
More Units
182
0

NA

1990
1989
$2,556,707
$675,223
$2,556,707
$675,223

$465.32

$465.32


Table 31. Pinellas County Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
245,628
191,101


1969
1968
$164,500
$123,109
$219,490
$161,300


Mobile
Home
20,542
9,604


1976
1973
$44,473
$39,400
$49,694
$44,700


Condominium

103,831
47,357


Total

370,001
248,062


1980
1979
$156,900
$104,900
$178,230
$121,200


$40,405.86 $913.56 $16,291.09


$53,912.94
$289,987

$209,000


$1,020.82


$18,505.76
$254,019

$159,000


Multi-Family Less than
10 Units
12,826
4,086

33,012
1952
1952
$214,830
$153,300
$246,759
$167,500

$2,755.41
$3,164.93


Multi-Family 10 or
More Units


44,477
1966
1971
$3,393,582
$790,000
$3,394,567
$790,000

$2,256.73
$2,257.39


Figure 23 shows that while the Tampa MSA condo-
miniums still have a real median sales price below the state
median. The real condominium sales price more than
doubled, increasing from $84,000 to $173,000. Her-
nando County is the only county in the MSA that has not
seen its real median condominium price double between
1999 and 2007. After the MSA as a whole experienced
a 3% drop in real median condominium sales prices
between 2005 and 2006, it saw real median prices hold
even between 2006 and 2007. However, if we look at
the individual counties, the story is not as positive. Only
Hillsborough saw a real median prices increase. Hernando
County saw a real price decrease of 12 percent, Pasco saw a
real decrease of 16 percent, and Pinellas saw a real decrease
of 8.5 percent.


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-Ti-
tusville 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 2007 Census' population projections, they
contain 31% of Florida's population. Thirty-eight percent of the
state's single-family housing stock, approximately 26% of the











Figure 23. Tampa-St. Petersburg-Clearwater MSA Real Median Condominium Sales Prices
(2008 Dollars)


Table 32. Cape Coral-Fort Myers (Lee County), FL MSA Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
197,003
123,848


1990
1994
$231,207
$164,670
$271,146
$191,250


Mobile
Home
16,902
7,567


1982
1981
$71,739
$55,900
$82,521
$64,010


$45,548.46 $1,212.54


$53,416.55
$357,126

$262,500


$1,394.77


Condominium Total

83,101 297,006
24,020 155,435


1992
1994
$226,644
$165,000
$237,299
$173,000

$18,834.36

$19,719.82
$360,799

$250,700


Multi-Family Less than
10 Units
8,102
1,285

18,428

1986
1984
$206,812
$191,355
$216,865
$197,775

$1,675.59

$1,757.04


Multi-Family 10 or
More Units


15,380

1983
1984
$2,941,875
$777,600
$2,941,875
$777,600

$508.94

$508.94


S Hemando County
SHillsborough County
E Pasco County
' Pinellas County
---Florida
-*-Tampa-St. Petersburg-Clearwater, FL MSA


1999 2000 2001 2002 2003 2004 2005 2006 2007


TeS toflrd'Hui ,20 1-












Figure 25. Cape Coral-Ft. Myers MSA Real Median Single-Family Sales Prices (2008 Dollars)


1999 2000 2001 2002 2003 2004 2005 2006 2007


l Cape Coral-Fort Myers, FL MSA
--Florida


Figure 26. Cape Coral-Ft. Myers MSA Real Median Condominium Sales Prices (2008 Dollars)


$300,000




5250 000




S200 000




[ -001 1 Cape Coral-Fort Myers, FLM
I5o 00 F ----Florida


.100000




50 000




0so


1999 2000 2001 2002 2003 2004 2005 2006 2007


$250,000



$200,000



$150,000



$100,000



$50,000


. Y I I I I I I I I I I I









condominium stock and 32% and 28% 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.

Cape Coral-Fort Myers, FL MSA

Figure 24 Cape Coral-Fort Myers, FL MS


N 4


As can be seen in Figure
24, the Cape Coral-Fort
Myers, FL MSA is located
in the southwest corner of


S- the state, and is a single
S county, Lee County, MSA. It
contains 4.25% of the state's
single-family housing stock
Sand 4.6% of the state's con-
j dominium stock. As can be
S seen in Table 32, the mean
year built for condominiums
is 1994, 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 mirrored the states single-family and con-
dominium real median sales prices. Real median single-family sales
prices decreased by 8.8 percent, slightly more than the state's real
decrease of 6.6 percent. The same trend is true for condominiums as
well, with a real decrease of 5.5 percent compared to the states real
decrease of 2.3 percent.



Deltona-Daytona Beach-Ormond Beach, FL
MSA

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

T" -As can be seen in
SFigure 27, the Deltona-
Daytona Beach-Ormond
Beach, FL MSA is locat-
-' ed near the center of the
state on its eastern coast
and is a single-county
SMSA, Volusia County.
According to the Cen-
sus' 2007 population
estimates, the Deltona-
Daytona Beach-Ormond
Beach MSA has approximately 2.7% of the states population. It
also contains 3.3% of Florida's single-family housing and 1.7% of
Florida's condominiums. Volusia County's single-family units have
a mean year built of 1984 which makes them slightly older than the
state mean of 1985.


Fir-


Figure 28 shows that while the Deltona-Daytona Beach-Ormond
Beach MSA has seen the real median single-family sales prices in-
crease between 1999 and 2007, but this real growth was consistent
with what happened to real median single-family sales prices in the
state. The spread between the state's real median and the MSA's has
remained relatively constant. The Deltona-Daytona Beach-Ormond
Beach MSA saw a real median single-family sales price decrease of
10.7% between 2006 and 2007.
Figure 29 shows that until 2003 the real median condominium
sales price reflected the state's median. After 2003, the MSA actually
had higher real median condominium sales prices except for 2006
when prices declined bringing the MSA back to the state median.
However, real prices increased between 2006 and 2007, once
again, bringing the real median sales price back above the state's real
median.



Fort Walton Beach-Crestview-Destin, FL
MSA

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

S2 .-.. 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
-.l County, MSA. It contains
) 1.3% of the state's single-
family housing stock and
0.75% of the state's condo-
minium stock. As shown in
Table 34, Okaloosa County has extremely expensive condominium
sales prices, and actually ranks as having the seventh highest condo-
minium prices in the state for 2007.
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 nine years. Real median single-family
sales prices experienced a real decline of 7 percent between 2006
and 2007, and this was after they showed almost no real change
between 2005 and 2006.
Figure 32 highlights the expensive nature of condominiums in the
MSA and the real decline in condominium sales prices over the last
two years. Real median condominium sales prices decreased by 5.3
percent between 2006 and 2007, this is untop of the real decrease of
8.4 percent between 2005 and 2006.


