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DOUGLAS WHITE, Florida Housing Data Clearinghouse, Shimberg Center, University of FloridaJIM MARTINEZ, Florida Housing Data Clearinghouse, Shimberg Center, University of FloridaDIEP NGUYEN, Florida Housing Data Clearinghouse, Shimberg Center, University of FloridaWILLIAM ODELL, Florida Housing Data Clearinghouse, Shimberg Center, University of FloridaTHE STATE OF FLORI D AS2010Housing Major funding for this report provided by the State of Florida. Funding for publication of this report provided by the Florida REALTORS. Florida Housing Data ClearinghouseShimberg Center for Housing Studies,M. E. Rinker, Sr. School of Building Construction, College of Design, Construction & Planning University of Florida www.shimberg.u.edu

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2 The State of Floridas Housing, 2010

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3 ACKNOWLEDGMENTe Shimberg Center for Housing Studies acknowledges the Florida REALTORS for it nancial support of the preparation and printing of this report. Florida REALTORS is the largest trade association in Florida with more than 115,000 members and more than 17,000 member rms. Florida REALTORS provides services, continuing education, research and legislative representation to its members. Florida 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.oridarealtors.org.

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4 The State of Floridas Housing, 2010 ContentsIntroduction ............................................................................................................................................................................................... 9 Overview of Trends ............................................................................................................................................................................... 9 Floridas Housing Supply ..................................................................................................................................................................... 10 Data Description ................................................................................................................................................................................. 10 Geography .......................................................................................................................................................................................... 12 Single-Family Housing ........................................................................................................................................................................ 13 Condominium .................................................................................................................................................................................... 17 Multi-Family Housing ........................................................................................................................................................................ 28 Housing Aordability ............................................................................................................................................................................... 28 Real Median Sales Price and Sales Volumes Changes 2008 to 2009 ......................................................................................................... 42 e 2009 Single-Family Home Market ............................................................................................................................................... 42 e 2009 Condominium Market ....................................................................................................................................................... 49 e 2009 to Second Quarter 2010 Housing Market ........................................................................................................................... 56 Housing Supply on the MSA and County Level ....................................................................................................................................... 56 Floridas Major MSAs ............................................................................................................................................................................... 56 Jacksonville, FL MSA Housing Supply ................................................................................................................................................ 56 Miami-Fort Lauderdale-Pompano Beach FL MSA Housing Supply .......................................................................................................... 60 Orlando-Kissimmee, FL MSA Housing Supply ........................................................................................................................................ 63 Tampa-St. Petersburg-Clearwater MSA Housing Supply .......................................................................................................................... 67 Floridas Remaining MSAs ........................................................................................................................................................................ 71 Cape Coral-Fort Myers, FL MSA ............................................................................................................................................................. 71 Deltona-Daytona Beach-Ormond Beach, FL MSA Housing Supply ........................................................................................................ 73 Fort Walton Beach-Crestview-Destin, FL MSA Housing Supply .............................................................................................................. 75 Gainesville FL MSA Housing Supply ....................................................................................................................................................... 77 Lakeland, FL MSA Housing Supply ......................................................................................................................................................... 80 Naples-Marco Island, FL MSA Housing Supply ....................................................................................................................................... 81 Ocala, FL MSA Housing Supply .............................................................................................................................................................. 84 Melbourne-Titusville, FL MSA Housing Supply ...................................................................................................................................... 86 Palm Coast, FL MSA Housing Supply ..................................................................................................................................................... 86 Panama City, FL MSA Housing .............................................................................................................................................................. 90 Pensacola-Ferry Pass-Brent, FL MSA Housing Supply .............................................................................................................................. 92 Port St. Lucie-Ft. Pierce, FL MSA Housing Supply .................................................................................................................................. 94 Punta Gorda, FL MSA Housing Supply ................................................................................................................................................... 97 Sarasota-Bradenton-Venice FL, MSA Housing Supply ............................................................................................................................. 99 Sebastian-Vero Beach, FL MSA Housing Supply .................................................................................................................................... 102 Tallahassee FL, MSA Housing Supply .................................................................................................................................................... 104 Floridas Non-Metropolitan Areas ........................................................................................................................................................... 107 Northeast, FL Non-Metropolitan Area Housing Supply ......................................................................................................................... 107 Northwest, FL Non-Metropolitan Area Housing Supply ........................................................................................................................ 112 Central, FL Non-Metropolitan Area Housing Supply ............................................................................................................................. 119 South, FL Non-Metropolitan Area Housing Supply ............................................................................................................................... 120 Economic Impact of New Residential Construction ............................................................................................................................... 125 Total Impact on Output .................................................................................................................................................................... 126 Total Impact on Earnings .................................................................................................................................................................. 127 Total Impact on Employment ........................................................................................................................................................... 128 Conclusion ............................................................................................................................................................................................. 129

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5 TablesTable 1. Estimated Foreclosure Rates, Florida MSAs, June 2010 .............................................................................................................. 10 Table 2. Single-Family Housing Stock ................................................................................................................................................. 14-16 Table 3. Condominium Stock ............................................................................................................................................................. 18-21 Table 4. Multi-Family Housing Stock with 9 or Less Units .................................................................................................................. 22-24 Table 5. Multi-Family Housing Stock with 10 or More ...................................................................................................................... 25-27 Table 6. County Aordability Index .................................................................................................................................................... 29-30 Table 7. County Aordability Index and Rank ......................................................................................................................................... 31 Table 8. Percentage of County 2009 Single-Family Sales Aordable at 70% of 2009 HUD Median Family Income ........................... 33-35 Table 9. Percentage of County 2009 Single-Family Sales Aordable at 2009 HUD Median Family Income ........................................ 36-38 Table 10. Percentage of County 2009 Single-Family Sales Aordable at 130% of 2009 HUD Median Family Income ....................... 39-41 Table 11. Real Median Single-Family Sales Price 2002 to Second Quarter 2010(2010 $) .................................................................... 43-45 Table 12. Yearly Change in Real Median Single-Family Sales Price (2010 $) ........................................................................................ 46-48 Table 13. Real Median Condominium Sales Price 2002 to Second Quarter 2010(2010 $) .................................................................. 51-53 Table 14. Yearly Change in Real Median Condominium Sales Price (2010 $) ..................................................................................... 54-55 Table 15. Jacksonville, FL MSA Housing Supply ...................................................................................................................................... 57 Table 16. Baker County Housing Supply ................................................................................................................................................. 57 Table 17. Clay County Housing Supply ................................................................................................................................................... 57 Table 18. Duval County Housing Supply ................................................................................................................................................. 58 Table 19. Nassau County Housing Supply ............................................................................................................................................... 58 Table 20. St. Johns County Housing Supply ............................................................................................................................................. 58 Table 21. Miami-Fort Lauderdale-Pompano Beach FL MSA Housing Supply .......................................................................................... 61 Table 22. Broward County Housing Supply ............................................................................................................................................. 61 Table 23. Miami-Dade County Housing Supply ...................................................................................................................................... 61 Table 24. Palm Beach County Housing Supply ........................................................................................................................................ 62 Table 25. Orlando-Kissimmee, FL MSA Housing Supply ........................................................................................................................ 64 Table 26. Lake County Housing Supply ................................................................................................................................................... 64 Table 27. Orange County Housing Supply ............................................................................................................................................... 65 Table 28. Osceola County Housing Supply .............................................................................................................................................. 65 Table 29. Seminole County Housing Supply ............................................................................................................................................ 65 Table 30. Tampa-St. Petersburg-Clearwater MSA Housing Supply ........................................................................................................... 68 Table 31. Hernando County Housing Supply .......................................................................................................................................... 68 Table 32. Hillsborough County Housing Supply ...................................................................................................................................... 68 Table 33. Pasco County Housing Supply .................................................................................................................................................. 69 Table 34. Pinellas County Housing Supply ............................................................................................................................................... 69 Table 35. Cape Coral-Fort Myers (Lee County), FL MSA Housing Supply ............................................................................................. 71 Table 36. Deltona-Daytona Beach-Ormond Beach (Volusia County), FL MSA Housing Supply ............................................................. 73 Table 37. Fort Walton Beach-Crestview-Destin (Okaloosa County), FL MSA Housing Supply ................................................................ 75 Table 38. Gainesville FL MSA Housing Supply ........................................................................................................................................ 77 Table 39. Alachua County Housing Supply .............................................................................................................................................. 78 Table 40. Gilchrist County Housing Supply ............................................................................................................................................. 78 Table 41. Lakeland (Polk County), FL MSA Housing Supply .................................................................................................................. 78 Table 42. Naples-Marco Island (Collier County), FL MSA Housing Supply ............................................................................................ 80 Table 43. Ocala (Marion County), FL MSA Housing Supply ................................................................................................................... 82 Table 44. Melbourne-Titusville (Brevard County), FL MSA Housing Supply ........................................................................................... 84 Table 45. Palm Coast (Flagler County), FL MSA Housing Supply ........................................................................................................... 88 Table 46. Panama City (Bay County), FL MSA Housing ........................................................................................................................ 90 Table 47. Pensacola-Ferry Pass-Brent, FL MSA Housing Supply .............................................................................................................. 92 Table 48. Escambia County, FL MSA Housing Supply ............................................................................................................................ 93 Table 49. Santa Rosa County, FL MSA Housing Supply .......................................................................................................................... 93

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6 The State of Floridas Housing, 2010 Table 50. Port St. Lucie-Ft. Pierce, FL MSA Housing Supply ................................................................................................................... 95 Table 51. Martin County Housing Supply ............................................................................................................................................... 95 Table 52. St Lucie County Housing Supply .............................................................................................................................................. 95 Table 53. Punta Gorda (Charlotte County), FL MSA Housing Supply ..................................................................................................... 97 Table 54. Sarasota-Bradenton-Venice FL, MSA Housing Supply .............................................................................................................. 99 Table 55. Manatee County Housing Supply ........................................................................................................................................... 100 Table 56. Sarasota County Housing Supply ............................................................................................................................................ 100 Table 57. Sebastian-Vero Beach (Indian River County), FL MSA Housing Supply ................................................................................. 102 Table 58. Tallahassee FL, MSA Housing Supply ..................................................................................................................................... 104 Table 59. Gadsden County Housing Supply ........................................................................................................................................... 104 Table 60. Jeerson County Housing Supply ........................................................................................................................................... 105 Table 61. Leon County Housing Supply ................................................................................................................................................ 105 Table 62. Wakulla County Housing Supply ............................................................................................................................................ 105 Table 63. Northeast FL Non-Metropolitan Area Housing Supply ........................................................................................................... 107 Table 64. Bradford County Housing Supply .......................................................................................................................................... 108 Table 65. Columbia County Housing Supply ......................................................................................................................................... 108 Table 66. Dixie County Housing Supply ................................................................................................................................................ 108 Table 67. Hamilton County Housing Supply ......................................................................................................................................... 109 Table 68. Lafayette County Housing Supply .......................................................................................................................................... 109 Table 69. Levy County Housing Supply ................................................................................................................................................. 109 Table 70. Madison County Housing Supply ........................................................................................................................................... 110 Table 71. Suwannee County Housing Supply ......................................................................................................................................... 110 Table 72. Taylor County Housing Supply ............................................................................................................................................... 110 Table 73. Union County Housing Supply .............................................................................................................................................. 111 Table 74. Northwest FL Non-Metropolitan Area Housing Supply .......................................................................................................... 113 Table 75. Calhoun County Housing Supply ........................................................................................................................................... 113 Table 76. Franklin County Housing Supply ........................................................................................................................................... 113 Table 77. Gulf County Housing Supply ................................................................................................................................................. 114 Table 78. Holmes County Housing Supply ............................................................................................................................................ 114 Table 79. Jackson County Housing Supply ............................................................................................................................................. 114 Table 80. Liberty County Housing Supply ............................................................................................................................................. 115 Table 81. Walton County Housing Supply ............................................................................................................................................. 115 Table 82. Washington County Housing Supply ...................................................................................................................................... 115 Table 83. Central FL Non-Metropolitan Area Housing Supply .............................................................................................................. 117 Table 84. Citrus County Housing Supply ............................................................................................................................................... 118 Table 85. Putnam County Housing Supply ............................................................................................................................................ 118 Table 86. Sumter County Housing Supply ............................................................................................................................................. 118 Table 87. South FL Non-Metropolitan Area Housing Supply ................................................................................................................ 121 Table 88. Desoto County Housing Supply ............................................................................................................................................. 121 Table 89. Glades County Housing Supply .............................................................................................................................................. 121 Table 90. Hardee County Housing Supply ............................................................................................................................................. 122 Table 91. Hendry County Housing Supply ............................................................................................................................................ 122 Table 92. Highlands County Housing Supply ........................................................................................................................................ 122 Table 93. Monroe County Housing Supply ............................................................................................................................................ 123 Table 94. Okeechobee County Housing Supply ..................................................................................................................................... 123 Table 95. Value ($1000s) & Number of New Units Constructed in 2008 .............................................................................................. 125 Table 96. Impact on Output ($1000s) ................................................................................................................................................... 126 Table 97. Impact on Labor Earnings ($1000) ........................................................................................................................................ 127 Table 98. Impact on Employment ......................................................................................................................................................... 128

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7 FiguresFigure 1. Serious Delinquency Rates for 1-4 Unit Mortgages, 2008-2010 .................................................................................................. 9 Figure 2. Floridas 4 Major Metropolitan Areas ........................................................................................................................................ 12 Figure 3. Floridas Remaining 16 Metropolitan Areas ............................................................................................................................... 12 Figure 4. Floridas 4 Non-metropolitan Areas ........................................................................................................................................... 13 Figure 5. Percentage of Floridas Single-Family Housing Stock .................................................................................................................. 13 Figure 6. Median 2008 Single-Family Sales Price ...................................................................................................................................... 17 Figure 7. Percentage of Floridas Condominium Stock .............................................................................................................................. 17 Figure 8. Median 2008 Condominium Sales Price .................................................................................................................................... 17 Figure 9. Percentage Decrease in Single-Family Sales 2008 to 2009 .......................................................................................................... 42 Figure 10. Decrease in Real Median (2010 $) Single-Family Sales Prices Between 2008 to 2009 ........................................................... 49 Figure 11. Percentage Decrease in Number of Condominium Sales 2008 to 2009 .................................................................................... 49 Figure 12. Decrease in Real Median (2010 $) Condominium Sales Prices Between 2008 to 2009 .......................................................... 50 Figure 13. Jacksonville, FL MSA .............................................................................................................................................................. 56 Figure 14. Jacksonville MSA Real Median Single-Family Sales Prices (2010 Dollars) ................................................................................ 59 Figure 15. Jacksonville MSA Real Condominium Sales Prices (2010 Dollars) ........................................................................................... 59 Figure 16. Miami-Fort Lauderdale-Pompano Beach, FL MSA .................................................................................................................. 60 Figure 17. Miami MSA Real Median Single-Family Sales Prices (2010 Dollars) ....................................................................................... 62 Figure 18. Miami MSA Real Median Condominium Sales Prices (2010 Dollars) ..................................................................................... 63 Figure 19. Orlando-Kissimmee, FL ......................................................................................................................................................... 63 Figure 20. Orlando-Kissimmee MSA Real Median Single-Family Sales Prices (2010 Dollars) ................................................................... 66 Figure 21. Orlando-Kissimmee MSA Real Median Condominium Sales Prices (2010 Dollars) ................................................................ 66 Figure 22. Tampa-St. Petersburg-Clearwater MSA .................................................................................................................................... 67 Figure 23. Tampa-St. Petersburg-Clearwater MSA Real Median Single-Family Sales Prices (2010 Dollars) ............................................... 70 Figure 24. Tampa-St. Petersburg-Clearwater MSA Real Median Condominium Sales Prices (2010 Dollars) ............................................. 70 Figure 25. Cape Coral-Fort Myers, FL MS ............................................................................................................................................... 71 Figure 26. Cape Coral-Ft. Myers MSA Real Median Single-Family Sales Prices (2010 Dollars) ................................................................ 72 Figure 27. Cape Coral-Ft. Myers MSA Real Median Condominium Sales Prices (2010 Dollars) .............................................................. 72 Figure 28. Deltona-Daytona Beach-Ormond Beach, FL MSA .................................................................................................................. 73 Figure 29. Deltona-Daytona Beach-Ormond Beach MSA Real Median Single-Family Sales Prices (2010 Dollars) ................................... 74 Figure 30. Deltona-Daytona Beach-Ormond Beach MSA Real Median Condominium Sales Prices (2010 Dollars) ................................. 74 Figure 31. Fort Walton Beach-Crestview-Destin, FL MSA ....................................................................................................................... 75 Figure 32. Fort Walton Beach-Crestview-Destin MSA Real Median Single-Family Sales Prices (2010 Dollars) ......................................... 76 Figure 33. Fort Walton Beach-Crestview-Destin MSA Real Median Condominium Sales Prices (2010 Dollars) ....................................... 76 Figure 34. Gainesville, FL MSA ............................................................................................................................................................... 77 Figure 35. Gainesville MSA Real Median Single-Family Sales Prices (2010 Dollars) ................................................................................. 79 Figure 36. Gainesville MSA Real Median Condominium Sales Prices (2010 Dollars) ............................................................................... 79 Figure 37. Lakeland, FL MSA .................................................................................................................................................................. 80 Figure 38. Lakeland-Winter Haven MSA Real Median Single-Family Sales Prices (2010 Dollars) ............................................................ 81 Figure 39. Lakeland MSA Real Median Condominium Sales Prices (2010 Dollars) .................................................................................. 81 Figure 40. Naples-Marco Island, FL MSA ................................................................................................................................................ 81 Figure 41. Naples-Marco Island MSA Real Median Single-Family Sales Prices (2010 Dollars) .................................................................. 82 Figure 42. Naples-Marco Island MSA Real Median Condominium Sales Prices (2010 Dollars) ............................................................... 83 Figure 43. Ocala FL, MSA ....................................................................................................................................................................... 84 Figure 44. Ocala MSA Real Median Single-Family Sales Prices (2010 Dollars) ......................................................................................... 85 Figure 45. Ocala MSA Real Median Condominium Sales Prices (2010 Dollars) ....................................................................................... 85 Figure 46. Palm Bay-Melbourne-Titusville, FL MSA ................................................................................................................................ 86 Figure 47. Melbourne-Titusville-Palm Bay MSA Real Median Single-Family Sales Prices (2010 Dollars) ................................................. 87 Figure 48. Palm Bay-Melbourne-Titusville MSA Real Median Condominium Sales Prices (2010 Dollars) ............................................... 87 Figure 49. Palm Coast, FL MSA ............................................................................................................................................................... 86

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8 The State of Floridas Housing, 2010 Figure 50. Palm Coast MSA Real Median Single-Family Sales Prices (2010 Dollars) ................................................................................ 89 Figure 51. Palm Coast MSA Real Median Condominium Sales Prices (2010 Dollars) .............................................................................. 89 Figure 52. Panama City-Lynne Haven FL, MSA ...................................................................................................................................... 90 Figure 53. Panama City-Lynne Haven MSA Real Median Single-Family Sales Prices (2010 Dollars) ........................................................ 91 Figure 54. Panama City-Lynne Haven MSA Real Median Condominium Sales Prices (2010 Dollars) ...................................................... 91 Figure 55. Pensacola-Ferry Pass-Brent FL, MSA ....................................................................................................................................... 92 Figure 56. Pensacola-Ferry Pass-Brent MSA Real Median Single-Family Sales Prices (2010 Dollars) ......................................................... 93 Figure 57. Pensacola-Ferry Pass-Brent MSA Real Median Condominium Sales Prices (2010 Dollars) ....................................................... 94 Figure 58. Port St. Lucie-Ft. Pierce, FL MSA ........................................................................................................................................... 94 Figure 59. Port St. Lucie-Ft. Pierce MSA Real Median Single-Family Sales Prices (2010 Dollars) ............................................................. 96 Figure 60. Port St. Lucie-Ft. Pierce MSA Real Median Condominium Sales Prices (2010 Dollars) ........................................................... 96 Figure 61. Punta Gorda FL, MSA ............................................................................................................................................................ 97 Figure 62. Punta Gorda MSA Real Median Single-Family Sales Prices (2010 Dollars) .............................................................................. 98 Figure 63. Punta Gorda MSA Real Median Condominium Sales Prices (2010 Dollars) ............................................................................ 98 Figure 64. Sarasota-Bradenton-Venice FL, MSA ....................................................................................................................................... 99 Figure 65. Sarasota-Bradenton-Venice MSA Real Median Single-Family Sales Prices (2010 Dollars) ...................................................... 101 Figure 66. Sarasota-Bradenton-Venice MSA Real Median Condominium Sales Prices (2010 Dollars) .................................................... 101 Figure 67. Sebastian-Vero Beach FL, MSA ............................................................................................................................................. 102 Figure 68. Sebastian-Vero Beach MSA Real Median Single-Family Sales Prices (2010 Dollars) ............................................................... 103 Figure 69. Sebastian-Vero Beach MSA Real Median Condominium Sales Prices (2010 Dollars) ............................................................. 103 Figure 70. Tallahassee FL, MSA .............................................................................................................................................................. 104 Figure 71. Tallahassee MSA Real Median Single-Family Sales Prices (2010 Dollars) ............................................................................... 106 Figure 72. Tallahassee MSA Real Median Condominium Sales Prices (2010 Dollars) ............................................................................. 106 Figure 73. Northeast FL Non-Metropolitan Area ................................................................................................................................... 107 Figure 74. Northeast FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2010 Dollars) .............................................. 111 Figure 75. Northeast FL Non-Metropolitan Area Real Median Condominium Sales Prices (2010 Dollars) ............................................ 112 Figure 76. Northwest FL Non-Metropolitan Area .................................................................................................................................. 112 Figure 77. Northwest FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2010 Dollars) ............................................. 116 Figure 78. Northwest FL Non-Metropolitan Area Real Median Condominium Sales Prices (2010 Dollars) ........................................... 117 Figure 79. Central FL Non-Metropolitan Area ....................................................................................................................................... 119 Figure 80. Central FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2010 Dollars) .................................................. 119 Figure 81. Central FL Non-Metropolitan Area Real Median Condominium Sales Prices (2010 Dollars) ................................................ 120 Figure 82. South FL Non-Metropolitan Area ......................................................................................................................................... 120 Figure 83. South FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2010 Dollars) .................................................... 124 Figure 84. South FL Non-Metropolitan Area Real Median Condominium Sales Prices (2010 Dollars) .................................................. 124

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9 INTRODUCTIONis study is a compendium of facts on Floridas housing. e 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 counties. In the rst part of the report, property appraiser data les are used to examine Floridas housing stock. First the housing stock is separated into three broad categories: single-family housing, condominiums, and multi-family housing, which are further separated into complexes with two to nine units and complexes with ten or more units. is separation highlights the dierence between the rural, urban, and coastal counties. Single-family housing units dominate, but condominiums are an important source of housing in some coastal counties. Other broad trends are discussed in this section including the total number of units, the median age of units, and the median sales price of units in each county. e 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. e issue of housing aordability is examined in the next section. e most aordable housing is generally located in rural counties in the interior and northern part of the state. In general, the least aordable counties are located in major metropolitan areas or other coastal counties. e report then examines how the sales volume and real median sales price has changed between 2008 and 2009 and between 2009 and the rst two quarters of 2010 for both single-family housing and condominiums. e next section looks at the housing supply and the real median single-family and condominium sales price for each metropolitan statistical area (MSA) and the four non-metropolitan areas. e section also examines the individual counties that make up the MSAs and non-metropolitan areas, and looks at the dierences in those counties. e nal section examines the impact of new residential construction in Florida in 2009. is section examines the number and value of new single-family and multi-family homes built in Florida in 2009, and their impact on the Florida economy. Specically, this section examines the impact on output, earnings, and employment.Overview of Trends In 2009, home sales trends in Florida continued to reect the decline in sales prices and volume that followed the dramatic increases of the rst half of the decade. e volume of single-family home sales was down 60 percent in 2009 compared to its peak in 2005; the number of condominium sales was 73 percent lower in 2009 than in 2005. Prices for both types of housing also are down from their mid-decade peaks. In real dollars, the median price for a single family home was 38 percent lower in 2009 than in 2006; for condominiums, the price was 48 percent lower. Because of these drops, home prices are beginning to return to early-boom levels. In most counties, particularly in major metropolitan areas, prices for single-family homes and condominiums are at or below 2004 levels in ination-adjusted dollars. Median prices have returned to 20052006 levels in nearly all of the other counties. Floridas housing market continues to be aected by high rates of mortgage delinquencies and foreclosures. Loans in serious delinquency include mortgages in foreclosure and those with payments at least 90 days overdue. According to the Mortgage Bankers Associations National Delinquency Survey, Floridas rate of serious delinquencies for 1-4 unit homes rose steadily from 6.71 percent in the rst quarter of 2008 to 20.13 percent in the second quarter of 2010.1 In other words, one in ve 1-4 unit mortgages in Florida is now seriously delinquent. As seen in Figure 1, Floridas serious delinquency rate is more than double that of the national rate.Figure 1. Serious Delinquency Rates for 1-4 Unit Mortgages, 2008-2010 Source: Mortgage Bankers Association, National Delinquency Survey. Q1 2009 data not available. Floridas metropolitan areas have some of the highest foreclosure rates in the country, particularly for subprime mortgages. e Local Initiatives Support Corporation and Urban Institute used data from LPI Applied Analytics to estimate foreclosure rates for 1-4 unit homes in metropolitan statistical areas (MSAs) nationwide. Seventeen out of the 20 MSAs with the highest estimated foreclosure rates in the U.S. are located in Florida, as Table 1 below shows. Only the Pensacola-Ferry Pass-Brent, Tallahassee, and Gainesville MSAs have foreclosure rates that do not rank in the top 20 nationwide. Subprime mortgages are far more vulnerable to foreclosure. roughout Florida, 20-40 percent of subprime loans are estimated to be in foreclosure, compared to 3-14 percent of prime loans.

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10 The State of Floridas Housing, 2010 FLORIDAS HOUSING SUPPLYFloridas housing stock includes single-family units, multi-family units, and mobile homes. Although all three types of housing units are represented, the housing inventory is dominated by the singlefamily home. About 58 percent of the states single-family housing 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. e Miami-Fort Lauderdale-Pompano Beach MSA alone has 50 percent of the states condominiums. Signicant 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 housing is largely a rural, inland phenomenon. 13 Table 1. Estimated Foreclosure Rates, Florida MSAs, June 2010 M e t r o p o l i t a n S t a t i s t i c a l A r e a F o r e c l o s u r e R a t e ( A l l L o a n s ) P r i m e F o r e c l o s u r e R a t e S u b p r i m e F o r e c l o s u r e R a t e S t a t e R a n k i n F o r e c l o s u r e R a t e N a t i o n a l R a n k i n F o r e c l o s u r e R a t e M i a m i F o r t L a u d e r d a l e P o m p a n o B e a c h F L 1 7 8 4 % 1 3 4 3 % 3 8 8 % 1 1 C a p e C o r a l F o r t M y e r s F L 1 5 8 % 1 2 8 8 % 3 6 3 1 % 2 2 P a l m C o a s t F L 1 5 5 7 % 1 2 3 8 % 4 0 0 4 % 3 3 P o r t S t L u c i e F L 1 4 9 7 % 1 1 6 4 % 3 4 5 6 % 4 4 P u n t a G o r d a F L 1 4 5 6 % 1 1 6 % 3 6 4 9 % 5 5 T a m p a S t P e t e r s b u r g C l e a r w a t e r F L 1 3 6 6 % 9 9 9 % 3 5 1 1 % 6 6 O r l a n d o K i s s i m m e e F L 1 3 4 1 % 1 0 6 1 % 3 0 7 6 % 7 7 B r a d e n t o n S a r a s o t a V e n i c e F L 1 3 3 2 % 1 0 4 4 % 3 7 8 4 % 8 8 N a p l e s M a r c o I s l a n d F L 1 3 % 1 0 8 1 % 3 8 7 6 % 9 9 S e b a s t i a n V e r o B e a c h F L 1 2 4 2 % 9 1 9 % 3 5 5 % 1 0 1 1 L a k e l a n d W i n t e r H a v e n F L 1 1 8 2 % 8 8 9 % 2 5 8 4 % 1 1 1 2 D e l t o n a D a y t o n a B e a c h O r m o n d B e a c h F L 1 1 7 8 % 8 7 5 % 2 9 3 1 % 1 2 1 3 O c a l a F L 1 1 5 3 % 8 3 7 % 2 8 0 7 % 1 3 1 4 P a l m B a y M e l b o u r n e T i t u s v i l l e F L 1 0 6 1 % 7 7 2 % 3 2 2 2 % 1 4 1 6 J a c k s o n v i l l e F L 9 2 9 % 6 5 6 % 2 4 9 % 1 5 1 7 P a n a m a C i t y L y n n H a v e n P a n a m a C i t y B e a c h F L 9 1 5 % 7 4 % 2 8 9 9 % 1 6 1 8 F o r t W a l t o n B e a c h C r e s t v i e w D e s t i n F L 8 8 8 % 6 8 2 % 3 2 6 3 % 1 7 1 9 P e n s a c o l a F e r r y P a s s B r e n t F L 6 6 7 % 4 6 7 % 2 1 8 7 % 1 8 3 8 T a l l a h a s s e e F L 6 2 5 % 4 2 2 % 2 3 1 2 % 1 9 5 2 G a i n e s v i l l e F L 5 3 1 % 3 5 2 % 2 2 1 7 % 2 0 8 6 Source: Analysis of LPI Applied Analytics data by Local Initiatives Support Corporation, tabulated by the Urban Institute. Data DescriptionTo understand and analyze Floridas stock of housing, tax assessment 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 multifamily housing with 10-or-more units. is results in a database that contains information on residential parcels of land and most residential structures in Florida, including parcel identication, land use code (vacant, residential, single-family, condominium, etc.), total assessed value, assessed land value, year in which structure was built, square footage of the structure, parcel size, date and price of the two most recent sales, ad valorem tax jurisdiction, homestead exemption, and location of the property by section, township, and Source: Analysis of LPI Applied Analytics data by Local Initiatives Support Corporation, tabulated by the Urban Institute. Table 1. Estimated Foreclosure Rates, Florida MSAs, June 2010

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11 range. e database contains most but not all residential structures. It excludes: (1) residential structures located on land that is not residentially coded, such as land coded as agriculture or commercial; (2) manufactured housing not classied as real property (this problem is discussed in more detail later in the report); and (3) structures that are not part of one of the four major residential land use categories examined. e data, unless otherwise noted, are for the nal tax roll year 2010. Use of the individual county property appraiser data sets allows us to reasonably compare housing characteristics in the counties with each other. However, there are gaps and limitations in these Department of Revenue (DOR) data sets. Gaps occur because in some counties, certain elds of data are not included in the records or are missing for specic property types. For example, in many counties the year built information or square footage is missing for condominiums2 or multi-family units. e sales data also have some limitations. Limitations on the data can occur for two reasons. First, until the 2009 roll year, only the two most recent sales prices and year of those sales were reported. Any time a parcel sold, the older of the two sales was 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. e rst is that sales really have increased over time, and the second is that this increased frequency is just a statistical anomaly due to properties selling multiple times, eliminating the older records. In an attempt to overcome this problem, we have merged sales data from the previous ten roll years (2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008 and 2009) with the current roll year (2010). e combination of the dierent 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. e merging of the dierent roll years means that this issue should only be a problem with sales that occurred in the early 1990s and should not be an issue with sales occurring in the 2000s. A second limitation in the data is that denitions vary somewhat across counties; an example of this is square footage. Property appraisers calculate and use more than one measurement of square footage in their appraisal process. us, 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 eld3. 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 information on Floridas housing stock that is not otherwise available. For example, while the yearly American Community Survey (ACS) provides current housing estimates, it is only available for 40 of Floridas 67 counties. e ACS is also subject to inaccuracies in evaluating housing unit characteristics because it relies on the evaluation by the occupants for estimates of numerous variables such as property value and age. Other sources, while current and valuable are subject to limitations of geographic coverage or amount of information available.4 e following section describes the existing single-family housing stock in Florida. Subsequent sections provide detailed information on the condominium market and the multi-family housing market. Although manufactured housing accounts for a signicant portion of residential housing units in many rural counties, we are unable to describe and discuss Floridas manufactured housing stock because comprehensive, accurate data are not available from the property appraiser data at our disposal. Accurate data on manufactured housing are dicult to obtain for several reasons. First, a manufactured home is only classied as real property if the owner owns both the home and the lot. It is these homes that are included in the property appraiser les. Other manufactured housing, perhaps the larger share, is located on rented sites and carries a tag from the Division of Motor Vehicles.5

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12 The State of Floridas Housing, 2010 Geographye housing data are examined at the county level and the metropolitan statistical area (MSA) level. A MSA is an area with a high degree of social and economic integration, a population of 100,000 or more, and at least one city of 50,000 or more. e MSA is named after its central city or cities. Florida has 20 MSAs that contain 39 of its 67 counties. e states 20 metropolitan areas (MSAs) are further divided into major metropolitan areas (four MSAs) and other metropolitan areas (16 MSAs). e four major MSAs are Miami-Ft. LauderdalePompano Beach, Jacksonville, Orlando-Kissimmee, and Tampa-St. Petersburg-Clearwater. As Figure 2 shows, a total of 16 counties make up the four major MSAs. e 16 remaining MSAs include 23 counties, which are shown in Figure 3. A total of 39 of Floridas 67 counties are therefore found in metropolitan areas, with the remaining 28 being non-metropolitan.6 ese remaining 28 counties are further categorized, as shown in Figure 4, into four regional groups: Northwest, Northeast, Central, and South, according to categories used by the University of Floridas Bureau of Economic and Business Research. Figure 2. Floridas 4 Major Metropolitan Areas Figure 3. Floridas Remaining 16 Metropolitan Areas Figure 4. Floridas 4 Non-metropolitan Areas

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13 Figure 5. Percentage of Floridas Single-Family Housing StockSingle-Family Housing7 Summary data by county, with aggregations to metropolitan and state totals, are included in Table 2. ere are 4.88 million singlefamily housing units in the state of Florida and the total assessed value of these units is $775.4 billion. A total of 71.8 percent of these units are occupied by their owner; the remaining units are renter-occupied. e number of single-family sales in 2009 totaled 141,992 which is equal to 2.91 percent of the total single-family housing stock in this state.8 e median single-family sales price declined from $194,300 in 2008 to $165,000 in 2009. As shown in Figure 5, Floridas housing is geographically concentrated. e four major MSAs contain 2.8 million single-family units and these units comprise about 57.5 percent of the total housing stock in the state. irty-nine percent of the major MSA total, comprising nearly 22.3 percent of the state, is found in the MiamiFort Lauderdale-Pompano Beach MSA. e Tampa-St. PetersburgClearwater MSA (which we will refer to as Tampa Bay) has 27 percent of the major MSA total which is 15.6 percent of the state total. e Orlando-Kissimmee MSA has 20 percent of the major MSA total, representing 11.7 percent of the states single-family stock, and the Jacksonville MSA has 7.9 percent of the state total. e 16 other MSAs contain 36.5 percent of the states single-family housing stock, while the 28 non-metropolitan counties contain only 6 percent. e non-metropolitan counties show the extremes of population densities in the state. For example, Lafayette County has only 926 single-family units. Other counties with less than 2,000 units include Glades, Hamilton, Liberty and Union County. Counties with the largest number of sales transactions in 2009 are, as expected, the largest counties in population. Almost 54 percent of the single-family transactions in the state in 2009 were in the major MSA counties. Another 40.4 percent of all sales in 2009 were in the other MSA counties, while the remaining 6 percent were in the non-metropolitan counties. e highest single-family median sales price in 2009 was in Monroe County at $400,000, and the next two highest priced counties, Collier and Walton, had median single-family sales prices of $300,000. Eight counties, Franklin, Miami-Dade, St. Johns, Palm Beach, Martin, Nassau, Manatee, and Sumter, had median singlefamily sales prices between $200,000 and $299,999. As shown in Figure 6, the sales price data further illustrate the dierences between urban and rural counties and between coastal and non-coastal counties. e highest mean prices in 2009 are in coastal counties, several of which are not major urban counties (for example, Monroe and Franklin County). 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. Figure 6. Median 2009 Single-Family Sales Price

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14 The State of Floridas Housing, 2010 20 T a b l e 2 S i n g l e F a m i l y H o u s i n g S t o c k County Total Units % of State % Owner Occupied Total Assessed Value (Millions of Dollars) % of State Total Just Value (Millions of Dollars) % of State Mean Year Built Relative Age Index Number of Sales in 200 9 % of State Median 200 9 Sales Price Turnover Rate Florida 4,881,410 100.00% 71.79% $775,377.46 100.00% $847,311.43 100.00% 1985 1.00 158,878 100.00% $165,000 3.25% Jacksonville, FL MSA Baker County 4,008 0.08% 79.54% $415.13 0.05% $475.19 0.06% 1989 0.83 97 0.06% $147,200 2.42% Clay County 53,818 1.10% 79.22% $7,317.91 0.94% $7,973.63 0.94% 1990 0.79 1,940 1.22% $170,350 3.60% Duval County 248,606 5.09% 73.31% $34,110.17 4.40% $39,409.11 4.65% 1978 1.29 5,443 3.43% $174,000 2.19% Nassau County 20,032 0.41% 73.25% $3,942.03 0.51% $4,426.61 0.52% 1992 0.71 583 0.37% $210,000 2.91% St. Johns County 58,455 1.20% 75.79% $13,539.73 1.75% $14,771.39 1.74% 1995 0.58 2,382 1.50% $245,000 4.07% MSA Total 384,919 7.89% 74.58% $59,324.98 7.65% $67,055.93 7.91% 1984 1.04 10,445 6.57% $187,000 2.71% Miami Fort Lauderdale Pompano Beach, FL MSA Broward County 372,109 7.62% 77.48% $70,262.79 9.06% $78,350.55 9.25% 1980 1.21 16,497 10.38% $189,000 4.43% Miami Dade County 368,533 7.55% 77.81% $72,286.91 9.32% $85,367.97 10.08% 1973 1.50 6,079 3.83% $245,000 1.65% Palm Beach County 348,460 7.14% 73.80% $80,595.32 10.39% $87,001.34 10.27% 1989 0.83 6,598 4.15% $239,900 1.89% MSA Total 1,089,102 22.31% 76.41% $223,145.02 28.78% $250,719.86 29.59% 1980 1.21 29,174 18.36% $211,500 2.68% Orlando Kissimmee, FL MSA Lake County 90,441 1.85% 70.32% $12,949.20 1.67% $13,681.95 1.61% 1994 0.63 2,224 1.40% $169,000 2.46% Orange County 278,666 5.71% 70.72% $43,641.12 5.63% $45,878.46 5.41% 1988 0.88 8,948 5.63% $186,000 3.21% Osceola County 81,357 1.67% 56.30% $9,551.15 1.23% $9,729.91 1.15% 1994 0.63 4,793 3.02% $124,000 5.89% Seminole County 119,536 2.45% 77.68% $19,516.56 2.52% $21,164.19 2.50% 1984 1.04 4,103 2.58% $185,000 3.43% MSA Total 570,000 11.68% 70.06% $85,658.03 11.05% $90,454.51 10.68% 1989 0.83 20,068 12.63% $170,000 3.52% Tampa St. Petersburg Clearwater, FL MSA Hernando County 60,842 1.25% 69.82% $6,436.23 0.83% $6,614.48 0.78% 1991 0.75 1,675 1.05% $115,500 2.75% Hillsborough County 310,538 6.36% 76.17% $40,923.07 5.28% $43,793.16 5.17% 1994 0.63 12,642 7.96% $155,000 4.07% Pasco County 143,991 2.95% 70.58% $16,261.73 2.10% $16,859.48 1.99% 1987 0.92 5,292 3.33% $142,000 3.68% Pinellas County 246,267 5.04% 76.40% $34,509.19 4.45% $38,059.79 4.49% 1969 1.67 6,007 3.78% $165,000 2.44% MSA Total 761,638 15.60% 74.68% $98,130.22 12.66% $105,326.90 12.43% 1985 1.00 25,616 16.12% $150,000 3.36% Major Metropolitan Area Total 2,805,659 57.48% 74.40% $466,258.25 60.13% $513,557.20 60.61% 85,303 53.69% 3.04% Cape Coral Fort Myers, FL MSA Lee County 199,329 4.08% 59.74% $32,092.20 4.14% $33,465.88 3.95% 1991 0.75 15,614 9.83% $102,000 7.83% Deltona Daytona Beach Ormond Beach, FL MSA Volusia County 154,561 3.17% 72.56% $17,872.47 2.31% $19,080.43 2.25% 1981 1.17 4,956 3.12% $135,000 3.21% Fort Walton Beach Crestview Destin, FL MSA Okaloosa County 61,405 1.26% 68.06% $9,155.94 1.18% $10,131.08 1.20% 1984 1.04 2,076 1.31% $185,000 3.38% Gainesville, FL MSA Alachua County 55,700 1.14% 76.27% $7,577.52 0.98% $8,600.62 1.02% 1984 1.04 1,661 1.05% $184,500 2.98% Table 2. Single-Family Housing Stock

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15 20 T a b l e 2 S i n g l e F a m i l y H o u s i n g S t o c k County Total Units % of State % Owner Occupied Total Assessed Value (Millions of Dollars) % of State Total Just Value (Millions of Dollars) % of State Mean Year Built Relative Age Index Number of Sales in 200 9 % of State Median 200 9 Sales Price Turnover Rate Florida 4,881,410 100.00% 71.79% $775,377.46 100.00% $847,311.43 100.00% 1985 1.00 158,878 100.00% $165,000 3.25% Jacksonville, FL MSA Baker County 4,008 0.08% 79.54% $415.13 0.05% $475.19 0.06% 1989 0.83 97 0.06% $147,200 2.42% Clay County 53,818 1.10% 79.22% $7,317.91 0.94% $7,973.63 0.94% 1990 0.79 1,940 1.22% $170,350 3.60% Duval County 248,606 5.09% 73.31% $34,110.17 4.40% $39,409.11 4.65% 1978 1.29 5,443 3.43% $174,000 2.19% Nassau County 20,032 0.41% 73.25% $3,942.03 0.51% $4,426.61 0.52% 1992 0.71 583 0.37% $210,000 2.91% St. Johns County 58,455 1.20% 75.79% $13,539.73 1.75% $14,771.39 1.74% 1995 0.58 2,382 1.50% $245,000 4.07% MSA Total 384,919 7.89% 74.58% $59,324.98 7.65% $67,055.93 7.91% 1984 1.04 10,445 6.57% $187,000 2.71% Miami Fort Lauderdale Pompano Beach, FL MSA Broward County 372,109 7.62% 77.48% $70,262.79 9.06% $78,350.55 9.25% 1980 1.21 16,497 10.38% $189,000 4.43% Miami Dade County 368,533 7.55% 77.81% $72,286.91 9.32% $85,367.97 10.08% 1973 1.50 6,079 3.83% $245,000 1.65% Palm Beach County 348,460 7.14% 73.80% $80,595.32 10.39% $87,001.34 10.27% 1989 0.83 6,598 4.15% $239,900 1.89% MSA Total 1,089,102 22.31% 76.41% $223,145.02 28.78% $250,719.86 29.59% 1980 1.21 29,174 18.36% $211,500 2.68% Orlando Kissimmee, FL MSA Lake County 90,441 1.85% 70.32% $12,949.20 1.67% $13,681.95 1.61% 1994 0.63 2,224 1.40% $169,000 2.46% Orange County 278,666 5.71% 70.72% $43,641.12 5.63% $45,878.46 5.41% 1988 0.88 8,948 5.63% $186,000 3.21% Osceola County 81,357 1.67% 56.30% $9,551.15 1.23% $9,729.91 1.15% 1994 0.63 4,793 3.02% $124,000 5.89% Seminole County 119,536 2.45% 77.68% $19,516.56 2.52% $21,164.19 2.50% 1984 1.04 4,103 2.58% $185,000 3.43% MSA Total 570,000 11.68% 70.06% $85,658.03 11.05% $90,454.51 10.68% 1989 0.83 20,068 12.63% $170,000 3.52% Tampa St. Petersburg Clearwater, FL MSA Hernando County 60,842 1.25% 69.82% $6,436.23 0.83% $6,614.48 0.78% 1991 0.75 1,675 1.05% $115,500 2.75% Hillsborough County 310,538 6.36% 76.17% $40,923.07 5.28% $43,793.16 5.17% 1994 0.63 12,642 7.96% $155,000 4.07% Pasco County 143,991 2.95% 70.58% $16,261.73 2.10% $16,859.48 1.99% 1987 0.92 5,292 3.33% $142,000 3.68% Pinellas County 246,267 5.04% 76.40% $34,509.19 4.45% $38,059.79 4.49% 1969 1.67 6,007 3.78% $165,000 2.44% MSA Total 761,638 15.60% 74.68% $98,130.22 12.66% $105,326.90 12.43% 1985 1.00 25,616 16.12% $150,000 3.36% Major Metropolitan Area Total 2,805,659 57.48% 74.40% $466,258.25 60.13% $513,557.20 60.61% 85,303 53.69% 3.04% Cape Coral Fort Myers, FL MSA Lee County 199,329 4.08% 59.74% $32,092.20 4.14% $33,465.88 3.95% 1991 0.75 15,614 9.83% $102,000 7.83% Deltona Daytona Beach Ormond Beach, FL MSA Volusia County 154,561 3.17% 72.56% $17,872.47 2.31% $19,080.43 2.25% 1981 1.17 4,956 3.12% $135,000 3.21% Fort Walton Beach Crestview Destin, FL MSA Okaloosa County 61,405 1.26% 68.06% $9,155.94 1.18% $10,131.08 1.20% 1984 1.04 2,076 1.31% $185,000 3.38% Gainesville, FL MSA Alachua County 55,700 1.14% 76.27% $7,577.52 0.98% $8,600.62 1.02% 1984 1.04 1,661 1.05% $184,500 2.98% Table 2. Single-Family Housing Stock

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16 The State of Floridas Housing, 2010 20 T a b l e 2 S i n g l e F a m i l y H o u s i n g S t o c k County Total Units % of State % Owner Occupied Total Assessed Value (Millions of Dollars) % of State Total Just Value (Millions of Dollars) % of State Mean Year Built Relative Age Index Number of Sales in 200 9 % of State Median 200 9 Sales Price Turnover Rate Florida 4,881,410 100.00% 71.79% $775,377.46 100.00% $847,311.43 100.00% 1985 1.00 158,878 100.00% $165,000 3.25% Jacksonville, FL MSA Baker County 4,008 0.08% 79.54% $415.13 0.05% $475.19 0.06% 1989 0.83 97 0.06% $147,200 2.42% Clay County 53,818 1.10% 79.22% $7,317.91 0.94% $7,973.63 0.94% 1990 0.79 1,940 1.22% $170,350 3.60% Duval County 248,606 5.09% 73.31% $34,110.17 4.40% $39,409.11 4.65% 1978 1.29 5,443 3.43% $174,000 2.19% Nassau County 20,032 0.41% 73.25% $3,942.03 0.51% $4,426.61 0.52% 1992 0.71 583 0.37% $210,000 2.91% St. Johns County 58,455 1.20% 75.79% $13,539.73 1.75% $14,771.39 1.74% 1995 0.58 2,382 1.50% $245,000 4.07% MSA Total 384,919 7.89% 74.58% $59,324.98 7.65% $67,055.93 7.91% 1984 1.04 10,445 6.57% $187,000 2.71% Miami Fort Lauderdale Pompano Beach, FL MSA Broward County 372,109 7.62% 77.48% $70,262.79 9.06% $78,350.55 9.25% 1980 1.21 16,497 10.38% $189,000 4.43% Miami Dade County 368,533 7.55% 77.81% $72,286.91 9.32% $85,367.97 10.08% 1973 1.50 6,079 3.83% $245,000 1.65% Palm Beach County 348,460 7.14% 73.80% $80,595.32 10.39% $87,001.34 10.27% 1989 0.83 6,598 4.15% $239,900 1.89% MSA Total 1,089,102 22.31% 76.41% $223,145.02 28.78% $250,719.86 29.59% 1980 1.21 29,174 18.36% $211,500 2.68% Orlando Kissimmee, FL MSA Lake County 90,441 1.85% 70.32% $12,949.20 1.67% $13,681.95 1.61% 1994 0.63 2,224 1.40% $169,000 2.46% Orange County 278,666 5.71% 70.72% $43,641.12 5.63% $45,878.46 5.41% 1988 0.88 8,948 5.63% $186,000 3.21% Osceola County 81,357 1.67% 56.30% $9,551.15 1.23% $9,729.91 1.15% 1994 0.63 4,793 3.02% $124,000 5.89% Seminole County 119,536 2.45% 77.68% $19,516.56 2.52% $21,164.19 2.50% 1984 1.04 4,103 2.58% $185,000 3.43% MSA Total 570,000 11.68% 70.06% $85,658.03 11.05% $90,454.51 10.68% 1989 0.83 20,068 12.63% $170,000 3.52% Tampa St. Petersburg Clearwater, FL MSA Hernando County 60,842 1.25% 69.82% $6,436.23 0.83% $6,614.48 0.78% 1991 0.75 1,675 1.05% $115,500 2.75% Hillsborough County 310,538 6.36% 76.17% $40,923.07 5.28% $43,793.16 5.17% 1994 0.63 12,642 7.96% $155,000 4.07% Pasco County 143,991 2.95% 70.58% $16,261.73 2.10% $16,859.48 1.99% 1987 0.92 5,292 3.33% $142,000 3.68% Pinellas County 246,267 5.04% 76.40% $34,509.19 4.45% $38,059.79 4.49% 1969 1.67 6,007 3.78% $165,000 2.44% MSA Total 761,638 15.60% 74.68% $98,130.22 12.66% $105,326.90 12.43% 1985 1.00 25,616 16.12% $150,000 3.36% Major Metropolitan Area Total 2,805,659 57.48% 74.40% $466,258.25 60.13% $513,557.20 60.61% 85,303 53.69% 3.04% Cape Coral Fort Myers, FL MSA Lee County 199,329 4.08% 59.74% $32,092.20 4.14% $33,465.88 3.95% 1991 0.75 15,614 9.83% $102,000 7.83% Deltona Daytona Beach Ormond Beach, FL MSA Volusia County 154,561 3.17% 72.56% $17,872.47 2.31% $19,080.43 2.25% 1981 1.17 4,956 3.12% $135,000 3.21% Fort Walton Beach Crestview Destin, FL MSA Okaloosa County 61,405 1.26% 68.06% $9,155.94 1.18% $10,131.08 1.20% 1984 1.04 2,076 1.31% $185,000 3.38% Gainesville, FL MSA Alachua County 55,700 1.14% 76.27% $7,577.52 0.98% $8,600.62 1.02% 1984 1.04 1,661 1.05% $184,500 2.98% Table 2. Single-Family Housing Stock

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17 Figure 7. Percentage of Floridas Condominium Stock Condominiumse role of condominiums in providing housing in a county is another indicator of the dierences in housing stock across counties. Table 3 contains summary information on the states stock of condominiums. 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 1,571,092 condominiums in the state in 2009, and 37.2 percent of these units are owner-occupied, much less than the 71.8 percent owner-occupied found in the single-family stock. A total of 786,454 units, or 50 percent of condominium units in the state, are located in the Miami-Fort Lauderdale-Pompano Beach MSA. Figure 7 shows the geographical distribution of condominiums across the state. In total, the non-MSA counties have less than 1.6 percent of the total condominiums in the state, and almost 76.6 percent of these are found in two counties: Monroe and Walton. Other coastal metropolitan counties have a much smaller absolute number of condominium units than the three southeast counties, but condominiums still make up a signicant percentage of the housing stock in these less populated counties. For example, Collier Countys 95,812 condominium units far exceed the 76,965 single-family housing units in the county. Discussion of the characteristics of condominiums in the state is limited by the lack of data in a number of the data elds in some counties. ese elds include year built, age, and price. e following description is based on the available data. e number of condominium sales in the state totaled 63,285 units in 2009. Of these 22.1 percent occurred in Broward County, 18.6 percent in Miami-Dade County, and 10.8 percent in Palm Beach County. ese three southeast counties accounted for about 51.5 percent of all condominium transactions in the state. e median price of condominium units sold in the state in 2009 was $125,000. Figure 8 shows the median sales prices for condominiums vary widely across counties. Counties with median sales prices at/or above $250,000 were Escambia ($305,000), Monroe ($303,000), Walton ($295,800), Santa Rosa ($270,000), and Okaloosa ($269,000). e relatively high price of portions of the condominium stock in coastal settings appears to reect the steep premium paid for the ocean accessibility by the retiree clientele for those units. Figure 8. Median 2009 Condominium Sales Price

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18 The State of Floridas Housing, 2010 26 Table 3 Condom inium Stock 9 County Total Units % of State % Owner Occupied Total Assessed Value (Millions of Dollars) % of State Total Just Value (Millions of Dollars) % of State Average Age Number of Sales in 200 9 % of State Median 20 0 9 Sales Price Turnover Rate Florida 1,571,092 100.00% 37.23% $224,524.42 100.00% $232,007.65 100.00% 1986 63,285 100.00% $125,000 4.03% Jacksonville, FL MSA Baker County 0 0.00% 0.00% $0.00 0.00% $0.00 0.00% 0 0 0.00% $0 0.00% Clay County 2,380 0.15% 41.81% $179.81 0.08% $183.82 0.08% 1997 125 0.20% $118,300 5.25% Duval County 25,470 1.62% 40.57% $2,891.78 1.29% $3,032.35 1.31% 1995 751 1.19% $125,000 2.95% Nassau County 3,670 0.23% 16.10% $1,198.21 0.53% $1,226.22 0.53% 1989 67 0.11% $207,500 1.83% St. Johns County 13,724 0.87% 25.76% $2,184.12 0.97% $2,249.14 0.97% 1993 443 0.70% $155,000 3.23% MSA Total 45,244 2.88% 34.16% $6,453.92 2.87% $6,691.52 2.88% 1994 1,386 2.19% $129,000 3.06% Miami Fort Lauderdale Pompano Beach, FL MSA Broward County 254,124 16.17% 45.93% $23,383.86 10.41% $24,340.01 10.49% 1984 14,000 22.12% $72,500 5.51% Miami Dade County 345,654 22.00% 42.16% $56,360.82 25.10% $58,438.98 25.19% 1984 11,749 18.57% $220,000 3.40% Palm Beach County 186,676 11.88% 42.16% $23,138.45 10.31% $24,172.50 10.42% 1983 6,855 10.83% $95,000 3.67% MSA Total 786,454 50.06% 43.38% $102,883.13 45.82% $106,951.49 46.10% 1984 32,604 51.52% $121,000 4.15% Orlando Kissimmee, FL MSA Lake County 3,188 0.20% 46.27% $518.21 0.23% $529.23 0.23% 1991 89 0.14% $117,000 2.79% Orange County 66,705 4.25% 21.63% $8,626.93 3.84% $8,696.78 3.75% 1992 1,929 3.05% $70,000 2.89% Osceola County 13,857 0.88% 9.45% $3,375.16 1.50% $3,376.67 1.46% 1998 914 1.44% $80,000 6.60% Seminole County 15,961 1.02% 36.01% $852.82 0.38% $867.79 0.37% 1985 1,038 1.64% $53,700 6.50% MSA Total 99,711 6.35% 23.02% $13,373.12 5.96% $13,470.48 5.81% 1991 3,970 6.27% $66,000 3.98% Tampa St. Petersburg Clearwater, FL MSA Hernando County 596 0.04% 39.43% $32.89 0.01% $34.31 0.01% 1989 16 0.03% $48,500 2.68% Hillsborough County 43,955 2.80% 36.91% $3,056.18 1.36% $3,106.96 1.34% 1999 2,000 3.16% $70,950 4.55% Pasco County 12,147 0.77% 40.23% $749.78 0.33% $773.24 0.33% 1984 394 0.62% $62,950 3.24% Pinellas County 103,465 6.59% 44.00% $11,930.90 5.31% $12,491.30 5.38% 1980 3,858 6.10% $119,950 3.73% MSA Total 160,163 10.19% 41.75% $15,769.75 7.02% $16,405.82 7.07% 1985 6,268 9.90% $98,700 3.91% Major Metropolitan Area Total 1,091,572 69.48% 40.90% $138,479.93 61.68% $143,519.31 61.86% 44,228 69.89% 4.05% 9 ( ) L e s s t h a n 2 5 O b s e r v a t i o n s ( $ ) L e s s t h a n 2 / 3 o f o b s e r v a t i o n s h a v e v a l i d y e a r b u i l t e n t r i e s Table 3. Condominium Stock9

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19 26 Table 3 Condom inium Stock 9 County Total Units % of State % Owner Occupied Total Assessed Value (Millions of Dollars) % of State Total Just Value (Millions of Dollars) % of State Average Age Number of Sales in 200 9 % of State Median 20 0 9 Sales Price Turnover Rate Florida 1,571,092 100.00% 37.23% $224,524.42 100.00% $232,007.65 100.00% 1986 63,285 100.00% $125,000 4.03% Jacksonville, FL MSA Baker County 0 0.00% 0.00% $0.00 0.00% $0.00 0.00% 0 0 0.00% $0 0.00% Clay County 2,380 0.15% 41.81% $179.81 0.08% $183.82 0.08% 1997 125 0.20% $118,300 5.25% Duval County 25,470 1.62% 40.57% $2,891.78 1.29% $3,032.35 1.31% 1995 751 1.19% $125,000 2.95% Nassau County 3,670 0.23% 16.10% $1,198.21 0.53% $1,226.22 0.53% 1989 67 0.11% $207,500 1.83% St. Johns County 13,724 0.87% 25.76% $2,184.12 0.97% $2,249.14 0.97% 1993 443 0.70% $155,000 3.23% MSA Total 45,244 2.88% 34.16% $6,453.92 2.87% $6,691.52 2.88% 1994 1,386 2.19% $129,000 3.06% Miami Fort Lauderdale Pompano Beach, FL MSA Broward County 254,124 16.17% 45.93% $23,383.86 10.41% $24,340.01 10.49% 1984 14,000 22.12% $72,500 5.51% Miami Dade County 345,654 22.00% 42.16% $56,360.82 25.10% $58,438.98 25.19% 1984 11,749 18.57% $220,000 3.40% Palm Beach County 186,676 11.88% 42.16% $23,138.45 10.31% $24,172.50 10.42% 1983 6,855 10.83% $95,000 3.67% MSA Total 786,454 50.06% 43.38% $102,883.13 45.82% $106,951.49 46.10% 1984 32,604 51.52% $121,000 4.15% Orlando Kissimmee, FL MSA Lake County 3,188 0.20% 46.27% $518.21 0.23% $529.23 0.23% 1991 89 0.14% $117,000 2.79% Orange County 66,705 4.25% 21.63% $8,626.93 3.84% $8,696.78 3.75% 1992 1,929 3.05% $70,000 2.89% Osceola County 13,857 0.88% 9.45% $3,375.16 1.50% $3,376.67 1.46% 1998 914 1.44% $80,000 6.60% Seminole County 15,961 1.02% 36.01% $852.82 0.38% $867.79 0.37% 1985 1,038 1.64% $53,700 6.50% MSA Total 99,711 6.35% 23.02% $13,373.12 5.96% $13,470.48 5.81% 1991 3,970 6.27% $66,000 3.98% Tampa St. Petersburg Clearwater, FL MSA Hernando County 596 0.04% 39.43% $32.89 0.01% $34.31 0.01% 1989 16 0.03% $48,500 2.68% Hillsborough County 43,955 2.80% 36.91% $3,056.18 1.36% $3,106.96 1.34% 1999 2,000 3.16% $70,950 4.55% Pasco County 12,147 0.77% 40.23% $749.78 0.33% $773.24 0.33% 1984 394 0.62% $62,950 3.24% Pinellas County 103,465 6.59% 44.00% $11,930.90 5.31% $12,491.30 5.38% 1980 3,858 6.10% $119,950 3.73% MSA Total 160,163 10.19% 41.75% $15,769.75 7.02% $16,405.82 7.07% 1985 6,268 9.90% $98,700 3.91% Major Metropolitan Area Total 1,091,572 69.48% 40.90% $138,479.93 61.68% $143,519.31 61.86% 44,228 69.89% 4.05% 9 ( ) L e s s t h a n 2 5 O b s e r v a t i o n s ( $ ) L e s s t h a n 2 / 3 o f o b s e r v a t i o n s h a v e v a l i d y e a r b u i l t e n t r i e s Table 3. Condominium Stock9

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20 The State of Floridas Housing, 2010 26 Table 3 Condom inium Stock 9 County Total Units % of State % Owner Occupied Total Assessed Value (Millions of Dollars) % of State Total Just Value (Millions of Dollars) % of State Average Age Number of Sales in 200 9 % of State Median 20 0 9 Sales Price Turnover Rate Florida 1,571,092 100.00% 37.23% $224,524.42 100.00% $232,007.65 100.00% 1986 63,285 100.00% $125,000 4.03% Jacksonville, FL MSA Baker County 0 0.00% 0.00% $0.00 0.00% $0.00 0.00% 0 0 0.00% $0 0.00% Clay County 2,380 0.15% 41.81% $179.81 0.08% $183.82 0.08% 1997 125 0.20% $118,300 5.25% Duval County 25,470 1.62% 40.57% $2,891.78 1.29% $3,032.35 1.31% 1995 751 1.19% $125,000 2.95% Nassau County 3,670 0.23% 16.10% $1,198.21 0.53% $1,226.22 0.53% 1989 67 0.11% $207,500 1.83% St. Johns County 13,724 0.87% 25.76% $2,184.12 0.97% $2,249.14 0.97% 1993 443 0.70% $155,000 3.23% MSA Total 45,244 2.88% 34.16% $6,453.92 2.87% $6,691.52 2.88% 1994 1,386 2.19% $129,000 3.06% Miami Fort Lauderdale Pompano Beach, FL MSA Broward County 254,124 16.17% 45.93% $23,383.86 10.41% $24,340.01 10.49% 1984 14,000 22.12% $72,500 5.51% Miami Dade County 345,654 22.00% 42.16% $56,360.82 25.10% $58,438.98 25.19% 1984 11,749 18.57% $220,000 3.40% Palm Beach County 186,676 11.88% 42.16% $23,138.45 10.31% $24,172.50 10.42% 1983 6,855 10.83% $95,000 3.67% MSA Total 786,454 50.06% 43.38% $102,883.13 45.82% $106,951.49 46.10% 1984 32,604 51.52% $121,000 4.15% Orlando Kissimmee, FL MSA Lake County 3,188 0.20% 46.27% $518.21 0.23% $529.23 0.23% 1991 89 0.14% $117,000 2.79% Orange County 66,705 4.25% 21.63% $8,626.93 3.84% $8,696.78 3.75% 1992 1,929 3.05% $70,000 2.89% Osceola County 13,857 0.88% 9.45% $3,375.16 1.50% $3,376.67 1.46% 1998 914 1.44% $80,000 6.60% Seminole County 15,961 1.02% 36.01% $852.82 0.38% $867.79 0.37% 1985 1,038 1.64% $53,700 6.50% MSA Total 99,711 6.35% 23.02% $13,373.12 5.96% $13,470.48 5.81% 1991 3,970 6.27% $66,000 3.98% Tampa St. Petersburg Clearwater, FL MSA Hernando County 596 0.04% 39.43% $32.89 0.01% $34.31 0.01% 1989 16 0.03% $48,500 2.68% Hillsborough County 43,955 2.80% 36.91% $3,056.18 1.36% $3,106.96 1.34% 1999 2,000 3.16% $70,950 4.55% Pasco County 12,147 0.77% 40.23% $749.78 0.33% $773.24 0.33% 1984 394 0.62% $62,950 3.24% Pinellas County 103,465 6.59% 44.00% $11,930.90 5.31% $12,491.30 5.38% 1980 3,858 6.10% $119,950 3.73% MSA Total 160,163 10.19% 41.75% $15,769.75 7.02% $16,405.82 7.07% 1985 6,268 9.90% $98,700 3.91% Major Metropolitan Area Total 1,091,572 69.48% 40.90% $138,479.93 61.68% $143,519.31 61.86% 44,228 69.89% 4.05% 9 ( ) L e s s t h a n 2 5 O b s e r v a t i o n s ( $ ) L e s s t h a n 2 / 3 o f o b s e r v a t i o n s h a v e v a l i d y e a r b u i l t e n t r i e s Table 3. Condominium Stock9

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21 26 Table 3 Condom inium Stock 9 County Total Units % of State % Owner Occupied Total Assessed Value (Millions of Dollars) % of State Total Just Value (Millions of Dollars) % of State Average Age Number of Sales in 200 9 % of State Median 20 0 9 Sales Price Turnover Rate Florida 1,571,092 100.00% 37.23% $224,524.42 100.00% $232,007.65 100.00% 1986 63,285 100.00% $125,000 4.03% Jacksonville, FL MSA Baker County 0 0.00% 0.00% $0.00 0.00% $0.00 0.00% 0 0 0.00% $0 0.00% Clay County 2,380 0.15% 41.81% $179.81 0.08% $183.82 0.08% 1997 125 0.20% $118,300 5.25% Duval County 25,470 1.62% 40.57% $2,891.78 1.29% $3,032.35 1.31% 1995 751 1.19% $125,000 2.95% Nassau County 3,670 0.23% 16.10% $1,198.21 0.53% $1,226.22 0.53% 1989 67 0.11% $207,500 1.83% St. Johns County 13,724 0.87% 25.76% $2,184.12 0.97% $2,249.14 0.97% 1993 443 0.70% $155,000 3.23% MSA Total 45,244 2.88% 34.16% $6,453.92 2.87% $6,691.52 2.88% 1994 1,386 2.19% $129,000 3.06% Miami Fort Lauderdale Pompano Beach, FL MSA Broward County 254,124 16.17% 45.93% $23,383.86 10.41% $24,340.01 10.49% 1984 14,000 22.12% $72,500 5.51% Miami Dade County 345,654 22.00% 42.16% $56,360.82 25.10% $58,438.98 25.19% 1984 11,749 18.57% $220,000 3.40% Palm Beach County 186,676 11.88% 42.16% $23,138.45 10.31% $24,172.50 10.42% 1983 6,855 10.83% $95,000 3.67% MSA Total 786,454 50.06% 43.38% $102,883.13 45.82% $106,951.49 46.10% 1984 32,604 51.52% $121,000 4.15% Orlando Kissimmee, FL MSA Lake County 3,188 0.20% 46.27% $518.21 0.23% $529.23 0.23% 1991 89 0.14% $117,000 2.79% Orange County 66,705 4.25% 21.63% $8,626.93 3.84% $8,696.78 3.75% 1992 1,929 3.05% $70,000 2.89% Osceola County 13,857 0.88% 9.45% $3,375.16 1.50% $3,376.67 1.46% 1998 914 1.44% $80,000 6.60% Seminole County 15,961 1.02% 36.01% $852.82 0.38% $867.79 0.37% 1985 1,038 1.64% $53,700 6.50% MSA Total 99,711 6.35% 23.02% $13,373.12 5.96% $13,470.48 5.81% 1991 3,970 6.27% $66,000 3.98% Tampa St. Petersburg Clearwater, FL MSA Hernando County 596 0.04% 39.43% $32.89 0.01% $34.31 0.01% 1989 16 0.03% $48,500 2.68% Hillsborough County 43,955 2.80% 36.91% $3,056.18 1.36% $3,106.96 1.34% 1999 2,000 3.16% $70,950 4.55% Pasco County 12,147 0.77% 40.23% $749.78 0.33% $773.24 0.33% 1984 394 0.62% $62,950 3.24% Pinellas County 103,465 6.59% 44.00% $11,930.90 5.31% $12,491.30 5.38% 1980 3,858 6.10% $119,950 3.73% MSA Total 160,163 10.19% 41.75% $15,769.75 7.02% $16,405.82 7.07% 1985 6,268 9.90% $98,700 3.91% Major Metropolitan Area Total 1,091,572 69.48% 40.90% $138,479.93 61.68% $143,519.31 61.86% 44,228 69.89% 4.05% 9 ( ) L e s s t h a n 2 5 O b s e r v a t i o n s ( $ ) L e s s t h a n 2 / 3 o f o b s e r v a t i o n s h a v e v a l i d y e a r b u i l t e n t r i e s Table 3. Condominium Stock9

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22 The State of Floridas Housing, 2010 32 Table 4 Multi Family Housing Stock w ith 9 or Less U n i t s 1 0 C o u n t y T o t a l C o m p l e x e s % o f S t a t e N u m b e r o f R e s i d e n t i a l U n i t s T o t a l A s s e s s e d V a l u e ( M i l l i o n s o f D o l l a r s ) % o f S t a t e T o t a l J u s t V a l u e ( M i l l i o n s o f D o l l a r s ) % o f S t a t e M e a n Y e a r B u i l t R e l a t i v e A g e I n d e x F l o r i d a 1 6 4 3 1 8 1 0 0 0 0 % 3 9 2 6 5 2 $ 2 5 3 9 4 9 2 1 0 0 0 0 % $ 2 6 7 8 0 3 8 1 0 0 0 0 % 1 9 7 1 1 0 0 J a c k s o n v i l l e F L M S A B a k e r C o u n t y 4 8 0 0 3 % N A $ 5 6 5 0 0 2 % $ 5 6 5 0 0 2 % 1 9 9 2 0 4 5 C l a y C o u n t y 3 2 8 0 2 0 % 5 0 7 $ 4 0 3 9 0 1 6 % $ 4 1 6 6 0 1 6 % 1 9 8 1 0 7 4 D u v a l C o u n t y 5 5 6 6 3 3 9 % 1 6 7 8 8 $ 9 4 6 8 3 3 7 3 % $ 1 0 2 8 5 9 3 8 4 % 1 9 6 2 1 2 4 N a s s a u C o u n t y 3 9 6 0 2 4 % 5 6 4 $ 1 0 7 1 5 0 4 2 % $ 1 1 4 5 9 0 4 3 % 1 9 8 6 0 6 1 S t J o h n s C o u n t y 1 7 3 2 1 0 5 % 2 9 1 7 $ 4 0 1 5 6 1 5 8 % $ 4 7 3 2 5 1 7 7 % 1 9 8 3 0 6 8 M S A T o t a l 8 0 7 0 4 9 1 % 2 0 7 7 6 $ 1 5 0 1 5 8 5 9 1 % $ 1 6 6 3 7 5 6 2 1 % 1 9 6 9 1 0 5 M i a m i F o r t L a u d e r d a l e P o m p a n o B e a c h F L M S A B r o w a r d C o u n t y 1 8 3 6 4 1 1 1 8 % 5 1 1 5 1 $ 2 8 9 4 6 0 1 1 4 0 % $ 3 0 2 9 2 2 1 1 3 1 % 1 9 6 6 1 1 3 M i a m i D a d e C o u n t y 3 2 5 8 7 1 9 8 3 % 8 7 1 8 2 $ 6 9 3 5 2 9 2 7 3 1 % $ 7 3 8 7 3 4 2 7 5 8 % 1 9 6 0 1 2 9 P a l m B e a c h C o u n t y 1 0 6 2 2 6 4 6 % 2 8 1 2 2 $ 1 4 9 3 1 1 5 8 8 % $ 1 5 4 6 4 0 5 7 7 % 1 9 7 4 0 9 2 M S A T o t a l 6 1 5 7 3 3 7 4 7 % 1 6 6 4 5 5 $ 1 1 3 2 3 0 0 4 4 5 9 % $ 1 1 9 6 2 9 6 4 4 6 7 % 1 9 6 4 1 1 8 O r l a n d o K i s s i m m e e F L M S A L a k e C o u n t y 1 3 1 9 0 8 0 % 3 8 7 1 $ 1 6 9 1 2 0 6 7 % $ 1 6 9 3 0 0 6 3 % 1 9 8 2 0 7 1 O r a n g e C o u n t y 6 1 5 5 3 7 5 % 1 8 7 9 $ 5 6 3 4 0 2 2 2 % $ 5 6 7 8 2 2 1 2 % 1 9 7 9 0 7 9 O s c e o l a C o u n t y 9 4 9 0 5 8 % 2 2 5 9 $ 1 0 8 9 5 0 4 3 % $ 1 0 9 3 1 0 4 1 % 1 9 8 4 0 6 6 S e m i n o l e C o u n t y 1 6 5 1 1 0 0 % 3 0 5 6 $ 1 7 5 2 4 0 6 9 % $ 1 8 0 3 4 0 6 7 % 1 9 7 9 0 7 9 M S A T o t a l 1 0 0 7 4 6 1 3 % 1 1 0 6 5 $ 1 0 1 6 7 2 4 0 0 % $ 1 0 2 6 7 7 3 8 3 % 1 9 8 0 0 7 6 T a m p a S t P e t e r s b u r g C l e a r w a t e r F L M S A H e r n a n d o C o u n t y 4 7 1 0 2 9 % 1 2 0 7 $ 5 7 3 1 0 2 3 % $ 5 7 7 3 0 2 2 % 1 9 8 7 0 5 8 H i l l s b o r o u g h C o u n t y 5 0 8 3 3 0 9 % 1 4 2 5 2 $ 4 7 4 0 5 1 8 7 % $ 4 8 8 2 1 1 8 2 % 1 9 8 6 0 6 1 P a s c o C o u n t y 3 6 9 8 2 2 5 % 6 9 8 8 $ 3 5 4 0 2 1 3 9 % $ 3 8 1 4 8 1 4 2 % 1 9 7 5 0 8 9 P i n e l l a s C o u n t y 1 2 8 5 6 7 8 2 % 3 3 2 6 7 $ 2 0 4 1 7 2 8 0 4 % $ 2 1 7 1 6 7 8 1 1 % 1 9 5 3 1 4 7 M S A T o t a l 2 2 1 0 8 1 3 4 5 % 5 5 7 1 4 $ 2 9 2 7 1 1 1 1 5 3 % $ 3 0 9 9 1 0 1 1 5 7 % 1 9 6 5 1 1 6 M a j o r M e t r o p o l i t a n A r e a T o t a l 1 0 1 8 2 5 6 1 9 7 % 2 5 4 0 1 0 $ 1 6 7 6 8 4 1 6 6 0 3 % $ 1 7 7 5 2 5 8 6 6 2 9 % C a p e C o r a l F o r t M y e r s F L M S A L e e C o u n t y 8 3 2 9 5 0 7 % 1 9 2 0 4 $ 7 3 7 6 6 2 9 0 % $ 7 5 7 3 8 2 8 3 % 1 9 8 7 0 5 8 10 ( ) L e s s t h a n 2 5 O b s e r v a t i o n s ( $ ) L e s s t h a n 2 / 3 o f o b s e r v a t i o n s h a v e v a l i d y e a r b u i l t e n t r i e s Table 4. Multi-Family Housing Stock with 9 or Less Units10

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23 32 Table 4 Multi Family Housing Stock w ith 9 or Less U n i t s 1 0 C o u n t y T o t a l C o m p l e x e s % o f S t a t e N u m b e r o f R e s i d e n t i a l U n i t s T o t a l A s s e s s e d V a l u e ( M i l l i o n s o f D o l l a r s ) % o f S t a t e T o t a l J u s t V a l u e ( M i l l i o n s o f D o l l a r s ) % o f S t a t e M e a n Y e a r B u i l t R e l a t i v e A g e I n d e x F l o r i d a 1 6 4 3 1 8 1 0 0 0 0 % 3 9 2 6 5 2 $ 2 5 3 9 4 9 2 1 0 0 0 0 % $ 2 6 7 8 0 3 8 1 0 0 0 0 % 1 9 7 1 1 0 0 J a c k s o n v i l l e F L M S A B a k e r C o u n t y 4 8 0 0 3 % N A $ 5 6 5 0 0 2 % $ 5 6 5 0 0 2 % 1 9 9 2 0 4 5 C l a y C o u n t y 3 2 8 0 2 0 % 5 0 7 $ 4 0 3 9 0 1 6 % $ 4 1 6 6 0 1 6 % 1 9 8 1 0 7 4 D u v a l C o u n t y 5 5 6 6 3 3 9 % 1 6 7 8 8 $ 9 4 6 8 3 3 7 3 % $ 1 0 2 8 5 9 3 8 4 % 1 9 6 2 1 2 4 N a s s a u C o u n t y 3 9 6 0 2 4 % 5 6 4 $ 1 0 7 1 5 0 4 2 % $ 1 1 4 5 9 0 4 3 % 1 9 8 6 0 6 1 S t J o h n s C o u n t y 1 7 3 2 1 0 5 % 2 9 1 7 $ 4 0 1 5 6 1 5 8 % $ 4 7 3 2 5 1 7 7 % 1 9 8 3 0 6 8 M S A T o t a l 8 0 7 0 4 9 1 % 2 0 7 7 6 $ 1 5 0 1 5 8 5 9 1 % $ 1 6 6 3 7 5 6 2 1 % 1 9 6 9 1 0 5 M i a m i F o r t L a u d e r d a l e P o m p a n o B e a c h F L M S A B r o w a r d C o u n t y 1 8 3 6 4 1 1 1 8 % 5 1 1 5 1 $ 2 8 9 4 6 0 1 1 4 0 % $ 3 0 2 9 2 2 1 1 3 1 % 1 9 6 6 1 1 3 M i a m i D a d e C o u n t y 3 2 5 8 7 1 9 8 3 % 8 7 1 8 2 $ 6 9 3 5 2 9 2 7 3 1 % $ 7 3 8 7 3 4 2 7 5 8 % 1 9 6 0 1 2 9 P a l m B e a c h C o u n t y 1 0 6 2 2 6 4 6 % 2 8 1 2 2 $ 1 4 9 3 1 1 5 8 8 % $ 1 5 4 6 4 0 5 7 7 % 1 9 7 4 0 9 2 M S A T o t a l 6 1 5 7 3 3 7 4 7 % 1 6 6 4 5 5 $ 1 1 3 2 3 0 0 4 4 5 9 % $ 1 1 9 6 2 9 6 4 4 6 7 % 1 9 6 4 1 1 8 O r l a n d o K i s s i m m e e F L M S A L a k e C o u n t y 1 3 1 9 0 8 0 % 3 8 7 1 $ 1 6 9 1 2 0 6 7 % $ 1 6 9 3 0 0 6 3 % 1 9 8 2 0 7 1 O r a n g e C o u n t y 6 1 5 5 3 7 5 % 1 8 7 9 $ 5 6 3 4 0 2 2 2 % $ 5 6 7 8 2 2 1 2 % 1 9 7 9 0 7 9 O s c e o l a C o u n t y 9 4 9 0 5 8 % 2 2 5 9 $ 1 0 8 9 5 0 4 3 % $ 1 0 9 3 1 0 4 1 % 1 9 8 4 0 6 6 S e m i n o l e C o u n t y 1 6 5 1 1 0 0 % 3 0 5 6 $ 1 7 5 2 4 0 6 9 % $ 1 8 0 3 4 0 6 7 % 1 9 7 9 0 7 9 M S A T o t a l 1 0 0 7 4 6 1 3 % 1 1 0 6 5 $ 1 0 1 6 7 2 4 0 0 % $ 1 0 2 6 7 7 3 8 3 % 1 9 8 0 0 7 6 T a m p a S t P e t e r s b u r g C l e a r w a t e r F L M S A H e r n a n d o C o u n t y 4 7 1 0 2 9 % 1 2 0 7 $ 5 7 3 1 0 2 3 % $ 5 7 7 3 0 2 2 % 1 9 8 7 0 5 8 H i l l s b o r o u g h C o u n t y 5 0 8 3 3 0 9 % 1 4 2 5 2 $ 4 7 4 0 5 1 8 7 % $ 4 8 8 2 1 1 8 2 % 1 9 8 6 0 6 1 P a s c o C o u n t y 3 6 9 8 2 2 5 % 6 9 8 8 $ 3 5 4 0 2 1 3 9 % $ 3 8 1 4 8 1 4 2 % 1 9 7 5 0 8 9 P i n e l l a s C o u n t y 1 2 8 5 6 7 8 2 % 3 3 2 6 7 $ 2 0 4 1 7 2 8 0 4 % $ 2 1 7 1 6 7 8 1 1 % 1 9 5 3 1 4 7 M S A T o t a l 2 2 1 0 8 1 3 4 5 % 5 5 7 1 4 $ 2 9 2 7 1 1 1 1 5 3 % $ 3 0 9 9 1 0 1 1 5 7 % 1 9 6 5 1 1 6 M a j o r M e t r o p o l i t a n A r e a T o t a l 1 0 1 8 2 5 6 1 9 7 % 2 5 4 0 1 0 $ 1 6 7 6 8 4 1 6 6 0 3 % $ 1 7 7 5 2 5 8 6 6 2 9 % C a p e C o r a l F o r t M y e r s F L M S A L e e C o u n t y 8 3 2 9 5 0 7 % 1 9 2 0 4 $ 7 3 7 6 6 2 9 0 % $ 7 5 7 3 8 2 8 3 % 1 9 8 7 0 5 8 10 ( ) L e s s t h a n 2 5 O b s e r v a t i o n s ( $ ) L e s s t h a n 2 / 3 o f o b s e r v a t i o n s h a v e v a l i d y e a r b u i l t e n t r i e s Table 4. Multi-Family Housing Stock with 9 or Less Units10