TeS toflrd'Hui ,20 1-











Table 33. Deltona-Daytona Beach-Ormond Beach (Volusia County), FL MSA
Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
152,572
114,438


1980
1984
$146,339
$120,332
$191,633
$155,691


Mobile
Home
7,675
4,742


1982
1981
$71,978
$57,807
$92,036
$74,255


Condominium

30,303
7,522


($)
($)
$211,717
$150,801
$223,942
$167,700


Total

190,550
126,702


Multi-Family Less than
10 Units
11,066
5,294


1981
1984
$131,203
$117,855
$149,474
$137,019
$1,451.89
01 654 08


$22,327.19 $552.43 $6,415.67


$29,237.91
$241,058
$200,000


,706 38


$6,786.10
$306,462
$257,500


Multi-Family 10 or
More Units
516
20
NA
1973
1974
$1,492,799
$415,244
$1,495,635
$419,695
$770.28
'771 75


Table 34. Fort Walton Beach-Crestview-Destin (Okaloosa County), FL MSA
Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
60,874
42,142


1983
1985
$167,583
$120,474
$208,345
$152,030


Mobile
Home
2,772
1,591


1986
1986
$59,205
$45,389
$71,644
$57,607


Condominium

13,394
1,187


Total

77,040
44,920


Multi-Family Less than
10 Units
751
40


($)
($)
$309,018
$260,000
$314,896
$265,000


1974
1977
$208,230
$152,068
$209,853
$152,504
$156.38
$157.60


$10,201.45 $164.12 $4,138.98


$12,682.80
$255,484
$200,800


$198.60 $4,217.72
$504,233
$370,000


Multi-Family 10 or
More Units
154
2

4,991
1983
1985
$1,503,403
$763,005
$1,504,521
$763,005
$231.52
$231.70


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: Alachua
County and Gil-
christ County. It


contains 1.2% of the state's single-family housing stock and 0.4%
of the state's condominium stock. Table 36 shows that Alachua
County has a relatively large number of large multi-family housing
units. Alachua County has 46,000 residential units in multi-family
housing, only nine thousand less than the counties single-family
housing units. Since the University of Florida is located in Alachua
County, there is a large student population that requires these
multi-family housing units.
Figure 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
County's single-family housing is more expensive than Gilchrist
County's, but the spread has closed recently. It should be noted
that while Gilchrist County has shown a large real increase in prices
between 2006 and 2007, it is based on a relatively small number of
sales. There were only 56 single-family sales in Gilchrist County in










Figure 28. Deltona-Daytona Beach-Ormond Beach MSA Real Median Single-Family Sales
Prices (2008 Dollars)


Figure 29. Deltona-Daytona Beach-Ormond Beach MSA Real Median Condominium Sales
Prices (2008 Dollars)


$300,000



$250,000



$200,000



$150,000



$100,000



$50,000


H $Deltona-Daytona Beach-Ormond Beach, FL MSA
---Florida


1999 2000 2001 2002 2003 2004 2005 2006 2007


$250,000



$200,000 -


$10,000 Deltona-Daytona Beach-Ormond Beach, FL MSA
--- Florida


$100,000



$50,000



$0 -
1999 2000 2001 2002 2003 2004 2005 2006 2007


h Sae fFlrd'sHusn, 081-


~L~L~Ln












Figure 31. Fort Walton Beach-Crestview-Destin MSA Real Median Single-Family
Sales Prices (2008 Dollars)


$300,000




$250,000



K00 OOO




0 Fort Walton Beach-Cresview-Destin, FL MSA
-*-Florida







000




10
1999 2000 2001 2002 2003 2004 2005 2006 2007


Figure 32. Fort Walton Beach-Crestview-Destin MSA Real Median Condominium Sales Prices
(2008 Dollars)


$400,000


$350,000 -


$300,000 -


$250,000 Fort Walton Beach-Crestview-DestinFL MSA
--Florida


$200,000 -


$150,000 -


$100,000-


$50,000-


$0 9 20 21 22 23 24 25 2
1999 2000 2001 2002 2003 2004 2005 2006 2007





esville FL MSA Housing Supply
Single- Mobile Condominium
Condominium
Family Home
56,999 8,263 7,341
43,805 5,969 2,541


Table 35. Gain



Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


1989
1989
$56,930
$50,700
$71,238
$65,000


$8,005.76 $470.41


$10,174.97
$240,848

$209,000


$588.64


1991
1992
$108,381
$106,100
$112,009
$109,400

$795.62

$822.26
$168,635

$162,000


Total

72,603
52,315


Multi-Family Less than
10 Units


Multi-Family 10 or
More Units


4,840

1976
1980
$144,376
$122,900
$146,157
$124,900

$238.36

$241.30


31,320

1987
1985
$1,899,809
$260,600
$1,904,978
$266,200

$1,065.79

$1,068.69


Table 36. Alachua County Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
54,784
42,159


1983
1982
$141,940
$119,290
$180,248
$156,500


Mobile
Home
5,733
4,192


1988
1989
$57,661
$51,860
$70,876
$64,000


$7,776.05 $330.57


$9,874.72
$241,684

$210,000


$406.33


Condominium

7,341
2,541


1991
1992
$108,381
$106,100
$112,009
$109,400

$795.62

$822.26
$168,635

$162,000


Total

67,858
48,892


Multi-Family Less than
10 Units


Multi-Family 10 or
More Units


4,822

1976
1980
$144,032
$123,100
$145,823
$125,300

$236.50

$239.44


31,125

1989
1986
$2,244,132
$497,900
$2,244,139
$497,900

$1,056.99

$1,056.99


Table 37. Gilc


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


rist County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
2,215 2,530 0
1,646 1,777 0


1985
1988
$103,705
$85,955
$135,550
$121,040


1989
1991
$55,273
$47,916
$72,058
$68,234


$229.71 $139.84

$300.24 $182.31
$197,266

$188,500


Total

4,745
3,423


Multi-Family Less than
10 Units


Multi-Family 10 or
More Units


(*)
(*)
$207,060
$87,078
$207,060
$87,078

$1.86

$1.86


1981
1984
$97,853
$73,107
$130,037
$112,250


$11.70


1983
1983
$140,454
$117,920
$178,511
$155,200


TeS toflrd'Hui ,20 1-













Figure 34. Gainesville MSA Real Median Single-Family Sales Prices (2008 Dollars)


Figure 35. Gainesville MSA Real Median Condominium Sales Prices

(2008 Dollars)


$300,000



$250,000



$200,000


1 AachuaCounty
I: GilchnstCoun
S-4-Florida
--GaIneIvlll, FLMSA












1999 2000 2001 2002 2003 2004 2005 2006 2007


$300,000


E-Alachua County
EIGilchrist County
--Florida
-A-Gainesville, FL MSA


1999 2000 2001 2002 2003 2004 2005 2006 2007









2007 compared to 2,919 in Gainesville County. Figure 35 shows
that while condominiums have seen a large real return, they have
still been priced below the state median, and that the real median
sales prices increases are slowing.



Lakeland, FL MSA

Figure 36. Lakeland, FL MSA
As can be seen in Figure
.- 36, the Lakeland, Fl MSA
-f.* k is located in the center of
the state, and is a single
county, Polk County,
MSA. It contains 3.5%
of the state's single-family
housing stock and 0.5%
of the state's condomini-
um 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 increased at a similar rate as the state. Figure
38 shows that condominiums saw almost no real return between
1999 and 2004, but saw large price increases between 2004 and
2006. However, those price increases did not continue with real me-
dian condominium prices decreasing by 11 percent between 2006
and 2007, which raises the question if those large price increases
between 2004 and 2006 are sustainable or transient. Lakeland's
condominiums are still priced well below the state median.

Naples-Marco Island, FL MSA

Figure 39. Naples-Marco Island, FL MSA

<7 As can be seen in Figure
S 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
S state's single-family hous-
ing stock and 5.3% of
the state's condominium
stock. As can be seen in
Table 39, Collier County
is the second highest priced market for single-family homes in the
state of Florida. Notice the difference in the mean and median
single-family sales price for 2007, 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.


After experiencing a small real price increase between 2005 and
2006, Collier County experienced a 8.15 percent decline in real me-
dian single-family sales prices between 2006 and 2007. This decline
actually brought real prices below their 2005 value.
Figure 41 shows that the Naples-Marco Island MSA real median
condominium sales price is higher in the state's real median sales
price. However, after three years of double digit real price increase,
there was a 4.5 percent real decline in condominium sales prices
between 2006 and 2007.