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24 The State of Floridas Housing, 2010 32 Table 4 Multi Family Housing Stock w ith 9 or Less U n i t s 1 0 C o u n t y T o t a l C o m p l e x e s % o f S t a t e N u m b e r o f R e s i d e n t i a l U n i t s T o t a l A s s e s s e d V a l u e ( M i l l i o n s o f D o l l a r s ) % o f S t a t e T o t a l J u s t V a l u e ( M i l l i o n s o f D o l l a r s ) % o f S t a t e M e a n Y e a r B u i l t R e l a t i v e A g e I n d e x F l o r i d a 1 6 4 3 1 8 1 0 0 0 0 % 3 9 2 6 5 2 $ 2 5 3 9 4 9 2 1 0 0 0 0 % $ 2 6 7 8 0 3 8 1 0 0 0 0 % 1 9 7 1 1 0 0 J a c k s o n v i l l e F L M S A B a k e r C o u n t y 4 8 0 0 3 % N A $ 5 6 5 0 0 2 % $ 5 6 5 0 0 2 % 1 9 9 2 0 4 5 C l a y C o u n t y 3 2 8 0 2 0 % 5 0 7 $ 4 0 3 9 0 1 6 % $ 4 1 6 6 0 1 6 % 1 9 8 1 0 7 4 D u v a l C o u n t y 5 5 6 6 3 3 9 % 1 6 7 8 8 $ 9 4 6 8 3 3 7 3 % $ 1 0 2 8 5 9 3 8 4 % 1 9 6 2 1 2 4 N a s s a u C o u n t y 3 9 6 0 2 4 % 5 6 4 $ 1 0 7 1 5 0 4 2 % $ 1 1 4 5 9 0 4 3 % 1 9 8 6 0 6 1 S t J o h n s C o u n t y 1 7 3 2 1 0 5 % 2 9 1 7 $ 4 0 1 5 6 1 5 8 % $ 4 7 3 2 5 1 7 7 % 1 9 8 3 0 6 8 M S A T o t a l 8 0 7 0 4 9 1 % 2 0 7 7 6 $ 1 5 0 1 5 8 5 9 1 % $ 1 6 6 3 7 5 6 2 1 % 1 9 6 9 1 0 5 M i a m i F o r t L a u d e r d a l e P o m p a n o B e a c h F L M S A B r o w a r d C o u n t y 1 8 3 6 4 1 1 1 8 % 5 1 1 5 1 $ 2 8 9 4 6 0 1 1 4 0 % $ 3 0 2 9 2 2 1 1 3 1 % 1 9 6 6 1 1 3 M i a m i D a d e C o u n t y 3 2 5 8 7 1 9 8 3 % 8 7 1 8 2 $ 6 9 3 5 2 9 2 7 3 1 % $ 7 3 8 7 3 4 2 7 5 8 % 1 9 6 0 1 2 9 P a l m B e a c h C o u n t y 1 0 6 2 2 6 4 6 % 2 8 1 2 2 $ 1 4 9 3 1 1 5 8 8 % $ 1 5 4 6 4 0 5 7 7 % 1 9 7 4 0 9 2 M S A T o t a l 6 1 5 7 3 3 7 4 7 % 1 6 6 4 5 5 $ 1 1 3 2 3 0 0 4 4 5 9 % $ 1 1 9 6 2 9 6 4 4 6 7 % 1 9 6 4 1 1 8 O r l a n d o K i s s i m m e e F L M S A L a k e C o u n t y 1 3 1 9 0 8 0 % 3 8 7 1 $ 1 6 9 1 2 0 6 7 % $ 1 6 9 3 0 0 6 3 % 1 9 8 2 0 7 1 O r a n g e C o u n t y 6 1 5 5 3 7 5 % 1 8 7 9 $ 5 6 3 4 0 2 2 2 % $ 5 6 7 8 2 2 1 2 % 1 9 7 9 0 7 9 O s c e o l a C o u n t y 9 4 9 0 5 8 % 2 2 5 9 $ 1 0 8 9 5 0 4 3 % $ 1 0 9 3 1 0 4 1 % 1 9 8 4 0 6 6 S e m i n o l e C o u n t y 1 6 5 1 1 0 0 % 3 0 5 6 $ 1 7 5 2 4 0 6 9 % $ 1 8 0 3 4 0 6 7 % 1 9 7 9 0 7 9 M S A T o t a l 1 0 0 7 4 6 1 3 % 1 1 0 6 5 $ 1 0 1 6 7 2 4 0 0 % $ 1 0 2 6 7 7 3 8 3 % 1 9 8 0 0 7 6 T a m p a S t P e t e r s b u r g C l e a r w a t e r F L M S A H e r n a n d o C o u n t y 4 7 1 0 2 9 % 1 2 0 7 $ 5 7 3 1 0 2 3 % $ 5 7 7 3 0 2 2 % 1 9 8 7 0 5 8 H i l l s b o r o u g h C o u n t y 5 0 8 3 3 0 9 % 1 4 2 5 2 $ 4 7 4 0 5 1 8 7 % $ 4 8 8 2 1 1 8 2 % 1 9 8 6 0 6 1 P a s c o C o u n t y 3 6 9 8 2 2 5 % 6 9 8 8 $ 3 5 4 0 2 1 3 9 % $ 3 8 1 4 8 1 4 2 % 1 9 7 5 0 8 9 P i n e l l a s C o u n t y 1 2 8 5 6 7 8 2 % 3 3 2 6 7 $ 2 0 4 1 7 2 8 0 4 % $ 2 1 7 1 6 7 8 1 1 % 1 9 5 3 1 4 7 M S A T o t a l 2 2 1 0 8 1 3 4 5 % 5 5 7 1 4 $ 2 9 2 7 1 1 1 1 5 3 % $ 3 0 9 9 1 0 1 1 5 7 % 1 9 6 5 1 1 6 M a j o r M e t r o p o l i t a n A r e a T o t a l 1 0 1 8 2 5 6 1 9 7 % 2 5 4 0 1 0 $ 1 6 7 6 8 4 1 6 6 0 3 % $ 1 7 7 5 2 5 8 6 6 2 9 % C a p e C o r a l F o r t M y e r s F L M S A L e e C o u n t y 8 3 2 9 5 0 7 % 1 9 2 0 4 $ 7 3 7 6 6 2 9 0 % $ 7 5 7 3 8 2 8 3 % 1 9 8 7 0 5 8 10 ( ) L e s s t h a n 2 5 O b s e r v a t i o n s ( $ ) L e s s t h a n 2 / 3 o f o b s e r v a t i o n s h a v e v a l i d y e a r b u i l t e n t r i e s Table 4. Multi-Family Housing Stock with 9 or Less Units10

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25 Table 4. Multi-Family Housing Stock with 9 or Less Units10

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26 The State of Floridas Housing, 2010 Table 5. Multi-Family Housing Stock with 10 or More Units11

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27 Table 5. Multi-Family Housing Stock with 10 or More Units11

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28 The State of Floridas Housing, 2010 Multi-family HousingWe divide the multi-family stock into two categories, consistent with the appraiser data: complexes with less than 10 units and complexes with 10 or more units. Table 4 contains summary information on the states stock of multi-family properties containing fewer than 10 units. ere are 164,318 of these in Florida, with a minimum of 392,652 residential units. Approximately 62 percent of these are found in the four major metropolitan areas, with another 34 percent located in other metropolitan areas. Only 4 percent of these small multi-family complexes are found in non-MSA counties. Almost 20 percent of these complexes are found in Miami-Dade County. Only 12 of the non-MSA counties have more than 100 such complexes, with Monroe comprising almost 36 percent of the non-MSA total. Other non-MSA counties with more than 100 properties were Columbia, Citrus, Putnam, DeSoto, Glades, Hamilton, Hardee, Hendry, Highlands, Madison, Okeechobee, Taylor, and Walton County. Table 5 contains information on multi-family complexes with 10 or more units. With a total of 14,042 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 894,155 residential units, or almost two and a quarter times as many residential units as the smaller multi-family complexes. A total of 24 percent of these larger complexes are located in Miami-Dade County, with 15.3 percent in Broward County and 12.3 percent in the Tampa Bay MSA. e four major MSAs contain approximately 70.1 percent of all complexes of this type. e other MSAs contain 25 percent of the state total, with Volusia, Alachua, and Leon Counties having more than 350 complexes. e Alachua and Leon numbers reect the concentration of college students in those communities. Non-MSA counties contain only 4.8 percent of the states stock of larger apartment complexes. HOUSING AFFORDABILITYe aordability of housing is an important issue nationally and in the state of Florida. Households are concerned about it because aordability aects 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 aord the purchase of a home is an important determinant of single-family sales activity in their local markets. Housing aordability also has become an important public policy issue, as home ownership is viewed as being an important goal for both individual and societal reasons. ree factors are the primary determinants of the aordability of housing: household income, housing prices, and mortgage rates. is chapter begins with a discussion of aordability using a homeownership cost index measure. Housing Affordability IndexOne measure of housing aordability is the cost of homeownership, commonly conveyed through housing aordability indices. A housing aordability index for an area brings together the price and the income elements that contribute to housing aordability. e most common index construction method is that used by the National Association of REALTORS (NAR). e 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 sucient income to purchase a single-family home selling at the median price.12 In the analysis below, median house prices are calculated from the DOR county property appraiser datasets. Median household incomes are from the United States Census Bureaus estimated 2009 median household income13. Our index construction method can be represented by the following formula: An index value of 100 implies that the median household income is equal to the qualifying income and therefore, the median sales price is aordable to households at or above the median income. Index values over 100 imply that the median household income is greater than the qualifying income and therefore housing is more aordable. Index values below 100 imply that the housing is less aordable, as the median income is insucient to purchase the median priced home. Qualifying income is dened as the income needed to qualify for a mortgage to nance an existing median-priced home. As an example, the median household income in the Alachua County in 2009 is $38,597, the median 2009 sales price of a single-family home is $184,500, and the 30-year mortgage interest rate of 5.04 percent14 yields a mortgage constant of 0.005393. e calculated aordability index is 85.07: =85.07

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29 Table 6. County Affordability Index

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30 The State of Floridas Housing, 2010 Table 6. County Affordability Index

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31 Table 7. County Affordability Index and Rank

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32 The State of Floridas Housing, 2010 e denominator is the annual mortgage payment, multiplied by 4, because the income needed to qualify for a 5 percent down, 5.04-percent interest rate, monthly payment loan is assumed to be four times the annual mortgage payment. is is equivalent to a household spending 25 percent of its monthly income on mortgage costs, and is consistent with the qualifying ratio used by residential mortgage lenders. e calculated index of 85.07 indicates that median household income in the area is 14.93 percent below the amount typically needed to qualify for the loan. e higher the calculated aordability index, the easier it is for a household in the area with median income to purchase a median-priced home, and the lower the aordability index, the harder it is for a household with the median income to purchase a median priced home. We calculate aordability indices (Table 6) for all counties in Florida. Our index calculations dier from those of the NAR because 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 family income. Due to the manner in which the median household income is calculated, the county-specic indices cannot be directly compared year-to-year, but the overall trends in the counties can be discussed. Fifty counties had an index value over 100 in 2009 and 17 counties had an index value below 100. It has been six years since Florida saw this many counties with an index value over 100, indicating that their housing is relatively aordable; at the peak of the housing bubble only seven counties had index values over 100. ese numbers imply that housing aordability has become less of a problem since the housing bubble burst. Table 7 ranks the aordability of each county. e 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 moderately correlated, which can lead to signicant dierences in housing aordability across counties and MSAs. Seventeen Florida counties had an aordability index below 100 in 2009. e most aordable counties are generally rural counties in the interior of the state, mostly in the northern part of the state. It should be emphasized that most of the counties with the highest aordability indices also had fewer than 300 transactions in 2009. e small number of transactions is not surprising in small counties, but may be indicative of the level of competition in the market and therefore the lack of pressure on housing prices. In interpreting the aordability 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. is uctuation in the estimated median house price produces an exaggerated variability in the calculated aordability index. Second, the calculation of the index using median house prices and incomes may mask the distribution of aordability 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 aordability problems will exist at the lower income ranges that are not identied by the aordability index. us, standard indices based on median house prices and median incomes are only one measure of housing aordability. What the affordability indices provide is an indication of the relative change in aordability within counties over time, and the relative aordability of housing across counties. Another complaint that has been raised against the aordability 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, or car payments, and this debt reduces the aordability of the median priced home. In an eort to address some of the criticisms of the aordability index and present a more realistic picture of home buyers, the Shimberg Center is continuing to report our new measure of aordability based on work done by Stan Fitterman at the Florida Housing Coalition15. is measure calculates the maximum sales price that a household can aord taking into account the cost of taxes and insurance, and assuming the household has some other debt burden besides a house payment. e following assumptions are used to calculate the maximum aordable single-family sales price. First, it is assumed that the monthly debt of the household is 15 percent of income. Second, the household is assumed to make a ve percent down payment. e tax rate is the countys total millage rate as reported in 2010 Florida Property Valuations and Tax Data. e remaining assumptions are that the household takes out a conventional 30 year loan with a 5.04 percent interest rate, and that the annual cost of insurance is 1.25 percent of the value of the home. Using these assumptions, the following tables report the number and percentage of single-family sales in the previous year that would have been aordable for households making 70 percent, 100 percent and 130 percent of the 2009 HUD median family income for the respective county. ese tables give a more detailed look at aordability for dierent households in each county and should help to contextualize the aordability index.

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33 47 Table 8. Percentage of County 2009 Single-Family Sales Affordable at 70% of 200 9 HUD Median Family Income C o u n t y H U D 2 0 0 9 M e d i a n F a m i l y I n c o m e 7 0 % o f H U D 2 0 0 9 M e d i a n F a m i l y I n c o m e M a x S a l e s P r i c e A f f o r d a b l e a t 7 0 % o f M e d i a n A l a c h u a C o u n t y $ 5 9 8 0 0 $ 4 1 8 6 0 $ 1 3 9 8 0 0 3 5 5 2 1 3 7 B a k e r C o u n t y $ 5 6 1 0 0 $ 3 9 2 7 0 $ 1 3 7 4 0 5 3 9 4 0 2 1 B a y C o u n t y $ 5 6 2 0 0 $ 3 9 3 4 0 $ 1 4 2 9 2 8 4 4 1 3 1 6 1 B r a d f o r d C o u n t y $ 5 0 5 0 0 $ 3 5 3 5 0 $ 1 2 3 5 5 9 3 0 4 6 1 5 B r e v a r d C o u n t y $ 6 2 2 0 0 $ 4 3 5 4 0 $ 1 5 2 2 9 2 2 1 7 5 4 9 3 4 B r o w a r d C o u n t y $ 6 5 4 0 0 $ 4 5 7 8 0 $ 1 5 5 6 2 9 6 5 5 2 3 9 7 2 C a l h o u n C o u n t y $ 4 2 4 0 0 $ 2 9 6 8 0 $ 1 0 5 0 7 7 2 4 5 0 0 0 C h a r l o t t e C o u n t y $ 5 4 4 0 0 $ 3 8 0 8 0 $ 1 3 4 7 8 2 1 4 4 9 5 1 1 5 C i t r u s C o u n t y $ 4 6 7 0 0 $ 3 2 6 9 0 $ 1 1 6 0 0 3 6 4 0 4 8 3 7 C l a y C o u n t y $ 6 5 1 0 0 $ 4 5 5 7 0 $ 1 6 0 8 8 3 8 1 0 4 1 7 5 C o l l i e r C o u n t y $ 7 0 8 0 0 $ 4 9 5 6 0 $ 1 8 0 9 1 0 6 7 1 2 3 7 4 C o l u m b i a C o u n t y $ 4 6 6 0 0 $ 3 2 6 2 0 $ 1 1 3 4 1 0 1 0 0 3 3 3 3 M i a m i D a d e C o u n t y $ 5 0 8 0 0 $ 3 5 5 6 0 $ 1 2 2 3 2 9 6 1 2 1 0 0 7 D e S o t o C o u n t y $ 4 4 6 0 0 $ 3 1 2 2 0 $ 1 1 0 9 4 4 3 9 4 8 1 5 D i x i e C o u n t y $ 4 0 2 0 0 $ 2 8 1 4 0 $ 9 6 9 8 3 1 8 5 2 9 4 D u v a l C o u n t y $ 6 5 1 0 0 $ 4 5 5 7 0 $ 1 5 9 0 2 9 2 2 2 7 4 0 9 1 E s c a m b i a C o u n t y $ 5 7 1 0 0 $ 3 9 9 7 0 $ 1 4 1 0 3 4 1 0 4 5 4 9 1 1 F l a g l e r C o u n t y $ 5 6 6 0 0 $ 3 9 6 2 0 $ 1 4 0 1 9 1 2 6 4 3 3 7 2 F r a n k l i n C o u n t y $ 4 0 2 0 0 $ 2 8 1 4 0 $ 1 0 5 8 1 2 9 8 4 1 G a d s d e n C o u n t y $ 6 3 6 0 0 $ 4 4 5 2 0 $ 1 5 4 4 1 5 9 0 5 6 6 0 G i l c h r i s t C o u n t y $ 5 9 8 0 0 $ 4 1 8 6 0 $ 1 4 5 4 7 5 2 9 5 9 1 8 G l a d e s C o u n t y $ 4 4 1 0 0 $ 3 0 8 7 0 $ 1 0 7 1 6 2 6 2 5 0 0 G u l f C o u n t y $ 4 6 8 0 0 $ 3 2 7 6 0 $ 1 1 7 8 2 8 4 4 2 9 7 3 Number of Total Single-Family Sales Affordable at 70% of Median Percentage of Total Single-Family Sales Affordable at 70% of Median Table 8. Percentage of County 2009 Single-Family Sales Affordable at 70% of 2009 HUD Median Family Income

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34 The State of Floridas Housing, 2010 47 Table 8. Percentage of County 2009 Single-Family Sales Affordable at 70% of 200 9 HUD Median Family Income C o u n t y H U D 2 0 0 9 M e d i a n F a m i l y I n c o m e 7 0 % o f H U D 2 0 0 9 M e d i a n F a m i l y I n c o m e M a x S a l e s P r i c e A f f o r d a b l e a t 7 0 % o f M e d i a n A l a c h u a C o u n t y $ 5 9 8 0 0 $ 4 1 8 6 0 $ 1 3 9 8 0 0 3 5 5 2 1 3 7 B a k e r C o u n t y $ 5 6 1 0 0 $ 3 9 2 7 0 $ 1 3 7 4 0 5 3 9 4 0 2 1 B a y C o u n t y $ 5 6 2 0 0 $ 3 9 3 4 0 $ 1 4 2 9 2 8 4 4 1 3 1 6 1 B r a d f o r d C o u n t y $ 5 0 5 0 0 $ 3 5 3 5 0 $ 1 2 3 5 5 9 3 0 4 6 1 5 B r e v a r d C o u n t y $ 6 2 2 0 0 $ 4 3 5 4 0 $ 1 5 2 2 9 2 2 1 7 5 4 9 3 4 B r o w a r d C o u n t y $ 6 5 4 0 0 $ 4 5 7 8 0 $ 1 5 5 6 2 9 6 5 5 2 3 9 7 2 C a l h o u n C o u n t y $ 4 2 4 0 0 $ 2 9 6 8 0 $ 1 0 5 0 7 7 2 4 5 0 0 0 C h a r l o t t e C o u n t y $ 5 4 4 0 0 $ 3 8 0 8 0 $ 1 3 4 7 8 2 1 4 4 9 5 1 1 5 C i t r u s C o u n t y $ 4 6 7 0 0 $ 3 2 6 9 0 $ 1 1 6 0 0 3 6 4 0 4 8 3 7 C l a y C o u n t y $ 6 5 1 0 0 $ 4 5 5 7 0 $ 1 6 0 8 8 3 8 1 0 4 1 7 5 C o l l i e r C o u n t y $ 7 0 8 0 0 $ 4 9 5 6 0 $ 1 8 0 9 1 0 6 7 1 2 3 7 4 C o l u m b i a C o u n t y $ 4 6 6 0 0 $ 3 2 6 2 0 $ 1 1 3 4 1 0 1 0 0 3 3 3 3 M i a m i D a d e C o u n t y $ 5 0 8 0 0 $ 3 5 5 6 0 $ 1 2 2 3 2 9 6 1 2 1 0 0 7 D e S o t o C o u n t y $ 4 4 6 0 0 $ 3 1 2 2 0 $ 1 1 0 9 4 4 3 9 4 8 1 5 D i x i e C o u n t y $ 4 0 2 0 0 $ 2 8 1 4 0 $ 9 6 9 8 3 1 8 5 2 9 4 D u v a l C o u n t y $ 6 5 1 0 0 $ 4 5 5 7 0 $ 1 5 9 0 2 9 2 2 2 7 4 0 9 1 E s c a m b i a C o u n t y $ 5 7 1 0 0 $ 3 9 9 7 0 $ 1 4 1 0 3 4 1 0 4 5 4 9 1 1 F l a g l e r C o u n t y $ 5 6 6 0 0 $ 3 9 6 2 0 $ 1 4 0 1 9 1 2 6 4 3 3 7 2 F r a n k l i n C o u n t y $ 4 0 2 0 0 $ 2 8 1 4 0 $ 1 0 5 8 1 2 9 8 4 1 G a d s d e n C o u n t y $ 6 3 6 0 0 $ 4 4 5 2 0 $ 1 5 4 4 1 5 9 0 5 6 6 0 G i l c h r i s t C o u n t y $ 5 9 8 0 0 $ 4 1 8 6 0 $ 1 4 5 4 7 5 2 9 5 9 1 8 G l a d e s C o u n t y $ 4 4 1 0 0 $ 3 0 8 7 0 $ 1 0 7 1 6 2 6 2 5 0 0 G u l f C o u n t y $ 4 6 8 0 0 $ 3 2 7 6 0 $ 1 1 7 8 2 8 4 4 2 9 7 3 Number of Total Single-Family Sales Affordable at 70% of Median Percentage of Total Single-Family Sales Affordable at 70% of Median Table 8. Percentage of County 2009 Single-Family Sales Affordable at 70% of 2009 HUD Median Family Income

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35 47 Table 8. Percentage of County 2009 Single-Family Sales Affordable at 70% of 200 9 HUD Median Family Income C o u n t y H U D 2 0 0 9 M e d i a n F a m i l y I n c o m e 7 0 % o f H U D 2 0 0 9 M e d i a n F a m i l y I n c o m e M a x S a l e s P r i c e A f f o r d a b l e a t 7 0 % o f M e d i a n A l a c h u a C o u n t y $ 5 9 8 0 0 $ 4 1 8 6 0 $ 1 3 9 8 0 0 3 5 5 2 1 3 7 B a k e r C o u n t y $ 5 6 1 0 0 $ 3 9 2 7 0 $ 1 3 7 4 0 5 3 9 4 0 2 1 B a y C o u n t y $ 5 6 2 0 0 $ 3 9 3 4 0 $ 1 4 2 9 2 8 4 4 1 3 1 6 1 B r a d f o r d C o u n t y $ 5 0 5 0 0 $ 3 5 3 5 0 $ 1 2 3 5 5 9 3 0 4 6 1 5 B r e v a r d C o u n t y $ 6 2 2 0 0 $ 4 3 5 4 0 $ 1 5 2 2 9 2 2 1 7 5 4 9 3 4 B r o w a r d C o u n t y $ 6 5 4 0 0 $ 4 5 7 8 0 $ 1 5 5 6 2 9 6 5 5 2 3 9 7 2 C a l h o u n C o u n t y $ 4 2 4 0 0 $ 2 9 6 8 0 $ 1 0 5 0 7 7 2 4 5 0 0 0 C h a r l o t t e C o u n t y $ 5 4 4 0 0 $ 3 8 0 8 0 $ 1 3 4 7 8 2 1 4 4 9 5 1 1 5 C i t r u s C o u n t y $ 4 6 7 0 0 $ 3 2 6 9 0 $ 1 1 6 0 0 3 6 4 0 4 8 3 7 C l a y C o u n t y $ 6 5 1 0 0 $ 4 5 5 7 0 $ 1 6 0 8 8 3 8 1 0 4 1 7 5 C o l l i e r C o u n t y $ 7 0 8 0 0 $ 4 9 5 6 0 $ 1 8 0 9 1 0 6 7 1 2 3 7 4 C o l u m b i a C o u n t y $ 4 6 6 0 0 $ 3 2 6 2 0 $ 1 1 3 4 1 0 1 0 0 3 3 3 3 M i a m i D a d e C o u n t y $ 5 0 8 0 0 $ 3 5 5 6 0 $ 1 2 2 3 2 9 6 1 2 1 0 0 7 D e S o t o C o u n t y $ 4 4 6 0 0 $ 3 1 2 2 0 $ 1 1 0 9 4 4 3 9 4 8 1 5 D i x i e C o u n t y $ 4 0 2 0 0 $ 2 8 1 4 0 $ 9 6 9 8 3 1 8 5 2 9 4 D u v a l C o u n t y $ 6 5 1 0 0 $ 4 5 5 7 0 $ 1 5 9 0 2 9 2 2 2 7 4 0 9 1 E s c a m b i a C o u n t y $ 5 7 1 0 0 $ 3 9 9 7 0 $ 1 4 1 0 3 4 1 0 4 5 4 9 1 1 F l a g l e r C o u n t y $ 5 6 6 0 0 $ 3 9 6 2 0 $ 1 4 0 1 9 1 2 6 4 3 3 7 2 F r a n k l i n C o u n t y $ 4 0 2 0 0 $ 2 8 1 4 0 $ 1 0 5 8 1 2 9 8 4 1 G a d s d e n C o u n t y $ 6 3 6 0 0 $ 4 4 5 2 0 $ 1 5 4 4 1 5 9 0 5 6 6 0 G i l c h r i s t C o u n t y $ 5 9 8 0 0 $ 4 1 8 6 0 $ 1 4 5 4 7 5 2 9 5 9 1 8 G l a d e s C o u n t y $ 4 4 1 0 0 $ 3 0 8 7 0 $ 1 0 7 1 6 2 6 2 5 0 0 G u l f C o u n t y $ 4 6 8 0 0 $ 3 2 7 6 0 $ 1 1 7 8 2 8 4 4 2 9 7 3 Number of Total Single-Family Sales Affordable at 70% of Median Percentage of Total Single-Family Sales Affordable at 70% of Median Table 8. Percentage of County 2009 Single-Family Sales Affordable at 70% of 2009 HUD Median Family Income

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36 The State of Floridas Housing, 2010 Table 9. Percentage of County 2009 Single-Family Sales Affordable at 2009 HUD Median Family Income Percentage of Total Single-Family Sales Affordable at Median Family Income Number of Total Single-Family Sales Affordable at Median Family Income

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37 Table 9. Percentage of County 2009 Single-Family Sales Affordable at 2009 HUD Median Family Income Number of Total Single-Family Sales Affordable at Median Family Income Percentage of Total Single-Family Sales Affordable at Median Family Income

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38 The State of Floridas Housing, 2010 Table 9. Percentage of County 2009 Single-Family Sales Affordable at 2009 HUD Median Family Income Number of Total Single-Family Sales Affordable at Median Family Income Percentage of Total Single-Family Sales Affordable at Median Family Income

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39 Table 10. Percentage of County 2009 Single-Family Sales Affordable at 130% of 2009 HUD Median Family Income Number of Total SingleFamily Sales Affordable at 130% of Median Percentage of Total SingleFamily Sales Affordable at 130% of Median

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40 The State of Floridas Housing, 2010 Table 10. Percentage of County 2009 Single-Family Sales Affordable at 130% of 2009 HUD Median Family Income Number of Total SingleFamily Sales Affordable at 130% of Median Percentage of Total SingleFamily Sales Affordable at 130% of Median

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41 Table 10. Percentage of County 2009 Single-Family Sales Affordable at 130% of 2009 HUD Median Family Income Number of Total SingleFamily Sales Affordable at 130% of Median Percentage of Total SingleFamily Sales Affordable at 130% of Median

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42 The State of Floridas Housing, 2010 Real Median Sales Price and Sales Volumes Changes 2008 to 2009 and 2009 to Second Quarter 2010The 2009 Single-Family Home MarketFor the fourth straight year, the number of single-family sales has decreased. e number of sales was 7.5 percent lower in 2009 than in 2008, which is an improvement over the 15.3 percent decline in the number of sales between 2007 and 2008 and the 40.5 percent decrease between 2006 and 2007. All told, the number of statewide single-family sales in 2009 is down 64.7 percent since the peak year of 2005. Figure 9 shows how the number of single-family home sales has changed across the state. Only 15 counties experienced an increase or no change in the number of single-family home sales between 2008 and 2009. Seven counties saw a 40 percent or greater decrease in their number of single-family home sales. Nine counties experienced decreases of 30-39.99 percent, and 16 experienced decreases of 20-29.99 percent. Finally, eight counties experienced decreases between 10-19.99 percent, and 12 experienced decreases of less than 10 percent. e real median single-family sales price for the last nine years is shown in Table 11, and the corresponding year to year appreciation or depreciation is shown in Table 12. As can be seen in Table 12, the real median sales price for single-family homes decreased 14.8 percent between 2008 and 2009. is decrease is on top of 22 percent decreases between 2007 and 2008 and a 6.6 percent decrease between 2006 and 2007. e real median single-family sales price in 2009 is 38 percent lower than it was at its peak in 2006. Figure 10 shows the decrease in real median sales prices between 2008 and 2009. irteen counties saw real increases in their median sales price, but of those 13 counties, only four had more than 200 sales in 2009. Of those four, Duval and Pinellas saw less than a one percent increase, Sumter saw a two percent increase, and Escambia experienced a 6.6 percent increase. Six counties saw real median sales price decreases of over 30 percent. Seven counties saw decreases between 20 and 29.99 percent, seventeen counties saw decreases between 10 and 19.99 percent, and 24 counties saw decreases between zero and 9.9 percent. Figure 9. Percentage Decrease in Single-Family Sales 2008 to 2009 Figure 10. Decrease in Real Median (2010 $) Single-Family Sales Prices Between 2008 to 2009

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43 57 Table 11. Real Median Single -Family Sales Price 2002 to Second Quarter 2010(2010 $) S t a t e M e t r o p o l i t a n A r e a C o u n t y 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 ( Q 2 ) F l o r i d a $ 1 7 1 7 5 8 $ 1 8 4 6 0 5 $ 2 0 7 3 4 8 $ 2 5 1 6 9 4 $ 2 6 9 8 4 1 $ 2 5 1 9 2 5 $ 1 9 6 4 6 7 $ 1 6 7 3 8 5 $ 1 5 5 0 0 0 J a c k s o n v i l l e F L M S A B a k e r C o u n t y $ 1 1 0 6 1 4 $ 1 2 1 8 0 9 $ 1 3 8 2 3 2 $ 1 7 5 8 7 4 $ 1 9 9 6 8 3 $ 1 9 8 3 9 1 $ 1 6 1 7 8 4 $ 1 4 9 3 2 7 $ 1 1 5 5 0 0 C l a y C o u n t y $ 1 6 3 8 3 5 $ 1 7 3 1 6 7 $ 1 9 4 6 7 7 $ 2 1 1 6 9 5 $ 2 4 4 3 1 4 $ 2 2 6 2 0 7 $ 1 9 2 1 1 9 $ 1 7 2 8 1 2 $ 1 5 5 0 0 0 D u v a l C o u n t y $ 1 5 3 6 1 4 $ 1 6 7 9 3 0 $ 1 7 6 1 3 0 $ 1 9 4 4 2 5 $ 2 0 7 2 3 8 $ 1 9 8 3 9 1 $ 1 7 5 9 4 1 $ 1 7 6 5 1 5 $ 1 6 5 0 0 0 N a s s a u C o u n t y $ 2 1 1 6 7 3 $ 2 1 0 9 7 7 $ 2 1 9 0 4 0 $ 2 5 0 1 3 4 $ 2 7 5 2 3 8 $ 2 6 6 8 3 0 $ 2 3 5 4 4 7 $ 2 1 3 0 3 5 $ 2 3 4 5 0 0 S t J o h n s C o u n t y $ 2 4 1 9 1 2 $ 2 5 5 3 2 5 $ 2 7 8 8 8 3 $ 3 1 2 1 9 4 $ 3 4 5 3 9 7 $ 3 0 4 0 4 2 $ 2 6 3 3 5 5 $ 2 4 8 5 4 1 $ 2 5 0 0 0 0 M i a m i F o r t L a u d e r d a l e P o m p a n o B e a c h F L M S A B r o w a r d C o u n t y $ 2 2 3 7 6 9 $ 2 4 5 0 3 7 $ 2 8 7 9 8 3 $ 3 4 5 3 9 7 $ 3 5 8 3 4 9 $ 3 4 6 3 9 7 $ 2 7 8 0 6 7 $ 1 9 1 7 3 1 $ 1 8 4 0 0 0 M i a m i D a d e C o u n t y $ 2 0 8 0 4 4 $ 2 3 0 6 0 9 $ 2 7 6 4 6 4 $ 3 3 4 2 5 5 $ 3 7 2 8 1 3 $ 3 8 3 1 3 6 $ 3 3 3 6 8 0 $ 2 4 8 5 4 1 $ 2 2 0 0 0 0 P a l m B e a c h C o u n t y $ 2 3 8 9 0 9 $ 2 8 3 4 3 0 $ 3 4 0 9 7 2 $ 4 1 2 2 4 8 $ 4 0 4 7 6 2 $ 3 8 8 3 5 5 $ 2 8 8 1 7 8 $ 2 4 3 3 6 7 $ 2 2 0 0 0 0 O r l a n d o K i s s i m m e e F L M S A L a k e C o u n t y $ 1 5 9 2 9 9 $ 1 6 9 9 4 1 $ 1 9 0 6 4 5 $ 2 4 5 1 2 0 $ 2 7 4 4 2 9 $ 2 4 8 5 6 6 $ 1 8 7 0 6 3 $ 1 7 1 4 4 2 $ 1 5 3 0 0 0 O r a n g e C o u n t y $ 1 8 1 4 3 4 $ 1 9 5 1 3 0 $ 2 1 4 2 5 9 $ 2 7 2 9 7 5 $ 3 0 7 6 1 9 $ 2 9 3 9 1 2 $ 2 2 2 2 5 1 $ 1 8 8 6 8 8 $ 1 6 5 0 0 0 O s c e o l a C o u n t y $ 1 5 7 7 2 7 $ 1 7 1 4 7 8 $ 2 0 1 4 7 3 $ 2 6 3 4 4 9 $ 2 9 1 3 2 1 $ 2 7 5 9 1 0 $ 1 9 2 1 1 9 $ 1 2 5 7 9 2 $ 1 1 5 0 0 0 S e m i n o l e C o u n t y $ 1 8 7 7 2 4 $ 2 0 0 0 9 7 $ 2 1 3 1 0 7 $ 2 7 0 1 8 9 $ 2 9 1 4 2 9 $ 2 7 2 9 1 8 $ 2 2 2 4 5 4 $ 1 8 7 6 7 4 $ 1 8 2 0 0 0 T a m p a S t P e t e r s b u r g C l e a r w a t e r F L M S A H e r n a n d o C o u n t y $ 1 1 4 9 0 8 $ 1 2 9 7 3 2 $ 1 5 2 0 5 5 $ 1 8 8 6 3 1 $ 2 2 1 2 7 0 $ 1 8 8 8 3 9 $ 1 4 0 9 5 5 $ 1 1 7 1 6 9 $ 1 0 8 0 0 0 H i l l s b o r o u g h C o u n t y $ 1 6 8 2 5 0 $ 1 7 8 4 5 6 $ 1 9 3 5 2 5 $ 2 3 2 8 6 4 $ 2 5 5 8 1 0 $ 2 4 5 0 4 9 $ 1 8 6 1 5 3 $ 1 5 7 2 4 0 $ 1 4 7 0 0 0 P a s c o C o u n t y $ 1 4 9 6 2 3 $ 1 6 2 3 7 2 $ 1 7 9 1 2 5 $ 2 1 7 2 6 6 $ 2 5 1 4 9 2 $ 2 1 5 2 9 1 $ 1 5 9 7 6 2 $ 1 4 4 0 5 2 $ 1 2 6 0 0 0 P i n e l l a s C o u n t y $ 1 5 7 2 4 3 $ 1 6 9 1 1 3 $ 1 8 6 0 3 7 $ 2 1 3 9 2 3 $ 2 2 6 6 6 7 $ 2 1 9 3 8 4 $ 1 6 6 8 4 0 $ 1 6 7 3 8 5 $ 1 5 7 0 0 0 C a p e C o r a l F o r t M y e r s F L M S A L e e C o u n t y $ 1 8 3 8 5 3 $ 1 9 8 0 8 7 $ 2 2 5 7 2 1 $ 2 9 3 0 3 0 $ 3 0 2 1 1 4 $ 2 7 5 5 4 3 $ 1 5 3 6 9 5 $ 1 0 3 4 7 4 $ 1 0 9 9 0 0 D e l t o n a D a y t o n a B e a c h O r m o n d B e a c h F L M S A V o l u s i a C o u n t y $ 1 4 0 1 8 8 $ 1 5 3 7 3 9 $ 1 7 2 7 9 0 $ 2 1 0 7 2 0 $ 2 3 5 1 9 4 $ 2 0 9 9 3 7 $ 1 6 6 8 4 0 $ 1 3 6 9 5 1 $ 1 1 6 2 5 0 F o r t W a l t o n B e a c h C r e s t v i e w D e s t i n F L M S A O k a l o o s a C o u n t y $ 1 4 7 4 4 5 $ 1 5 3 7 3 9 $ 1 7 8 5 4 9 $ 2 2 5 0 6 5 $ 2 2 6 6 6 7 $ 2 1 0 7 7 7 $ 1 9 7 1 7 5 $ 1 8 7 6 7 4 $ 1 7 5 0 0 0 G a i n e s v i l l e F L M S A A l a c h u a C o u n t y $ 1 5 2 4 0 5 $ 1 6 4 3 2 3 $ 1 8 2 0 0 5 $ 2 0 6 0 1 2 $ 2 2 6 5 5 9 $ 2 2 0 4 3 4 $ 1 9 8 1 8 6 $ 1 8 7 1 6 6 $ 1 7 5 9 0 0 G i l c h r i s t C o u n t y $ 1 0 7 6 5 1 $ 1 0 4 6 6 1 $ 1 3 6 9 6 5 $ 1 5 5 9 8 6 $ 1 5 9 7 4 6 $ 1 9 7 8 6 6 $ 1 4 8 1 3 4 $ 1 3 3 9 0 8 $ 1 1 9 1 5 0 L a k e l a n d F L M S A P o l k C o u n t y $ 1 2 5 1 2 9 $ 1 4 0 7 3 0 $ 1 5 4 3 5 9 $ 1 8 7 1 8 3 $ 2 3 4 3 3 0 $ 2 1 8 3 3 5 $ 1 8 2 0 0 7 $ 1 2 9 3 4 3 $ 1 2 5 0 0 0 Table 11. Real Median Single-Family Sales Price 2002 to Second Quarter 2010 (2010 $)