Ocala, FL MSA

Figure 42. Ocala FL, MSA


cr 1


As can be seen in Figure 42,
the Ocala, FL MSA is located
in the center of the state and


S. is a single-county, Marion
County, MSA. It contains
2.1% of the state's single-fam-
ily housing stock and 0.4%
S of the state's condominium
stock.
4 oFigure 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 expe-
rienced double digit increases in real median sales prices between
2003 and 2006, however those price increases have stopped. In
fact, real median condominium sales prices decreased by 10.5
percent between 2006 and 2007. This decrease raises the possibility
that the previous increases may have been more speculative rather
than market driven and could possibly forecast even greater price
decreases in the future.

Palm Bay-Melbourne-Titusville, FL MSA

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

-r r rAs can be seen in Figure
.rr. 45, Palm Bay-Melbourne-
S Titusville, FL MSA is
located in the center of the
S- state on its eastern coast,
S*\ and is a single-county,
Sr Brevard County, MSA. It
contains 3.8% of the state's
) single-family housing stock
and 1.9% of the state's
condominium stock.
As can be seen in Figure
46, the real median single-family sales price in the Palm Bay-Mel-
bourne-Titusville MSA is below the state average. This is another
MSA that showed a real median single-family price decrease be-
tween 2006 and 2007, 11.8 percent. Here too, real median single-


TeS toflrd'Hui ,20 1-












Table 38. Lakeland (Polk County), FL MSA Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built


Single-
Family
159,841
107,742


1981
1986


Mobile Condominium Total Multi-Family Less than
Home Condominium Total 10 Ui
Home 10 Units
34,082 8,297 202,220 4,331
19,197 2,806 129,745 363


1987
1987


Mean assessed value $135,474 $52,421
Median assessed value $118,082 $47,086
Mean just value $168,461 $64,019
Median just value $152,764 $59,160
Total assessed value $21,654.30 $1,786.62
milss.)
Total just value milss.) $26,926.95 $2,181.89
2007 Mean Sales Price $229,166
2007 Median Sales $208,000
Price


($)
($)
$87,807
$78,500
$97,343
$92,400

$728.54

$807.65
$125,629

$112,000


1979
1980
$112,697
$98,151
$114,227
$98,997

$488.09

$494.72


Multi-Family 10 or
More Units
281
5

NA

1983
1982
$1,947,107
$539,670
$1,947,546
$539,670

$547.14

$547.26


Table 39. Naples-Marco Island (Collier County), FL MSA Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
75,791
49,658


1991
1994
$454,450
$276,626
$558,420
$344,904


Mobile
Home
3,477
1,493


1982
1980
$89,323
$66,785
$104,781
$80,545


Condominium Total Multi-Family Less than
Condominium Total 1 Units
10 Units
94,733 174,001 1,984
28,025 79,176 288


1991
1991
$324,852
$211,153
$351,199
$226,839


1977
1974
$283,573
$244,369
$291,681
$251,876

$562.61

$578.70


$34,443.19 $310.58 $30,774.21


$42,323.24
$646,862

$425,000


$364.32


$33,270.17
$485,226

$310,000


Multi-Family 10 or
More Units
87
0

37,120

1988
1991
$6,612,269
$3,127,126
$6,612,269
$3,127,126

$575.27

$575.27


Figure 37. Lakeland-Winter Haven MSA Real Median Single-Family
Sales Prices (2008 Dollars)


$300,000


$250,000


$200,0 i


,,,... Laka-d, FL MSA










1999 2000 2001 2002 2003 2004 2005 2006 2007












Figure 38. Lakeland MSA Real Median Condominium Sales Prices (2008 Dollars)


$300,00
0



$250,00




$200,00
0



$150,00 Lakeland FL
$15000
0 Mra



$100,00




$50,00
$o




0 199 200 200 200 200 200 200 200 200
9 0 1 2 3 4 5 6 7


Figure 40. Naples-Marco Island MSA Real Median Single-Family Sales Prices (2008 Dollars)


$600,000




$500,000




$400,000-




$300,000 Naples-Marco Island, FL MSA
-4-Florida



$200,000 -




$100,000-




$0 -
1999 2000 2001 2002 2003 2004 2005 2006 2007


TeS toflrd'Hui ,20 1-










Figure 41. Naples-Marco Island MSA Real Median Condominium Sales Prices (2008 Dollars)


$400,000


$350,000


$300,000


$250,000


$200,000 -- -Naples-Maro Island, FL MSA
S--Florida

$150,000 -


$100,000


$50,000


$0
1999 2000 2001 2002 2003 2004 2005 2006 2007


family housing sales price have dropped below their 2005 level.
Figure 47 shows that condominiums experienced a real sales price
decrease and are also priced below the state median.


Palm Coast, FL MSA


Figure 48. Palm Coast, FL MSA


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 0.25% of
the state's condominium
stock. While there are
few condominiums in


the MSA, with a median sales price of $495,000, they rank as the
second most expensive in the state.
As can be seen in Figure 49, real median single-family sales prices
are comparable to the state median. Real median single-family
sales prices decreased by 13.4 percent between 2006 and 2007, and
are now slightly below what they were in 2005. 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 increased by
over 250% from the value reported in The State of Florida's Hous-
ing 2003, implying that these condominiums are new construction.
Being new construction and being located in a coastal county are
likely explanations for the difference between the state's real median
sales price and Palm Coast's real median sales price. Flagler County
is one of the few counties that saw a real increase in real median
condominium sales prices.


Panama City-Lynn Haven, FL MSA


Figure 51. Panama City-Lynne Haven FL, MSA

As can be seen in
S-' I Figure 51, the Panama
'. City-Lynne Haven, FL
MSA is located on the
coast in Florida's pan-
handle, and is a single
S\ county, Bay County,
S MSA. It containsl.1%
S-j the state's single-family
S housing stock and
-- 1.1% of the state's
condominium stock.
As can be seen in Table 43, Bay County has extremely expensive
condominium sales prices in 2007.


QC ^


i





.











Table 40. Ocala (Marion County), FL MSA Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
99,806
71,340


1989
1992
$132,031
$115,241
$168,088
$146,426


Mobile
Home
25,866
15,320


1985
1985
$51,566
$43,072
$67,347
$57,687


$13,177.53 $1,333.81


$16,776.23
$214,541

$192,000


$1,741.99


Condominium

6,772
3,995


Total

132,444
90,655


Multi-Family Less than
10 Units


1987
1987
$81,282
$68,584
$95,675
$85,970

$550.44

$647.91
$117,816

$119,700


Multi-Family 10 or
More Units


1980
1982
$174,594
$168,300
$177,262
$171,231

$208.64

$211.83


1984
1983
$2,798,935
$1,155,845
$2,800,009
$1,155,845

$319.08

$319.20


Figure 43. Ocala MSA Real Median Single-Family Sales Prices (2008 Dollars)


$300,000



$250,000



$200 000



J. 1000 cala, FL MSA
Florida



100 000



$iO 000




$0 ------
1999 2000 2001 2002 2003 2004 2005 2006 2007


TeS toflrd'Hui ,20 1-










Figure 44. Ocala MSA Real Median Condominium Sales Prices (2008 Dollars)


Figure 52 shows that the real median single-family sales price in
the Panama City-Lynne Haven MSA has increased and decreased
along with the state's real median single-family sales price. Figure 53
shows that while condominiums were in line with the state me-
dian until about 2002, when they started to experience a large real
increase in prices. After experiencing a large real decline between
2005 and 2006, the condominium market saw a large real increase
between 2006 and 2007, but even with this increase, real condo-
minium prices are still below where they were in 2005.


Pensacola-Ferry Pass-Brent, FL MSA

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

As can be seen in Figure
S r. 5 54, the Pensacola-Ferry
Pass-Brent, FL MSA is
made up of two north-
west counties, Escambia
County and Santa Rosa
County, in Florida's pan-
handle. It contains 3.%/
> ;iA of the state's single-family
housing stock and 0.6%
.,0- of the state's condomini-
um stock. As can be seen
in the following tables, the Pensacola-Ferry Pass-Brent MSA had
relatively expensive condominiums in 2007.