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44 The State of Floridas Housing, 2010 57 Table 11. Real Median Single -Family Sales Price 2002 to Second Quarter 2010(2010 $) S t a t e M e t r o p o l i t a n A r e a C o u n t y 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 ( Q 2 ) F l o r i d a $ 1 7 1 7 5 8 $ 1 8 4 6 0 5 $ 2 0 7 3 4 8 $ 2 5 1 6 9 4 $ 2 6 9 8 4 1 $ 2 5 1 9 2 5 $ 1 9 6 4 6 7 $ 1 6 7 3 8 5 $ 1 5 5 0 0 0 J a c k s o n v i l l e F L M S A B a k e r C o u n t y $ 1 1 0 6 1 4 $ 1 2 1 8 0 9 $ 1 3 8 2 3 2 $ 1 7 5 8 7 4 $ 1 9 9 6 8 3 $ 1 9 8 3 9 1 $ 1 6 1 7 8 4 $ 1 4 9 3 2 7 $ 1 1 5 5 0 0 C l a y C o u n t y $ 1 6 3 8 3 5 $ 1 7 3 1 6 7 $ 1 9 4 6 7 7 $ 2 1 1 6 9 5 $ 2 4 4 3 1 4 $ 2 2 6 2 0 7 $ 1 9 2 1 1 9 $ 1 7 2 8 1 2 $ 1 5 5 0 0 0 D u v a l C o u n t y $ 1 5 3 6 1 4 $ 1 6 7 9 3 0 $ 1 7 6 1 3 0 $ 1 9 4 4 2 5 $ 2 0 7 2 3 8 $ 1 9 8 3 9 1 $ 1 7 5 9 4 1 $ 1 7 6 5 1 5 $ 1 6 5 0 0 0 N a s s a u C o u n t y $ 2 1 1 6 7 3 $ 2 1 0 9 7 7 $ 2 1 9 0 4 0 $ 2 5 0 1 3 4 $ 2 7 5 2 3 8 $ 2 6 6 8 3 0 $ 2 3 5 4 4 7 $ 2 1 3 0 3 5 $ 2 3 4 5 0 0 S t J o h n s C o u n t y $ 2 4 1 9 1 2 $ 2 5 5 3 2 5 $ 2 7 8 8 8 3 $ 3 1 2 1 9 4 $ 3 4 5 3 9 7 $ 3 0 4 0 4 2 $ 2 6 3 3 5 5 $ 2 4 8 5 4 1 $ 2 5 0 0 0 0 M i a m i F o r t L a u d e r d a l e P o m p a n o B e a c h F L M S A B r o w a r d C o u n t y $ 2 2 3 7 6 9 $ 2 4 5 0 3 7 $ 2 8 7 9 8 3 $ 3 4 5 3 9 7 $ 3 5 8 3 4 9 $ 3 4 6 3 9 7 $ 2 7 8 0 6 7 $ 1 9 1 7 3 1 $ 1 8 4 0 0 0 M i a m i D a d e C o u n t y $ 2 0 8 0 4 4 $ 2 3 0 6 0 9 $ 2 7 6 4 6 4 $ 3 3 4 2 5 5 $ 3 7 2 8 1 3 $ 3 8 3 1 3 6 $ 3 3 3 6 8 0 $ 2 4 8 5 4 1 $ 2 2 0 0 0 0 P a l m B e a c h C o u n t y $ 2 3 8 9 0 9 $ 2 8 3 4 3 0 $ 3 4 0 9 7 2 $ 4 1 2 2 4 8 $ 4 0 4 7 6 2 $ 3 8 8 3 5 5 $ 2 8 8 1 7 8 $ 2 4 3 3 6 7 $ 2 2 0 0 0 0 O r l a n d o K i s s i m m e e F L M S A L a k e C o u n t y $ 1 5 9 2 9 9 $ 1 6 9 9 4 1 $ 1 9 0 6 4 5 $ 2 4 5 1 2 0 $ 2 7 4 4 2 9 $ 2 4 8 5 6 6 $ 1 8 7 0 6 3 $ 1 7 1 4 4 2 $ 1 5 3 0 0 0 O r a n g e C o u n t y $ 1 8 1 4 3 4 $ 1 9 5 1 3 0 $ 2 1 4 2 5 9 $ 2 7 2 9 7 5 $ 3 0 7 6 1 9 $ 2 9 3 9 1 2 $ 2 2 2 2 5 1 $ 1 8 8 6 8 8 $ 1 6 5 0 0 0 O s c e o l a C o u n t y $ 1 5 7 7 2 7 $ 1 7 1 4 7 8 $ 2 0 1 4 7 3 $ 2 6 3 4 4 9 $ 2 9 1 3 2 1 $ 2 7 5 9 1 0 $ 1 9 2 1 1 9 $ 1 2 5 7 9 2 $ 1 1 5 0 0 0 S e m i n o l e C o u n t y $ 1 8 7 7 2 4 $ 2 0 0 0 9 7 $ 2 1 3 1 0 7 $ 2 7 0 1 8 9 $ 2 9 1 4 2 9 $ 2 7 2 9 1 8 $ 2 2 2 4 5 4 $ 1 8 7 6 7 4 $ 1 8 2 0 0 0 T a m p a S t P e t e r s b u r g C l e a r w a t e r F L M S A H e r n a n d o C o u n t y $ 1 1 4 9 0 8 $ 1 2 9 7 3 2 $ 1 5 2 0 5 5 $ 1 8 8 6 3 1 $ 2 2 1 2 7 0 $ 1 8 8 8 3 9 $ 1 4 0 9 5 5 $ 1 1 7 1 6 9 $ 1 0 8 0 0 0 H i l l s b o r o u g h C o u n t y $ 1 6 8 2 5 0 $ 1 7 8 4 5 6 $ 1 9 3 5 2 5 $ 2 3 2 8 6 4 $ 2 5 5 8 1 0 $ 2 4 5 0 4 9 $ 1 8 6 1 5 3 $ 1 5 7 2 4 0 $ 1 4 7 0 0 0 P a s c o C o u n t y $ 1 4 9 6 2 3 $ 1 6 2 3 7 2 $ 1 7 9 1 2 5 $ 2 1 7 2 6 6 $ 2 5 1 4 9 2 $ 2 1 5 2 9 1 $ 1 5 9 7 6 2 $ 1 4 4 0 5 2 $ 1 2 6 0 0 0 P i n e l l a s C o u n t y $ 1 5 7 2 4 3 $ 1 6 9 1 1 3 $ 1 8 6 0 3 7 $ 2 1 3 9 2 3 $ 2 2 6 6 6 7 $ 2 1 9 3 8 4 $ 1 6 6 8 4 0 $ 1 6 7 3 8 5 $ 1 5 7 0 0 0 C a p e C o r a l F o r t M y e r s F L M S A L e e C o u n t y $ 1 8 3 8 5 3 $ 1 9 8 0 8 7 $ 2 2 5 7 2 1 $ 2 9 3 0 3 0 $ 3 0 2 1 1 4 $ 2 7 5 5 4 3 $ 1 5 3 6 9 5 $ 1 0 3 4 7 4 $ 1 0 9 9 0 0 D e l t o n a D a y t o n a B e a c h O r m o n d B e a c h F L M S A V o l u s i a C o u n t y $ 1 4 0 1 8 8 $ 1 5 3 7 3 9 $ 1 7 2 7 9 0 $ 2 1 0 7 2 0 $ 2 3 5 1 9 4 $ 2 0 9 9 3 7 $ 1 6 6 8 4 0 $ 1 3 6 9 5 1 $ 1 1 6 2 5 0 F o r t W a l t o n B e a c h C r e s t v i e w D e s t i n F L M S A O k a l o o s a C o u n t y $ 1 4 7 4 4 5 $ 1 5 3 7 3 9 $ 1 7 8 5 4 9 $ 2 2 5 0 6 5 $ 2 2 6 6 6 7 $ 2 1 0 7 7 7 $ 1 9 7 1 7 5 $ 1 8 7 6 7 4 $ 1 7 5 0 0 0 G a i n e s v i l l e F L M S A A l a c h u a C o u n t y $ 1 5 2 4 0 5 $ 1 6 4 3 2 3 $ 1 8 2 0 0 5 $ 2 0 6 0 1 2 $ 2 2 6 5 5 9 $ 2 2 0 4 3 4 $ 1 9 8 1 8 6 $ 1 8 7 1 6 6 $ 1 7 5 9 0 0 G i l c h r i s t C o u n t y $ 1 0 7 6 5 1 $ 1 0 4 6 6 1 $ 1 3 6 9 6 5 $ 1 5 5 9 8 6 $ 1 5 9 7 4 6 $ 1 9 7 8 6 6 $ 1 4 8 1 3 4 $ 1 3 3 9 0 8 $ 1 1 9 1 5 0 L a k e l a n d F L M S A P o l k C o u n t y $ 1 2 5 1 2 9 $ 1 4 0 7 3 0 $ 1 5 4 3 5 9 $ 1 8 7 1 8 3 $ 2 3 4 3 3 0 $ 2 1 8 3 3 5 $ 1 8 2 0 0 7 $ 1 2 9 3 4 3 $ 1 2 5 0 0 0 Table 11. Real Median Single-Family Sales Price 2002 to Second Quarter 2010 (2010 $)

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45 57 Table 11. Real Median Single -Family Sales Price 2002 to Second Quarter 2010(2010 $) S t a t e M e t r o p o l i t a n A r e a C o u n t y 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 ( Q 2 ) F l o r i d a $ 1 7 1 7 5 8 $ 1 8 4 6 0 5 $ 2 0 7 3 4 8 $ 2 5 1 6 9 4 $ 2 6 9 8 4 1 $ 2 5 1 9 2 5 $ 1 9 6 4 6 7 $ 1 6 7 3 8 5 $ 1 5 5 0 0 0 J a c k s o n v i l l e F L M S A B a k e r C o u n t y $ 1 1 0 6 1 4 $ 1 2 1 8 0 9 $ 1 3 8 2 3 2 $ 1 7 5 8 7 4 $ 1 9 9 6 8 3 $ 1 9 8 3 9 1 $ 1 6 1 7 8 4 $ 1 4 9 3 2 7 $ 1 1 5 5 0 0 C l a y C o u n t y $ 1 6 3 8 3 5 $ 1 7 3 1 6 7 $ 1 9 4 6 7 7 $ 2 1 1 6 9 5 $ 2 4 4 3 1 4 $ 2 2 6 2 0 7 $ 1 9 2 1 1 9 $ 1 7 2 8 1 2 $ 1 5 5 0 0 0 D u v a l C o u n t y $ 1 5 3 6 1 4 $ 1 6 7 9 3 0 $ 1 7 6 1 3 0 $ 1 9 4 4 2 5 $ 2 0 7 2 3 8 $ 1 9 8 3 9 1 $ 1 7 5 9 4 1 $ 1 7 6 5 1 5 $ 1 6 5 0 0 0 N a s s a u C o u n t y $ 2 1 1 6 7 3 $ 2 1 0 9 7 7 $ 2 1 9 0 4 0 $ 2 5 0 1 3 4 $ 2 7 5 2 3 8 $ 2 6 6 8 3 0 $ 2 3 5 4 4 7 $ 2 1 3 0 3 5 $ 2 3 4 5 0 0 S t J o h n s C o u n t y $ 2 4 1 9 1 2 $ 2 5 5 3 2 5 $ 2 7 8 8 8 3 $ 3 1 2 1 9 4 $ 3 4 5 3 9 7 $ 3 0 4 0 4 2 $ 2 6 3 3 5 5 $ 2 4 8 5 4 1 $ 2 5 0 0 0 0 M i a m i F o r t L a u d e r d a l e P o m p a n o B e a c h F L M S A B r o w a r d C o u n t y $ 2 2 3 7 6 9 $ 2 4 5 0 3 7 $ 2 8 7 9 8 3 $ 3 4 5 3 9 7 $ 3 5 8 3 4 9 $ 3 4 6 3 9 7 $ 2 7 8 0 6 7 $ 1 9 1 7 3 1 $ 1 8 4 0 0 0 M i a m i D a d e C o u n t y $ 2 0 8 0 4 4 $ 2 3 0 6 0 9 $ 2 7 6 4 6 4 $ 3 3 4 2 5 5 $ 3 7 2 8 1 3 $ 3 8 3 1 3 6 $ 3 3 3 6 8 0 $ 2 4 8 5 4 1 $ 2 2 0 0 0 0 P a l m B e a c h C o u n t y $ 2 3 8 9 0 9 $ 2 8 3 4 3 0 $ 3 4 0 9 7 2 $ 4 1 2 2 4 8 $ 4 0 4 7 6 2 $ 3 8 8 3 5 5 $ 2 8 8 1 7 8 $ 2 4 3 3 6 7 $ 2 2 0 0 0 0 O r l a n d o K i s s i m m e e F L M S A L a k e C o u n t y $ 1 5 9 2 9 9 $ 1 6 9 9 4 1 $ 1 9 0 6 4 5 $ 2 4 5 1 2 0 $ 2 7 4 4 2 9 $ 2 4 8 5 6 6 $ 1 8 7 0 6 3 $ 1 7 1 4 4 2 $ 1 5 3 0 0 0 O r a n g e C o u n t y $ 1 8 1 4 3 4 $ 1 9 5 1 3 0 $ 2 1 4 2 5 9 $ 2 7 2 9 7 5 $ 3 0 7 6 1 9 $ 2 9 3 9 1 2 $ 2 2 2 2 5 1 $ 1 8 8 6 8 8 $ 1 6 5 0 0 0 O s c e o l a C o u n t y $ 1 5 7 7 2 7 $ 1 7 1 4 7 8 $ 2 0 1 4 7 3 $ 2 6 3 4 4 9 $ 2 9 1 3 2 1 $ 2 7 5 9 1 0 $ 1 9 2 1 1 9 $ 1 2 5 7 9 2 $ 1 1 5 0 0 0 S e m i n o l e C o u n t y $ 1 8 7 7 2 4 $ 2 0 0 0 9 7 $ 2 1 3 1 0 7 $ 2 7 0 1 8 9 $ 2 9 1 4 2 9 $ 2 7 2 9 1 8 $ 2 2 2 4 5 4 $ 1 8 7 6 7 4 $ 1 8 2 0 0 0 T a m p a S t P e t e r s b u r g C l e a r w a t e r F L M S A H e r n a n d o C o u n t y $ 1 1 4 9 0 8 $ 1 2 9 7 3 2 $ 1 5 2 0 5 5 $ 1 8 8 6 3 1 $ 2 2 1 2 7 0 $ 1 8 8 8 3 9 $ 1 4 0 9 5 5 $ 1 1 7 1 6 9 $ 1 0 8 0 0 0 H i l l s b o r o u g h C o u n t y $ 1 6 8 2 5 0 $ 1 7 8 4 5 6 $ 1 9 3 5 2 5 $ 2 3 2 8 6 4 $ 2 5 5 8 1 0 $ 2 4 5 0 4 9 $ 1 8 6 1 5 3 $ 1 5 7 2 4 0 $ 1 4 7 0 0 0 P a s c o C o u n t y $ 1 4 9 6 2 3 $ 1 6 2 3 7 2 $ 1 7 9 1 2 5 $ 2 1 7 2 6 6 $ 2 5 1 4 9 2 $ 2 1 5 2 9 1 $ 1 5 9 7 6 2 $ 1 4 4 0 5 2 $ 1 2 6 0 0 0 P i n e l l a s C o u n t y $ 1 5 7 2 4 3 $ 1 6 9 1 1 3 $ 1 8 6 0 3 7 $ 2 1 3 9 2 3 $ 2 2 6 6 6 7 $ 2 1 9 3 8 4 $ 1 6 6 8 4 0 $ 1 6 7 3 8 5 $ 1 5 7 0 0 0 C a p e C o r a l F o r t M y e r s F L M S A L e e C o u n t y $ 1 8 3 8 5 3 $ 1 9 8 0 8 7 $ 2 2 5 7 2 1 $ 2 9 3 0 3 0 $ 3 0 2 1 1 4 $ 2 7 5 5 4 3 $ 1 5 3 6 9 5 $ 1 0 3 4 7 4 $ 1 0 9 9 0 0 D e l t o n a D a y t o n a B e a c h O r m o n d B e a c h F L M S A V o l u s i a C o u n t y $ 1 4 0 1 8 8 $ 1 5 3 7 3 9 $ 1 7 2 7 9 0 $ 2 1 0 7 2 0 $ 2 3 5 1 9 4 $ 2 0 9 9 3 7 $ 1 6 6 8 4 0 $ 1 3 6 9 5 1 $ 1 1 6 2 5 0 F o r t W a l t o n B e a c h C r e s t v i e w D e s t i n F L M S A O k a l o o s a C o u n t y $ 1 4 7 4 4 5 $ 1 5 3 7 3 9 $ 1 7 8 5 4 9 $ 2 2 5 0 6 5 $ 2 2 6 6 6 7 $ 2 1 0 7 7 7 $ 1 9 7 1 7 5 $ 1 8 7 6 7 4 $ 1 7 5 0 0 0 G a i n e s v i l l e F L M S A A l a c h u a C o u n t y $ 1 5 2 4 0 5 $ 1 6 4 3 2 3 $ 1 8 2 0 0 5 $ 2 0 6 0 1 2 $ 2 2 6 5 5 9 $ 2 2 0 4 3 4 $ 1 9 8 1 8 6 $ 1 8 7 1 6 6 $ 1 7 5 9 0 0 G i l c h r i s t C o u n t y $ 1 0 7 6 5 1 $ 1 0 4 6 6 1 $ 1 3 6 9 6 5 $ 1 5 5 9 8 6 $ 1 5 9 7 4 6 $ 1 9 7 8 6 6 $ 1 4 8 1 3 4 $ 1 3 3 9 0 8 $ 1 1 9 1 5 0 L a k e l a n d F L M S A P o l k C o u n t y $ 1 2 5 1 2 9 $ 1 4 0 7 3 0 $ 1 5 4 3 5 9 $ 1 8 7 1 8 3 $ 2 3 4 3 3 0 $ 2 1 8 3 3 5 $ 1 8 2 0 0 7 $ 1 2 9 3 4 3 $ 1 2 5 0 0 0 Table 11. Real Median Single-Family Sales Price 2002 to Second Quarter 2010 (2010 $)

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46 The State of Floridas Housing, 2010 Table 12. Yearly Change in Real Median Single-Family Sales Price (2010 $)

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47 Table 12. Yearly Change in Real Median Single-Family Sales Price (2010 $)

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48 The State of Floridas Housing, 2010 Table 12. Yearly Change in Real Median Single-Family Sales Price (2010 $)

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49 The 2009 Condominium Markete 2009 Florida condominium market saw a 7.22 percent decrease in the number of condominiums sold between 2008 and 2009. is is on top of a 30.4 percent decrease in the number of condominium sales between 2007 and 2008, a 47.7 percent decrease in the number of sales between 2006 and 2007, and a 20.6 percent decrease in the number of sales between 2005 and 2006. All told, the number of statewide condominium sales is down 73.2 percent since their 2005 peak. Figure 11 shows how the number of condominium sales has changed across the state. Fifteen counties saw the number of condominium sales between 2008 and 2009 increase. Eight counties experienced a decrease of 30 percent or more in the number of condominium sales between 2008 and 2009. Two counties experienced a decline in the number of condominium sales of between 20 and 29.99 percent, seven saw the number of sales decrease between 10 and 19.99 percent, and six counties saw the number of condominium sales decrease by less than 10 percent. Table 13 shows the real median condominium sales price between 2002 and second quarter 2010, Table 14 shows the yearly change in real median condominium sales prices between 2001 and 2009, and Figure 12 shows the change in real median condominium sales prices between 2008 and 2009. Table 14 shows that the statewide real median condominium sales price decreased by 33.6 percent between 2008 and 2009. is decline comes after a 19.2 percent decline between 2007 and 2008 and a 2.3 percent decrease between 2006 and 2007. e real median condominium sales price in 2009 has decreased 47.6 percent from its peak in 2006. As Figure 12 shows, 37 counties experienced real median sales price decreases, with nine counties experiencing real price declines of thirty percent or more. Another eight counties experienced declines between twenty and 29.99 percent, 17 counties saw real median condominium sales prices decrease between ten and 19.99 percent, and three counties experienced decreases of less than ten percent. Only Clay County saw an increase in condominium sales prices. Figure 11. Percentage Decrease in Number of Condominium Sales 2008 to 2009 Figure 12. Decrease in Real Median (2010 $) Condominium Sales Prices 2008 to 2009

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50 The State of Floridas Housing, 2010 67 Table 13. Real Median Condominium Sales Price 2002 to Second Quarter 2010(2010 $) S t a t e M e t r o p o l i t a n A r e a C o u n t y 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 ( Q 2 ) F l o r i d a $ 1 5 1 1 9 5 $ 1 7 0 2 9 6 $ 1 9 8 0 1 7 $ 2 3 3 8 6 7 $ 2 4 1 7 7 8 $ 2 3 6 1 7 9 $ 1 9 0 8 5 0 $ 1 2 6 8 0 7 $ 1 0 4 0 0 0 J a c k s o n v i l l e F L M S A B a k e r C o u n t y $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 C l a y C o u n t y $ 8 8 2 9 8 $ 8 2 7 8 3 $ 1 4 5 0 8 6 $ 1 5 4 2 0 3 $ 1 7 2 5 9 0 $ 1 2 6 5 9 2 $ 1 1 2 5 9 2 $ 1 2 0 0 1 0 $ 6 8 0 0 0 D u v a l C o u n t y $ 1 4 2 0 0 2 $ 1 4 0 6 7 1 $ 1 5 6 1 4 4 $ 1 7 2 5 8 7 $ 1 8 1 1 1 7 $ 1 7 3 4 0 8 $ 1 4 6 6 1 7 $ 1 2 6 8 0 7 $ 1 0 5 0 0 0 N a s s a u C o u n t y $ 3 3 8 6 7 7 $ 3 7 2 2 2 6 $ 4 1 4 6 9 6 $ 4 2 9 5 1 8 $ 3 4 0 0 0 0 $ 3 8 8 2 7 9 $ 3 2 0 0 3 0 $ 2 1 0 4 9 9 $ 1 2 1 9 0 0 S t J o h n s C o u n t y $ 1 9 1 1 1 1 $ 2 1 7 1 2 7 $ 1 9 6 6 3 5 $ 2 1 8 3 8 0 $ 2 3 8 9 7 1 $ 2 2 2 5 3 4 $ 1 7 1 7 9 5 $ 1 5 7 2 4 0 $ 1 4 1 2 5 0 M i a m i F o r t L a u d e r d a l e P o m p a n o B e a c h F L M S A B r o w a r d C o u n t y $ 1 0 3 4 1 7 $ 1 1 8 2 6 1 $ 1 4 9 7 5 1 $ 2 0 8 3 5 2 $ 2 2 1 7 0 2 $ 2 0 9 8 3 2 $ 1 4 1 4 6 0 $ 7 3 5 4 8 $ 6 6 0 0 0 M i a m i D a d e C o u n t y $ 1 6 3 2 9 1 $ 1 8 3 3 0 4 $ 2 1 3 1 0 7 $ 2 5 2 9 2 0 $ 2 7 5 2 3 8 $ 2 7 8 1 6 7 $ 3 0 0 2 1 1 $ 2 2 3 1 7 9 $ 1 9 0 0 0 0 P a l m B e a c h C o u n t y $ 1 7 1 7 6 9 $ 2 0 3 4 0 9 $ 2 3 6 1 4 6 $ 2 8 2 7 1 0 $ 2 9 3 6 6 3 $ 2 6 1 9 4 9 $ 1 3 1 4 5 0 $ 9 6 3 7 3 $ 8 3 9 3 0 O r l a n d o K i s s i m m e e F L M S A L a k e C o u n t y $ 8 4 6 6 9 $ 8 8 6 9 6 $ 9 5 4 9 5 $ 1 3 0 3 5 9 $ 1 2 5 5 8 4 $ 1 3 5 6 1 9 $ 1 3 6 5 0 6 $ 1 1 8 6 9 1 $ 9 5 0 0 0 O r a n g e C o u n t y $ 9 6 6 4 4 $ 1 0 6 4 3 5 $ 1 2 2 7 9 6 $ 1 9 4 8 1 5 $ 2 1 0 4 7 6 $ 2 1 2 7 7 1 $ 1 4 6 6 1 7 $ 7 1 0 1 2 $ 5 5 9 5 0 O s c e o l a C o u n t y $ 1 3 1 7 2 1 $ 1 5 1 2 5 6 $ 1 3 0 1 6 8 $ 1 8 6 2 9 1 $ 2 3 7 4 6 0 $ 2 3 0 9 3 1 $ 1 8 9 0 8 6 $ 8 1 1 5 6 $ 6 1 2 0 0 S e m i n o l e C o u n t y $ 9 8 8 2 1 $ 1 0 3 4 7 8 $ 1 2 4 2 9 3 $ 1 6 4 2 3 1 $ 1 6 9 3 5 2 $ 1 7 3 1 9 8 $ 1 1 9 3 1 6 $ 5 4 4 7 6 $ 3 8 1 0 0 T a m p a S t P e t e r s b u r g C l e a r w a t e r F L M S A H e r n a n d o C o u n t y $ 8 7 6 9 3 $ 8 2 7 8 3 $ 9 2 1 5 5 $ 1 1 1 0 8 4 $ 1 4 0 3 1 7 $ 1 2 3 3 3 8 $ 9 3 5 3 2 $ 4 9 2 0 1 $ 4 0 0 0 0 H i l l s b o r o u g h C o u n t y $ 1 0 0 3 9 4 $ 1 1 2 3 4 8 $ 1 4 3 9 9 2 $ 1 8 3 8 4 0 $ 1 7 0 9 7 1 $ 1 8 8 8 3 9 $ 1 4 6 6 1 7 $ 7 1 9 7 5 $ 6 5 7 5 0 P a s c o C o u n t y $ 7 4 3 8 8 $ 7 6 8 7 0 $ 8 9 2 7 5 $ 1 1 6 9 8 9 $ 1 4 0 2 1 0 $ 1 1 7 6 7 0 $ 8 0 8 9 2 $ 6 3 8 6 0 $ 5 7 0 0 0 P i n e l l a s C o u n t y $ 1 0 0 9 9 8 $ 1 1 6 9 6 0 $ 1 4 9 7 5 1 $ 1 7 9 3 2 8 $ 1 8 2 4 1 3 $ 1 6 6 9 0 0 $ 1 3 6 5 0 6 $ 1 2 1 6 8 4 $ 1 1 5 0 0 0 C a p e C o r a l F o r t M y e r s F L M S A L e e C o u n t y $ 1 7 5 3 8 6 $ 1 8 6 2 6 1 $ 2 0 4 5 8 3 $ 2 5 6 2 6 2 $ 2 7 8 4 7 6 $ 2 6 3 1 5 6 $ 1 8 7 9 7 3 $ 1 3 6 9 5 1 $ 1 3 2 5 0 0 D e l t o n a D a y t o n a B e a c h O r m o n d B e a c h F L M S A V o l u s i a C o u n t y $ 1 5 7 2 4 3 $ 1 9 5 1 3 0 $ 2 3 0 3 8 6 $ 2 5 0 6 9 1 $ 2 3 8 5 4 0 $ 2 7 0 2 9 4 $ 2 0 7 2 8 6 $ 1 7 7 5 2 9 $ 1 4 0 0 0 0 F o r t W a l t o n B e a c h C r e s t v i e w D e s t i n F L M S A O k a l o o s a C o u n t y $ 2 5 4 0 0 8 $ 2 8 3 8 2 6 $ 4 0 9 0 5 1 $ 4 4 7 9 0 2 $ 4 1 0 1 5 9 $ 3 8 8 3 8 4 $ 3 0 8 4 0 1 $ 2 7 2 8 8 8 $ 2 2 5 0 0 0 G a i n e s v i l l e F L M S A A l a c h u a C o u n t y $ 9 5 4 9 5 $ 1 0 6 3 1 7 $ 1 2 5 4 4 5 $ 1 5 5 9 8 6 $ 1 6 7 5 7 1 $ 1 7 0 0 4 9 $ 1 3 6 5 0 6 $ 1 1 8 6 9 1 $ 1 0 0 0 0 0 G i l c h r i s t C o u n t y $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 L a k e l a n d F L M S A P o l k C o u n t y $ 6 8 3 4 0 $ 6 9 6 5 6 $ 7 5 7 9 7 $ 1 1 1 3 0 7 $ 1 3 2 2 2 2 $ 1 1 7 5 6 5 $ 1 2 2 3 4 9 $ 1 0 1 4 4 5 $ 6 7 4 5 0 Table 13. Real Median Condominium Sales Price 2002 to Second Quarter 2010 (2010 $)

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51 67 Table 13. Real Median Condominium Sales Price 2002 to Second Quarter 2010(2010 $) S t a t e M e t r o p o l i t a n A r e a C o u n t y 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 ( Q 2 ) F l o r i d a $ 1 5 1 1 9 5 $ 1 7 0 2 9 6 $ 1 9 8 0 1 7 $ 2 3 3 8 6 7 $ 2 4 1 7 7 8 $ 2 3 6 1 7 9 $ 1 9 0 8 5 0 $ 1 2 6 8 0 7 $ 1 0 4 0 0 0 J a c k s o n v i l l e F L M S A B a k e r C o u n t y $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 C l a y C o u n t y $ 8 8 2 9 8 $ 8 2 7 8 3 $ 1 4 5 0 8 6 $ 1 5 4 2 0 3 $ 1 7 2 5 9 0 $ 1 2 6 5 9 2 $ 1 1 2 5 9 2 $ 1 2 0 0 1 0 $ 6 8 0 0 0 D u v a l C o u n t y $ 1 4 2 0 0 2 $ 1 4 0 6 7 1 $ 1 5 6 1 4 4 $ 1 7 2 5 8 7 $ 1 8 1 1 1 7 $ 1 7 3 4 0 8 $ 1 4 6 6 1 7 $ 1 2 6 8 0 7 $ 1 0 5 0 0 0 N a s s a u C o u n t y $ 3 3 8 6 7 7 $ 3 7 2 2 2 6 $ 4 1 4 6 9 6 $ 4 2 9 5 1 8 $ 3 4 0 0 0 0 $ 3 8 8 2 7 9 $ 3 2 0 0 3 0 $ 2 1 0 4 9 9 $ 1 2 1 9 0 0 S t J o h n s C o u n t y $ 1 9 1 1 1 1 $ 2 1 7 1 2 7 $ 1 9 6 6 3 5 $ 2 1 8 3 8 0 $ 2 3 8 9 7 1 $ 2 2 2 5 3 4 $ 1 7 1 7 9 5 $ 1 5 7 2 4 0 $ 1 4 1 2 5 0 M i a m i F o r t L a u d e r d a l e P o m p a n o B e a c h F L M S A B r o w a r d C o u n t y $ 1 0 3 4 1 7 $ 1 1 8 2 6 1 $ 1 4 9 7 5 1 $ 2 0 8 3 5 2 $ 2 2 1 7 0 2 $ 2 0 9 8 3 2 $ 1 4 1 4 6 0 $ 7 3 5 4 8 $ 6 6 0 0 0 M i a m i D a d e C o u n t y $ 1 6 3 2 9 1 $ 1 8 3 3 0 4 $ 2 1 3 1 0 7 $ 2 5 2 9 2 0 $ 2 7 5 2 3 8 $ 2 7 8 1 6 7 $ 3 0 0 2 1 1 $ 2 2 3 1 7 9 $ 1 9 0 0 0 0 P a l m B e a c h C o u n t y $ 1 7 1 7 6 9 $ 2 0 3 4 0 9 $ 2 3 6 1 4 6 $ 2 8 2 7 1 0 $ 2 9 3 6 6 3 $ 2 6 1 9 4 9 $ 1 3 1 4 5 0 $ 9 6 3 7 3 $ 8 3 9 3 0 O r l a n d o K i s s i m m e e F L M S A L a k e C o u n t y $ 8 4 6 6 9 $ 8 8 6 9 6 $ 9 5 4 9 5 $ 1 3 0 3 5 9 $ 1 2 5 5 8 4 $ 1 3 5 6 1 9 $ 1 3 6 5 0 6 $ 1 1 8 6 9 1 $ 9 5 0 0 0 O r a n g e C o u n t y $ 9 6 6 4 4 $ 1 0 6 4 3 5 $ 1 2 2 7 9 6 $ 1 9 4 8 1 5 $ 2 1 0 4 7 6 $ 2 1 2 7 7 1 $ 1 4 6 6 1 7 $ 7 1 0 1 2 $ 5 5 9 5 0 O s c e o l a C o u n t y $ 1 3 1 7 2 1 $ 1 5 1 2 5 6 $ 1 3 0 1 6 8 $ 1 8 6 2 9 1 $ 2 3 7 4 6 0 $ 2 3 0 9 3 1 $ 1 8 9 0 8 6 $ 8 1 1 5 6 $ 6 1 2 0 0 S e m i n o l e C o u n t y $ 9 8 8 2 1 $ 1 0 3 4 7 8 $ 1 2 4 2 9 3 $ 1 6 4 2 3 1 $ 1 6 9 3 5 2 $ 1 7 3 1 9 8 $ 1 1 9 3 1 6 $ 5 4 4 7 6 $ 3 8 1 0 0 T a m p a S t P e t e r s b u r g C l e a r w a t e r F L M S A H e r n a n d o C o u n t y $ 8 7 6 9 3 $ 8 2 7 8 3 $ 9 2 1 5 5 $ 1 1 1 0 8 4 $ 1 4 0 3 1 7 $ 1 2 3 3 3 8 $ 9 3 5 3 2 $ 4 9 2 0 1 $ 4 0 0 0 0 H i l l s b o r o u g h C o u n t y $ 1 0 0 3 9 4 $ 1 1 2 3 4 8 $ 1 4 3 9 9 2 $ 1 8 3 8 4 0 $ 1 7 0 9 7 1 $ 1 8 8 8 3 9 $ 1 4 6 6 1 7 $ 7 1 9 7 5 $ 6 5 7 5 0 P a s c o C o u n t y $ 7 4 3 8 8 $ 7 6 8 7 0 $ 8 9 2 7 5 $ 1 1 6 9 8 9 $ 1 4 0 2 1 0 $ 1 1 7 6 7 0 $ 8 0 8 9 2 $ 6 3 8 6 0 $ 5 7 0 0 0 P i n e l l a s C o u n t y $ 1 0 0 9 9 8 $ 1 1 6 9 6 0 $ 1 4 9 7 5 1 $ 1 7 9 3 2 8 $ 1 8 2 4 1 3 $ 1 6 6 9 0 0 $ 1 3 6 5 0 6 $ 1 2 1 6 8 4 $ 1 1 5 0 0 0 C a p e C o r a l F o r t M y e r s F L M S A L e e C o u n t y $ 1 7 5 3 8 6 $ 1 8 6 2 6 1 $ 2 0 4 5 8 3 $ 2 5 6 2 6 2 $ 2 7 8 4 7 6 $ 2 6 3 1 5 6 $ 1 8 7 9 7 3 $ 1 3 6 9 5 1 $ 1 3 2 5 0 0 D e l t o n a D a y t o n a B e a c h O r m o n d B e a c h F L M S A V o l u s i a C o u n t y $ 1 5 7 2 4 3 $ 1 9 5 1 3 0 $ 2 3 0 3 8 6 $ 2 5 0 6 9 1 $ 2 3 8 5 4 0 $ 2 7 0 2 9 4 $ 2 0 7 2 8 6 $ 1 7 7 5 2 9 $ 1 4 0 0 0 0 F o r t W a l t o n B e a c h C r e s t v i e w D e s t i n F L M S A O k a l o o s a C o u n t y $ 2 5 4 0 0 8 $ 2 8 3 8 2 6 $ 4 0 9 0 5 1 $ 4 4 7 9 0 2 $ 4 1 0 1 5 9 $ 3 8 8 3 8 4 $ 3 0 8 4 0 1 $ 2 7 2 8 8 8 $ 2 2 5 0 0 0 G a i n e s v i l l e F L M S A A l a c h u a C o u n t y $ 9 5 4 9 5 $ 1 0 6 3 1 7 $ 1 2 5 4 4 5 $ 1 5 5 9 8 6 $ 1 6 7 5 7 1 $ 1 7 0 0 4 9 $ 1 3 6 5 0 6 $ 1 1 8 6 9 1 $ 1 0 0 0 0 0 G i l c h r i s t C o u n t y $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 L a k e l a n d F L M S A P o l k C o u n t y $ 6 8 3 4 0 $ 6 9 6 5 6 $ 7 5 7 9 7 $ 1 1 1 3 0 7 $ 1 3 2 2 2 2 $ 1 1 7 5 6 5 $ 1 2 2 3 4 9 $ 1 0 1 4 4 5 $ 6 7 4 5 0 Table 13. Real Median Condominium Sales Price 2002 to Second Quarter 2010 (2010 $)

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52 The State of Floridas Housing, 2010 67 Table 13. Real Median Condominium Sales Price 2002 to Second Quarter 2010(2010 $) S t a t e M e t r o p o l i t a n A r e a C o u n t y 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 ( Q 2 ) F l o r i d a $ 1 5 1 1 9 5 $ 1 7 0 2 9 6 $ 1 9 8 0 1 7 $ 2 3 3 8 6 7 $ 2 4 1 7 7 8 $ 2 3 6 1 7 9 $ 1 9 0 8 5 0 $ 1 2 6 8 0 7 $ 1 0 4 0 0 0 J a c k s o n v i l l e F L M S A B a k e r C o u n t y $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 C l a y C o u n t y $ 8 8 2 9 8 $ 8 2 7 8 3 $ 1 4 5 0 8 6 $ 1 5 4 2 0 3 $ 1 7 2 5 9 0 $ 1 2 6 5 9 2 $ 1 1 2 5 9 2 $ 1 2 0 0 1 0 $ 6 8 0 0 0 D u v a l C o u n t y $ 1 4 2 0 0 2 $ 1 4 0 6 7 1 $ 1 5 6 1 4 4 $ 1 7 2 5 8 7 $ 1 8 1 1 1 7 $ 1 7 3 4 0 8 $ 1 4 6 6 1 7 $ 1 2 6 8 0 7 $ 1 0 5 0 0 0 N a s s a u C o u n t y $ 3 3 8 6 7 7 $ 3 7 2 2 2 6 $ 4 1 4 6 9 6 $ 4 2 9 5 1 8 $ 3 4 0 0 0 0 $ 3 8 8 2 7 9 $ 3 2 0 0 3 0 $ 2 1 0 4 9 9 $ 1 2 1 9 0 0 S t J o h n s C o u n t y $ 1 9 1 1 1 1 $ 2 1 7 1 2 7 $ 1 9 6 6 3 5 $ 2 1 8 3 8 0 $ 2 3 8 9 7 1 $ 2 2 2 5 3 4 $ 1 7 1 7 9 5 $ 1 5 7 2 4 0 $ 1 4 1 2 5 0 M i a m i F o r t L a u d e r d a l e P o m p a n o B e a c h F L M S A B r o w a r d C o u n t y $ 1 0 3 4 1 7 $ 1 1 8 2 6 1 $ 1 4 9 7 5 1 $ 2 0 8 3 5 2 $ 2 2 1 7 0 2 $ 2 0 9 8 3 2 $ 1 4 1 4 6 0 $ 7 3 5 4 8 $ 6 6 0 0 0 M i a m i D a d e C o u n t y $ 1 6 3 2 9 1 $ 1 8 3 3 0 4 $ 2 1 3 1 0 7 $ 2 5 2 9 2 0 $ 2 7 5 2 3 8 $ 2 7 8 1 6 7 $ 3 0 0 2 1 1 $ 2 2 3 1 7 9 $ 1 9 0 0 0 0 P a l m B e a c h C o u n t y $ 1 7 1 7 6 9 $ 2 0 3 4 0 9 $ 2 3 6 1 4 6 $ 2 8 2 7 1 0 $ 2 9 3 6 6 3 $ 2 6 1 9 4 9 $ 1 3 1 4 5 0 $ 9 6 3 7 3 $ 8 3 9 3 0 O r l a n d o K i s s i m m e e F L M S A L a k e C o u n t y $ 8 4 6 6 9 $ 8 8 6 9 6 $ 9 5 4 9 5 $ 1 3 0 3 5 9 $ 1 2 5 5 8 4 $ 1 3 5 6 1 9 $ 1 3 6 5 0 6 $ 1 1 8 6 9 1 $ 9 5 0 0 0 O r a n g e C o u n t y $ 9 6 6 4 4 $ 1 0 6 4 3 5 $ 1 2 2 7 9 6 $ 1 9 4 8 1 5 $ 2 1 0 4 7 6 $ 2 1 2 7 7 1 $ 1 4 6 6 1 7 $ 7 1 0 1 2 $ 5 5 9 5 0 O s c e o l a C o u n t y $ 1 3 1 7 2 1 $ 1 5 1 2 5 6 $ 1 3 0 1 6 8 $ 1 8 6 2 9 1 $ 2 3 7 4 6 0 $ 2 3 0 9 3 1 $ 1 8 9 0 8 6 $ 8 1 1 5 6 $ 6 1 2 0 0 S e m i n o l e C o u n t y $ 9 8 8 2 1 $ 1 0 3 4 7 8 $ 1 2 4 2 9 3 $ 1 6 4 2 3 1 $ 1 6 9 3 5 2 $ 1 7 3 1 9 8 $ 1 1 9 3 1 6 $ 5 4 4 7 6 $ 3 8 1 0 0 T a m p a S t P e t e r s b u r g C l e a r w a t e r F L M S A H e r n a n d o C o u n t y $ 8 7 6 9 3 $ 8 2 7 8 3 $ 9 2 1 5 5 $ 1 1 1 0 8 4 $ 1 4 0 3 1 7 $ 1 2 3 3 3 8 $ 9 3 5 3 2 $ 4 9 2 0 1 $ 4 0 0 0 0 H i l l s b o r o u g h C o u n t y $ 1 0 0 3 9 4 $ 1 1 2 3 4 8 $ 1 4 3 9 9 2 $ 1 8 3 8 4 0 $ 1 7 0 9 7 1 $ 1 8 8 8 3 9 $ 1 4 6 6 1 7 $ 7 1 9 7 5 $ 6 5 7 5 0 P a s c o C o u n t y $ 7 4 3 8 8 $ 7 6 8 7 0 $ 8 9 2 7 5 $ 1 1 6 9 8 9 $ 1 4 0 2 1 0 $ 1 1 7 6 7 0 $ 8 0 8 9 2 $ 6 3 8 6 0 $ 5 7 0 0 0 P i n e l l a s C o u n t y $ 1 0 0 9 9 8 $ 1 1 6 9 6 0 $ 1 4 9 7 5 1 $ 1 7 9 3 2 8 $ 1 8 2 4 1 3 $ 1 6 6 9 0 0 $ 1 3 6 5 0 6 $ 1 2 1 6 8 4 $ 1 1 5 0 0 0 C a p e C o r a l F o r t M y e r s F L M S A L e e C o u n t y $ 1 7 5 3 8 6 $ 1 8 6 2 6 1 $ 2 0 4 5 8 3 $ 2 5 6 2 6 2 $ 2 7 8 4 7 6 $ 2 6 3 1 5 6 $ 1 8 7 9 7 3 $ 1 3 6 9 5 1 $ 1 3 2 5 0 0 D e l t o n a D a y t o n a B e a c h O r m o n d B e a c h F L M S A V o l u s i a C o u n t y $ 1 5 7 2 4 3 $ 1 9 5 1 3 0 $ 2 3 0 3 8 6 $ 2 5 0 6 9 1 $ 2 3 8 5 4 0 $ 2 7 0 2 9 4 $ 2 0 7 2 8 6 $ 1 7 7 5 2 9 $ 1 4 0 0 0 0 F o r t W a l t o n B e a c h C r e s t v i e w D e s t i n F L M S A O k a l o o s a C o u n t y $ 2 5 4 0 0 8 $ 2 8 3 8 2 6 $ 4 0 9 0 5 1 $ 4 4 7 9 0 2 $ 4 1 0 1 5 9 $ 3 8 8 3 8 4 $ 3 0 8 4 0 1 $ 2 7 2 8 8 8 $ 2 2 5 0 0 0 G a i n e s v i l l e F L M S A A l a c h u a C o u n t y $ 9 5 4 9 5 $ 1 0 6 3 1 7 $ 1 2 5 4 4 5 $ 1 5 5 9 8 6 $ 1 6 7 5 7 1 $ 1 7 0 0 4 9 $ 1 3 6 5 0 6 $ 1 1 8 6 9 1 $ 1 0 0 0 0 0 G i l c h r i s t C o u n t y $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 L a k e l a n d F L M S A P o l k C o u n t y $ 6 8 3 4 0 $ 6 9 6 5 6 $ 7 5 7 9 7 $ 1 1 1 3 0 7 $ 1 3 2 2 2 2 $ 1 1 7 5 6 5 $ 1 2 2 3 4 9 $ 1 0 1 4 4 5 $ 6 7 4 5 0 Table 13. Real Median Condominium Sales Price 2002 to Second Quarter 2010 (2010 $)