Figure 55 shows that the Pensacola-Ferry Pass-Brent MSA's real
median single-family sales price is below the state's real median.
Single-family homes in Santa Rosa have been more expensive than
Escambia County, but the spread has increased since 1999. Both
Escambia County and Santa Rosa have experienced real median
single-family sales price decreases for both the 2005 to 2006 and
2006 to 2007 time frame.
Figure 56 shows that real median condominium sales prices have
been greater than the state's median since 1999. However, the two
underlying counties have experienced rather different markets.
Escambia County has tended to see large price increases one year
followed by decreases the following year. Santa Rosa had experi-
enced three years of real price decreases until last year, where it saw a
real increase. Even with this increase, the real median condominium
sales price remains below its real 1999 median sales price.


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 County and St. Lucie County, MSA. It
contains 3% 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, Martin County has


$300,000


SOcala, FL MSA
-4--Florida


$100 000


$s0 000



1999 2000 2001 2002 2003 2004
1999 2000 2001 2002 2003 2004


2005 2006 2007











Table 41. Melbourne-Titusville (Brevard County), FL MSA Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
176,359
133,628


1983
1986
$147,095
$121,270
$188,844
$154,000


Mobile
Home
11,167
7,170


1984
1984
$53,032
$49,410
$62,692
$59,500


Condominium

34,834
12,188


Total

222,360
152,986


Multi-Family Less than
10 Units
2,950
799


1986
1985
$155,520
$117,000
$174,083
$130,000


1965
1964
$219,170
$165,000
$245,770
$180,000

$646.55

$725.02


$25,941.53 $592.21 $5,417.37


$33,304.35
$238,431

$200,000


$700.09 $6,064.00
$214,489

$172,500


Multi-Family 10 or
More Units


20,075

1974
1971
$2,973,271
$895,000
$2,974,043
$895,000

$755.21

$755.41


Figure 46. Melbourne-Titusville-Palm Bay MSA Real Median Single-Family Sales Prices
(2008 Dollars)


1999 2000 2001 2002 2003 2004 2005 2006 2007


$300,000



$250,000



$200,000



$150,000



$100,000



$50,000


O Palm Bay-Melboume-Titusville, FL MSA
--Florida


TeS toflrd'Hui ,20 1-











Table 42. Palm Coast (Flagler County), FL MSA Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
37,073
25,344


1997
2000
$184,132
$151,105
$215,060
$171,660


Mobile
Home
1,585
993


1989
1990
$69,714
$57,586
$90,128
$77,746


Condominium

4,508
899


($)
($)
$364,397
$275,457
$372,177
$280,000


Total

43,166
27,236


Multi-Family Less than
10 Units
921
127


974

1997
2002
$196,952
$190,117
$200,363
$190,443

$181.39

$184.53


$6,826.34 $110.50 $1,642.70


$7,972.92
$264,990

$222,000


$142.85


$1,677.77
$645,281

$495,000


Multi-Family 10 or
More Units
9
0

8

(*)
(*)
$2,588,398
$1,228,520
$2,588,398
$1,228,520

$23.30

$23.30


Figure 47. Palm Bay-Melbourne-Titusville MSA Real Median Condominium Sales Prices
(2008 Dollars)


1999 2000 2001 2002 2003 2004 2005 2006 2007


I Palm Bay-Melboume-Titusville, FL MSA
--Florida











Figure 49. Palm Coast MSA Real Median Single-Family Sales Prices (2008 Dollars)


$300,000




$250,000




$200,000




$150,000




$100,000




$50,000


$ ,Palm Coast, FL MSA
--Florida


1999 2000 2001


2002 2003 2004 2005 2006 2007


Figure 50. Palm Coast MSA Real Median Condominium Sales Prices (2008 Dollars)


1999 2000 2001 2002 2003 2004 2005 2006 2007


$600,000




$500,000




$400,000




$300,000




$200,000




$100,000




$0


$ Palm Coast, FL MSA
-*-Florida


TeS toflrd'Hui ,20 1-












Table 43. Panama City (Bay County), FL MSA Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
52,422
34,143


1983
1986
$158,788
$123,246
$203,724
$157,836


Mobile
Home
9,840
5,281


1990
1993
$74,498
$62,496
$89,518
$77,202


Condominium

19,899
1,063


($)
($)
$229,352
$212,695
$231,640
$215,135


Total

82,161
40,487


Multi-Family Less than
10 Units


Multi-Family 10 or
More Units


2,156

1984
1985
$191,224
$156,534
$197,647
$159,164

$165.22

$170.77


$8,323.98 $733.06 $4,563.88


$10,679.60
$245,759

$205,000


$880.86


$4,609.40
$408,041

$400,000


3,390

1983
1984
$1,959,088
$788,764
$1,960,036
$788,764

$264.48

$264.60


Figure 52. Panama City-Lynne Haven MSA Real Median Single-Family Sales Prices
(2008 Dollars)


1999 2000 2001 2002 2003 2004 2005 2006 2007


-nPanama City-Lynn Haven, FL MSA
-*-Florida










Figure 53. Panama City-Lynne Haven MSA Real Median Condominium Sales Prices (2008 Dollars)


$500,00
0
$450,00 -
0
$400,00
0
$350,00
0
$300,00
0
$250,00 I P-Panama City-Lynn Haven, FL
0 ,,.d---
__ a
$200,00
0
$150,00 -

$100,00
0
$50,00 -
0
$
0 199 200 200 200 200 200 200 200 200
9 0 1 2 3 4 5 6 7


only half the number of single-family homes as St. Lucie County,
but 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 median
in performance over the last nine years. Both Martin and St. Lucie
County experienced double digit real price decreases between 2006
and 2007. Figure 59 shows that while single-family homes may be
worth more in Martin County, condominiums have a higher real
median sales price in St. Lucie County.


Punta Gorda, FL MSA

Figure 60. Punta Gorda FL, MSA


,\





AI
\^~


As can be seen in Figure
60, the Punta Gorda, FL
MSA is made up of Char-
lotte County, and is located
on the southern Gulf coast.
It contains 1.4% of the
state's single-family housing
stock and 0.9% 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 Gorda has preformed in a man-
ner similar to the state. Note that the real median single-family
sales price declined between 2005 and 2006 and between 2006 and
2007. Charlotte County was one of the few that saw real median
condominium sales prices increase between 2006 and 2007.


Sarasota-Bradenton-Venice, FL MSA

Figure 63. Sarasota-Bradenton-Venice FL, MSA

7 r 4 As can be seen in Figure
63, the Sarasota-Bra-
'' denton-Venice, FL MSA
S* is made up of Manatee
County and Sarasota
County, and is located on
the southern Gulf coast.
It contains 4.6% of the
state's single-family hous-
ing stock and 4.8% of the
l o 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


h Sae fFlrd'sHusn, 081-












Table 44. Pensacola-Ferry Pass-Brent, FL MSA Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price


Single-
Family
141,640
103,778


1981
1983
$114,140
$91,421
$135,056
$110,064


Mobile
Home
12,102
6,416


1988
1988
$36,902
$30,900
$41,616
$35,941


Condominium

10,500
1,663


Total

164,242
111,857


Multi-Family Less than
10 Units
2,491
263


1991
1986
$282,877
$251,428
$288,791
$254,891


1976
1980
$124,698
$98,494
$128,594
$103,145

$310.62

$320.33


$16,166.78 $446.59 $2,970.21


$19,129.40
$187,828


$503.64


$3,032.30
$420,604


Multi-Family 10 or
More Units


2,148

1982
1983
$2,553,114
$1,276,155
$2,553,114
$1,276,155

$485.09

$485.09


Table 45. Escambia County, FL MSA Housing Supply
Single- Mobile
Single- Mobile Condominium Total
Family Home
Total Units/Properties 93,841 5,884 8,912 108,637
Homesteads 67,659 2,968 1,382 72,009


Multi-Family Less than
10 Units
1,848
205


Multi-Family 10 or
More Units


Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


1977
1977
$100,344
$79,186
$120,164
$94,772


1987
1987
$26,013
$19,657
$29,984
$23,761


$9,416.43 $153.06


$11,276.31
$167,776
$147,500


1991
1987
$285,390
$252,984
$290,701
$257,634

$2,543.39


$176.43 $2,590.72
$434,521
$410,000


Table 46. Santa Rosa County, FL MSA Housing Supply
Single- Mobile Condominium Total M
Family Home
Total Units/Properties 47,799 6,218 1,588 55,605
Homesteads 36,119 3,448 281 39,848


lti-Family Less than
10 Units


Multi-Family 10 or
More Units


Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


1989
1993
$141,224
$119,554
$164,294
$140,460


1989
1989
$47,207
$41,586
$52,624
$46,836


$6,750.35 $293.53


$7,853.09
$217,662
$193,950


$327.21


1973
1977
$123,347
$91,687
$127,960
$94,294

$227.95

$236.47


NA

1982
1981
$3,127,095
$1,727,433
$3,127,095
$1,727,433

$406.52

$406.52


1989
1985
$268,778
$232,750
$278,073
$232,750

$426.82

$441.58
$319,206
$275,000


1984
1983
$128,579
$125,089
$130,417
$127,355

$82.68

$83.86


2,148

1984
1984
$1,309,486
$622,881
$1,309,486
$622,881

$78.57

$78.57











Table 47. Port St. Lucie-Ft. Pierce, FL MSA Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
138,270
96,679


1988
1990
$192,631
$141,600
$230,320
$160,900


Mobile
Home
7,260
4,047


1986
1987
$83,291
$69,940
$93,563
$76,700


Condominium

30,175
10,904


Total

175,705
111,630


1983
1982
$157,799
$122,517
$173,060
$135,000


$26,635.07 $604.70 $4,761.57


$31,846.28 $679.27
$315,352

$242,400


$5,222.07
$249,257

$217,000


Multi-Family Less than
10 Units
2,432
292

3,713

1971
1973
$157,337
$123,058
$165,104
$143,335

$382.64

$401.53


Multi-Family 10 or
More Units


5,335
1984
1985
$2,866,047
$801,335
$2,872,929
$882,335

$349.66

$350.50


Table 48. Martin



Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


n County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
45,368 3,204 14,564
34,416 1,894 6,171


1986
1988
$294,821
$185,570
$370,504
$229,435


1980
1979
$74,759
$55,275
$89,305
$64,760


$13,375.45 $239.53


$16,809.04
$471,660
$315,000


$286.13


Total

63,136
42,481


Multi-Family Less than
10 Units


1979
1979
$144,502
$108,691
$162,197
$123,000

$2,104.52

$2,362.23
$242,595
$200,000


Multi-Family 10 or
More Units


1977
1978
$197,235
$166,320
$212,216
$184,800

$192.30

$206.91


1985
1985
$2,553,497
$764,400
$2,567,824
$838,270

$145.55

$146.37


Table 49. St Lucie


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
92,902 4,056 15,611
62,263 2,153 4,733


1989
1992
$142,727
$126,900
$161,861
$142,300


1991
1990
$90,031
$81,500
$96,927
$85,100


$13,259.62 $365.17

$15,037.24 $393.14
$252,544
$229,900


Total

112,569
69,149


1986
1986
$170,204
$141,700
$183,194
$155,700

$2,657.05

$2,859.84
$256,072
$235,000


Multi-Family Less than
10 Units
1,457
135

3,713

1967
1969
$130,638
$97,900
$133,577
$99,900

$190.34

$194.62


Multi-Family 10 or
More Units


5,335
1983
1986
$3,140,130
$926,400
$3,140,483
$926,400

$204.11

$204.13


TeS toflrd'Hui ,20 1-












Table 50. Punta Gorda (Charlotte County), FL MSA Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
64,945
43,906


1987
1989
$162,936
$131,629
$185,236
$152,272


Mobile
Home
5,529
2,604


1984
1982
$61,169
$48,246
$70,628
$55,653


Condominium

15,426
4,043


Total

85,900
50,553


Multi-Family Less than
10 Units
1,153
211


1990
1987
$193,401
$127,500
$202,266
$133,144


1982
1985
$210,111
$159,148
$217,809
$165,649

$242.26

$251.13


$10,581.89 $338.20 $2,983.40


$12,030.12
$255,788

$209,450


$390.50


$3,120.16
$338,608

$288,250


Multi-Family 10 or
More Units
76
1

1,995

1989
1988
$1,094,052
$34,639
$1,094,140
$34,639

$83.15

$83.15


Figure 55. Pensacola-Ferry Pass-Brent MSA Real Median Single-Family Sales Prices
(2008 Dollars)


1999 2000 2001 2002 2003 2004 2005 2006 2007


SEscambia County
22 Santa Rosa County
--Florida
-A-- Pensacola-Ferry Pass-Brent, FL MSA











Figure 56. Pensacola-Ferry Pass-Brent MSA Real Median Condominium Sales Prices
(2008 Dollars)


$600,000



$500,000



$400,000


S IEscambia County
$300,000 Santa Rosa County
-- ola-Fer Pass-Breda
-A-Pensacola-Ferry Pass-Brent, FL MSA


1999 2000 2001 2002 2003 2004 2005 2006 2007


Figure 58. Port St. Lucie-Ft. Pierce MSA Real Median Single-Family Sales Prices
(2008 Dollars)



$400,000


$350,000


$300,000


$250,000

Martin County
$200,000- St. Lude County
$200,000 -- -- *
--Florida
--- Port St. Lucie, FL MSA

$150,000


$100,000


$50,000



1999 2000 2001 2002 2003 2004 2005 2006 2007
1999 2000 2001 2002 2003 2004 2005 2006 2007


TeS toflrd'Hui ,20 1-












Figure 59. Port St. Lucie-Ft. Pierce MSA Real Median Condominium Sales Prices
(2008 Dollars)



$300,000




$250,000




$200,000



I Martin County
$150,000 '"- = ISt. Lude County
---- Florida
----Port St. Lucie, FL MSA



$100,000




$50,000




$0
1999 2000 2001 2002 2003 2004 2005 2006 2007


Figure 61. Punta Gorda MSA Real Median Single-Family Sales Prices (2008 Dollars)


$300,000


$200 000




$150 000




$100 000




S50 000





1999 2000 2001 2002 2003 2004 2005 2006 2007


l Punta Gorda, FL MSA
Florida











Table 51. Sarasota-Bradenton-Venice FL, MSA Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
211,735
149,968


1983
1986
$229,400
$165,463
$277,044
$198,600


Mobile
Home
24,189
11,629


1977
1975
$56,292
$52,027
$61,426
$55,800


Condominium

85,986
32,976


1984
1982
$240,158
$152,014
$261,177
$169,200


Total

321,910
194,573


Multi-Family Less than
10 Units


Multi-Family 10 or
More Units


15,133

1967
1972
$230,114
$161,887
$244,964
$167,800

$1,523.13

$1,621.42


$48,572.00 $1,361.65 $20,650.20


$58,659.96
$361,351

$264,700


$1,485.83


$22,457.55
$383,569

$238,000


14,316

1985
1995
$1,830,250
$219,000
$1,830,856
$219,000

$1,085.34

$1,085.70


Table 52. Mana



Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


tee County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
82,222 12,542 30,548
60,037 6,029 12,536