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53 Table 14. Yearly Change in Real Median Condominium Sales Price (2010 $)

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54 The State of Floridas Housing, 2010 Table 14. Yearly Change in Real Median Condominium Sales Price (2010 $)

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55 Figure 13. Jacksonville, FL MSAThe 2009 to Second Quarter 2010 Housing Markete 2010 roll year data contains sales information for the rst two quarters of 2010, except for Bradford County. Comparing the real median sales price for the rst two quarters of 2010 with the real median sales price in 2009 gives an idea of where sales prices are headed in 2010. e real median single-family sales price for the rst two quarters of 2010 is 7.40 percent lower than the 2009 sales price. Fifty-two of the available 66 counties are showing a decrease in single-family sales price between 2009 and the rst two quarters of 2010. e real median condominium sales price for the rst two quarters of 2010 is 17.99% lower than the 2009 sales price. irtyfour out of the 48 counties with at least 25 condominium sales in 2010 are showing a decrease in sales price between 2009 and the rst two quarters of 2010. While it is possible that the third and fourth quarter sales could reverse these trends, the current outlook is that 2010 will see a real price decrease for both single-family and condominium sales. HOUSING SUPPLY ON THE MSA LEVELFloridas Major MSAse four major metropolitan areas are the Jacksonville MSA, the Miami-Fort Lauderdale-Pompano Beach MSA, the OrlandoKissimmee MSA, and the Tampa-St. Petersburg-Clearwater MSA. According to 2009 Census population estimates, 63 percent of Floridas population is found in these four MSAs, and they also contain approximately 58 percent of Floridas single-family housing units, 69.5 percent of the condominium stock, and approximately 62 percent and 70.1 percent of the multi-family 9-or-less units and multi-family 10-or-more units, respectively. e following section discusses each of these major MSAs in detail. Jacksonville, FL MSA As can be seen in Figure 13, the Jacksonville MSA is located in the northeast corner of the state and contains ve counties: Nassau, Duval, and St. Johns on the coast and Baker and Clay inland. According to the Census 2009 population estimates, the Jacksonville MSA has approximately 7.2 percent of the states population; however, the population is concentrated in Duval County, which has 64.5 percent of the MSAs population. is dierence in population is reected in the housing supply as can be seen in Tables 15 through 20, which show the Jacksonville MSA housing supply and the individual counties that make up the MSA. e Jacksonville MSA has 7.9 percent and 2.9 percent of Floridas 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 percent of the MSAs single-family housing stock. Notice that Duval County has a mean year built of 1978 for single-family housing, which is older than the states value of 1985. e other counties in the MSA have mean-year-built values of 1989, 1990, 1992 and 1995. ese values suggest that Duval County is relatively built out, and that population is expanding to the neighboring counties. St. Johns County only has 54 percent of the number of condominiums that Duval County has, but St. Johns Countys condominiums have 76 percent the total assessed value of Duval Countys. A similar dynamic is at play in Nassau County which has only 14.4 percent of the number of condominiums that Duval County has, but Nassau Countys condominiums have 41.4 percent of the total assessed value of Duval Countys. Both of these facts imply that condominiums serve dierent 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. is fact is reected in the homesteaded condominiums in each county.

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56 The State of Floridas Housing, 2010 73 H O U S I N G S U P P L Y O N T H E M S A L E V E L Floridas 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 200 9 Census population estimates, 63 percent of Floridas population i s found in these four MSAs, and they also contain approximately 58 percent of Floridas single-family housing units, 69.5 percent of the condominium stock, and approximately 6 2 percent and 70.1 percent 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 13. Jacksonville, FL MSA As can be seen in Figure 13, the Jacksonville MSA is located in the northeast corner of the state and contains five counties : Nassau, Duval, and St. Johns on the coast and Baker and Clay inland According to the Census 2009 population estimates, the Jacksonville MSA has approximately 7.2 percent of the state s population; however the population is concentrated in Duval County, which has 64.5 percent of the MSA s population. This difference in population is reflected in the housing supply as can be seen in Table s 15 through 20, which show the Jacksonville MSA housing supply and the individual counties that make up the MSA. Table 15. Jacksonville, FL MSA Housing Supply S i n g l e F a m i l y M o b i l e H o m e C o n d o m i n i u m T o t a l M u l t i F a m i l y L e s s t h a n 1 0 U n i t s M u l t i F a m i l y 1 0 o r M o r e U n i t s T o t a l U n i t s / P r o p e r t i e s 3 8 4 9 1 9 3 3 0 3 7 4 5 2 4 4 4 6 3 2 0 0 8 0 7 0 6 9 2 H o m e s t e a d s 2 8 7 0 6 2 2 1 1 2 2 1 5 4 5 4 3 2 3 6 3 8 1 8 9 8 5 T o t a l N u m b e r o f R e s i d e n t i a l U n i t s 2 0 7 7 6 8 0 2 1 1 M e a n y e a r b u i l t 1 9 8 4 1 9 9 0 1 9 9 4 1 9 6 9 1 9 8 1 M e d i a n y e a r b u i l t 1 9 8 7 1 9 9 1 2 0 0 1 1 9 7 1 1 9 8 0 M e a n a s s e s s e d v a l u e $ 1 5 4 1 2 3 $ 5 7 7 2 7 $ 1 4 2 6 4 7 $ 1 8 6 0 7 0 $ 4 7 0 3 5 3 1 M e d i a n a s s e s s e d v a l u e $ 1 2 1 7 2 3 $ 5 2 4 1 6 $ 8 9 8 9 0 $ 1 3 1 4 7 3 $ 1 8 1 8 2 0 0 M e a n j u s t v a l u e $ 1 7 4 2 0 8 $ 6 5 2 8 7 $ 1 4 7 8 9 9 $ 2 0 6 1 6 5 $ 4 7 0 4 5 9 5 M e d i a n j u s t v a l u e $ 1 3 5 8 2 5 $ 5 9 0 1 6 $ 9 1 0 0 0 $ 1 4 0 5 8 7 $ 1 8 1 8 2 0 0 T o t a l a s s e s s e d v a l u e ( m i l s ) $ 5 9 3 2 4 9 8 $ 1 9 0 7 1 4 $ 6 4 5 3 9 2 $ 1 5 0 1 5 8 $ 3 2 5 4 8 4 T o t a l j u s t v a l u e ( m i l s ) $ 6 7 0 5 5 9 3 $ 2 1 5 6 8 8 $ 6 6 9 1 5 2 $ 1 6 6 3 7 5 $ 3 2 5 5 5 8 2 0 0 9 M e a n S a l e s P r i c e $ 2 2 5 4 6 8 $ 1 8 6 8 5 5 2 0 0 9 M e d i a n S a l e s P r i c e $ 1 8 7 0 0 0 $ 1 2 9 0 0 0 The Jacksonville MSA has 7.9 percent and 2.9 percent of Floridas 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 6 5 percent of the MSAs single-family housing stock. Notice that Duval County has a mean year Table 15. Jacksonville, FL MSA Housing Supply Table 16. Baker County Housing Supply Table 17. Clay County Housing Supply

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57 Table 18. Duval County Housing Supply Table 19. Nassau County Housing Supply Table 20. St. Johns County Housing Supply

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58 The State of Floridas Housing, 2010 Figure 14. Jacksonville MSA Real Median Single-Family Sales Prices (2010 Dollars) Figure 15. Jacksonville MSA Real Condominium Sales Prices (2010 Dollars)

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59 Figure 14 shows the real median single-family sales price from 1999 through the rst two quarters of 2010 in the Jacksonville MSA and the ve underlying counties. As can be seen, the Jacksonville MSA experienced real price increases that mirrored the state between 1999 and 2004. After 2004 the MSA experienced slower real price growth than the state, but between 2006 and 2009 has also experienced a slower decrease in real prices as compared to the state. In fact, in 2009 the Jacksonville MSA had a higher real median single-family sales price than the state. As would be expected the two coastal counties have the highest real median single-family sales price in the Jacksonville MSA. Four of the ve counties that make up the Jacksonville MSA experienced real price decreases between 2006 and 2009, and Duval County only experienced a 0.33 percent real price increase between 2008 and 2009.While all the counties experienced real declines of over 10 percent between 2007 and 2008, Clay County saw a corresponding 10 percent real decline between 2008 and 2009, Nassau County saw a real 9.5 percent decline, Baker County experienced a 7.7 percent decline, and St. Johns County experienced a real 5.6 percent decline between 2008 and 2009. Baker County, Clay County, and Duval County have continued to experience real declines in the rst two quarters of 2010, while St Johns County prices have ticked up, and Nassau County has experienced a 10 percent increase. Figure 15 shows the real median condominium sales price from1999 through the rst two quarters of 2010 in the Jacksonville MSA and the ve underlying counties. As this Figure shows, the Jacksonville MSA real median condominium sales price has not increased or decreased as fast as the states median. Jacksonville had a higher real median condominium sales price than the state until 2003 when the states real median condominium sales price went higher than the MSAs, and in 2009, the median real Jacksonville condominium sales price is once again higher than the states. ree of the four underlying counties (Baker has no condominiums) experienced real price decreases between 2008 and 2009. Duval County saw a 13.5 percent decrease, and this decline followed a 15.5 percent real decrease the previous year. Nassau County saw a real 34.2 percent decrease between 2008 and 2009 on top of its 17.6 percent decrease between 2007 and 2008. St. Johns County saw an 8.5 percent real decline. Clay County saw a real 6.6 percent increase, but that did follow a 26.7 percent decrease in real median sales prices between 2006 and 2007 and a real 11 percent decline between 2007 and 2008. All four of the underlying counties have experienced a real price decrease through the rst two quarters of 2010. Miami-Fort Lauderdale-Pompano Beach FL MSA As can be seen in Figure 16, 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. According to the 2009 Census population estimates, this MSA contained 29.9 percent of the states population and has nearly twice the population of next largest MSA (in fact, the nonmajor MSAs when combined only have 31 percent of the states population). is MSA has 22.3 percent of the states single-family units, 50 percent of its condominiums, 37.5 percent of the multifamily units with 9 or fewer units, and 44.3 percent of multi-family units with 10 or more units. One important item of note in this is MSA is how dierent the median and mean single-family sales prices are. For the MSA as a whole, the 2009 mean sales price is $106,400 higher than the 2009 median sales price. is implies that there are a number of high-priced homes that are driving up the mean sales price. According to the 2009 Census population estimates, MiamiDade County is the largest county by population, and if it were treated separately, it would be the second largest MSA by population. It contains 7.7 percent of the states single-family housing stock and 22 percent of the states condominium stock. Broward County is the second largest county by population. It contains 7.6 percent of the states single-family housing stock and 16.2 percent of the states condominium stock. Palm Beach County is the third largest county by population. It contains 7.1 percent of the states single-family housing stock and 11.9 percent of the states condominium stock. Notice that, for single-family housing, the mean just value is over $187,500 higher than the median just value. is dierence indicates that the presence of some extremely valuable single-family housing in Palm Beach County. Figure 16. Miami-Fort Lauderdale-Pompano Beach, FL MSA

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60 The State of Floridas Housing, 2010 Table 21. Miami-Fort Lauderdale-Pompano Beach, FL MSA Housing Supply Table 22. Broward County Housing Supply Table 23. Miami-Dade County Housing Supply

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61 Figure 17. Miami MSA Real Median Single-Family Sales Prices (2010 Dollars) Table 24. Palm Beach County Housing Supply

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62 The State of Floridas Housing, 2010 Orlando-Kissimmee, FL MSA As can be seen in Figure 19, the Orlando-Kissimmee MSA is located in the center of the state and contains four counties: Lake County, Orange County, Osceola County, and Seminole County. According to the Census 2009 population estimates, the OrlandoKissimmee MSA has 11.2 percent of the states population; however, the population is concentrated in Orange County, which has 52.2 percent of the MSAs population. is dierence in population is reected in the housing supply as can be seen in Tables 25 through 29, which show the Orlando-Kissimmee MSA housing supply and the individual counties that make up the MSA. Figure 18. Miami MSA Real Median Condominium Sales Prices (2010 Dollars) Figure 19. Orlando-Kissimmee, FL MSAFigure 17 shows that the 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 11 years. In 1999 there was only about a $25,000 dierence. By 2008, the spread had grown to almost $100,000; by 2009 the dierence still equaled $47,000. ese three counties are obviously having a large eect on the overall state median. All three counties in the MiamiFort Lauderdale-Pompano Beach MSA experienced a real median single-family sales price decline between 2008 and 2009. Broward County saw a real decline of 31 percent, Miami-Dade County saw a real decline of 25.5 percent, and Palm Beach County saw a real decrease of 15.6 percent. All of these declines are on top of the double digit declines that the counties experienced between 2007 and 2008. rough the rst two quarters of 2010, all three counties are showing real price declines, with Broward showing the smallest decrease at 4 percent and Miami-Dade having the largest decline at 11.5 percent. Figure 18 shows that the real median sales price for condominiums for the Miami-Fort Lauderdale-Pompano Beach MSA has increased and decreased at the states rate for the last eleven years. is result is not that surprising, since 50 percent of all condominium sales in the state occur in the three counties that make up the MSA. Real median condominium prices had risen dramatically between 1999 and 2006. Prices in Broward and Palm Beach County dropped substantially from 2007 to 2008 and from 2008 to 2009; in Miami-Dade, on the other hand, prices continued to rise through 2008 and then dropped precipitously. Between 2008 and 2009, both Miami-Dade County and Palm Beach County experienced real declines of over 25 percent, and Broward County experienced a real decrease of 48 percent. e condominium market has not recovered through the rst two quarters of 2010, with all three counties posting real decreases of over 10 percent.

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63 cent of the condominiums are owner occupied, an owner occupancy far above the states 37.2 percent average. Seminole County is close to the state average with its 36 percent owner occupancy. However, both Orange County and Osceola County are far below the states average with owner occupancy rates of 21.6 percent and 9.5 percent respectively. e Disney theme parks and other tourist attractions most likely explain the large number of condominiums and their low owner occupancy in Osceola and Orange County. e Orlando-Kissimmee MSA has 11.7 percent and 6.4 percent of Floridas 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 percent of the single-family housing stock with another 21 percent located in Seminole County. Orange County has nearly 67 percent of all of the Orlando-Kissimmee MSA condominiums. Osceola and Seminole County have 13.9 percent and 16 percent of the MSAs condominiums respectively. Condominiums play dierent roles in the four counties that make up this MSA. In Lake County, 46 perTable 25. Orlando-Kissimmee, FL MSA Housing Supply Table 26. Lake County Housing Supply

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64 The State of Floridas Housing, 2010 Table 27. Orange County Housing Supply Table 28. Osceola County Housing Supply Table 29. Seminole County Housing Supply

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65 Figure 20. Orlando-Kissimmee MSA Real Median Single-Family Sales Prices (2010 Dollars) Figure 21. Orlando-Kissimmee MSA Real Median Condominium Sales Prices (2010 Dollars) Table 27. Orange County Housing Supply Table 28. Osceola County Housing Supply Table 29. Seminole County Housing Supply

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66 The State of Floridas Housing, 2010 As can be seen in Figure 20, the real median sales price for single-family homes in the Orlando-Kissimmee MSA has nearly doubled between 1999 and 2006. Prices signicantly decreased over the past three years, but remain 15 percent higher than in 1999. is increase and following decrease, while large, 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 of at least 18.5 percent between 2007 to 2008. All the counties except for Lake saw real decreases of at least 15 percent between 2008 to 2009, and Lake County saw a 8.4 percent real decline. ese decreases have continued through the rst two quarters of 2010, with both Lake and Orange County experiencing a real decrease of over 10 percent, Osceola County experiencing a 8.6 percent decrease, and a 3 percent decrease occurring in Seminole County. Figure 21 shows that while the Orlando-Kissimmee MSA condominiums have experienced a large run-up in real prices, their median prices have consistently remained below the state median since 1999. All but Lake County saw signicant decreases in real median condominium sales prices between 2007 and 2008, and all the counties experienced a real double digit decline between 2008 and 2009. ree of the counties, Orange, Osceola, and Seminole, experienced real decreases of greater than fty percent between 2008 and 2009. All four counties are experiencing a real decrease of at least 20 percent through the rst two quarters of 2010. In Orange County, Osceola County, and Seminole County, real condominium prices are now below what they were in 1999. Tampa-St. Petersburg-Clearwater, FL MSA As can be seen in Figure 22, the Tampa-St. Petersburg-Clearwater (Tampa) MSA is located near the center of the state on its western coast. e Tampa MSA contains four counties: Hernando County, Hillsborough County, Pasco County, and Pinellas County. According to the Census 2009 population estimates, the Tampa MSA has 14.8 percent of the states population. e population is concentrated in Hillsborough and Pinellas Counties. is dierence in population is reected in the housing supply as can be seen in Tables 30 through 34, which show the Tampa MSA housing supply and the individual counties that make up the MSA. Figure 22. Tampa-St. PetersburgClearwater MSA

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67 Table 30. Tampa-St. Petersburg-Clearwater MSA Housing Supply Table 31. Hernando County Housing Supply Table 32. Hillsborough County Housing Supply

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68 The State of Floridas Housing, 2010 Table 34. Pinellas County Housing Supplye Tampa MSA has 15.6 percent and 10.2 percent of Floridas single-family housing stock and condominium stock, respectively. Hillsborough County has 6.4 percent of the states single-family housing, and Pinellas County has another 5 percent of the states single-family housing. Pinellas also has 103,232 condominiums, 6.6 percent of the states total. As can be seen in Figure 23, the real median sales price for singlefamily homes in the Tampa MSA has increased from $134,000 to $152,000 between 1999 and 2009. is increase largely mirrors what occurred with single-family sales prices across the state: sharp increases through 2006 and declines since then. All four of the underlying counties saw real price decreases between 2006 to 2007 and 2007 to 2008. Hernando, Hillsborough, and Pasco also experienced real price decreases from 2008 to 2009, and Pinellas County saw a minuscule real price increase of 0.33 percent. Figure 24 shows that the Tampa MSA condominiums have a real median sales price below the state median. e median condominium sales price had more than doubled between 1999 and 2005, but has decreased by almost than $80,000 between 2005 and 2009. Hernando, Pasco, and Pinellas County have all experienced real price decrease for the last three years, and Hillsborough County has experienced a real decrease for the last two years. ese decreases have lowered the real median condominium price in 2009 below its 1999 value in Hernando County and Hillsborough County. If the current decrease that occurred in the rst two quarters of 2010 holds up, Pasco Countys 2010 real median condominium price will also be lower than what it was in 1999. Table 33. Pasco County Housing Supply

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69 Figure 23. Tampa-St. Petersburg-Clearwater MSA Real Median Single-Family Sales Prices (2010 Dollars) Figure 24. Tampa-St. Petersburg-Clearwater MSA Real Median Condominium Sales Prices (2010 Dollars)

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70 The State of Floridas Housing, 2010 Cape Coral-Fort Myers, FL MSA As can be seen in Figure 25, the Cape Coral-Fort Myers, FL MSA is located in the southwest corner of the state, and is made up of a single county, Lee County. It contains four percent of the states single-family housing stock and ve percent of the states condominium stock. As can be seen in Table 35, the condominium stock is relatively new; the mean year built for condominiums is 1992. As can be seen in Figure 26, the real median sales price for singlefamily homes in the Cape Coral-Ft. Myers MSA had mirrored the states single-family real median sales prices until two years ago. Starting in 2008 and continuing in 2009 Lee County has experienced massive real price decreases. Real median single-family sales prices decreased by 44 percent between 2007 and 2008 and by Figure 25 Cape Coral-Fort Myers, FL MS Table 35. Cape Coral-Fort Myers (Lee County), FL MSA Housing Supply Floridas Remaining MSAsBesides the six major MSAs, Florida has 16 other metropolitan statistical areas. ey are the Cape Coral-Fort Myers MSA, the Deltona-Daytona Beach-Ormond Beach MSA, the Fort Walton Beach-Crestview-Destin MSA, the Gainesville MSA, the Lakeland MSA, the Naples-Marco Island MSA, the Palm Bay-Melbourne-Titusville MSA, the Palm Coast MSA, the Panama City-Lynn Haven MSA, the Ocala MSA, the Pensacola-Ferry Pass-Brent MSA, the Port St. Lucie-Ft. Pierce MSA, the Punta Gorda MSA, the SarasotaBradenton MSA, Sebastian-Vero Beach MSA, and the Tallahassee MSA. ese remaining 16 MSAs contain 23 counties and, according to the 2009 Census population projections, they contain 31 percent of Floridas population. ese MSAs contain 36.5 percent of the states single-family housing stock, approximately 29 percent of the condominium stock, and 34 percent and 25 percent of the multi-family 9-or-less units and multi-family 10-or-more units, respectively. e following section will examine each of these MSAs individually. 32.7 percent between 2008 and 2009. ese decreases are double the states real decrease of 22 percent between 2007 and 2008 and the 14.8 percent real state decrease between 2008 and 2009. If a homeowner had bought a single-family house at the real median sales price of $302,000 in 2006 and were forced to sell for the real median sales price of $103,000 in 2009, the owner would have suffered a 66 percent loss on the home. Figure 27 shows that the real median sales price for condominiums in the Cape Coral-Ft. Myers MSA has been very similar to the states condominium real median sales prices. In Cape Coral, condominiums suered a real decrease of 27.1 percent between 2008 and 2009 compared to the states real decrease of 33.6 percent.

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71 Figure 26. Cape Coral-Ft. Myers MSA Real Median Single-Family Sales Prices (2010 Dollars) Figure 27. Cape Coral-Ft. Myers MSA Real Median Condominium Sales Prices (2010 Dollars)

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72 The State of Floridas Housing, 2010 Deltona-Daytona Beach-Ormond Beach, FL MSA As can be seen in Figure 28, the Deltona-Daytona Beach-Ormond Beach, FL MSA is located near the center of the state on its eastern coast and is a single-county MSA, Volusia County. According to the Census 2009 population estimates, the Deltona-Daytona Beach-Ormond Beach MSA has approximately 2.7 percent of the states population. It also contains 3.2 percent of Floridas single-family housing and 1.8 percent of Floridas condominiums. Figure 29 shows that the Deltona-Daytona Beach-Ormond Beach MSA has seen the real median single-family sales prices increase between 1999 and 2006 followed by a real decrease between 2006 and the rst two quarters of 2010, a trend consistent with what happened to real median single-family sales prices in the state. e spread between the states real median and the MSAs has remained relatively constant. e Deltona-Daytona Beach-Ormond Beach MSA saw a real median single-family sales price decrease of 10.7 percent between 2006 and 2007, a decrease of 20.5 percent between 2007 and 2008, and a decrease of 17.9 percent between 2008 and 2009. Figure 30 shows that until 2003 the real median condominium sales price reected the states median. After 2003, the MSA actually had higher real median condominium sales prices except for 2006, when prices declined to approximately the state median. However, a real price Figure 28. Deltona-Daytona Beach-Ormond Beach, FL MSA increase between 2006 and 2007 once again brought the median sales price back above the states median. Prices in Volusia County have stayed above the state median even after experiencing a real 23.3 percent decrease between 2007 and 2008 and a real 14.4 percent decline between 2008 and 2009. Table 36. Deltona-Daytona Beach-Ormond Beach (Volusia County), FL MSA Housing Supply

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73 Figure 30. Deltona-Daytona Beach-Ormond Beach MSA Real Median Condominium Sales Prices (2010 Dollars) Figure 29. Deltona-Daytona Beach-Ormond Beach MSA Real Median Single-Family Sales Prices (2010 Dollars)

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74 The State of Floridas Housing, 2010 Figure 31. Fort Walton Beach-CrestviewDestin, FL MSA Fort Walton Beach-Crestview-Destin, FL MSA As can be seen in Figure 31, the Fort Walton BeachCrestview-Destin, FL MSA is located in the northwest corner of the state along the Gulf of Mexico, and consists of a single county, Okaloosa County. It contains 1.3 percent of the states single-family housing stock and 0.9 percent of the states condominium stock. As shown in Table 37, Okaloosa County has extremely expensive condominium sales prices, the fth highest in the state for 2009. As can be seen in Figure 32 the Fort Walton BeachCrestview-Destin MSA experienced nearly the same percentage decline in single-family sales prices as the state between 2006 and 2007. However, Okaloosa County has performed better than the state over the last three years. It only experienced a real decrease of 6.5 between 2007 and 2008 and a real decrease of 4.8 percent between 2008 and 2009, compared to real declines of 22 percent and 14.8 percent for the state during those years. Figure 33 highlights the expensive nature of condominiums in the MSA and the real decline in condominium sales prices over the last four years. Real median condominium sales prices decreased 27.1 percent between 2008 and 2009, 28.5 percent between 2007 and 2008, 5.3 percent between 2006 and 2007, and 8.4 percent between 2005 and 2006. All told, the real median condominium sales price is down 39 percent from its peak in 2005, but prices are still well above the state median. Table 37. Fort Walton Beach-Crestview-Destin (Okaloosa County), FL MSA Housing Supply

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75 Figure 32. Fort Walton Beach-Crestview-Destin MSA Real Median Single-Family Sales Prices (2010 Dollars) Figure 33. Fort Walton Beach-Crestview-Destin MSA Real Median Condominium Sales Prices (2010 Dollars)

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76 The State of Floridas Housing, 2010 Gainesville, FL MSA As can be seen in Figure 34, the Gainesville, FL MSA is located in the northern interior of the state, and it contains two counties: Alachua County and Gilchrist County. It contains 1.2 percent of the states single-family housing stock and 0.5 percent of the states condominium stock. Table 39 shows that Alachua County has a relatively large number of multi-family housing units. Alachua County has at least 37,200 residential units in multi-family housing. Since the University of Florida is located in Alachua County, there is a large student population that requires these multi-family housing units. Figure 35 shows that the real median single-family sales price in the Gainesville MSA increased along with the state median between 1999 and 2006, although not as dramatically. However, the Gainesville MSA has experienced a slower real decrease in singlefamily prices. While the Gainesville MSAs median sales price was below the state average between 1999 and 2007, it surpassed the state median starting in 2008. e gure also shows that Alachua Countys single-family housing is more expensive than Gilchrist Countys. While the spread closed 2007, it once again widened in 2008. It should be noted that while Gilchrist County showed a large real increase in prices between 2006 and 2007, the increase was completely reversed by a 25.1 percent decrease in single-family sales prices between 2007 and 2008 and a 9.6 percent decrease between 2008 and 2009. Figure 36 shows that only Alachua County has condominium sales. e condominium market has performed in a similar manner to the single-family market. It experienced real increases in prices similar to the state between 1999 and 2006. While Alachua Countys condominium market experienced similar real median sales price declines to the state between 2006 and 2008, it experienced a smaller real decline than the state between 2008 and 2009. is divergence in sale prices has almost allowed Alachua County to catch up to the state median. Figure 34. Gainesville, FL MSA Table 38. Gainesville FL, MSA Housing Supply

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77 Table 39. Alachua County Housing Supply Table 40. Gilchrist County Housing Supply

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78 The State of Floridas Housing, 2010 Figure 35. Gainesville MSA Real Median Single-Family Sales Prices (2010 Dollars) Figure 36. Gainesville MSA Real Median Condominium Sales Prices (2010 Dollars) Figure 37. Lakeland, FL MSALakeland, FL MSA As can be seen in Figure 37, the Lakeland, FL MSA is located in the center of the state, and consists of a single county, Polk County. It contains 3.3 percent of the states single-family housing stock and 0.6 percent of the states condominium stock. Table 41 shows that Polk County has a large number of multi-family housing facilities with 9 or less units. Figure 38 shows that the real median single-family sales price in the Lakeland MSA increased and then decreased at a similar rate as the state until last year. Lakeland saw a real price decrease of 30 percent between 2008 and 2009, double the states real decline. Figure 39 shows that condominiums saw almost no real change between 1999 and 2004, but saw large price increases between 2004 and 2006. Real prices have jumped around the last three years, settling slightly below their 2005 values. Lakelands condominiums are still priced below the state median, but the spread between the two has decreased by almost 50 percent since 1999.

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79 Figure 38. Lakeland-Winter Haven MSA Real Median Single-Family Sales Prices (2010 Dollars) Figure 39. Lakeland MSA Real Median Condominium Sales Prices (2010 Dollars) Table 41. Lakeland (Polk County), FL MSA Housing Supply

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80 The State of Floridas Housing, 2010 Figure 40. Naples-Marco Island, FL MSANaples-Marco Island, FL MSA As can be seen in Figure 40, the Naples-Marco Island, FL MSA is located on the southwest coast, and consists of a single county, Collier County. It contains 1.6 percent of the states single-family housing stock and 6.1 percent of the states condominium stock. As can be seen in Table 42, Collier County is the third highest priced market for single-family homes in the state of Florida. Note the $220,000 dierence in the mean and median single-family sales price for 2009, implying that the upper end of single-family home prices is extremely high in Collier County. Figure 41 shows that the real median single-family sales price in the Naples-Marco Island MSA is higher than the state median. After experiencing large real sales price increases early in the decade, real prices peaked in 2006. Since then Collier County experienced a 5.9 percent decline in real median single-family sales prices between 2008 and 2009, a real decline of 27.5 percent between 2007 and 2008, and a 8.15 percent decline between 2006 and 2007. ese declines have brought real prices back to their 2002 value. Figure 42 shows that the Naples-Marco Island MSA real median condominium sales price has been consistently higher than the states real median sales price. However, after three years of double digit real price increases, there was a real 4.5 percent decline between 2006 and 2007, a 24 percent decline between 2007 and 2008, and a 19.4 percent decline in condominium sales prices between 2008 and 2009. ese real declines have returned condominium sales prices back to their 2002 levels. Table 42. Naples-Marco Island (Collier County), FL MSA Housing Supply

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81 Figure 41. Naples-Marco Island MSA Real Median Single-Family Sales Prices (2010 Dollars) Figure 42. Naples-Marco Island MSA Real Median Condominium Sales Prices (2010 Dollars)

PAGE 82

82 The State of Floridas Housing, 2010 Figure 43. Ocala FL, MSA Table 43. Ocala (Marion County), FL MSA Housing SupplyOcala, FL MSA As can be seen in Figure 43, the Ocala, FL MSA is located in the center of the state and consist of a single county, Marion County. It contains two percent of the states single-family housing stock and 0.4 percent of the states condominium stock. Figure 44 shows that the real median single-family sales price in the Ocala MSA has followed a similar trend as the state over the years, but remains below the state median. Figure 45 shows that condominiums experienced double digit increases in real median sales prices between 2003 and 2006. However, those price increases have stopped and been reversed. Real median condominium sales prices fell by 16.4 percent between 2008 and 2009, decreased by 37.2 percent between 2007 and 2008, and decreased by 10.5 percent between 2006 and 2007. After these declines, the real median condominium sales price in 2009 is now below the 1999 value in Ocala.