1984
1989
$225,814
$178,113
$268,274
$212,240


1976
1973
$51,909
$45,425
$56,718
$48,237


$18,566.84 $651.04


$22,058.06
$352,541
$290,000


$711.35


Total

125,312
78,602


1985
1982
$173,184
$128,673
$189,996
$144,977

$5,290.42

$5,804.00
$273,193
$189,800


Multi-Family Less than
10 Units
4,425
1,002

10,135

1967
1972
$223,164
$150,518
$241,807
$159,440

$987.50

$1,070.00


Multi-Family 10 or
More Units


12,302

1991
2002
$2,089,300
$82,478
$2,089,300
$82,478

$605.90

$605.90


Table 53. Sarasi


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


ota County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
129,513 11,647 55,438
89,931 5,600 20,440


1983
1984
$231,677
$159,000
$282,612
$188,800


1977
1977
$61,013
$57,400
$66,496
$61,900


$30,005.17 $710.62

$36,601.90 $774.48
$368,033
$243,000


Total

196,598
115,971


1984
1982
$277,062
$170,000
$300,399
$184,900

$15,359.77

$16,653.54
$428,768
$279,450


Multi-Family Less than
10 Units
2,194
310

4,998

1966
1968
$244,133
$180,150
$251,330
$182,600

$535.63

$551.42


Multi-Family 10 or
More Units


2,014

1978
1981
$1,582,315
$361,000
$1,583,500
$361,000

$479.44

$479.80


TeS toflrd'Hui ,20 1-










Figure 62. Punta Gorda MSA Real Median Condominium Sales Prices (2008 Dollars)


$350,00
0


$300,00
0


$250,00
0


$200,00
0
I-'Punta Gorda, FL
a
$150,00
0


$100,00
0


$50,00
0


0 199 200 200 200 200 200 200 200 200
9 0 1 2 3 4 5 6 7


real increase and now a single-family unit cost is around $50,000
more than in Sarasota County. Figure 65 shows that condominiums
have performed similarly to the state. The two counties behaved
differently from each other in 2007 compared to previous years.
While the real median price spread between the two counties had
remained between thirty and forty thousand dollars over the last
eight years, last year prices took drastically different turns. Mana-
tee County saw a real median condominium sales price decrease of
16.5 percent, lowering real condominium sales prices below their
2005 value. However, Sarasota County saw a real median sales price
increase. This real increase has increased the spread of condominium
prices between the two counties to over $90,000.


Sebastian-Vero Beach, FL MSA


Figure 66. Sebastian-Vero Beach FL, MSA


>1


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.


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, and all but around 1,300 of the residential units associated
with this multi-family housing. 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 increas-
es 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 declines that
occurred in 2006 and 2007 for Wakulla County's single-family
housing brought its real single-family sales price below Gadsden and


Tallahassee, FL MSA


Figure 69. Tallahassee FL, MSA


S\








V ,


y











Figure 64. Sarasota-Bradenton-Venice MSA Real Median Single-Family Sales Prices
(2008 Dollars)


$400,000


$350,000


o13000oo


250 000

rL Manatee County
200 000 Sarasota County
S-*-Florida
-A-Sarasota-Bradenton-Venice, FL MSA

150 000


1D0O 000


150000


10
1999 2000 2001 2002 2003 2004 2005 2006 2007


Figure 65. Sarasota-Bradenton-Venice MSA Real Median Condominium Sales Prices
(2008 Dollars)



$350,000



$300,000



$250,000



$200,000
$200,000 Manatee County
Il-lSarasota County
Florida
-A--Sarasota-Bradenton-Venice, FL MSA
$150,000



$100,000



$50,000



$00
1999 2000 2001 2002 2003 2004 2005 2006 2007


TeS toflrd'Hui ,20 1-











Figure 67. Sebastian-Vero Beach MSA Real Median Single-Family Sales Prices (2008 Dollars)


Table 54. Sebastian-Vero Beach (Indian River County), FL MSA Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
46,888
32,958


1987
1990
$236,349
$137,425
$276,711
$158,340


Mobile
Home
1,353
686


1983
1980
$52,532
$46,350
$59,835
$53,910


Condominium

14,787
5,378


Total

63,028
39,022


Multi-Family Less than
10 Units
804
113


1986
1984
$207,344
$123,450
$223,304
$131,500


1976
1977
$174,293
$137,435
$178,998
$141,255

$140.13

$143.91


$11,081.95 $71.08 $3,065.99


$12,974.42
$389,774

$230,000


$80.96 $3,301.99
$319,272

$220,000


Multi-Family 10 or
More Units
44
0

NA

1989
1987
$2,830,445
$1,075,205
$2,830,445
$1,075,205

$124.54

$124.54


$250,000




$200,000 -



$150,000 Sebastion-Vero Beach, FL MSA
----Florida



$100,000




$50,000-





1999 2000 2001 2002 2003 2004 2005 2006 2007











Figure 68. Sebastian-Vero Beach MSA Real Median Condominium Sales Prices (2008 Dollars)



$300,00
0



$250,00
0



$200,00
0



$150,00 Sebastion-Vero Beach, FL
0 -5ooo
a


$100,00
0



$50,00
0



$ ,--
0 199 200 200 200 200 200 200 200 200
9 0 1 2 3 4 5 6 7


Table 55. Tallahassee FL, MSA Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales
Price


Single-
Family
88,521
64,419


1981
1984
$139,765
$117,633
$174,395
$146,681


Mobile
Home
15,133
10,108


1989
1990
$49,411
$42,729
$58,697
$52,576


$12,372.18 $747.74

$15,437.60 $888.26
$217,781

$182,900


Condominium Total

4,079 107,733
818 75,345


1990
2002
$109,903
$105,283
$111,607
$106,260

$448.29

$455.25
$150,281

$145,000


Multi-Family Less than
10 Units
2,243
192

6,445

1975
1978
$177,768
$146,636
$180,057
$148,551

$398.73

$403.87


Multi-Family 10 or
More Units


25,651

1981
1979
$2,892,660
$967,399
$2,892,900
$967,399

$1,240.95

$1,241.05


TeS toflrd'Hui ,20 1-












Table 56. Gadsden County Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


Single-
Family
10,481
7,618


1976
1977
$79,183
$60,144
$97,020
$76,860


Mobile
Home
3,381
2,483


1990
1992
$46,277
$41,422
$53,649
$48,118


$829.91 $156.46


$1,016.87
$162,480
$164,000


$181.39


Condominium

0
0


Total

13,862
10,101


Multi-Family Less than
10 Units


Multi-Family 10 or
More Units


602


1992
1999
$524,409
$77,566
$524,409
$77,566

$16.78

$16.78


$0.00

$0.00
$0
$0


414

1976
1980
$249,978
$53,682
$250,643
$54,661

$10.00

$10.03


Table 57. Jeffer



Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


son County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
2,584 1,308 0
1,748 816 0


1984
1985
$91,267
$69,308
$116,817
$97,699


Total

3,892
2,564


Multi-Family Less than
10 Units


1992
1993
$50,597
$42,599
$61,045
$55,492


Multi-Family 10 or
More Units


(*)
$209,370
$120,002
$211,895
$120,002

$3.98


$235.83 $66.18


$301.86
$211,664
$185,000


$79.85


(*)
$281,452
$100,654
$281,452
$100,654

$2.25

$2.25


$0.00
$0
$0


Table 58. Leon County Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


Single-
Family
68,687
50,117


1981
1984
$152,035
$126,340
$190,448
$159,688


Mobile
Home
6,843
4,497


1988
1988
$50,277
$42,749
$60,918
$54,472


$10,442.86 $344.05

$13,081.28 $416.86
$228,846
$190,000


Condominium

3,800
740


Total

79,330
55,354


Multi-Family Less than
10 Units
2,112
158


1990
2001
$106,172
$102,765
$107,555
$103,700

$403.45

$408.71
$150,025
$145,000


1973
1978
$172,525
$149,321
$174,855
$151,396

$364.37

$369.29


Multi-Family 10 or
More Units
374
3

25,118

1981
1978
$3,273,795
$1,281,614
$3,274,000
$1,281,614

$1,224.40

$1,224.48











Table 59. Wakulla County Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


Single-
Family
6,769
4,936


1990
1996
$127,577
$107,768
$153,287
$125,667


Mobile
Home
3,601
2,312


1990
1991
$50,277
$43,619
$58,362
$51,439


$863.57 $181.05


$1,037.60
$183,525
$152,950


$210.16


Condominium
279
78


($)
($)
$160,714
$123,080
$166,798
$126,526
$44.84
$46.54
$160,320
$172,500


Total Multi-Family Less than
10 Units
10,649 80
7,326 30


1998
2005
$170,022
$132,198
$172,091
$132,198
$13.60
$13.77


Multi-Family 10 or
More Units


(*)
(*)
$614,405
$451,022
$614,405
$451,022
$4.30
$4.30


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.


FLORIDA'S NON-METROPOLITAN

AREAS


There are 28remaining counties in Florida, and they are di-
vided 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 remaining 4 non-metropolitan areas contain 5.9% of Florida's
population according to the 2007 Census' population projection
and contain 6.1% of the state's single-family housing stock, 1.7%
of the condominium stock and 3.8% and 4.7% of the multi-family
9 or less units and multi-family 10 or more units, respectively. The
following section will examine each of these non-metropolitan areas
individually.


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
Sis located in the Florida
panhandle, and is made up
Sby ten counties: Brad-
ford County, Columbia
County, Dixie County,
A Hamilton County, Lafay-
S ette County, Levy County,
*.-' Madison County, Suwan-
nee County, Taylor County
and Union County. It contains 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. Six of the underlying counties experienced real
median single-family sales price decreases between 2006 and 2007,
and the Northeast Non-Metropolitan overall saw a 5.1 decrease in
real median single-family sales prices. 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.


TeS toflrd'Hui ,20 1-













Figure 70. Tallahassee MSA Real Median Single-Family Sales Prices (2008 Dollars)


Figure 71. Tallahassee MSA Real Median Condominium Sales Prices (2008 Dollars)



$300,000




$250,000




$200,000


=Gadsden County
22 Jefferson County
0 000 1rM' Leon County
eWakulla County
---Florida
-4-Tallahassee, FL MSA













1999 2000 2001 2002 2003 2004 2005 2006 2007


I Gadsden County
1I21Jefferson County
E0 Leon County
I Wakulla County
-A-Florida
-*-Tallahassee, FL MSA


1999 2000 2001 2002 2003 2004 2005 2006 2007









Northwest, FL Non-Metropolitan Area

Figure 75. Northwest, FL Non-Metropolitan Area


75, the Northwest, FL
"i Non-Metropolitan Area
is located in the Florida
panhandle, and is made up
of eight counties: Calhoun
County, Franklin County,
S Gulf County, Holmes
-""- County, Jackson County,
S Liberty County, Walton
..* County, and Washing-
ton County. It contains
approximately 1.2% of the state's single-family housing stock and
0.8% of the state's condominium stock. As can be seen in the follow
tables, these counties can vary greatly in size from just over 1,200
single-family units to 20,274 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.

Central, FL Non-Metropolitan Area

Figure 78. Central, FL Non-Metropolitan Area

< r r. f As can be seen in Figure
78, the Central, FL Non-
'' '" Metropolitan Area made up
by three counties: Citrus
County, Putnam County,
S and Sumter County. It
S contains approximately
2.2% of the state's single-
S family housing stock and
0.1% of the state's condo-
,- minium stock.
Figure 79 shows that the
Central Non-Metropolitan
area has a lower median single-family sales price than the state
median. In fact, Sumter County has a similar price as the state, and
without Sumter pulling up the non-metropolitan median, it would
be significantly lower than the state median. The Central Non-


Metropolitan area as a whole experienced a real 5 percent decrease
in median single-family sales price with all three underlying coun-
ties experiencing real decreases. Figure 80 shows that the Central
Non-Metropolitan area has a lower median condominium sales
price than the state median. As in the single-family market, all three
counties experienced real median price decreases in their condomin-
ium markets. Sumter County saw a real median sales price decrease
of 23.5 percent, Citrus saw a real median sales price decrease of 15.7
percent, and Putnam saw a real median price decrease of 3.65 percent.

South, FL Non-Metropolitan Area

Figure 81. South, FL Non-Metropolitan Area

As can be seen in Figure
--... 81, the South, FL Non-
', .." ( Metropolitan Area is made
Y kup by six southern inland
*. counties: Desoto County,
Glades County, Hardee
County, Hendry County,
Highlands County, and
Okeechobee County, and
one coastal county, Monroe
., County. It contains ap-
proximately 1.8% of the
state's single-family housing stock and 0.8% of the state's condo-
minium stock. The addition of Monroe County has a large impact
on this non-metropolitan area. As shown in the following tables,
Monroe County's median 2007 sales price for single-family units
and condominiums is significantly higher than the other counties
in this non-metropolitan area. In fact, Monroe County has the
most expensive single-family housing and the third most expensive
condominiums in the state. These high prices are largely related to
the unique housing market of the Florida Keys which are located in
Monroe County.
Figure 82 shows that the South Non-Metropolitan area has a
similar real median single-family sales price to the state median.
However, a more careful examination revels that this is only partially
true. Most of the counties have real median single-family sales prices
below the state median, but Monroe County has such high real me-
dian single-family sales prices it pulls the entire non-metropolitan
area up. The South Non-Metropolitan area as a whole experienced
a real median single-family sales price decrease of 6 percent be-
tween 2006 and 2007, with only Hardee County experiencing a
real increase in median sales price. Figure 83 shows a similar story
for condominiums. The South Non-Metropolitan area as a whole
experienced a real median condominium sales price decrease of 12.9
percent between 2006 and 2007, with DeSoto and Hardee seeing
real declines of over 30 percent. Hendry County experienced a
real decline of 20 percent, and Monroe County experienced a real
decline of 17.7 percent.


TeS toflrd'Hui ,20 1-












Table 60. Northeast, FL Non-Metropolitan Area Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


Single-
Family
46,266
32,928


1978
1980
$94,047
$71,979
$119,848
$96,096


Mobile
Home
35,294
23,150


1990
1991
$51,196
$43,067
$62,215
$53,855


$4,351.16 $1,806.93


$5,544.90
$161,114
$145,000


$2,195.81


Condominium

565
70


Total

82,125
56,148


Multi-Family Less than
10 Units
642
202


1996
1997
$216,373
$219,440
$220,831
$219,912

$122.25

$124.77
$311,251
$330,000


1974
1979
$139,126
$90,582
$148,757
$99,428

$89.32

$95.50


Multi-Family 10 or
More Units
119
11

1,775

1978
1980
$675,407
$368,438
$676,927
$368,438

$80.37

$80.55


Table 61. Bradf



Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


ord County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
5,468 2,364 21
4,068 1,530 17


1974
1976
$89,378
$69,804
$112,616
$89,000


1989
1990
$50,495
$44,780
$59,358
$53,707


$488.72 $119.37


$615.78
$149,505
$135,000


$140.32


Total Multi-Family Less than
10 Units
7,853 1(
5,615


$90,424
$71,683
$141,973
$125,000

$1.90

$2.98
$210,000
$210,000


Multi-Family 10 or
More Units


$68,080
$62,772
$70,712
$67,704

$0.68


$850,608
$450,000
$850,608
$450,000

$16.16

$16.16


Table 62. Columbia County Housing Supply
Single- Mobile Condominium
Family Hom Condominium
Family Home