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83 Figure 44. Ocala MSA Real Median Single-Family Sales Prices (2010 Dollars) Figure 45. Ocala MSA Real Median Condominium Sales Prices (2010 Dollars)

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84 The State of Floridas Housing, 2010 Palm Bay-Melbourne-Titusville, FL MSA As can be seen in Figure 46, Palm Bay-Melbourne-Titusville, FL MSA is located in the center of the state on its eastern coast, and consists of a single-county, Brevard County. It contains 3.7 percent of the states single-family housing stock and 2.25 percent of the states condominium stock. As can be seen in Figure 47, the real median single-family sales price in the Palm Bay-Melbourne-Titusville MSA is slightly below the state average. is is another MSA that showed a real median single-family price decreases between 2006 and 2007, between 2007 and 2008, and 2008 and 2009: 11.8 percent, 10.9 percent, and 16.5 percent respectively. Here too, median single-family housing sales price have dropped back almost to its 2003 level. Figure 48 shows that condominiums had a real median sales price below the state median until 2009. e condominium market in Brevard County has behaved in a similar manner as the state. It experienced real price increases until 2006, and then experienced three years of real price decreases. With these real price declines, condominiums are now priced below what they were in 2003. Table 44. Palm Bay-Melbourne-Titusville (Brevard County), FL MSA Housing Supply Figure 46. Palm Bay-MelbourneTitusville, FL MSA

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85 Figure 47. Palm Bay-Melbourne-Titusville MSA Real Median Single-Family Sales Prices (2010 Dollars) Figure 48. Palm Bay-Melbourne-Titusville MSA Real Median Condominium Sales Prices (2010 Dollars)

PAGE 86

86 The State of Floridas Housing, 2010 Palm Coast, FL MSA As can be seen in Figure 49, Palm Coast, FL MSA is located on the northeastern coast, and consists of a single-county, Flagler County. It contains less than one percent of the states single-family housing stock and only 0.28 percent of the states condominium stock. While there are few condominiums in the MSA, with a median sales price of $370,000 they rank as the sixth most expensive in the state. As can be seen in Figure 50, real median single-family sales prices are comparable to the state median. Real median single-family sales prices decreased by eight percent between 2008 and 2009, 19.5percent between 2007 and 2008, and 13.4 percent between 2006 and 2007. e real median single-family sales price is now slightly below what it was in 2004. Figure 51 shows that since 2003 the real median condominium sales price has been higher than the state median. e median year built for Flagler Countys condominiums is 2003, implying that the condominium stock is relatively new. e Palm Coast stocks recent construction and coastal location are likely explanations for the difference between the states real median sales price and Palm Coasts price. However, even those advantages have not prevented the condominium market from suering large real price declines: a 34 percent decline between 2008 and 2009 and a 28 percent decline between 2007 and 2008. Figure 49. Palm Coast, FL MSA Table 45. Palm Coast (Flagler County), FL MSA Housing Supply

PAGE 87

87 Figure 50. Palm Coast MSA Real Median Single-Family Sales Prices (2010 Dollars) Figure 51. Palm Coast MSA Real Median Condominium Sales Prices (2010 Dollars)

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88 The State of Floridas Housing, 2010 Figure 52. Panama City-Lynne Haven FL, MSA Panama City-Lynn Haven, FL MSA As can be seen in Figure 52, the Panama City-Lynne Haven, FL MSA is located on the coast in Floridas Panhandle, and consists of a single county, Bay County. It contains 1.1 percent of the states single-family housing stock and 1.2 percent of the states condominium stock. As can be seen in Table 46, Bay County had expensive condominium sales prices in 2009. Figure 53 shows that the real median single-family sales price in the Panama City-Lynne Haven MSA has increased and decreased along with the states real median single-family sales price. Figure 54 shows that condominiums were in line with the state median until about 2002, when they started to experience a large real increase in prices. However, real condominium median sales prices declined between 2005 and 2006, 2007 and 2008, and again between 2008 and 2009. While these decreases have reduced real prices below their 2003 values, they have not completely erased the gains seen since 2002. Condominium prices continue to exceed the state median. Table 46. Panama City (Bay County), FL MSA Housing Supply

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89 Figure 53. Panama City-Lynne Haven MSA Real Median Single-Family Sales Prices (2010 Dollars) Figure 54. Panama City-Lynne Haven MSA Real Median Condominium Sales Prices (2010 Dollars)

PAGE 90

90 The State of Floridas Housing, 2010 Figure 55. Pensacola-Ferry PassBrent FL, MSA Pensacola-Ferry Pass-Brent, FL MSA As can be seen in Figure 55, the Pensacola-Ferry Pass-Brent, FL MSA is made up of two northwest counties, Escambia County and Santa Rosa County in Floridas Panhandle. It contains 2.95 percent of the states single-family housing stock and 0.7 percent of the states condominium stock. As can be seen in the following tables, the Pensacola-Ferry Pass-Brent MSA had relatively expensive condominiums in 2009. Figure 56 shows that the Pensacola-Ferry Pass-Brent MSAs real median single-family sales price is below the states real median. Single-family homes in Santa Rosa have been more expensive than Escambia County, and the spread has increased since 1999. Santa Rosa has seen real price declines every year since 2005. Escambia County saw a 6.6 percent real increase in the median single-family sales price between 2008 and 2009. is increase came after three straight years of real price declines. Figure 57 shows that real median condominium sales prices have been greater than the states median since 1999. Santa Rosa has seen real price decreases in all but one year since 2003. Escambia saw real price decreases every year between 2006 and the rst two quarters of 2010. ese decreases have returned the median condominium sales price in Santa Rosa County to below its 2002 level and Escambias price to below its 2003 value. Table 47. Pensacola-Ferry Pass-Brent, FL MSA Housing Supply

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91 Table 48. Escambia County, FL MSA Housing Supply Table 49. Santa Rosa County, FL MSA Housing Supply Figure 56. Pensacola-Ferry Pass-Brent MSA Real Median Single-Family Sales Prices (2010 Dollars)

PAGE 92

92 The State of Floridas Housing, 2010 Figure 58. Port St. Lucie-Ft. Pierce, FL MSAPort St. Lucie-Ft. Pierce, FL MSA As can be seen in Figure 58, the Port St. Lucie, FL MSA is located on the eastern coast of the state. It consists of two counties, Martin County and St. Lucie County. It contains 2.9 percent of the states single-family housing stock and 1.9 percent of the states condominium stock. As can be seen in Table 51 and Table 52, Martin County has only half the number of single-family homes as St. Lucie County, but its single-family homes have higher assessed and just values. As can be seen in Figure 59, the real median sales price for singlefamily homes in Martin County has consistently been higher than in St. Lucie County. e Port St. LucieFort Pierce MSA real median single-family sales price closely resembles the states median in performance over the last eleven years. Both Martin and St. Lucie County experienced double digit real price decreases between 2006 and 2007, 2007 and 2008, and again between 2008 and 2009. ese decreases have erased any price gains made since 2002 in Martin County and 2001 in St. Lucie County. Figure 60 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.Figure 57. Pensacola-Ferry Pass-Brent MSA Real Median Condominium Sales Prices (2010 Dollars)

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93 Figure 59. Port St. Lucie-Ft. Pierce MSA Real Median Single-Family Sales Prices (2010 Dollars) Figure 60. Port St. Lucie-Ft. Pierce MSA Real Median Condominium Sales Prices (2010 Dollars)

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94 The State of Floridas Housing, 2010 Table 50. Port St. Lucie-Ft. Pierce, FL MSA Housing Supply Table 51. Martin County Housing Supply Table 52. St. Lucie County Housing Supply

PAGE 95

95 Figure 61. Punta Gorda FL, MSA Punta Gorda, FL MSA As can be seen in Figure 61, the Punta Gorda, FL MSA is made up of Charlotte County and is located on the southern Gulf coast. It contains 1.4 percent of the states single-family housing stock and 0.9 percent of the states condominium stock. Figure 62 and Figure 63 shows that the real median single-family sales price and real median condominium sales price in Punta Gorda have performed in a manner similar to the state. Note that the real median single-family sales price declined every year between 2005 and 2009. Charlotte County was one of the few that saw real median condominium sales prices increase between 2006 and 2007. However, that real increase was transitory, as real median condominium prices decreased by almost 50 percent between 2007 and 2008 and decreased by 18 percent between 2008 and 2009, returning prices to a level not seen since 2003. Table 53. Punta Gorda (Charlotte County), FL MSA Housing Supply

PAGE 96

96 The State of Floridas Housing, 2010 Figure 62. Punta Gorda MSA Real Median Single-Family Sales Prices (2010 Dollars) Figure 63. Punta Gorda MSA Real Median Condominium Sales Prices (2010 Dollars)

PAGE 97

97 Sarasota-Bradenton-Venice, FL MSA As can be seen in Figure 64, the Sarasota-Bradenton-Venice, FL MSA is made up of Manatee County and Sarasota County and is located on the southern Gulf coast. It contains 4.4 percent of the states single-family housing stock and 5.2 percent of the states condominium stock. Figure 65 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 between 2003 and 2007 Manatee County experienced higher real increases. At their peak, the median-priced single-family home in Manatee County cost approximately $50,000 more than in Sarasota County. However, after three straight years of real price declines, Manatee Countys median single-family sales price is now only about $15,000 higher than Sarasota Countys. Figure 66 shows that condominiums in the Sarasota MSA performed similarly to the state between 1999 and the rst two quarters of 2010. Unlike with single-family homes, the median condominium price in Sarasota County was consistently $30,00040,000 greater than in Manatee until 2006.Figure 64. Sarasota-BradentonVenice FL, MSA Table 54. Sarasota-Bradenton-Venice FL, MSA Housing Supply

PAGE 98

98 The State of Floridas Housing, 2010 Manatee saw its condominium market decline rst, with a real 16.5 percent decrease between 2006 and 2007. e median price in Sarasota County continued to increase that year, widening the spread of condominium prices between the two counties to over $90,000. Sarasota County experienced real declines of 26.8 and 20.2 percent between 2007 and 2008 and 2008 and 2009 respectively. Manatee County saw a real decrease of 21.1 percent between 2007 and 2008, which was followed by a real decrease of 9.6 percent between 2008 and 2009. Both counties are experiencing around a 5 percent decline for the rst two quarters of 2010. ese declines have returned the spread between the two counties back into its historical range of $30,000. Table 55. Manatee County Housing Supply Table 56. Sarasota County Housing Supply

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99 Figure 65. Sarasota-Bradenton-Venice MSA Real Median Single-Family Sales Prices (2010 Dollars) Figure 66. Sarasota-Bradenton-Venice MSA Real Median Condominium Sales Prices (2010 Dollars)

PAGE 100

100 The State of Floridas Housing, 2010 Sebastian-Vero Beach, FL MSA As can be seen in Figure 67, the Sebastian-Vero Beach, FL MSA is located in the middle of the state on the east coast, and consists of a single county, Indian River County. It contains one percent of the states single-family housing stock and 0.9 percent of the states condominium stock. Figure 68 shows that the real median single-family sales price trend in the Sebastian-Vero Beach MSA has largely mirrored the states single-family market. e area experienced a large run-up in prices between 1999 and 2006 and then saw a large real decrease in prices post 2006.e 2009 real median single-family sales price is only slightly higher than it was in 2003. Figure 69 shows that the real median condominium sales price in the Sebastian-Vero Beach MSA has increased and decreased along with the states real median prices over the last eleven years. e recent real decrease in condominium prices has lowered the real median sales price below what it was over a decade ago.Figure 67. Sebastian-Vero Beach FL, MSA Table 57. Sebastian-Vero Beach (Indian River County), FL MSA Housing Supply

PAGE 101

101 Figure 68. Sebastian-Vero Beach MSA Real Median Single-Family Sales Prices (2010 Dollars) Figure 69. Sebastian-Vero Beach MSA Real Median Condominium Sales Prices (2010 Dollars)

PAGE 102

102 The State of Floridas Housing, 2010 Tallahassee, FL MSA As can be seen in Figure 70, the Tallahassee, FL MSA is made up of four counties: Gadsden County, Jeerson County, Leon County, and Wakulla County. It is located in the Florida Panhandle on the Georgia border. It contains 1.8 percent of the states single-family housing stock and almost none of the states condominium stock. As can be seen in the following tables, Leon County has the vast majority of the multi-family units in this MSA, with all but around 1,800 of the multi-family units. is fact is due to the presence of the Florida State University and its large student population.Figure 70. Tallahassee FL, MSA Table 58. Tallahassee FL, MSA Housing Supply Table 59. Gadsden County Housing Supply

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103 Table 58. Tallahassee FL, MSA Housing Supply Table 59. Gadsden County Housing Supply Table 60. Jefferson County Housing Supply Table 61. Leon County Housing Supply Table 62. Wakulla County Housing Supply

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104 The State of Floridas Housing, 2010 Figure 71. Tallahassee MSA Real Median Single-Family Sales Prices (2010 Dollars) Figure 72. Tallahassee MSA Real Median Condominium Sales Prices (2010 Dollars)

PAGE 105

105 Figure 73. Northeast FL NonMetropolitan Area FLORIDAS NON-METROPOLITAN AREASere are 28 remaining counties in Florida, and they are divided into four regional groups: Northwest Non-Metropolitan, Northeast Non-Metropolitan, Central Non-Metropolitan, and South NonMetropolitan, according to categories used by the University of Floridas Bureau of Economic and Business Research. ese remaining four non-metropolitan areas contain 5.9 percent of Floridas population according to the 2009 Census population projection. ey contain six percent of the states single-family housing stock, 1.6 percent of the condominium stock and 4.1 percent and 4.8 percent of the multi-family 9-or-less units and multi-family 10-ormore units, respectively. e following section will examine each of these non-metropolitan areas individually. Northeast FL Non-Metropolitan Area As can be seen in Figure 73, the Northeast FL Non-Metropolitan Area is located in the Florida Panhandle, and is made up of ten counties: Bradford County, Columbia County, Dixie County, Hamilton County, Lafayette County, Levy County, Madison County, Suwannee County, Taylor County and Union County. It contains one percent of the states single-family housing stock and almost none of the states condominium stock. Figure 74 shows that the Northeast Non-Metropolitan area has a signicantly 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 all the counties except for Taylor saw real price decreases between 2007 and 2008. Only four counties showed a price decrease between 2008 and 2009, but most of these counties have less than 100 sales yearly, so caution should be used when discussing price trends. Figure 71 shows that while the state and the Tallahassee MSA had similar real median single-family sales prices in late 90s, these real median prices diverged in 2004 when the states median showed higher real increases than the Tallahassee MSA. However, as the state experienced greater real price decreases from 2006 to 2009, the Tallahassee MSAs median price now exceeds the states. Figure 72 shows that only two counties in the Tallahassee MSA have condominium sales, Leon and Wakulla County. Wakulla has averaged less than 20 condominium sales the last four years, making the MSAs median price almost solely dependent on Leon County. Historically, the MSA as a whole has real condominium sales prices below the state median. However, the recent real declines in the state condominium market have brought the MSA average closer to the state average than any time in its history. Table 63. Northeast FL Non-Metropolitan Area Housing Supply

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106 The State of Floridas Housing, 2010 Table 64. Bradford County Housing Supply Table 65. Columbia County Housing Supply Table 66. Dixie County Housing Supply

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107 Table 64. Bradford County Housing Supply Table 65. Columbia County Housing Supply Table 66. Dixie County Housing Supply Table 67. Hamilton County Housing Supply Table 68. Lafayette County Housing Supply Table 69. Levy County Housing Supply

PAGE 108

108 The State of Floridas Housing, 2010 Table 70. Madison County Housing Supply Table 71. Suwannee County Housing Supply Table 72. Taylor County Housing Supply

PAGE 109

109 Figure 74. Northeast FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2010 Dollars) Table 70. Madison County Housing Supply Table 71. Suwannee County Housing Supply Table 72. Taylor County Housing Supply Table 73. Union County Housing Supply

PAGE 110

110 The State of Floridas Housing, 2010 Figure 75 shows that very few of these counties have condominium sales, but there are a few counties with extremely expensive condominiums in this non-metropolitan area. Northwest FL Non-Metropolitan Area As can be seen in Figure 76, the Northwest, FL Non-Metropolitan Area is located in the Florida Panhandle, and is made up of eight counties: Calhoun County, Franklin County, Gulf County, Holmes County, Jackson County, Liberty County, Walton County, and Washington County. It contains approximately 1.2 percent of the states single-family housing stock and 0.8 percent of the states condominium stock. As can be seen in the following tables, these counties vary greatly in housing supply from just under 1,200 single-family units in Liberty County to 22,800 single-family units in Walton County. Figure 76. Northwest FL NonMetropolitan Area Figure 75. Northeast, FL Non-Metropolitan Area Real Median Condominium Sales Prices (2010 Dollars)

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111 Table 74. Northwest FL Non-Metropolitan Area Housing Supply Table 75. Calhoun County Housing Supply Table 76. Franklin County Housing Supply

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112 The State of Floridas Housing, 2010 Table 77. Gulf County Housing Supply Table 78. Holmes County Housing Supply Table 79. Jackson County Housing Supply

PAGE 113

113 Table 80. Liberty County Housing Supply Table 81. Walton County Housing Supply Table 82. Washington County Housing Supply

PAGE 114

114 The State of Floridas Housing, 2010 Figure 77. Northwest FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2010 Dollars) Figure 77 shows that the Northwest Non-Metropolitan area has had higher real median single-family sales price than the state median between 2002 and 2005 and after 2008. However, a more careful examination revels that this is only partially true. Most of the counties have real median single-family sales prices below the state median, but the Franklin County, Gulf County and Walton County have such high real median single-family sales prices that they raise the median for the entire area. Figure 78 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.

PAGE 115

115 Figure 78. Northwest FL Non-Metropolitan Area Real Median Condominium Sales Prices (2010 Dollars)

PAGE 116

116 The State of Floridas Housing, 2010 Table 83. Central FL Non-Metropolitan Area Housing Supply Figure 79. Central FL Non-Metropolitan Area Central FL Non-Metropolitan Area As can be seen in Figure 79, the Central, FL Non-Metropolitan Area is made up of three counties: Citrus County, Putnam County, and Sumter County. It contains approximately 2.2 percent of the states single-family housing stock and 0.15 percent of the states condominium stock. Figure 80 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 to the state, and without Sumter pulling up the non-metropolitan median, it would be signicantly lower than the state median. All three counties that make up the Central Non-Metropolitan area experienced real single-family sales price decreases between 2006 and 2007 and also between 2007 and 2008. Citrus and Putnam County also experienced real price declines between 2008 and 2009, while Sumter County saw a modest increase. All three counties are showing a decrease for the rst two quarters of 2010. Figure 81 shows that the Central Non-Metropolitan area has a lower median condominium sales price than the state median. Only Citrus County has consistently had over 25 condominium sales, allowing us to discuss sales trends. It has experienced three straight years of real sales price declines and is showing a decline for the rst two quarters of 2010. ese declines have returned real condominium prices in Citrus County back to their 1999 level.

PAGE 117

117 Table 84. Citrus County Housing Supply Table 85. Putnam County Housing Supply Table 86. Sumter County Housing Supply

PAGE 118

118 The State of Floridas Housing, 2010 Figure 80. Central FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2010 Dollars) Figure 81. Central FL Non-Metropolitan Area Real Median Condominium Sales Prices (2010 Dollars)

PAGE 119

119 Figure 82. South FL Non-Metropolitan Area South FL Non-Metropolitan Area As can be seen in Figure 82, the South FL Non-Metropolitan Area is made up of six southern inland counties, Desoto County, Glades County, Hardee County, Hendry County, Highlands County, and Okeechobee County, and one coastal county, Monroe County. It contains approximately 1.7 percent of the states singlefamily housing stock and 0.6 percent of the states condominium stock. e inclusion of Monroe County has a large impact on this non-metropolitan area. As shown in the following tables, Monroe Countys median 2009 sales price for single-family units and condominiums is signicantly higher than the other counties in this non-metropolitan area. Monroe Countys median single-family sales price is three times that of Glades Countys and almost ve times that of Hendry Countys. Monroe Countys 2009 median condominium sales price is three times larger than Hendrys and nine times larger than Glades. In fact, Monroe County has the most expensive single-family housing and the second most expensive condominiums in the state. ese high prices are largely related to the unique housing market of the Florida Keys, which are located in Monroe County. Table 87. South FL Non-Metropolitan Area Housing Supply Table 88. Desoto County Housing Supply

PAGE 120

120 The State of Floridas Housing, 2010 Table 89. Glades County Housing Supply Table 90. Hardee County Housing Supply Table 91. Hendry County Housing Supply

PAGE 121

121 Table 89. Glades County Housing Supply Table 90. Hardee County Housing Supply Table 91. Hendry County Housing Supply Table 92. Highlands County Housing Supply Table 93. Monroe County Housing Supply Table 94. Okeechobee County Housing Supply

PAGE 122

122 The State of Floridas Housing, 2010 Figure 83 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 reveals 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 median single-family sales prices that they raise the median for the entire area. Figure 84. South FL Non-Metropolitan Area Real Median Condominium Sales Prices (2010 Dollars) Figure 83. South FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2010 Dollars) Figure 84 shows a similar story for condominiums. Both Monroe Countys single-family and condominium markets have experienced four straight years of real price declines and have seen real prices decrease by close to 50 percent since 2005.

PAGE 123

123 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. According to the building permit data, there were 33,891 new units built in Florida in 2009. Of these new units, 25,501 were singlefamily units and the remaining 8,390 were multi-family units. e single-family units have a value of $5.7 billion and the multi-family units have a value of $863.9 million for a total of $6.6 billion in new residential construction. Table 95 shows the distribution of this new construction by MSA and non-metro regions. Economic Multipliers and Actual Employment & Earnings IMPLAN, an economic impact modeling software program, is used to estimate the impacts generated by residential construction. 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 Nonmetropolitan region, and Putnam County has been combined with the Gainesville MSA and therefore removed from the Central Nonmetropolitan region. ree types of impacts are estimated for non-residential construction and real estate related transactions: direct eects, indirect eects, and induced eects. Direct eects are the changes in the industries to which a nal demand change was made. Indirect eects are the changes made in inter-industry purchases as they respond to the new demands of the directly aected industries. Induced eects typically reect changes in spending from households as income increases or decreases due to the changes in production. Table 95. Value ($1000s) & Number of New Units Constructed in 2009

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124 The State of Floridas Housing, 2010 Total Impact on OutputOutput multipliers predict how much increased economic activity in other industries is caused by every additional dollar increase in one specied industry. Here the direct impacts are the new residential construction. IMPLAN models these direct eects and generates indirect and induced eects to come up with a total impact on the MSA economy. ese eects are then summed to get an estimate of the total eect on the state. As can be seen in Table 96, the $6.6 billion in new residential construction generates a total of $11.7 billion in economic activity. Table 96. Impact on Output (1000s)

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125 Total Impact on EarningsTable 97 shows the impact on earnings for each MSA that the new residential construction generates. e $6.6 billion in new residential construction generates a total of $3.98 billion in earnings. Of this $3.98 billion, the workers building the new residential construction directly earn $2.3 billion. ere are also $933.5 million of indirect earnings and $786.5 million of induced earnings. An example of an indirect earner would be someone involved in mining the raw materials used to make the concrete that is be used in the new construction, and an example of an induced earner would be a waiter who is hired due to increase spending by the newly hired construction workers. Table 97. Impact on Labor Earnings ($1000)

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126 The State of Floridas Housing, 2010 Total Impact on EmploymentTable 98 shows the eect on employment created by the new residential construction. Here the direct impacts are those workers hired to build the new construction or complete the real estate transactions. e indirect impact would be a new miner hired by a concrete manufacturer due to the increase in construction, and the previously mentioned waiter would be an example of an induced eect. Residential constructions impact on employment is 95,400 jobs. erefore, it is estimated that the economic impact from new residential construction in 2009 was approximately $11.7 billion. Furthermore, new residential construction provided 95,400 jobs with annual earnings of nearly $4 billion. Table 98. Impact on Employment

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127

PAGE 128

128 The State of Floridas Housing, 2010 CONCLUSIONe state of Florida had 4.88 million single-family units in 2010 with an assessed value of $775.4 billion. Seventy-two percent of single-family units were occupied by their owner. Fifty-eight percent of the single-family units were located in Floridas four major metropolitan areas (MSAs), which are made up of 16 counties. irty-nine percent of the major MSA total, comprising nearly 22.3 percent of the state, is found in the Miami-Fort Lauderdale-Pompano Beach MSA. e Tampa-St. Petersburg-Clearwater MSA has 27 percent of the major MSA total, which is 15.6 percent of the state total. e Orlando-Kissimmee MSA has 20 percent of the major MSA total, representing 11.7 percent of the states single-family stock, and the Jacksonville MSA has 7.9 percent of the state total. e 16 other MSAs contain 36.5 percent of the states single-family housing stock, while the 28 non-metropolitan counties contain only 6 percent. e state of Florida had almost 1.6 million condominium units in 2010 with an assessed value of $224.5 billion. Only 37.2 percent of the condominium units were occupied by their owner. Almost 69.5 percent of the condominium units were located in Floridas four major MSAs. A total of 786,454 units, or 50 percent of condominium units in the state, are located in the Miami-Fort Lauderdale-Pompano beach MSA. e 16 other MSAs contain 29 percent of the states condominium stock, while the 28 non-metropolitan counties contain only 1.6 percent. ere are 164,318 multi-family properties that contain fewer than 10 units in the state of Florida. ese properties contain at a minimum around 392,652 residential units. Approximately 62 percent of these are found in the four major metropolitan areas, with another 34 percent located in other metropolitan areas. Only 4 percent of these small multi-family complexes are found in nonMSA counties. e state of Florida has 14,042 apartment complexes with 10 or more units. ese properties contain 894,155 residential units at a minimum, or more than twice the number represented by the smaller apartment complexes. e four major MSAs contain 70 percent of these units. e other MSAs contain 25 percent of the state total. Non-MSA counties contain only 4.8 percent of the states stock of larger apartment complexes. Floridas single-family housing stock has become more aordable in recent years than during the housing boom. Using an index where a value of 100 implies that someone making the countys median income can purchase the median price single-family home while only spending 25 percent of income, 50 counties have values above 100, and 17 counties have values below 100. is implies that in 50 of 67 counties, the median priced single-family home is aordable to someone making the countys median income. is is the largest number of counties with index values over 100 since 2003. We also use a more complex methodology that takes into account household debt, taxes, and insurance to examine the percentage of sales aordable to households at dierent income levels. In 2009, 56 counties had a least half of their home sales aordable to a household with an income of 100 percent of the 2009 HUD median family income. e volume of single-family home sales continued the decline that started in 2006. e numbers of single-family sales and condominium sales were down across the state. For the fourth straight year, the number of single-family sales decreased in 2009. e number of sales decreased by 7.5 percent in 2009 as compared to 2008. All told, the annual number of statewide single-family sales is down 61.9 percent since its 2005 peak. Single-family home prices also continued to fall. e statewide real median single-family sales price decreased by 14.8 percent between 2008 and 2009, and continued to decline by 7.4 percent between 2009 and the rst two quarters of 2010. e real median 2009 single-family sales price is 38 percent lower than its 2006 peak. ese large price decreases have returned the real median single-family sales price to its 2003 level in 30 counties and its 2004 level in 41 counties, erasing the gains from the housing bubble. Similarly, the 2009 Florida condominium market saw a 7.2 percent decrease in the number of sales between 2008 and 2009. All told, the number of statewide condominium sales is down 73.2 percent since the 2005 peak. Along with this decrease in number of sales, the real median sales price decreased by 33.6 percent between 2008 and 2009, and has also decreased by 17.99 percent between 2009 and the rst two quarters of 2010. e 2009 real median condominium sales price is 47.55 percent lower than its 2006 peak. ese large price decreases have returned the real median condominium sales price to its 2003 level in 37 counties and its 2004 level in 44. According to the building permit data, there were 33,891 new units built in Florida in 2009. Of these new units, 25,501 were single-family units and the remaining 8,390 were multi-family units. e single-family units have a value of $5.7 billion and the multi-family units have a value of $863.9 million, for a total of $6.6 billion in new residential construction. e construction of these new residential units created approximately $11.7 billion in economic activity. Furthermore, new residential construction provided nearly 95,400 jobs with annual earnings of nearly $4 billion.

PAGE 129

129 ENDNOTES1. Florida State Mortgage Market Prole. Mortgage Bankers Association. July 2009. Web. 17 Sept. 2010. http://www.mortgagebankers.org/; Florida State Mortgage Market Prole. Mortgage Bankers Association. July 2010. Web. 25 Jan. 2011. http://www. mortgagebankers.org/; Florida State Mortgage Market Prole. Mortgage Bankers Association. Mortgage Bankers Association, Oct. 2009. Web. 25 Jan. 2011. http://www.mortgagebankers. org/; Florida State Mortgage Market Prole. Mortgage Bankers Association. Oct. 2008. Web. 17 Sept. 2010. . 2. In order to make the county comparisons as similar and accurate as possible, the Shimberg Center has adopted a rule that 2/3 of the unit type observations must have valid year built entries or valid square footage entries to report the number of units by year built, new construction, mean/median year built, the median size by year built, and/or the mean/median size of the unit types. 3. To make the county comparisons as similar as possible for singlefamily units, only those parcels with one building are used in the single-family size calculations. 4. In the National Association of Realtors (NAR) Home Sales, the median sale price of existing single-family homes, condos, and co-ops sold in each quarter are reported for the nine largest metropolitan areas in Florida. In addition, the Florida REALTORS produce the Florida Home Sales Report that contains information on monthly sales volume and median sale prices for the 20 major metropolitan areas. While quite valuable, the NAR and Florida REALTORS reports do not contain information on characteristics other than sale price and volume, and in addition are based only on MLS sales. Moreover, numerous counties are excluded. 5. e decennial US Census counts all manufactured housing, and therefore reports a drastically dierent number of total housing units for some of the rural counties than the corresponding county property appraiser. 6. Multiple county MSAs are as follows: Gainesville MSA includes Alachua and Gilchrist Counties. Jacksonville MSA includes Baker, Clay, Duval, Nassau and St. Johns Counties. MiamiDade-Ft. Lauderdale-Pompano Beach MSA includes Broward, Miami-Dade, and Palm Beach counties. Orlando-Kissimmee MSA includes Lake, Orange, Osceola and Seminole Counties. Pensacola-Ferry Pass-Brent MSA includes Escambia and Santa Rosa Counties. Port St. Lucie-Fort Pierce MSA includes Martin and St. Lucie Counties. Sarasota-Bradenton-Venice MSA includes Manatee and Sarasota Counties. Tallahassee MSA includes Gadsden, Jeerson, Leon, and Wakulla Counties. Tampa-St. Petersburg-Clearwater MSA includes Hernando, Hillsborough, Pasco and Pinellas Counties. 7. e appendix has County specic and jurisdiction specic data that are summarized in the following tables. ese data can also be found online at http://www.housingdata.shimberg.u.edu/ 8. e number of sales depends on what classes of transactions are regarded as qualied sales. For example, the total quoted here includes only sales that were arms-length transactions. 9. (*) Less than 25 Observations, ($) Less than 2/3 of observations have valid year-built entries 10. (*) Less than 25 Observations, ($) Less than 2/3 of observations have valid year built entries 11. (*) Less than 25 Observations, ($) Less than 2/3 of observations have valid year built entries 12. Aordability indices are calculated by NAR only for the nine largest metropolitan areas in Florida. Moreover, most of these MSAs are recent additions to the report, and thus provide little historical information on how housing aordability has changed over time and across counties. In addition, the aordability indices published by NAR are based only on homes that have sold through the use of a multiple listing service. us, the home sales used to calculate the median sale price may not be representative of all housing stock in the area. 13. e use of the Census Bureaus estimated median household income is a change in this years report. In previous years, we have purchased this data from Nielsen Claritas. e Census Bureau estimated income data is available at: http://www.census.gov/did/www/saipe/data/statecounty/ data/2009.html 14. e annual interest rates are an average of the monthly 30-year mortgage rate found in the FREDII economic database from the Federal Reserve Bank of St. Louis, and can be obtained from the following url: http://research.stlouisfed.org/fred2/series/ MORTG/ 15. Stan Fitterman, Better Subsidy Decisions Follows From Better Information, Housing News Network, Volume 23 No. 3, 2007, pp. 9-11.

PAGE 130

Shimberg Center for Housing Studies University of Florida Post Oce Box 115703 Gainesville, Florida 32611-5703 1-800-259-5705 Acknowledgemente Shimberg Center for Housing Studies acknowledges the Florida REALTORS for its nancial support of the preparation and printing of this report. Florida REALTORS is the largest trade association in Florida with more than 115,000 members and more than 17,000 member rms. Florida REALTORS provides services, continuing education, research and legislative representation to its members. Florida 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.oridarealtors.org.


State of Florida's Housing
ALL VOLUMES CITATION THUMBNAILS PDF VIEWER PAGE IMAGE ZOOMABLE
Full Citation
STANDARD VIEW MARC VIEW
Permanent Link: http://ufdc.ufl.edu/UF00087010/00005
 Material Information
Title: State of Florida's Housing
Physical Description: Serial
Language: English
Creator: Shimberg Center for Affordable Housing
Publisher: Shimberg Center for Affordable Housing
Place of Publication: Gainesville, Fla.
Publication Date: 2010
Copyright Date: 2010
 Record Information
Source Institution: University of Florida
Holding Location: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
System ID: UF00087010:00005

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ACKNOWLEDGMENT



The Shimberg Center for Housing Studies acknowledges the Florida

REALTORS' for it financial support of the preparation and printing of this

report. Florida REALTORS' is the largest trade association in Florida with

more than 115,000 members and more than 17,000 member firms. Florida

REALTORS' provides services, continuing education, research and legislative

representation to its members.


Florida 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.






TetaeoFordasHousing,2


Contents
In trod u action ............................................................................................................................................................................................... 9
O overview of T ren ds ............................................................................................................................................................................... 9
Florida's H housing Supply............................................................................................................................................. .................. 10
Data Description ....................................................................... .......... 10
G eograp hy .......................................................................................................................................................................................... 12
Single-Family Housing ................................................................ ........................... 13
C on d om in ium .................................................................................................................................................................................... 17
Multi-Family Housing ................................................................. ........................... ................................ 28
H housing Affordability............................................................................. ................ ............................ 28
Real Median Sales Price and Sales Volumes Changes 2008 to 2009 ............................................ .................................................42
The 2009 Single-Family Home Market .........................................................................42
The 2009 C ondom inium M market .................. ........ .................................................................................................... ........... 49
The 2009 to Second Q quarter 2010 H housing M arket............................................................................................ ......................... 56
H housing Supply on the M SA and C county Level.............................................................................................................. ................... 56
Florida's M major M SA s .............................................................................................................................................. ..................... ... 56
Jacksonville, FL M SA H housing Supply........................ ....................................................................................... ..................... ...... 56
Miami-Fort Lauderdale-Pompano Beach FL MSA Housing Supply......................................................................... .......................... 60
O rlando-Kissim m ee, FL M SA H housing Supply................................................................................................................ .................. 63
Tam pa-St. Petersburg-Clearwater M SA H housing Supply ............................................................................. ......... ................... ........ 67
Florida's R em gaining M SA s.............................................................................................................................................. .................... 7 1
Cape Coral-Fort Myers, FL MSA ...................................................................... 71
Deltona-Daytona Beach-Ormond Beach, FL MSA Housing Supply .............................. .. ..................................................... 73
Fort Walton Beach-Crestview-Destin, FL MSA Housing Supply................................................. .................................................75
Gainesville FL MSA Housing Supply.........................................................................77
Lakeland, FL M SA H housing Supply.................................................................................................................................. .................. 80
N aples-M arco Island, FL M SA H housing Supply............................................................................................................... .................. 81
Ocala, FL MSA Housing Supply ............... ............................................ ...... 84
M elbourne-Titusville, FL M SA H housing Supply ........................................................................................................ ........................ 86
Palm Coast, FL MSA Housing Supply ......................................................................... 86
Panama City, FL MSA Housing ....................................................................... 90
Pensacola-Ferry Pass-Brent, FL MSA Housing Supply ................................................................... 92
Port St. Lucie-Ft. Pierce, FL M SA H housing Supply.................................................................................................... ........................ 94
Punta Gorda, FL MSA Housing Supply ......................................................................... 97
Sarasota-Bradenton-Venice FL, M SA H housing Supply .............................................................................................. ......................... 99
Sebastian-Vero Beach, FL M SA H housing Supply...................................................................................................... ........................ 102
Tallahassee FL, MSA Housing Supply.................................................................. ...... 104
Florida's N on-M metropolitan A reas........................................................................................................................................................... 107
Northeast, FL Non-Metropolitan Area Housing Supply................................................................................................................... 107
Northwest, FL Non-Metropolitan Area Housing Supply .................................................... ....... 112
Central, FL Non-Metropolitan Area Housing Supply .................................................... ....... 119
South, FL N on-M metropolitan Area H housing Supply................................................................................................. ........................ 120
Economy ic Im pact of N ew Residential C onstruction...................................................................................................... ................... 125
T total Im pact on O utput............................................................................................................................................ .................. 126
Total Impact on Earnings.................................................................. ...... 127
Total Impact on Employment ................................................................. ....... 128
C on clusion ............................................................................................................................................................................................. 12 9










Tables
Table 1. Estimated Foreclosure Rates, Florida MSAs, June 2010 ............................................................................. ..................... 10
Table 2. Single-Family Housing Stock.......................................................................... 14-16
Table 3. Condominium Stock .......................................................................... 18-21
Table 4. Multi-Family Housing Stock with 9 or Less Units................................................... ...................................................22-24
Table 5. M ulti-Fam ily H housing Stock with 10 or M ore ......................................................................................................................25-27
Table 6. County Affordability Index.......................... ............................................................. .................................... ............. 29-30
Table 7. C county A affordability Index and Rank.................................................................................. ................................................. 31
Table 8. Percentage of County 2009 Single-Family Sales Affordable at 70% of 2009 HUD Median Family Income .........................33-35
Table 9. Percentage of County 2009 Single-Family Sales Affordable at 2009 HUD Median Family Income........................................ 36-38
Table 10. Percentage of County 2009 Single-Family Sales Affordable at 130% of 2009 HUD Median Family Income ......................39-41
Table 11. Real Median Single-Family Sales Price 2002 to Second Quarter 2010(2010 $) ............................................ ............43-45
Table 12. Yearly Change in Real Median Single-Family Sales Price (2010 $)...................................................... ............................46-48
Table 13. Real Median Condominium Sales Price 2002 to Second Quarter 2010(2010 $) ...........................................................51-53
Table 14. Yearly Change in Real Median Condominium Sales Price (2010 $) ................................................... ...... ................54-55
Table 15. Jacksonville, FL M SA H housing Supply.............................................................................................................. .................. 57
Table 16. Baker County Housing Supply .................................................................. ....... 57
Table 17. Clay County Housing Supply.......................................................................... 57
Table 18. D uval C county H housing Supply......................................................................................................................... .................. 58
Table 19. N assau C county H housing Supply .............................................................................................................. .................. ......... 58
Table 20. St. Johns County Housing Supply .................. ........................................... ....... 58
Table 21. Miami-Fort Lauderdale-Pompano Beach FL MSA Housing Supply .............................................. ................................61
Table 22. Brow ard C county H housing Supply................................................................................................ ...... ........................... 61
Table 23. M iam i-D ade C county H housing Supply ......................................................................................... ........ ...........................61
Table 24. Palm Beach C county H housing Supply ........................................................................................... ........ ........................... 62
Table 25. O rlando-Kissim m ee, FL M SA H housing Supply ..................................................................... ............................................. 64
Table 26. Lake C county H housing Supply........................................................................................................................... .................. 64
Table 27. O range C county H housing Supply....................................................................................................................... .................. 65
Table 28. O sceola C county H housing Supply................................................................................................................ ........................ 65
Table 29. Seminole County Housing Supply ....................................................................... 65
Table 30. Tampa-St. Petersburg-Clearwater MSA Housing Supply.......................................................................... .....................68
Table 31. H ernando C county H housing Supply ......................................................................................................... ................... ........ 68
Table 32. H illsborough C county H housing Supply.............................................................................................................. .................. 68
Table 33. Pasco C county H housing Supply.......................................................................................................................... .................. 69
Table 34. Pinellas County Housing Supply ......................................................... ...... 69
Table 35. Cape Coral-Fort Myers (Lee County), FL MSA Housing Supply ............................................ ..................................... 71
Table 36. Deltona-Daytona Beach-Ormond Beach (Volusia County), FL MSA Housing Supply ........................................................ 73
Table 37. Fort Walton Beach-Crestview-Destin (Okaloosa County), FL MSA Housing Supply............................ .................... 75
Table 38. G ainesville FL M SA H housing Supply........................................................................................................................................77
Table 39. Alachua County H housing Supply............................................................................................................. ......................78
Table 40. G ilchrist C county H housing Supply........................................................................................ ...............................................78
Table 41. Lakeland (Polk County), FL M SA H housing Supply ................................................................................... .........................78
Table 42. Naples-Marco Island (Collier County), FL MSA Housing Supply .............................................. .................................. 80
Table 43. O cala (M arion County), FL M SA H housing Supply.................................................................................. ........................... 82
Table 44. Melbourne-Titusville (Brevard County), FL MSA Housing Supply..................................................................................84
Table 45. Palm Coast (Flagler County), FL MSA Housing Supply.......................................................................... ..................... 88
Table 46. Panam a City (Bay County), FL M SA H housing ....................................................... .......................................................... 90
Table 47. Pensacola-Ferry Pass-Brent, FL MSA Housing Supply ................................................................ .................................. 92
Table 48. Escam bia County, FL M SA H housing Supply ............................................................................. .......... ........................... 93
Table 49. Santa Rosa County, FL M SA H housing Supply........................................................................... .......... ........................... 93






TetaeoFordasHousing,2


Table 50. Port St. Lucie-Ft. Pierce, FL M SA H housing Supply.................................................................................. ..................... 95
Table 51. M martin County H housing Supply ................................................................................................................ ......................... 95
Table 52. St Lucie County H housing Supply...................... .. ................................................................................ ..................... ...... 95
Table 53. Punta G orda (Charlotte County), FL M SA H housing Supply.................................................................... ..................... 97
Table 54. Sarasota-Bradenton-Venice FL, M SA H housing Supply............................................................................. ......................... 99
Table 55. M anatee County H housing Supply................................................................................................................... .................. 100
Table 56. Sarasota County Housing Supply.................................. 100
Table 57. Sebastian-Vero Beach (Indian River County), FL MSA Housing Supply.................................. ............. ... 102
Table 58. Tallahassee FL, M SA H housing Supply............................................................................................................. .................. 104
Table 59. G adsden County H housing Supply................................................................................................................... .................. 104
Table 60. Jefferson County H housing Supply............................................................................................................. ........................ 105
Table 61. Leon County Housing Supply ................................................................. ....... 105
Table 62. W akulla County H housing Supply...................................................................................................................... ................ 105
Table 63. N northeast FL N on-M metropolitan Area H housing Supply.......................................................................... .......................... 107
Table 64. Bradford County H housing Supply ......................................................................................................... ................... ........ 108
Table 65. Colum bia County H housing Supply................................................................................................................. .................. 108
Table 66. D ixie County H housing Supply........................................................................................................................ .................. 108
Table 67. H am ilton County H housing Supply........................................................................................................... ........................ 109
Table 68. Lafayette County H housing Supply ......................................................................................................... ................... ........ 109
Table 69. Levy County Housing Supply.................................................................. ....... 109
Table 70. M adison County H housing Supply................................................................................................................... .................. 110
Table 71. Suw annee County H housing Supply................................................................................................................. .................. 110
Table 72. Taylor County H housing Supply....................................................................................................................... .................. 110
Table 73. U union County H housing Supply.............................................................................................................................................. 111
Table 74. N northwest FL N on-M metropolitan Area H housing Supply......................................................................... ......................... 113
Table 75. Calhoun County H housing Supply................................................................................................................... .................. 113
Table 76. Franklin County H housing Supply............................................................................................................. ........................ 113
Table 77. Gulf County Housing Supply................................................................... ....... 114
Table 78. H olm es County H housing Supply........................................................................................................... ................... ........ 114
Table 79. Jackson County H housing Supply..................................................................................................................... .................. 114
Table 80. Liberty County H housing Supply............................................................................................................... ........................ 115
Table 81. W alton County H housing Supply............................................................................................................... ........................ 115
Table 82. W ashington County H housing Supply................................................................................................................ ................ 115
Table 83. Central FL N on-M metropolitan Area H housing Supply................................................................ .................................. 117
Table 84. Citrus County H housing Supply....................................................................................................................... .................. 118
Table 85. Putnam County H housing Supply.............................................................................................................. ........................ 118
Table 86. Sumter County Housing Supply .............................................................. ....... 118
Table 87. South FL N on-M metropolitan Area H housing Supply ................................................................................. ......................... 121
Table 88. D esoto County H housing Supply............................................................................................................... ........................ 121
Table 89. G lades County H housing Supply...................................................................................................................... .................. 121
Table 90. H ardee County H housing Supply..................................................................................................................... .................. 122
Table 91. H endry County H housing Supply........................................................................................................... ................... ........ 122
Table 92. H highlands County H housing Supply....................................................................................................... ................... ........ 122
Table 93. M onroe County H housing Supply.................................................................................................................... .................. 123
Table 94. O keechobee County H housing Supply ..................................................................................................................................... 123
Table 95. Value ($1000s) & N um ber of N ew Units Constructed in 2008 .......................... ...... ............................................... 125
Table 96. Im pact on O utput ($1000s) .............................................................................................. ............................................... 126
Table 97. Im pact on Labor Earnings ($1000) ........................................................................................................ ........................... 127
Table 98. Impact on Employment ................................................................. ...... 128










Figures
Figure 1. Serious Delinquency Rates for 1-4 Unit Mortgages, 2008-2010 ..................... .....................................................9
Figure 2. Florida's 4 M major M metropolitan Areas.......................................................................................................... ........................ 12
Figure 3. Florida's Rem gaining 16 M metropolitan Areas ................................................................................................ ......................... 12
Figure 4. Florida's 4 N on-m metropolitan Areas ......................................................................................... ............................................ 13
Figure 5. Percentage of Florida's Single-Fam ily H housing Stock................................................................................. ..................... 13
Figure 6. M edian 2008 Single-Fam ily Sales Price............................................................................................................. ................... 17
Figure 7. Percentage of Florida's Condom inium Stock............................................................................................. ........................... 17
Figure 8. Median 2008 Condominium Sales Price ........................................................ ...... 17
Figure 9. Percentage Decrease in Single-Fam ily Sales 2008 to 2009................................................................ .............................. 42
Figure 10. Decrease in Real Median (2010 $) Single-Family Sales Prices Between 2008 to 2009 .....................................................49
Figure 11. Percentage Decrease in Number of Condominium Sales 2008 to 2009..............................................................................49
Figure 12. Decrease in Real Median (2010 $) Condominium Sales Prices Between 2008 to 2009 .......................... ............. 50
Figure 13. Jacksonville, FL M SA ..................................... ..... ........................................................................................................... 56
Figure 14. Jacksonville MSA Real Median Single-Family Sales Prices (2010 Dollars)............................................... ..................... 59
Figure 15. Jacksonville MSA Real Condominium Sales Prices (2010 Dollars)............................................................... ..................... 59
Figure 16. M iam i-Fort Lauderdale-Pom pano Beach, FL M SA ................................................................................. ......................... 60
Figure 17. Miami MSA Real Median Single-Family Sales Prices (2010 Dollars) ........................................... ................................ 62
Figure 18. Miami MSA Real Median Condominium Sales Prices (2010 Dollars) ........................................ ............................... 63
Figure 19. Orlando-Kissimmee, FL ....................................... ................................ 63
Figure 20. Orlando-Kissimmee MSA Real Median Single-Family Sales Prices (2010 Dollars)........................... .......................... 66
Figure 21. Orlando-Kissimmee MSA Real Median Condominium Sales Prices (2010 Dollars) .................................................. 66
Figure 22. Tam pa-St. Petersburg-Clearw after M SA ............................... ..................................................................................... 67
Figure 23. Tampa-St. Petersburg-Clearwater MSA Real Median Single-Family Sales Prices (2010 Dollars)............................................. 70
Figure 24. Tampa-St. Petersburg-Clearwater MSA Real Median Condominium Sales Prices (2010 Dollars).............................. ............. 70
Figure 25. Cape Coral-Fort M years, FL M S................................................................................................................ 71
Figure 26. Cape Coral-Ft. Myers MSA Real Median Single-Family Sales Prices (2010 Dollars) .....................................................72
Figure 27. Cape Coral-Ft. Myers MSA Real Median Condominium Sales Prices (2010 Dollars)......................................................... 72
Figure 28. Deltona-Daytona Beach-Ormond Beach, FL MSA............................................... ........................................................ 73
Figure 29. Deltona-Daytona Beach-Ormond Beach MSA Real Median Single-Family Sales Prices (2010 Dollars) .................................74
Figure 30. Deltona-Daytona Beach-Ormond Beach MSA Real Median Condominium Sales Prices (2010 Dollars) ...............................74
Figure 31. Fort Walton Beach-Crestview-Destin, FL MSA................................................................................................... 75
Figure 32. Fort Walton Beach-Crestview-Destin MSA Real Median Single-Family Sales Prices (2010 Dollars).......................................76
Figure 33. Fort Walton Beach-Crestview-Destin MSA Real Median Condominium Sales Prices (2010 Dollars).................................... 76
Figure 34. G ainesville, FL M SA ........................................... ..................................... ........................................................................ 77
Figure 35. Gainesville MSA Real Median Single-Family Sales Prices (2010 Dollars) .................... .................................................79
Figure 36. Gainesville MSA Real Median Condominium Sales Prices (2010 Dollars)............................................. .......................... 79
Figure 37. Lakeland, FL M SA ........................................... ............................................................................................................. 80
Figure 38. Lakeland-Winter Haven MSA Real Median Single-Family Sales Prices (2010 Dollars) ........................................81
Figure 39. Lakeland MSA Real Median Condominium Sales Prices (2010 Dollars)...................................................................... 81
Figure 40. N aples-M arco Island, FL M SA .............................. ............. ..................... ......................................... ..................... 81
Figure 41. Naples-Marco Island MSA Real Median Single-Family Sales Prices (2010 Dollars)......................... .......................... 82
Figure 42. Naples-Marco Island MSA Real Median Condominium Sales Prices (2010 Dollars) ................................................. 83
Figure 43. O cala F L M SA ....................................................................................................................................................................... 84
Figure 44. Ocala MSA Real Median Single-Family Sales Prices (2010 Dollars)............................................. ................................ 85
Figure 45. Ocala MSA Real Median Condominium Sales Prices (2010 Dollars)............................................ ............................... 85
Figure 46. Palm Bay-M elbourne-Titusville, FL M SA .............................................. ........ ............................ ........................... .. 86
Figure 47. Melbourne-Titusville-Palm Bay MSA Real Median Single-Family Sales Prices (2010 Dollars) ..................... ..................... 87
Figure 48. Palm Bay-Melbourne-Titusville MSA Real Median Condominium Sales Prices (2010 Dollars)............................................. 87
Figure 49. Palm C oast, FL M SA .................................................................................................................................... ..................... 86






TetaeoFordasHousing,2


Figure 50. Palm Coast MSA Real Median Single-Family Sales Prices (2010 Dollars) .................................................... 89
Figure 51. Palm Coast MSA Real Median Condominium Sales Prices (2010 Dollars) ............................................. ..........................89
Figure 52. Panam a City-Lynne H aven FL, M SA ............................................. .................................. .... ............. 90
Figure 53. Panama City-Lynne Haven MSA Real Median Single-Family Sales Prices (2010 Dollars)........................ .............. 91
Figure 54. Panama City-Lynne Haven MSA Real Median Condominium Sales Prices (2010 Dollars)........................................... .. 91
Figure 55. Pensacola-Ferry Pass-Brent FL, M SA ............................................................................... .................................. 92
Figure 56. Pensacola-Ferry Pass-Brent MSA Real Median Single-Family Sales Prices (2010 Dollars)...................................................... 93
Figure 57. Pensacola-Ferry Pass-Brent MSA Real Median Condominium Sales Prices (2010 Dollars).......................... ...................... 94
Figure 58. Port St. Lucie-Ft. Pierce, FL M SA .................................... ..... .................................................................................. 94
Figure 59. Port St. Lucie-Ft. Pierce MSA Real Median Single-Family Sales Prices (2010 Dollars)........................ ..... ..................... 96
Figure 60. Port St. Lucie-Ft. Pierce MSA Real Median Condominium Sales Prices (2010 Dollars)............................................ 96
Figure 61. Punta Gorda FL, MSA .............................. ................................................................ 97
Figure 62. Punta Gorda MSA Real Median Single-Family Sales Prices (2010 Dollars)............................................. .......................... 98
Figure 63. Punta Gorda MSA Real Median Condominium Sales Prices (2010 Dollars)................................................. 98
Figure 64. Sarasota-Bradenton-Venice FL, MSA......................................... ................................................................ 99
Figure 65. Sarasota-Bradenton-Venice MSA Real Median Single-Family Sales Prices (2010 Dollars) ........................................... 101
Figure 66. Sarasota-Bradenton-Venice MSA Real Median Condominium Sales Prices (2010 Dollars)............................................. 101
Figure 67. Sebastian-Vero Beach FL, MSA ......................................................... ............................. 102
Figure 68. Sebastian-Vero Beach MSA Real Median Single-Family Sales Prices (2010 Dollars)........................................ 103
Figure 69. Sebastian-Vero Beach MSA Real Median Condominium Sales Prices (2010 Dollars)......................................... 103
Figure 70. Tallahassee FL, MSA......................... ... ................................................... ...... 104
Figure 71. Tallahassee MSA Real Median Single-Family Sales Prices (2010 Dollars) ........................... ..... ........................... 106
Figure 72. Tallahassee MSA Real Median Condominium Sales Prices (2010 Dollars)............................................ ..................... 106
Figure 73. N northeast FL N on-M metropolitan Area.................................................................... .......................................... 107
Figure 74. Northeast FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2010 Dollars) ........................................... 111
Figure 75. Northeast FL Non-Metropolitan Area Real Median Condominium Sales Prices (2010 Dollars) ........................................ 112
Figure 76. Northwest FL Non-Metropolitan Area................................................................................................... 112
Figure 77. Northwest FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2010 Dollars) ......................................... 116
Figure 78. Northwest FL Non-Metropolitan Area Real Median Condominium Sales Prices (2010 Dollars) ........................................ 117
Figure 79. Central FL Non-Metropolitan Area..................... .... ..................................... ................................... 119
Figure 80. Central FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2010 Dollars)...................... ..................... 119
Figure 81. Central FL Non-Metropolitan Area Real Median Condominium Sales Prices (2010 Dollars).................... ..................... 120
Figure 82. South FL N on-M metropolitan Area ....................................................................... ........ ...................................... 120
Figure 83. South FL Non-Metropolitan Area Real Median Single-Family Sales Prices (2010 Dollars) ............................................. 124
Figure 84. South FL Non-Metropolitan Area Real Median Condominium Sales Prices (2010 Dollars) ........................................... 124










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.
In the first part of the report, property appraiser data files are used
to examine Florida's housing stock. First the housing stock is sepa-
rated into three broad categories: single-family housing, condomini-
ums, and multi-family housing, which are further separated into
complexes with two to nine units and complexes with ten or more
units. This separation highlights the difference between the rural,
urban, and coastal counties. Single-family housing units dominate,
but condominiums are an important source of housing in some
coastal counties. Other broad trends are discussed in this section
including the total number of units, the median age of units, and
the median sales price of units in each county. The coastal and large
urban counties tend to have the largest number of units and the
highest median sales prices when compared to the rest of the state.
The issue of housing affordability is examined in the next section.
The most affordable housing is generally located in rural counties
in the interior and northern part of the state. In general, the least
affordable counties are located in major metropolitan areas or other
coastal counties.
The report then examines how the sales volume and real median
sales price has changed between 2008 and 2009 and between 2009
and the first two quarters of 2010 for both single-family housing
and condominiums.
The next section looks at the housing supply and the real median
single-family and condominium sales price for each metropolitan
statistical area (MSA) and the four non-metropolitan areas. The sec-
tion also examines the individual counties that make up the MSAs
and 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 2009. This section examines the number and
value of new single-family and multi-family homes built in Florida
in 2009, and their impact on the Florida economy. Specifically, this
section examines the impact on output, earnings, and employment.


Overview of Trends

In 2009, home sales trends in Florida continued to reflect
the decline in sales prices and volume that followed the dramatic
increases of the first half of the decade. The volume of single-family
home sales was down 60 percent in 2009 compared to its peak in
2005; the number of condominium sales was 73 percent lower in
2009 than in 2005. Prices for both types of housing also are down
from their mid-decade peaks. In real dollars, the median price for
a single family home was 38 percent lower in 2009 than in 2006;
for condominiums, the price was 48 percent lower. Because of these
drops, home prices are beginning to return to early-boom levels. In
most counties, particularly in major metropolitan areas, prices for
single-family homes and condominiums are at or below 2004 levels


in inflation-adjusted dollars. Median prices have returned to 2005-
2006 levels in nearly all of the other counties.
Florida's housing market continues to be affected by high rates
of mortgage delinquencies and foreclosures. Loans in "serious
delinquency" include mortgages in foreclosure and those with pay-
ments at least 90 days overdue. According to the Mortgage Bankers
Association's National Delinquency Survey, Florida's rate of serious
delinquencies for 1-4 unit homes rose steadily from 6.71 percent
in the first quarter of 2008 to 20.13 percent in the second quarter
of 2010.1 In other words, one in five 1-4 unit mortgages in Florida
is now seriously delinquent. As seen in Figure 1, Florida's serious
delinquency rate is more than double that of the national rate.

Figure 1. Serious Delinquency Rates for 1-4 Unit
Mortgages, 2008-2010


| 12.0% I


liMOO%

5 W


I qL1 gJOHl qi1 ; 3 4WH q4 IMMOt QZOTl'3 iQ21" t4iJOo 2 i QI afl QfZl OII0



Source: Mortgage Bankers Association, National
Delinquency Survey. Q1 2009 data not available.

Florida's metropolitan areas have some of the highest foreclosure
rates in the country, particularly for subprime mortgages. The Lo-
cal Initiatives Support Corporation and Urban Institute used data
from LPI Applied Analytics to estimate foreclosure rates for 1-4
unit homes in metropolitan statistical areas (MSAs) nationwide.
Seventeen out of the 20 MSAs with the highest estimated foreclo-
sure rates in the U.S. are located in Florida, as Table 1 below shows.
Only the Pensacola-Ferry Pass-Brent, Tallahassee, and Gainesville
MSAs have foreclosure rates that do not rank in the top 20 nation-
wide. Subprime mortgages are far more vulnerable to foreclosure.
Throughout Florida, 20-40 percent ofsubprime loans are estimated
to be in foreclosure, compared to 3-14 percent of prime loans.







STeSaeoFlrd'Hosn,21 1


Table 1. Estimated Foreclosure Rates, Florida MSAs, June 2010


Foreclosure Prime Subprime State Rank in National Rank
Rate (All Foreclosure Foreclosure Foreclosure in Foreclosure
Metropolitan Statistical Area Loans) Rate Rate Rate Rate
Miami-Fort Lauderdale-Pompano Beach, FL 17.84% 13.43% 38.8% 1 1
Cape Coral-Fort Myers, FL 15.8% 12.88% 36.31% 2 2
Palm Coast, FL 15.57% 12.38% 40.04% 3 3
Port St. Lucie, FL 14.97% 11.64% 34.56% 4 4
Punta Gorda, FL 14.56% 11.6% 36.49% 5 5
Tampa-St. Petersburg-Clearwater, FL 13.66% 9.99% 35.11% 6 6
Orlando-Kissimmee, FL 13.41% 10.61% 30.76% 7 7
Bradenton-Sarasota-Venice, FL 13.32% 10.44% 37.84% 8 8
Naples-Marco Island, FL 13% 10.81% 38.76% 9 9
Sebastian-Vero Beach, FL 12.42% 9.19% 35.5% 10 11
Lakeland-Winter Haven, FL 11.82% 8.89% 25.84% 11 12
Deltona-Daytona Beach-Ormond Beach, FL 11.78% 8.75% 29.31% 12 13
Ocala, FL 11.53% 8.37% 28.07% 13 14
Palm Bay-Melboume-Titusville, FL 10.61% 7.72% 32.22% 14 16
Jacksonville, FL 9.29% 6.56% 24.9% 15 17
Panama City-Lynn Haven-Panama City Beach, FL 9.15% 7.4% 28.99% 16 18
Fort Walton Beach-Crestview-Destin, FL 8.88% 6.82% 32.63% 17 19
Pensacola-Ferry Pass-Brent, FL 6.67% 4.67% 21.87% 18 38
Tallahassee, FL 6.25% 4.22% 23.12% 19 52
Gainesville, FL 5.31% 3.52% 22.17% 20 86

Source: Analysis of LPI Applied Analytics data by Local Initiatives Support Corporation, tabulated by the Urban Institute.


FLORIDA'S HOUSING SUPPLY

Florida's housing stock includes single-family units, multi-family
units, and mobile homes. Although all three types of housing units
are represented, the housing inventory is dominated by the single-
family home. About 58 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 50 percent of the state's condominiums. Significant
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
exemption, and location of the property by section, township, and












range. The database contains most but not all residential structures.
It excludes: (1) residential structures located on land that is not
residentially coded, such as land coded as agriculture or commer-
cial; (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 part of one of the four major residential land
use categories examined. The data, unless otherwise noted, are for
the final tax roll year 2010.
Use of the individual county property appraiser data sets allows us
to reasonably compare housing characteristics in the counties with
each other. However, there are gaps and limitations in these Depart-
ment of Revenue (DOR) data sets. Gaps occur because in some
counties, certain fields of data are not included in the records or are
missing for specific property types. For example, in many counties
the year built information or square footage is missing for condo-
miniums2 or multi-family units.
The sales data also have some limitations. Limitations on the data
can occur for two reasons. First, until the 2009 roll year, only the
two most recent sales prices and year of those sales were reported.
Any time a parcel sold, the older of the two sales was lost.
If one examines the county sales history, for every county the
number of sales has increased over time, and there are two potential
explanations for this observation. The first is that sales really have
increased over time, and the second is that this increased frequency
is just a statistical anomaly due to properties selling multiple times,
eliminating the older records. In an attempt to overcome this
problem, we have merged sales data from the previous ten roll years
(2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008 and
2009) with the current roll year (2010). 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 rem-
nant of the ways the sales are reported. The merging of the different
roll years means that this issue should only be a problem with sales
that occurred in the early 1990s and should not be an issue with
sales occurring in the 2000s.
A second limitation in the data is that definitions vary
somewhat across counties; an example of this is square footage.
Property appraisers calculate and use more than one measurement
of square footage in their appraisal process. Thus, this characteristic
can vary across county and possibly over time within the county.
Another reason square footage can vary is the presence of multiple
buildings on a parcel, which show up in the value for square footage
field3.
Another problem that has to be addressed when creating the da-
tabase is that the data must be cleaned. For example, any sales that
are determined to be a "non-arms-length" transaction (by the DOR
transaction code) are deleted. Additionally, any observations with
obvious mispricing (due to data entry or other error) or which are
not considered a sale for purposes of the report are deleted. For
example, the older of two recent sale prices for a newly constructed
home is usually the sale of the lot, a price not comparable to the
sale price after the home has been constructed. Finally, data entry


problems exist that have required the development of screening
rules to eliminate information that falls outside reasonable boundar-
ies.
Despite these problems, the property appraiser data provides
information on Florida's housing stock that is not otherwise avail-
able. For example, while the yearly American Community Survey
(ACS) provides current housing estimates, it is only available for
40 of Florida's 67 counties. The ACS is also subject to inaccuracies
in evaluating housing unit characteristics because it relies on the
evaluation by the occupants for estimates of numerous variables
such as property value and age. Other sources, while current and
valuable are subject to limitations of geographic coverage or amount
of information available.4
The following section describes the existing single-family housing
stock in Florida. Subsequent sections provide detailed information
on the condominium market and the multi-family 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 are difficult to obtain for several reasons. First, a manu-
factured home is only classified as real property if the owner owns
both the home and the lot. It is these homes that are included in
the property appraiser files. Other manufactured housing, perhaps
the larger share, is located on rented sites and carries a tag from the
Division of Motor Vehicles.5






-TeStof.-loidasHousn


Geography Figure 2. Florida's 4 Major Metropolitan Areas

The housing data are examined at the county level and the
metropolitan statistical area (MSA) level. A MSA is an area with
a high degree of social and economic integration, a population of
100,000 or more, and 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.
The state's 20 metropolitan areas (MSAs) are further divided into m---
"major" metropolitan areas (four 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 2 shows, a total of 16 counties
make up the four major MSAs. The 16 remaining MSAs include 23
counties, which are shown in Figure 3.
A total of 39 of Florida's 67 counties are therefore found in
metropolitan areas, with the remaining 28 being non-metropolitan.6
These remaining 28 counties are further categorized, as shown in
Figure 4, into four regional groups: Northwest, Northeast, Cen-
tral, and South, according to categories used by the University of
Florida's Bureau of Economic and Business Research.





Figure 3. Florida's Remaining 16 Metropolitan Figure 4. Florida's 4 Non-metropolitan Areas
Areas




L~~-












Figure 5. Percentage of Florida's Single-Family
Housing Stock


l-lC[ --D[


P.rrL.-rnIro. i. l I S.m.gle IS n'.t.niW. *%. k
LJ.M.. *
m~~1 K

Figure 6. Median 2009 Single-Family Sales Price


UwiJln W 5"l'r. I ria I .....a. |- a.= I .. ..I ***
-3 I.uH I Mt K
nI1 L:Mr Mlr1 >*+


J~~3a


Single-Family Housing7

Summary data by county, with aggregations to metropolitan and
state totals, are included in Table 2. There are 4.88 million single-
family housing units in the state of Florida and the total assessed
value of these units is $775.4 billion. A total of 71.8 percent of
these units are occupied by their owner; the remaining units are
renter-occupied. The number of single-family sales in 2009 totaled
141,992 which is equal to 2.91 percent of the total single-family
housing stock in this state.8 The median single-family sales price
declined from $194,300 in 2008 to $165,000 in 2009.
As shown in Figure 5, Florida's housing is geographically concen-
trated. The four major MSAs contain 2.8 million single-family units
and these units comprise about 57.5 percent of the total housing
stock in the state. Thirty-nine percent of the major MSA total,
comprising nearly 22.3 percent of the state, is found in the Miami-
Fort Lauderdale-Pompano Beach MSA. The Tampa-St. Petersburg-
Clearwater MSA (which we will refer to as Tampa Bay) has 27
percent of the major MSA total which is 15.6 percent of the state
total. The Orlando-Kissimmee MSA has 20 percent of the major
MSA total, representing 11.7 percent of the state's single-family
stock, and the Jacksonville MSA has 7.9 percent of the state total.
The 16 other MSAs contain 36.5 percent of the state's single-fam-
ily housing stock, while the 28 non-metropolitan counties contain
only 6 percent. The non-metropolitan counties show the extremes
of population densities in the state. For example, Lafayette County
has only 926 single-family units. Other counties with less than
2,000 units include Glades, Hamilton, Liberty and Union County.
Counties with the largest number of sales transactions in 2009
are, as expected, the largest counties in population. Almost 54
percent of the single-family transactions in the state in 2009 were in
the major MSA counties. Another 40.4 percent of all sales in 2009
were in the other MSA counties, while the remaining 6 percent were
in the non-metropolitan counties.
The highest single-family median sales price in 2009 was in Mon-
roe County at $400,000, and the next two highest priced coun-
ties, Collier and Walton, had median single-family sales prices of
$300,000. Eight counties, Franklin, Miami-Dade, St. Johns, Palm
Beach, Martin, Nassau, Manatee, and Sumter, had median single-
family sales prices between $200,000 and $299,999.
As shown in Figure 6, the sales price data further illustrate the
differences between urban and rural counties and between coastal
and non-coastal counties. The highest mean prices in 2009 are in
coastal counties, several of which are not major urban counties (for
example, Monroe and Franklin County). 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.


U













Table 2. Single-Family Housing Stock


Total Assessed
% Owner Value
County Total Umts % of State Occupied Val ueD
Occupied Millue 1
(Millions ofDollars)


Baker County

Clay County

Duval County

Nassau County

St Johns County


MSA Total



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

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


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



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



Gamesville, FL MSA Alachua County


Flonda


Total Just Value
% of State (Millions of % of State


Jacksonville FL MSA


4,881,410 10000% 71 79%



4,008 008% 79 54%

53,818 1 10% 79 22%

248,606 5 09% 73 31%

20,032 0 41% 73 25%

58,455 1 20% 75 79%

384,919 789% 74 58%



372,109 762% 77 48%

368,533 7 55% 77 81%

348,460 7 14% 73 80%

1,089,102 2231% 7641%


90,441 1 85% 70 32%

278,666 5 71% 70 72%

81,357 167% 56 30%

119,536 245% 77 68%

570,000 1168% 70 06%



60,842 1 25% 69 82%

310,538 636% 76 17%

143,991 295% 70 58%

246,267 5 04% 76 40%

761,638 15 60% 7468%



2,805,659 57 48% 74 40%


199,329 4 08% 59 74%



154,561 3 17% 72 56%



61.405 126% 68 06%


55,700 1 14% 76 27% $7,577 52 098% $8,600 62 1 02%


Number of Median
Mean Year Relative Number of M n Turnover
Sales m % of State 2009
mit Age Index 2009 Sales Pnce Rate

1985 1 00 158,878 100 00% $165,000 3 25%


$775,377 46 100 00%



$415 13 005%

$7,317 91 094%

$34,110 17 440%

$3,942 03 051%

$13,539 73 1 75%

$59,324 98 765%



$70,262 79 9 06%

$72,286 91 932%

$80,595 32 10 39%

$223,145 02 28 78%


$12,949 20 167%

$43,641 12 5 63%

$9,551 15 1 23%

$19,516 56 252%

$85,658 03 1105%



$6,436 23 0 83%

$40,923 07 5 28%

$16,261 73 2 10%

$34,509 19 4 45%

$98,130 22 12 66%



$466,258 25 60 13%


$32,092 20 4 14%



$17,87247 231%



$9.155 94 1 18%


Dollars)

$847,311 43 100 00%



$475 19 006%

$7,973 63 094%

$39,40911 465%

$4,42661 0 52%

$14,771 39 1 74%

$67,055 93 791%



$78,35055 9 25%

$85,367 97 10 08%

$87,001 34 1027%

$250,719 86 29 59%


$13,681 95 1 61%

$45,87846 5 41%

$9,72991 1 15%

$21,164 19 250%

$90,45451 1068%



$6,61448 0 78%

$43,793 16 5 17%

$16,85948 199%

$38,059 79 449%

$105,326 90 12 43%



$513,557 20 60 61%


$33,465 88 3 95%



$19,08043 225%



$10.131 08 1 20%


3 04%


1991 0 75 15,614 9 83% $102,000 783%



1981 1 17 4,956 3 12% $135,000 3 21%



1984 104 2,076 1 31% $185,000 338%



1984 1 04 1,661 1 05% $184,500 2 98%


0 83 97 006% $147,200 2 42%

0 79 1,940 1 22% $170,350 3 60%

1 29 5,443 3 43% $174,000 2 19%

0 71 583 0 37% $210,000 291%

0 58 2,382 1 50% $245,000 407%

1 04 10,445 6 57% $187,000 2 71%



1 21 16,497 10 38% $189,000 4 43%

1 50 6,079 3 83% $245,000 165%

0 83 6,598 4 15% $239,900 1 89%

121 29,174 18 36% $211,500 268%


0 63 2,224 1 40% $169,000 246%

088 8,948 5 63% $186,000 3 21%

0 63 4,793 3 02% $124,000 5 89%

1 04 4,103 2 58% $185,000 3 43%

083 20,068 12 63% $170,000 352%



0 75 1,675 1 05% $115,500 275%

063 12,642 796% $155,000 407%

092 5,292 3 33% $142,000 3 68%

1 67 6,007 3 78% $165,000 244%

1 00 25,616 16 12% $150,000 3 36%


85.303 53 69%


MSA Total














Table 2. Single-Family Housing Stock

Total Assessed
County Total Umts % of State Occied Value
(Millions of Dollars)


Total Ju t Value


Total Just Value
% of State (Millions of % of State
Dollars)


Numberof Median
Mean Year Relative Nuber of Medi Turnover
Built Age Index Sales m % of State 2009 Rate
Blt Age Index 2009 Sales Prce Rate


MS haul

KI "7,A, I'IW %~



I Al~l~toiiBul. F 1, n


NzpkMarc Is. Fl MS


Ocala, Fl. NMArilt. 1:, (S
N$m'\4w I F! 1 MlS






rruhww a I ic laarlc~* KI NINA


PaJn Ii~-AkH ,w-tvnm, I-I MSA


[1TSA row


MSAX ToD


Purim Uoc". FL P1A


~l~n-Ve ia. ]FL 2Nx


MNA i l1


Sehamian-VLn V kE4h. Ii. M,"


1-1, NINAI.hls


Gikhrim Cwznt




FAdL C-M






Marion Count








Is*~l Cowly


VClwnho Cmm
Cmllw ('wmiR










I kujKk (Cunwi




LMana,. Count

SI, I Wk, C.-ly)




ChafrlockCtnint


Matalte C-fflt






Indim Riv Coutry







I'to"a Ccawky
Wacuia(tit


MSA Tol


2277 0.05 74.12%








696 1 -W; 6477%













49j8 I 73A7%


141A I A;% 7IU51













.V354Z 4) q% ~74,%
65.455 I 7463.69

00% 71,01%





69.455 1 4r 77,77%r










7A)-N O.5 74.0".

tS9?32 I.W.i 72.84%


1],!? 0.03%


























so,14y IIi
S 15.401-14 1.00%














S11.100V3 I.W.
59,6m~a 1 74%
















%'4l 47 AA H1%
Sh31) lir $3 5.1








SIIH~L2I (r~
s9J61 1 I.M




lilujiszl 1.31%4



S91532 0.11





W.W&lbC 1.55%,


tI2?~J Irx












qt5kr IjM.






4tAM I.W.









I ajih 1.D4%;











S4I3Jb]77 4.%




110221 1U.24
"TI(Jt (K11%


















S910-% IiAL4
$117N94 1.211k,


19U 01.U


I,71IL7 36 I 44,77% 5:20A6W,74 4J A% S2 & 1 71C 33,71%


RjIInI(Bah ,LhtV0Lwjm A-i I|4,


Q9 0.0321% 152.W01 2,1

1,710 Llm% 8 IKAWI) !J05t.






2.827 1.79% SW,.W YbN1






2.345 I.{V4 SIASAW :44

4,4114t 4 11 "'W 47-.












;,WW 4J1t". 51 M1 1




1706 04.5. 4 1'


10.01u,wW ,




hH77 4,33% S]9900 r4*



1.640 .N% S164,00 441



h,111175.300 93-u






215 S I 30IIO .OA*

2,376 1.50% S 164.9** 2,63t


tA17 4.3-. 1 11













Table 2. Single-Family Housing Stock


Total Assessed
% Owner Value
County Total Umts % of State Occupied Val ue
(Millions of Dollars)


Ni'tharblewr Sianpiiuan rta


Ni nn mniriij ITitl


Nornhws NcmnrnirclitanArea


Nmnklrnarmefrtal ILitjtl


CanraI N4imhlr iit4 Aira








%suith 4onmrItn',plin Arca


Columbia County
ixi. c 'orm

HitrSibtirl U'wS


I ay m ('t w


Suwasa Count








CSUfiNm Ctomm)
Franklin Ctusq

iGulktf(tma
H.&k*" m I


Libirt Cuowt
Wahlw Count)






CilrviD* Cluri
uinamnl CeCuray

Summer Coxmawu








Hankei County
1(W&%I CEmnl


llendry Caunwu


I IIc$4eL4tIW1Lmi


Novnnm'irpln Tlat


NianuninlinIn Arr hiu1l


5.519


,2621




7,171




1.1i7
5192








1.24

















5,.4451.



7.2l8
1.17)



























7241

*23113
1.SMtU
4.10B








t2.S)S


011% 73.13

0-.W. 74.49<


C' 04% 4w91.'%

O,0-i 70h.i&
0 1 ? I 17~;


0(I.. 71.105%
(C11%. 61.i4N


("%i% 7.r5,59


o 0,i 74.75'"









OA~, ; 44.46%
01or. 40.12.























oC I% M.VS,
0O% 41.4.4%
lFt. 72.74w%






- I 6. .2IW.
ll% 68. t'74*,




0.11*. 72.7<5.
0.1"* 66.IHi"




0il?% 6<.791%


SI.24 .'14

$11N I

S' 1-




$1511

",612






I6.2 4.
11664




SI 63.94
W31. 63




571.517






56$13uS 6








$II I,1)w









!n*61
SI&d11 5


Total Just Value
% of State (Millions of
Dollars)



(01.1 $1.4) 46



C.AI%** $1+1.
0.411%
n(n)" t9w 71

f141.i; S27467


4i.415. $ .61

C4111%. SllS l




(1.401% P4O.'"Q
(I.ll S&419.91
411*. .1.47 97


(i.< r. 54N.24





141r N.4 I 0




(74(l, $6 -413

I.2% 1L 114.41
(.711% si8w90

1AIP. $14.12) 14


(1416%; S49610
(1.0% S16T07

S-133304
Ii.IJ. 3ta.&44
(1.5j I K7 14-
(145.% $1, .1- 1



2.11 4 $lt114.34


% of State


Mean Year Relative
Built Age Index


Number of
Sales m
2009


Median Turnover
% of State 2009
Sales Price


5134.WI 1.1Rt
S140ft.O00 M

Wi4t91t 1.215-
$117AM25 I74S

51 41,714%
$141, 0 1 1R1


W1L25, I




51W:325 1.7;




5?4.1701 1L.t-.






S76.7u00 [.t-

Mi5.7& (1.'S7:

21R,iAI ;.44;




I110AMtI 1.414.

52024,00 SS?-

sllciWt tol




\I.5s00 1.S-

lOS.iOS l1.5g-








f10j05r0 2.7?


$4,mT61747 $4C1 Z4.nW44 iI


M.?kl41 6thy % l, IlIP


9.40; % .w












Condominiums


Figure 7. Percentage of Florida's Condominium
Stock


U
lii.:. r l l lr l


Figure 8. Median 2009 Condominium Sales Price


m. ... ...


The role of condominiums in providing housing in a county is
another indicator of the differences in housing stock across counties.
Table 3 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 1,571,092 condominiums in the state in 2009, and 37.2
percent of these units are owner-occupied, much less than the 71.8
percent owner-occupied found in the single-family stock. A total of
786,454 units, or 50 percent of condominium units in the state, are
located in the Miami-Fort Lauderdale-Pompano Beach MSA. Fig-
ure 7 shows the geographical distribution of condominiums across
the state. In total, the non-MSA counties have less than 1.6 percent
of the total condominiums in the state, and almost 76.6 percent of
these are found in two counties: Monroe and Walton. Other coastal
metropolitan counties have a much smaller absolute number of
condominium units than the three southeast counties, but condo-
miniums still make up a significant percentage of the housing stock
in these less populated counties. For example, Collier County's
95,812 condominium units far exceed the 76,965 single-family
housing units in the 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 63,285
units in 2009. Of these 22.1 percent occurred in Broward County,
18.6 percent in Miami-Dade County, and 10.8 percent in Palm
Beach County. These three southeast counties accounted for
about 51.5 percent of all condominium transactions in the state.
The median price of condominium units sold in the state in 2009
was $125,000. Figure 8 shows the median sales prices for condo-
miniums vary widely across counties. Counties with median sales
prices at/or above $250,000 were Escambia ($305,000), Monroe
($303,000), Walton ($295,800), Santa Rosa ($270,000), and
Okaloosa ($269,000). The relatively high price of portions of the
condominium stock in coastal settings appears to reflect the steep
premium paid for the ocean accessibility by the retiree clientele for
those units.













Table 3. Condominium Stock9


Total
Tol d Total Just
Assessed
County Total Uts % of State Value % of State a % of State Average Age
Occupied ( iMillions of
(tMillions of Dollars)
Dollars)
Florida 1,571,092 100 00% 37 23% $224,524 42 100 00% $232,007 65 100 00% 1986


Number of Sales
in 2009


% of State


63,285 10000%


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
Miaml-Dade
County
Palm Beach
County
MSA Total


0 000% 000% $000 000% $000 000%

2,380 015% 41 81% $179 81 008% $18382 008%

25,470 162% 4057% $2,891 78 129% $3,03235 131%

3,670 023% 1610% $1,19821 053% $1,22622 053%

13,724 087% 25 76% $2,18412 097% $2,24914 097%

45,244 288% 3416% $6,45392 287% $6,691 52 288%



254,124 1617% 4593% $23,38386 1041% $24,34001 1049%


345,654 2200% 4216% $56,36082 2510% $58,43898 2519%

186,676 11 88% 4216% $23,13845 1031% $24,17250 1042%

786.454 5006% 4338% $102.883 13 4582% $106.951 49 4610%


14,000 2212%


11,749 1857%

6,855 1083%

32.604 51 52%


Orlando-Kissimmee, FL Lake County 3,188 020% 46 27% $51821 023% $52923 023%
MSA
Orange County 66,705 4 25% 21 63% $8,626 93 3 84% $8,696 78 3 75%
Osceola 13,857 088% 945% $3,37516 150% $3,37667 146%
County


Semmole
County


MSA Total


Tampa-St Petersburg- Hernando
Clearwater, FL MSA County
Hillsborough
County
Pasco County
Pmellas
County
MSA Total


Major Metropolitan Area
Total


15,961 102% 3601% $85282 038% $867 79 037%

99,711 635% 2302% $13,37312 596% $13,47048 581%


596 004% 3943%


$3289 001%


$3431 001%


1989


43,955 280% 3691% $3,05618 136% $3,10696 134%

12,147 077% 4023% $749 78 033% $77324 033%

103,465 659% 4400% $11,93090 531% $12,491 30 538%

160,163 1019% 41 75% $15,769 75 702% $16,40582 7 07%



1,091,572 6948% 4090% $138,47993 61 68% $143,51931 61 86%


16 003%


$0

$118,300

$125,000

$207,500

$155,000

$129,000



$72,500


$220,000

$95,000

$121,000



$117,000

$70,000

$80,000

$53,700

$66,000



$48,500

$70,950

$62,950

$119,950

$98,700


551%


3 40%

3 67%

415%



2 79%

2 89%

6 60%

6 50%

3 98%



2 68%

4 55%

3 24%

3 73%

391%


44,228 69 89% 405%


Median 2009
Sales Pnce


$125,000


Turnover Rate



4 03%













Table 3. Condominium Stock9


% Owner
County Total Units % of State OcOwier
Occupied


Ve4. u'porl l0or1it tL4 County
FH. Mlk


Del na- DaMtiLa Bc-ah- Volutia
{Miimld .hl I. MSA CI4ingt


lQl Walln BIach- ,LA ,
"Cr i~i w- ,dinL F1.
KIMSA {


Fir. MI" Abchc
(iainotill, H \I. MSA
Uiltchfim
tciuin
MSA Total


Laktlacu. FL M\A Polk tounli


Napl c-Matz l laidItl. :L- rCun



OSa*, Ur MWA MtaricM ('ounety


I r .'ll rL- l a .ih i ulr,, { rjIN



Pale o L MSAa I L MS a lg Coufl


IUI.a [Cil yl.nnM
Imw 1.I}Iin t1ay (Ciunly
I IIA MSA


ftnaii1&ca'fir Fnti. Vicrnbia
rntm. ri MSA County


MSA teui


PM SL Luric. PL MSA Minin Cunl>I
SL LWic

MSA TLoal


FuPnla k(la. FI. MSA Clar
Coinny


80,574 5.13% 2I.39l



2.8 &) L.Sfi 24.6%



13.493 .*6% &.?9,i


K N9














10.7$
7.137



8.601






6,478


14.19(


4.447
















14,726
II.Wl



14.,T
21.tl!>


I4.g3


A5%. 321.7%



0-45% 31.7&.>


0-55% 32.11 %


*6.Il 29.70%


Ir4I% 9,.11%


S2. 2ur 71 .


028a 20.621i


1I21% 5.74%.



n157; 14.49g

It11I% 1S.73%

BjttS 14. 6s


.9 % 3Y.i5%

I.J94 3S.845%


L. s4 27.1%

090% 27.14%


0,9 Wl 197. 1.1'1%

50.247 3.2i 39.0B%


Total
Assessed
Value % of State
(Millions of
Dollars)

$512,4.3.76 5.55%



S42G6.48 191%



$3.1 5.01 1.40%



S661.4 0.I0%.

MI.LM U(.,W

$4".e48 u.30%


s4w.99 0.21%


$25704.83 11.45%


$393.31 0.18%


$18.41.70 I70%.


5 0.45 0.42%


$1327.79 I.4S%



$1j16.O O.-1%i






LtSltO.U1 U0,6



SLS4 .Il, 0I. L
51,9-2.'9 (1.57%

S3.5L2.60 1. %




$ I1I9. 51 1.(5%


Total Just
Vale % of State Average Age
(Mlllons of
Dollars)


$L2,&29.36 5.44%



4U.3 7A3 .815



h3.166.56 L.36



$679.00 0-29%



56791M0 0.29l.


$479.43 021%M


S16.751.34 11 -51%


$400.18 -IS 17



SI,494 I 7r.1










$1,2..05 10.79%

$15345$ 0.15%

$2,18706 0-. 94%


1].640.23 0.71%

$Z,00.51 u0.%u

$5.670.74 1.5W%


$1.904A5 o.A.



$1,781.34 I63%


Number of Sales
m 2009


M f edian 2009
% of State 2009 Turnover Rate
Sales Pnce


425 A J7%


1915


1,112


10927.78 4-.r% S1-.3.4325f 4J.8v. 194


$I LWAi



$11790






3100.0m










$ l2.Ii5I


$2042.510
1.70saL

















1127.000
$12%.54,900








llWsJuI)


tl9.24.