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


12,420 6,645 45
9,274 4,745 29


1979
1982
$104,519
$85,525
$129,118
$110,633


1991
1994
$57,099
$51,628
$67,493
$62,307


$1,298.13 $379.42

$1,603.65 $448.49
$174,284
$161,200


Total

19,110
14,048


Multi-Family Less than
10 Units
221
17


1979
1980
$81,395
$70,554
$89,925
$88,897

$3.66

$4.05
$179,000
$179,000


1977
1982
$154,633
$116,113
$156,460
$116,797

$34.17

$34.58


Multi-Family 10 or
More Units
31
1

1,222

1976
1979
$1,010,559
$686,287
$1,011,212
$686,287

$31.33

$31.35





County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
2,716 3,763 134
1,678 2,210 5


Table 63. Dixie



Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


1983
1985
$45,884
$29,750
$54,934
$39,200


$214.90 $172.66


$273.65
$152,762
$117,650


$206.72


Total

6,613
3,893


Multi-Family Less than
10 Units


2006
2006
$279,829
$289,300
$279,829
$289,300

$37.50

$37.50
$324,850
$350,000


Multi-Family 10 or
More Units


$102,900
$102,900
$102,900
$102,900

$0.10

$0.10


$305,139
$113,700
$312,280
$113,700


Table 63. Hamilton County Housing Supply
Single- Mobile Condominium
Family Hom Condominium
Family Home


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


2,019 1,364 0
1,403 980 0


1971
1971
$65,375
$53,672
$84,999
$69,920


Total

3,383
2,383


Multi-Family Less than
10 Units


1990
1992
$43,402
$39,123
$50,915
$44,660


$131.99 $59.20


$171.61
$121,331
$96,000


$69.45


Multi-Family 10 or
More Units


$376,583
$277,785
$377,801
$277,785

$6.03

$6.04


$0.00

$0.00
$0
$0


Table 65. Lafayette County Housing Supply
Single- Mobile Condominium
Family Hom Condominium
Family Home


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


924 761 0
660 465 0


1975
1977
$81,345
$64,589
$109,550
$100,322


Total

1,685
1,125


Multi-Family Less than
10 Units


1988
1986
$44,971
$36,594
$54,649
$47,532


$75.16 $34.22


$101.22
$174,458
$161,000


$41.59


$119,353
$88,820
$119,353
$88,820

$0.60

$0.60


$0.00

$0.00
$0
$0


Multi-Family 10 or
More Units


(*)
$1,277,921
$1,277,921
$1,277,921
$1,277,921


1976
1976
$79,123
$43,783
$100,754
$60,000


TeS toflrd'Hui ,20 1-





County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
7,304 9,037 240
5,233 5,764 15


Table 66. Levy (



Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


1991
1991
$52,869
$44,559
$65,656
$55,917


$861.50 $477.78


$1,146.18
$185,028
$150,000


$593.33


Total

16,581
11,012


Multi-Family Less than
10 Units


1992
1993
$218,661
$223,440
$222,581
$227,640

$52.48

$53.42
$301,917
$297,000


1982
1986
$137,490
$95,062
$149,901
$97,339

$9.49

$10.34


Multi-Family 10 or
More Units


NA

(*)
(*)
$699,977
$636,161
$700,905
$636,161

$11.20

$11.21


Table 67. Madis



Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


on County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
3,027 1,393 0
2,072 1,021 0


1964
1965
$67,543
$50,206
$91,163
$70,568


Total

4,420
3,093


Multi-Family Less than
10 Units
252
149


1990
1992
$42,970
$34,985
$54,801
$48,735


$204.45 $59.86


$275.95
$119,356
$111,750


$76.34


1968
1972
$98,403
$60,726
$117,641
$80,697

$24.80

$29.65


$0.00

$0.00
$0
$0


Multi-Family 10 or
More Units
21
5

159

(*)
(*)
$248,213
$83,870
$250,303
$83,870

$5.21

$5.26


Table 68. Suwannee County Housing Supply
Single- Mobile Condominium
Family Hom Condominium
Family Home


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


5,790 5,839 0
4,210 4,154 0


1980
1981
$91,038
$73,703
$120,352
$104,266


Total

11,629
8,364


Multi-Family Less than
10 Units
46
23


1991
1993
$52,886
$46,342
$67,241
$61,842


$527.11 $308.80


$696.84
$144,240
$129,500


$392.62


1978
1980
$77,178
$53,043
$77,823
$53,043

$3.55

$3.58


$0.00

$0.00
$0
$0


Multi-Family 10 or
More Units
13
1

NA

(*)
(*)
$757,893
$390,651
$762,992
$390,651

$9.85

$9.92


1982
1982
$117,949
$89,118
$156,925
$128,115





r County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
5,347 3,068 92
3,374 1,600 3


Table 69. Tayloi


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


1992
1992
$48,807
$36,525
$56,081
$41,332


$453.20 $149.74


$538.64
$139,131
$88,750


$172.06


($)
($)
$267,652
$225,000
$268,866
$225,000
$24.62
$24.74
$0
$0


Total
8,507
4,977


Multi-Family Less than
10 Units


(*)
(*)
$463,926
$297,218
$463,926
$297,218
$9.28
$9.28


Multi-Family 10 or
More Units


NA

(*)
(*)
$2,469,606
$2,469,606
$2,469,606
$2,469,606
$2.47
$2.47


Table 70. Union


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2007 Mean Sales Price
2007 Median Sales Price


County Housing Supply
Single- Mobile Condominium
Condominium
Family Home
1,251 1,060 33
956 681 1


1980
1980
$76,739
$64,901
$97,024
$87,615


1991
1993
$43,276
$40,363
$51,797
$48,582


$96.00 $45.87


$121.38
$149,474
$159,500


$54.90


Total
2,344
1,638


Multi-Family Less than
10 Units


($)
($)
$63,310
$20,000
$63,310
$20,000
$2.09
$2.09
$220,000
$220,000


(*)
$312,961
$312,961
$312,961
$312,961
$0.63
$0.63


Multi-Family 10 or
More Units


(*)
$112,216
$38,523
$112,216
$38,523
$1.35
$1.35


ECONOMIC IMPACT OF NEW

RESIDENTIAL CONSTRUCTION


Building Permit activity, obtained from the U.S. Census Bureau,
is analyzed to derive the value of new construction for the state.
Additions to the tax base and revenues generated are also deter-
mined. According to the building permit data, there were 95,403
new units built in Florida in 2007. Of these new units, 65,060 were
single-family units and the remaining 30,343 were multi-family
units. The single-family units have a value of $13.2 billion and the
multi-family units have a value of $3.8 billion for a total of $17 bil-
lion in new residential construction. Table 92 shows the distribution
of this new construction by MSA and non-metro regions.


Economic Multipliers and Actual

Employment & Earnings
IMPLAN, an economic impact modeling software program, is
used to estimate the impacts generated by residential construction
and real estate related transactions. When estimating the impacts,
the residential construction numbers were divided into single-family
construction and multi-family construction to more accurately
model the impact, but only the combined impact is presented in
this report. Also note that in order to better model the impacts of
construction, Monroe County has been combined with the Miami-
Fort Lauderdale-Pompano Beach MSA and therefore, has been
removed from the Southern Non-metropolitan region, and Putnam
County has been combined with the Gainesville MSA and therefore
removed from the Central Non-metropolitan region.


1980
1982
$84,758
$54,494
$100,736
$65,243


TeS toflrd'Hui ,20 1-




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