2a07% $140l),~

2 97% $16p.tliI


4.21%


Saral ru.iRiaI lonl.
Vcni.L FL MSA


Mannlla
C(ouny












Table 3. Condominium Stock9


% Owner
County Total Units % of State % Owner
Occupied


Total
Assessed
Value
(Millions of
Dollars)


Total Just
Value
% of State V o
(Millions of
Dollars)


Sof Number of Sales
% of State Average Age 2009
in 2009


M edian 2009
% of Statece
Sales Pnce


< I V' non


Scbaliian-Vt ilcah. Ilian Rijcr
FI. MSA roNin ly


T1 4lnlh1W,, Fl. MSA a


Lon counyn


.iwity
MSA Total


Rcnwrinaiieng Wlr ifNiim
Area To r i








i aly n
CL unmfn



I x



(owisL









tIik..lihi
rulfCouMBly

Ilnlrwty


C..tunT
Su"AtrIJ

TaylOx Couvt>


Namneiop ulian ITeal


NwLo C Clb ommn


(lnulfloueFu




Jackumf



WamlIn Cmnty
Wcpiny

Mvirriinklitpi-iAn Total


81237 5.171 38.75%



14.782 OI.W 3'.27i





0 00%4 (i.0f .

4.249 0.27% 19.M '.

2?2 0.02% 32.5.-%



4M.676 2., M, 1 .7991

454.676 2A.94% 68.77%


a

27!!



0

0




0

11.5St


Ori.M 75s.ik

0.0K% 64.44'%

0.01% 2.61%



4 Of h. O.(KA.
0.00% Os.m


0.02% 5,AI%

orW (lIX.r



o001% 4.4^n


0.04% li.9-M.





0.(0% 0.,0.

4) 1.M% nlw









O.0(0% O.IKi.

O .4%, ,61%
0.74% .6,2%

01,X*,.b o.( i

O76% ?.h61


%NIA 3Toftl1


0 0 W%


$2.48 3.61 I.7 19 b




$0000 0'w- 0'
$S5.0 OI '". 197


34.26 .01% I

SN19. 66 0n11% 1\7


$SI514.04 3557i-i


S14.622.9 6.51%I



$2.41.37 I. a%



$O 00 0.01%

$0.oo fokw;

$3. 727 O0 1%

533.65 0-01%

$ I "1 O,17%


i.S195.72 15.72%



$2.07 .01M1%

S3.59 0011.

26.71 001%.





$36.11 0.02%

n000 sofM

S.IXI O.aHI%




$57.42 OQ.O4%





$43.59 I.2%

$15.16 0.01%

$0.00 0 o





$2.751.W9 1.23%

$SO.211 OtD,

t;A111 12;


$i.0 0.4Kto I


S4.11 0.01% 1l9M
SIS05. 0.o{4 1W4

$ftOft oOo.O'.f


so o.ooi

50 0.10%

$10.000 $127%

S121.5J0 4.11%

SOo,50 ,(H


3.99%





4.44%

3-95%





0,10%





220.'


o 0.00%;


S 175.0110

$11.,7'00



50

50o

SI 70.0IO

so



S.12?7.000
17 )










so
S175.IO0









50


$SO( O LJ 14. so
500 0J.1% 0 0 OIM ; 50


S2,7 1.39 1.1 II 4I7 0.74% S293.1 0

11800 0. 10 it 1u (I* g o O
n 1 1.2%l 0,(7 .1 1 90so0

$2,819i 0 1 1-(So$ 47? C,05a% $ 193,13M


SOW 0 o 01.o. f 0

17.14 0o.G-i 1 W3 4


Vf0.0t 0.410% D 0


SIW) 001% ISO 2z
$1.57 0.40.4 00 41
SMa) 11.o4i 19I 16
tILfl lHICT't I1.*L I1


Turnover Rate


$15.12.5. 6.5%4


\19T


1,161 2.T70%









Table 3. Condominium Stock9

Total
SAssessed
%Value % of State
County Total Umits % of State Value 0% of State
d Millions of
Dollars)


Total Just
Value
SValue % of State Average Age
(Millions of
Dollars)


Number of Sales
in 2009


So Median 2009
% of Statece
Sales Pnce


Vefl.al \irt qf("lii, Ouu GA.
Aimd

Co mmlyr


Nmrinsitpolilan Totnl


wasnh Nkonenrfw poilnan IDc.0c
Arca C'aanly
,iladcd (anly



Ceourfl



NI Iinet Nap r


Il TIcmEnhlWlo I tln)


$142.21 .O61 %

$25.26 0.Ou1

S35.?1 I.02%

$22251 0. 10%


(,t7 91,(4% 42,17%- Sl41.91 (,02%i

193 0.01% 28.42% 8S.7B 0.lWh0

21i 0.01% 35.3S% $.71 (I%.I

1% O.1 0.9 51K.09 0.01%

126,5 0.AR 35.57% S,73 O.I04%

7T.81 0.4B1% 1 .7i% S2,561.02 1.14%

156 0.O1% 1.5.1. $S7.3;6 U.IAJ

It.1 3t O.M6' 22.2% $52,727.52 1.21L%


S10).4| 0o.0%

S26.87 .)l1%


s??.0?? O,1W
SM2? 4), 10%


$42.22 0<.(02%

5873 *.0(11%


$18-5 0.01%

S83.90 0.04%

$2,647.77 1.1|4%

S7.Ml 0.0(1?W

$2,gl-2:9 1.21%


.Ii4 1. it tC5, I/(. $5,R.48 7 2, (% 25,31 257%


SBI.X..4






844>MMj
$1S,511




S|g.wll



SH-W1)

:BTo1


Turnover Rate


24.W5.

u.78%

4 2


.11 %


2.31"%

1.53%

1.72%

2.901%

2 12.%


1 -%6 P IW 48*1%

201 0.01% 6 1 l.41%

513 U, i3% 33,53%
I3J0 0n15% 'F,0%


N10n1nieropilitan ARni
Iaia E


ff l4d











Table 4. Multi-Family Housing Stock with 9 or Less Units'0


Number of
% of State Residential
Units


Total Assessed Value
(Millions of Dollars)


% of State


Total Just Value
(Millions of
Dollars)


Sof State Mean Relative
Year Built Age IndexState
Year Built Age Index


164,318 100.00% 392,652


$25,394.92 100.00%


$26,780.38 100.00%


1971 1.00


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





MSA Total


Major Metropolitan Area Total


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


0.03%
0.20%
3.39%
0.24%
1.05%
4.91%


NA
507
16,788
564
2,917
20,776


18,364 11.18% 51,151


32,587
10,622
61,573


1,319
6,155
949
1,651
10,074


19.83%
6.46%
37.47%


0.80%
3.75%
0.58%
1.00%
6.13%


87,182
28,122
166,455


3,871
1,879
2,259
3,056
11,065


$5.65
$40.39
$946.83
$107.15
$401.56
$1,501.58


0.02%
0.16%
3.73%
0.42%
1.58%
5.91%


$2,894.60 11.40%


$6,935.29
$1,493.11
$11,323.00


$169.12
$563.40
$108.95
$175.24
$1,016.72


471 0.29% 1,207

5,083 3.09% 14,252


3,698
12,856
22,108


2.25%
7.82%
13.45%


6,988
33,267
55,714


101,825 61.97% 254,010


27.31%
5.88%
44.59%


0.67%
2.22%
0.43%
0.69%
4.00%


$57.31 0.23%

$474.05 1.87%


$354.02
$2,041.72
$2,927.11


1.39%
8.04%
11.53%


$16,768.41 66.03%


$5.65
$41.66
$1,028.59
$114.59
$473.25
$1,663.75


0.02%
0.16%
3.84%
0.43%
1.77%
6.21%


$3,029.22 11.31%


$7,387.34
$1,546.40
$11,962.96


$169.30
$567.82
$109.31
$180.34
$1,026.77


27.58%
5.77%
44.67%


0.63%
2.12%
0.41%
0.67%
3.83%


$57.73 0.22%

$488.21 1.82%


$381.48
$2,171.67
$3,099.10


1.42%
8.11%
11.57%


$17,752.58 66.29%


Cape Coral-Fort Myers, FL MSA Lee County 8,329 5.070o 19,204 $737.66 2.900o $757.38 2.830o 1987 0.58


Florida


County


Total
Complexes


Cape Coral-Fort Myers, FL MSA Lee County


8,329 5.07% 19,204 $737.66 2.90%


$757.38 2.83% 1987 0.58










Table 4. Multi-Family Housing Stock with 9 or Less Units'1


Number of
Total of State N e Total Assessed Value of St
l % of State Residential U% of State
Complexes Residential (Millions of Dollars)
Units


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


Dellonr-Day unl Bach-Onnond Black Volua County
PIF MSA Vol Cun

Fort Walton Heach-Ckstvicw-lkstin. FL, Okaloosa County


11.430 6.96% 11773


835 0.51% 3.142


51090.28 4.29%


$146.69 0.5%


S1.121.96 4.19%


S149.65 0.56%


Gainesville, FI. MSA

MSA Tolal


Alachua County
Gitchrist County


Lak1land, FL MSA Polk County

Naples-Marco Island. IL MSA Collier County

Ocala FI. MSA %1.i,,u.n t .1n111

Palm Bay-Mdlbourne-Titusville, FL MSA Brevard County

Palm Coast I'L MSA I lapllr ( county

Panama Cily- -ynn Haven. FI. MSA Bay County

I'.nftl,.Id-i l I'. lrajsbrcni I L MSA Escanbia County
Santa Rosa County
MSA Tloal


Port St, Luci., FI, MSA

MSA Toial


Puta (Gorda. FL MSA

Siurasit-Diradenion-Vnice, Fl. MSA

MSA Total

Sehasian-Verm Bach. I'l. MSA


Martin County
St. Lucic County



Charlotte County

Manate Cuunli
Sarasota County



Indian River Cmunty


1,66c9
10
1.679

4.642

1.969

3.612

2,972

924

1.196

1.924
659
2.583

999
1.510
2.509

1,172

4.;24
4,145
8.669

770


County


1981


1973


0.74


0.95


1.02%
0.01%
1.02%

2.83%

1.200%

2.20%

1.81%


0.56%

0.73%

1.170%
0.40%
1.57%

0.61%
0.92%
1.53%

0.71%

2.75%
2.52%
5.28%

.047%


4.927
48
4.975

13,703

3.107

8.712

7.916

985

3,191

5.728
1,623
7.351

2.008
3.407
5.415

5.959

10,285
7.245
17.530

2,138


$195.33

$197.27

$368.65

$255.40

$458.72

$498.15

$140.20

$198.29

$202.83
$66-34
$269.18

$132.51
$112.46
$244.97

$160W.93

$730.51
Si,236.55
$SI967.W 6

$92.40


0.77%
0-0%

40.71%

1.45%

1.01%

1.81%

1.96%

0.55%

0.791%

0.80%
0.26%
1.06%,

0.52%
0.44%
0.96%


0.63%

2.88%
4.87%
7.75%

0.36%


$196.8&
51.94
$198.74

$371.32

$257.26

$514,17

S523.34

$141,39

$203,91 I

1206,84
$66.57
$273.41

$13434
$114.62
$249.46

$163,76

5764.61
S1,379.26
$2.143.87

$93.13


0.73%
0.01%
0,74%

1.39%

0.96%

1.92%

1.95%

0,53%

0,76%

0.77%
0.25%
1,02%

050%
0.43%
0,93%

0.61%

2.86%
5.15%
8.01%

0.35%









STable 4. Multi-Family Housing Stock with 9 or Less Units'1


Number of
TotalNumber of Total Assessed Value
Ta % of State Residential % of State
Complexes nits (Millions of Dollars)
1 TUnits


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


1Tallahasse. FI. MSA




MSA lola1


Remaining Metrililan Arca 'Iotal

Northll asl soTrT.lr-'r lilal *ri*












Nonndrmepolitan '1otal

Nortlhwst Nuomctropoliian Arc-a









Nonimlropolitan rToial

CcInral NonrnIropolitan Area



Nnmmt rnpolitan Toltl

South NtnicmlrApnlitmn Arc








Nonrmtropoliani 'Ttal


(iadsde County
Jl Il'IN ii t3 l lll'
.eion Countym
Wakuli aCounty


Enidfard Counly
Columbia Cuminly
Dixie Cu .ty
lihuniton Couniy
Lirafrs(ic 'oCBntly
LMv County
Mhli-k n0C''niity
Su'annae Couunly
T''lor Courty
Union Counlt



Calhoun County
Fraiklina Counmty
GulfCowmt'
iloires County
Jackson Couunm
Liber" Coiunry
Wallon Counly
Washinglon County



Cirus County
Pulann CLounly
Sitialer Counvt



DeSonm Crmnty
Glades Caunty
HardeeCouty
Hendiy Comty
ligliad. ,lourly
Manro county
Oktchobu County


96 0.06%
65 0.04%
2,170 1.32%
76 0.05%
2.407 1.46%

55698 33.90%

I0 0.01%
221 0,.13%
I 0.00%
174 0.11%
7 0.00%
70 1004%
211 ,1113%
59 0.04%
IW G.07%
3 0.00%
868 0.53%

7 o0.0%
16 0.01%
17 0.01%
6 0.00%
2 0.00%
33 0.02%
310 0.19%
67 0104%
458 0.28%

510 0.31%
147 009%

737 0.45%

227 0.114%
1I9 0.12%
222 0.14%
417 025%
772 0.47%
2,435 1.48%
470 0.29%
4.732 2.88%


121.617


649
358
567
645
11966
6,113
945
II243


$6.38 0.03%
$.03 0.03%
S3ER32 E 125%
S3.39 0.05%
$346.12 1.36%


$7,171.96 28.24%

$0.68 0.(0%
S.WO, 0.12%
50.09 O.080.
$16.07 0.06%
Sft2 0,(tM
$8fl. 0,03%
$19,13 O,il%
510.I8 0.04%
S16.7 0.07%
$0.66 0.00
$104.68 0.41%

$2.52 0.01%
$3.93 0.02%
$4.69 0.02%i
$1.65 0.01%
$S.57 0.0*i
$1.23 0. A
S59.91 0.24%
$9-,o 0,03%
518.0 0.35%

561.44 0.24%
$15.85 0.06%
U6,38 0.03%
813.67 0.33%

S23.22 0.(%.
S18.99 0.07%
S1756 0.07%
$39.96 0.16%
S60.83 0.24%
5977.24 3.95%
$40o8 0.16%
S1.17.g0 4.64%


56.65
$S.29
$ 21.17
S13.47
S349.59


0.0.2%
0.03%
1.20%f
0.05%
1.31%


S7,512.33 2.05.%


0i.701
$31,12
$0.09
$17.32
S0.82
$8,95
$21 14
$10.91



S110.75

$2.52
$3.94
S4.69
$1.65
$5.57
51.31
565.07
$R.65
593.394

563.25
$17.02
$6.76
1$7.03

$23.57
S20.16
319.06
$42.12
561.54
51,016.0,
$41.78
S1.22431


0,12%
0.10%
0,06%




0.04%
0.07%

0.00%
0.41%

0.01%
0,01%
0.02%.
0.01%
0.02%

0.24%
0,01%
0.35%

0.24%
0.06%
0,03%
0.32%

0.09%
0.08%
0,07%
0.16%
0.23%
3,79%
0.16%
4.57%


1976 O.g7
1978 0.82
163 1.21
1976 .87
1979 0,79
1990 0.50
1975 0.9
1983 0,68


Nonmaro0aIimn Area Total 6195 4i4% 17.025 S11454.55 5.73% $1415.48 5.66%


County


6.95 4.14% 17.025 S1.454.55 5.73%M


SI.515.48 5.66%


Nmnretro limun Area Toal










Table 4. Multi-Family Housing Stock with 9 or Less Units'0


Sf unahcr of
Tooal N umcr Toal Asscssed Valur
%, of $nfai i Residcnlial % o ISlalal
Compk'lcxs % ( Millions of Dollars)
Url ls.


14,042 I00.DO % 894.155


Jwksonville, Fl. MSA


MSA Total


Mimi i-Fonr I.auderdJalkPompanno Rach, Broard Cou
FI.l- MNSA
Miami-lUade Cwounty
SAPaln I.lal.u
MSA ToRal


OIlildo-K issinimec, I'. MSA


'i ni 'i. Prlersbrg-Clearw'alr. I'l
MSA





MSA Total

Major Meaupolilan Area Toual


2 0,01%
43 0.31%
581 4.14%
24 0.17%
42 0,130%
692 493%


NA
1,411
77.311
1.209
280
80.211


2.149 15.30% 85.842
3.376 24.04% 129.742
698 4,97% 51.140
6,223 44.32% 266,724

149 1.06% II.589
828 5.90% 167.064
78 0.56% 373
149 1.06% 29.241
1.2114 8.57% 208.267


54 0138%


744 5.0% 94.957
186 1,32% 10,134
744 5.30% 20,229
1.728 12.31% 125.921

9,847 70.13% 681,123


Florida


total JunL Valucn Rc aii
(Milliomi of % or'Slate e t M Age td iex
3Ye,4r IBU.il0t 19 I1.
I)Dolars)

39,784.46 10,114.n% 1977 1.00


$1,73
5208.44
$2,96.49
$39,09
$99.,5
J$ 'Ih


0,00%
0.52%
7.31%
0.10%
0.25%
8.18%


539.774.71 IIMI.aN%

11,73 0,(mW.
S208.44 0.52%
$2,906.3 7.31%
$38.44 0.10%
$99.85 0.25%
$3.254,4 8.l18%


55,574.07 14,01%
7.931.20 19.94%
52,724,M3 6O.5%
$16.229.57 40.111%

$347.58 0.87%
$4,520.20 11.36%
$423.24 l.0(i%
SM250.67 3.14%
56,541,68 16.45%,


51 19,63 0,30%

$3.1R3.85 9.7(6%
S34,.64 0.97%C
$2,095.89 5.27%
S6,494.00 16.30%

$325 10.10 81t.74%


('npc('oral-FLwIMVaS, Fl MSA [.ecCounhni 179 1.27% 16.268 5282.82 0.71% $282.82 0.71% 1985 0.75


$5577.42 14.02%
$7,932,00 19.94%
5$ ': .i 6,85$%
S16,233.73 404.80%,

5347.58 0.7%
$4,520.20 1 136%
5423.24 [.IN0
51.250.67 3 14%
6 *JI .o: 16.i44%


$119,64 0.30%

$3,813.87 9.76%
S,1464 0.97%
$S2096. 11 5.27%
56.484.26 16.30%

S32,515.25 81.73%


Counly


Baker Couvn4)
Clay Counly
DuvnIl CotitDi"
NanSM Count
Si. Johns County


MSA ToIal


LakecCouinr
I ,r.,.i; County
Osccola County,


hleInnando Coinly
lulLst.....u l.
Counly
PasCo Courtly
Pincllas CIounty


Cae Coral-Fort Mveye FI. MSA [eeCounly


179 1.27% 16,26B 5282.12 0.71%


S2.82.2 0.71% 1985 0.75










Table 5. Multi-Family Housing Stock with 10 or More Units"


Fowll Nukr of Tool Awssewd VIalu
Coiupk St ResideIntial ,, ,0 I orSlarsw


rT~al Jut Valr
(Millirls of % of SlawL
I h. ll: .r I


Mt-ri RBl ativC
Yeal Built Agc Iniei


I)eltona-Dayloa Lkach-Ormond Bleach. ..I. ...
FI. MSA

Fort Walton Beach-Cresrview-Destin, FI. Oka C
.MSA Okka is.a Ctunty


(jaimsvi Ill e. MSA Alcihun Counly
Gilchrist County
MSA Tolal

I.akland. Fl. MSA Polk (C'nty

Naples-Marco Island. Fl. MSA Collier Counnr

Oc(la. FL MSA Marimin (Cunrl

Palm Bay-Melbourne- iliusville, FL M SA HT-lrd County

Palm Coast, Fl. MSA I sitil. County

Panama City-Lynn Haven. Fl. MSA Bay Couily

Pensaeola-Fecry Pass-Brent, L MSA Escamnhia County
SanUi RKa County
MSA Toal


Inrt Si. Luciet, Il MSA

MSA ToIal


Marin County
S1. Luck Counmy


Punta Gorda. IL MSA Chrlotte Counly

Saasrna-Brademni-VenicLe F. MSA Man 1 a tCounml
Sarasoi Counlty
MSA Toal


Setbwtian-Vcro Bach. FI. MNSA


indian RiLrc Coiiuy


459 3.27%


160 1.14%


377 2.68%
79 0.56%
456 3.25%

289 2.06%

95 0.68%

112 0.J1%t

260 1,5%

10 0.07%

149 1.06%

145 1.03%
59 U.42%
204 1,45%

57 1.41%
66 0.47%
123 10.8%

81 0.58%

281 2.00%
1'2 1.37%
473 3,37%

49 035%


20.188


5.558


32.363
195
32,55H

16.573

13.125

1.492

21.179

19

5,811

13,107
2.141
15.248

63
3.107
3.170

5,483

13,055
2.416
15.471

3.382


5572,43 1.44%


$213.42 0.54%


S13 55.17 2.65%
$7.42 0.,02%
S1,062.59 2.67%

$441.24) 1.11%

$371.04 0.93%

5240,95 0.61%

s593.13 1.49%,

S2I.1 I 0.07%

$306.54 0.78%

392.06 0.99%
s6S.67 0.17%
5460,72 1,16%

SI 15,9R 0.29*%
5155.25 0.3U9
S271.23 0.6*8

$7227 0.18se

$M.2.78 1.21%
5362.18 0.91%
S344,97 2.12%

598,45 0.25%


S572.43 1.44%


5213.51 0.54%


S1,055.17 2.65%
$9,17 002%
$51,64.34 2.61r

S441.20 1.11%

S371.04 0.93%

S240,96 0,61%

S593.13 1.49%

528.11I 0.047%

S309.61 0.78%

$392.06 0.99%
S6,.67 0.17*
560,72 1, 16%

S 116.50 0,29
51.5,2S 039%
S271,76 0.68,

S72.27 0.18%

Slt2.78 1.21%
S362.47 0.91%
5845.25 2.12%

598,45 0.25%









Table 5. Multi-Family Housing Stock with 10 or More Units"


TI al J al V lu e R A i
(Mi i lli ~s f % of Sta a
Io1 lars)


lallha.ssi. FlI.SA




MSA Tolal


Kcmaining Metropolitan Area Total

Northcasl Nammetrpolitan Area












Noinc
NoMuhwtest NCmuntr>OpXliun Anr4;









Nonnmcropolitma Total

COlIail Nounlkliwpolilan Area



Nanimirtpoliitan Total


SouLh Nlmhntlropllitim Ariea


(1.14%
0.07%
2.8m1%
0.01%
3.02%


Gdsdk ountm~iy
Jelerson County
L .n County
Wakull County


917
95
25,W40
7
26.899


3,523 25.09% 202,424


Bradford Countyu
Columbia Counly
Dixic (i .l
Hamilton County
Larfayelt Counlty
I.e e County
Madl.on Counly
MSadiM ix Coumy
SUuinkcBc C(Htr
Taylor County
Uniain Coiungr



Calh(vn County
Franklin County
GulfTw"Co
Ilolmes County
Jackin Cuunly
l.iheny Counit
Wallon County
.ih.h n l, r.n Counr


4 i lr -i lnurl v
Purnam County
Sumwc Cowunt


I)kSa Countl y
Cilades Countv
Hardc~ County
Hendry County
Hihlands C Cran~y
Monro County
Okmcobce County


No ndropolitan Total


0.16%
0,24%
o.o.%
0.04%
0.01%
0.10%

(,0q%
0.08%
0.05%

0.88%



0.24%
0.26%
O.OP4%
0.70s
0,41%



2.10%

0.28%
0.21%
0.27%
0.76%


35 0.25%
3 0.02%
11 D.08%
14 0,10%
62 0.44%
17 0.12%
5 0,04%
147 1,05%


S20.30 (0.05%
52.19 0.01%
S1,004 .13 2.52%
SI.01 0.00%
S1,027.62 2.59%

56,890.48 17.32%

S13.94 0.04%
S35.01 0.09%
S1,41 0~10%
S0.19 0.00%
51.29 0.C1%0
58.03 0.02%
S5.29 0.0I1%
S7.14 0.02%
53.61 0.01%
$1.29 00.K-%
S77.22 O.I 9

S0.70 O(1,1PI
S7.28 0.02%
$10,10 0,013%
S3.13 0.01%
S23.46 0.06%
$3.64 0.01%
S23.64 0.06%
$1,61 0.0,%
S73.56 0.18%

537.97 0.10%,
S26.86 0.070%
59,16 (0.02%
S73.99 0-1.91

$21.M94 O.U6%
S0.94 0.00%
S12.95 0.03%
57,43 0,02%
529.79 0.07%
S67.13 017%
57.18 0.02%
$149.36 0.3O%


$20.33
S2.19
S1,(0.13
S1,01
51,027.65


0.W05%
0.01%
2.52%
0.00%
2.58%


56,893.25 17.33%


$13.%
S35.02
S1.51
50.30
S1.29
5$.03
S5,29
7.,19
53.61
S1.29
S77,48

S0,710
S7.28

S3.13
$23.46
S5.21
S23.64
S1.61
S75.13
$75, 3

537.97
526.86
S9,16
S73.99


0.04%
0.09%
o.ooW,
0.00%
O.OWfP
0.02%

0,02%

0.01%
O.Olwr
0,19%

0,00%
0.02*'
0,03%
0.01%

0.06%
0.106




01o0
0.07%
0.02%
0.19%


$23.4 0.06%
S0.94 0.00%


112.95
$7,43
$29.79
167.13
$7.18
$149.36


0.03%
0.02%
0.07%
0.17%
0.02%
0.38%


I Nmmctiupolitw Art~a T~Ami 672 4.79% JO,60S $374.14 094% S3T5.96 0.94%


T<)t11 ** c~i Nwnbw or rm ^^,v
Numtcr o VoWa AsscsscO Valtw
rol % of SL Residevnilal 1 fStoc
Coamplexes nits (Millios or WtMllI


CounVy


Noinneroplitan Area Total


672 4.79% 10,60s $374,14 0.94%


$375.96 0.94%






STeSaeoFlrd'Hosn,21 1


Multi-family Housing

We divide the multi-family stock into two categories, consistent
with the appraiser data: complexes with less than 10 units and com-
plexes with 10 or more units.
Table 4 contains summary information on the state's stock of
multi-family properties containing fewer than 10 units. There are
164,318 of these in Florida, with a minimum of 392,652 residen-
tial units. Approximately 62 percent of these are found in the four
major metropolitan areas, with another 34 percent located in other
metropolitan areas. Only 4 percent of these small multi-family
complexes are found in non-MSA counties. Almost 20 percent of
these complexes are found in Miami-Dade County. Only 12 of the
non-MSA counties have more than 100 such complexes, with Mon-
roe comprising almost 36 percent of the non-MSA total. Other
non-MSA counties with more than 100 properties were Columbia,
Citrus, Putnam, DeSoto, Glades, Hamilton, Hardee, Hendry,
Highlands, Madison, Okeechobee, Taylor, and Walton County.
Table 5 contains information on multi-family complexes with 10
or more units. With a total of 14,042 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 894,155 residential units, or almost two and a quarter
times as many residential units as the smaller multi-family com-
plexes. A total of 24 percent of these larger complexes are located
in Miami-Dade County, with 15.3 percent in Broward County
and 12.3 percent in the Tampa Bay MSA. The four major MSAs
contain approximately 70.1 percent of all complexes of this type.
The other MSAs contain 25 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 stu-
dents in those communities. Non-MSA counties contain only 4.8
percent of the state's stock of larger apartment complexes.



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: household income, housing prices, and mortgage rates.
This chapter begins with a discussion of affordability using a hom-
eownership cost index measure.


Housing Affordability Index

One measure of housing affordability is the cost of homeowner-
ship, commonly conveyed through housing affordability indices.
A housing affordability index for an area brings together the price
and the income elements that contribute to housing affordabil-
ity. The most common index construction method is that used
by the National Association of REALTORS' (NAR). The NAR
index measures the ability of the median income household in an
area to purchase a median priced house. In addition to the median
income and median house price in an area, index construction
requires the current mortgage interest rate, assumptions about the
down payment required to purchase the median price home, and
the maximum percentage of household income that can be spent on
housing. An index of 100 indicates the typical (median) household
in the area has sufficient income to purchase a single-family home
selling at the median price.12
In the analysis below, median house prices are calculated from
the DOR county property appraiser datasets. Median household
incomes are from the United States Census Bureau's estimated 2009
median household income3.
Our index construction method can be represented by the follow-
ing formula:


Affordability Index =


Median household income
Qualifying income


xl00


An index value of 100 implies that the median household income
is equal to the qualifying income and therefore, the median sales
price is affordable to households at or above the median income.
Index values over 100 imply that the median household income is
greater than the qualifying income and therefore housing is more
affordable. Index values below 100 imply that the housing is less
affordable, as the median income is insufficient to purchase the
median priced home.
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 2009 is $38,597, the median 2009 sales price of a single-family
home is $184,500, and the 30-year mortgage interest rate of 5.04
percent14 yields a mortgage constant of 0.005393. The calculated
affordability index is 85.07:

$38,597100
4x12(0.95 x $184,500) x 0.005393

_ $38,597 100
$45,370

=85.07





Table 6. County Affordability Index


McirlcAlin as,

Jwkasrailk. IL MSA










Miami Forl La~ueIdale Pmpai Beach, FL MSA






Olan&r-KYsimre. Ft. MSA








Ilp-S4. Pa rcsit'laat. VIF. MSA








Cape Caral-Fort h'rs., FI. MSA



LkMtona-iaIonr BEW h-UOmond BtLc L FL MSA



Fum Wallm Bach-Cmrk~svi .lk4 i,. FL MSA



Gaim-nille, FL MSA





Latrlmi. Ft MSA\



Nap|lciMo 1lnm Pl. IMSA



Ocaa, FI. MSA



Palm IBa)-MLdicnl-mituilk. UL M&\



PI'lm Croal FL. MSA



Pfam Ci~r-Lyrn IHawn. FL MSA



P nsacala-Ferr Pass-Brnt, fL MSA





Pon St. Lucie. FL MSA


Cnun n

rIin f (unly

ual C.nuntjy

Nas*au ComntI}

SA. khn Courwy



Brward Couny

Miari-Dae County

PmRan ach COaWly



ilAkc Counry


Onk B0Countyt


S minole County



Hoomadotil Comnry

Ililblmhnaough C ty

Pasco (C'muu

PinKtita Counft



Le7 Count






O1akwa COmunly



All-hua CormLy

(iiklrim Cutn y



IPot County



Colbitr CannIy












1Ba. County




bEscambiT ount

Samns Rssl cnny



Martin Coumty

St. Lucie Cmuty-


'1003 241)4

151.14 1326.3

117.95 11761

11H.82 It07

108.30 101.0

99.32 6.0



U3.26 67.33

75.7* 59.36

77.14 61,9.



10.27 91.12

103175 $8.97

10&.42 X4.47

12.57 109 6





112.9 98.13

102.22 90.42

10 .17 94,06



96.69 6S6B






133.77 10IL.8



94.28 7.76

141.99 10.12



125.35 10 51



74.S7 60.33



102..40 91.48



124.51 10152



125.24 101.65



106 89 90.2



130.64 120.25

131.91 11).43



78,39 64.31

105.69 83.98









-Tetaeo-ordasHousing


Table 6. County Affordability Index


MeroliUan Al a Cmun 2003 2004 2005 2006 2007 2008 2009


Punt C~da. FL MSA


inno-Bein-Vic., F1. MSA




bidesian-Vao BCah. fL MSA


C enlm NWncmrrAliAt As4t


ChartM o CLm nO



Maianut Comn

SariaWLi Causl



adIlin Kier Louam



t adsdenCounty

Jffiersfcom






radlwd (l mly

('ColuniiaiactiNy

LDiie Cun.lymy






Lat ilucta Couanh






I hfnient Lomit'








L-kminL outmrl
raiaiwn. rounf
TIrnea Comuni












Littmy COWiNt



Washinston Cowns)
Wa.'4iiriam' Coiinai


C(ilw C'.09nly

N amsn Couty

Suineinr fuiny


Souh rmcRlrtloEitai Are


LDaw o Ofminy



1ila5nlo Co4nty

I kn&dr Cm y

Iligfilimuls fuint)y

3,1UnroCouryit

Okeechibee County


106.44 .70 68.26 68.43



8721 47i0 54.89 49,79

100.26 86.0 69.71 63.25



144.11 113.12 1012,00 AS

1"662 1I.51 102.41 84.17

113 0 95.65 90.43 11.54

II l10 100.2 3.54 94W.9



10t471 93,27 77,95 06A6.



15797 137.45 116.69 95.14

127,9 192,00 9,23 73.37

14929 107.10 90.77 100.99

136.00 11.40 116.5) 97.11

132.'7 156.113 .62 1503

131. 6 94.50 32X.0 70.52

IR1541 115.71 115.67 107.6

150.16 132.05 95.45 [0.95

S1729 134.49 119.07 99.4

173.32 130,9% 1tj,2 9I,55



2IS15 137.66 1U.73 I2.0*

4557 32,74 312,9 31,'8

67.49 51.25 47.39 64.13

181.39 172.60 160.13 144.84

155.75 133.34 125.69 10B.53

13;.14 193.,6 192.40 92.51

55.6 37.94 31.22 40.43

163.93 133.21 115.13 110.01



135.39 110,02 17,16 74,3

146.83 121.80 99.0 813.47

9956 75.96 69.26 60.10



14U24 127,76 0,4 73, 15

160415 133.26 105.34 78.59

190.14 152.75 14630 112.84

17684 122.79 90.01 69.58

141.62 121.22 R1.44 71.R

41.83 29.29 24.2 24.84

124.~9 9.94 85.33 69.70


7.72 105-27 127.96



55.18 74.28 W967

70.61 0.28 9s35


79,36

71.66

81.96

99.00


93.22 93.T2

84.27 115.I0

90.18 94.47

115.25 I50.22


70,30 91,54 10.12


102.14

76,95

91.54

104.19

7.19

74.97

98.05

93.31

13.A4


111-0 115.64

%,67 10725

131 54 136.35

16594 117.96

94.937 14.13)

96.44 9091

14099 140.16

1l0059 113.41

135.4 I 1.90

lJIdO 96% .83


113.79 109l 132.15

41.32 50,62 47 7

59.17 5666 75-32

129.97 149.87 140.4

99.56 109.17 134.I1

97.91 103.73 195.16

41.41 51.82 57A41

100.04 120.71 156.65



79,02 99,53 12,30

86.13 92.48 11642

61.65 77.63 93.6


10t04 119,49

10140 109,66

113.24 130.63

99.82 175.64

97.06 119.25

34.52 5057

94.7 13.94


"lallahw FI. MSA


' -r1 l,.ild r. .-,,t r-i .i .Il.1.s .1 ra


Vorthwml tN ura-rumpilarn Arma











Table 7. County Affordability Index and Rank


County
Liberty County
Taylor County
Lee Counly
Santa Rosa County
Hendry County
Washington County
Wakulla County
Lafayette County
St. Johns County
Hemando County
Madison County
Holmes County
Osceola County
Clay County
Dixie County
Jackson County
Polk County
Calhoun County
Okeechobee County
Hardee County
Baker County
Citrus County
Charlotte County
Volusia Counly
Hillsborough County
Seminole County
Brevard County
Flagler County
DeSoto County
Highlands County
Hamilton County
Putnam County
Bradford County
Escambia County
Pasco County
Jefferson County
GilChnst County
Suwannee County
Duval County
Glades County
Marion County
Okaloosa County
Columbia County
Nassau County
Pinellas County
Indian River County


2009 Affordability
19516
18590
181.90
181.03
175.69
156.65
150.22
145.13
144A49
142 07
140.86
14045
139.79
138.12
136.38
134.81
133.68
132.15
131.94
130.63
128.50
128.30
127.86
124.68
123.65
123.54
120 63
120 20
119.49
119.25
117.96
11642
115.64
115.60
115.38
115.05
114.42
113.41
109.85
109.66
10934
108.18
107.25
106.85
10647
105.12


2009 Rank
Most Affordable
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20


Broaard County
Orange County
Lake County
Bay County
Sarasota County
Union County
Leon County
Gadsden County
Sumter County
Martin County
Levy County
Manatee County
Alachua County
Palm Beach County
Gulf County
St. Lucie County
Collier County
Miami-Dade County
Walton County
Monroe County
Franklir, Couniy


104.94
102.38
102.22
102.14
98.35
96.63
94.47
93.72
93.60
91.00
90.91
90.67
85.07
84.18
75.32
73.94
73.11
68.66
57.00
50.57
47.78


47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
Least Affordable







TetaeoFordasHousing,


The denominator is the annual mortgage payment, multiplied
by 4, because the income needed to qualify for a 5 percent down,
5.04-percent interest rate, monthly payment loan is assumed to be
four times the annual mortgage payment. This is equivalent to a
household spending 25 percent of its monthly income on mortgage
costs, and is consistent with the qualifying ratio used by residential
mortgage lenders. The calculated index of 85.07 indicates that
median household income in the area is 14.93 percent below the
amount typically needed to qualify for the loan. The higher the cal-
culated affordability 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.
We calculate affordability indices (Table 6) 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
family income.
Due to the manner in which the median household income is
calculated, the county-specific indices cannot be directly compared
year-to-year, but the overall trends in the counties can be discussed.
Fifty counties had an index value over 100 in 2009 and 17 counties
had an index value below 100. It has been six years since Florida
saw this many counties with an index value over 100, indicating
that their housing is relatively affordable; at the peak of the housing
bubble only seven counties had index values over 100. These num-
bers imply that housing affordability has become less of a problem
since the housing bubble burst.
Table 7 ranks the affordability of each county. The highest house-
hold 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 moderately correlated, which can lead to significant differences
in housing affordability across counties and MSAs.
Seventeen Florida counties had an affordability index below 100
in 2009. The most affordable counties are generally rural counties
in the interior of the state, mostly in the northern 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 2009.
The small number of transactions is not surprising in small counties,
but may be indicative 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, 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 present a more
realistic picture of home buyers, the Shimberg Center is continuing
to report our new measure of affordability based on work done by
Stan Fitterman at the Florida Housing Coalition15. This measure
calculates the maximum sales price that a household can afford
taking into account the cost of taxes and insurance, and assuming
the household has some other debt burden besides a house pay-
ment. The following assumptions are used to calculate the maxi-
mum affordable single-family sales price. First, it is assumed that the
monthly debt of the household is 15 percent of income. Second, the
household is assumed to make a five percent down payment. The
tax rate is the county's total millage rate as reported in 2010 Florida
Property Valuations and Tax Data. The remaining assumptions are
that the household takes out a conventional 30 year loan with a
5.04 percent interest rate, and that the annual cost of insurance is
1.25 percent of the value of the home.
Using these assumptions, the following tables report the num-
ber and percentage of single-family sales in the previous year that
would have been affordable for households making 70 percent, 100
percent and 130 percent of the 2009 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 contextualize the affordability index.













Table 8. Percentage of County 2009 Single-Family Sales Affordable at 70% of 2009 HUD Median Family Income

Number of Total
HUD 2009 Median 70% of HUD 2009 Median Single-Family Sales
County Max Sales Price Affordable at 70% of Median
Family Income Family Income Affordable at 70% of
Median
Alachua County $59,800 $41,860 $139,800 355

Baker County $56,100 $39,270 $137,405 39

Bay County $56,200 $39,340 $142,928 441

Bradford County $50,500 $35,350 $123,559 30

Brevard County $62,200 $43,540 $152,292 2,175

Broward County $65,400 $45,780 $155,629 6,552

Calhoun County $42,400 $29,680 $105,077 24

Charlotte County $54,400 $38,080 $134,782 1,449

Citrus County $46,700 $32,690 $116,003 640

Clay County $65,100 $45,570 $160,883 810

Collier County $70,800 $49,560 $180,910 671

Columbia County $46,600 $32,620 $113,410 100

Miami-Dade County $50,800 $35,560 $122,329 612

DeSoto County $44,600 $31,220 $110,944 39

Dixie County $40,200 $28,140 $96,983 18

Duval County $65,100 $45,570 $159,029 2,227

Escambia County $57,100 $39,970 $141,034 1,045

Flagler County $56,600 $39,620 $140,191 264

Franklin County $40,200 $28,140 $105,812 9

Gadsden County $63,600 $44,520 $154,415 90

Gilchrist County $59,800 $41,860 $145,475 29

Glades County $44,100 $30,870 $107,162 6

Gulf County $46,800 $32,760 $117,828 44


Percentage of Total
Single-Family Sales
Affordable at 70% of
Median
21.37

40.21

31.61

46.15

49.34

39.72

50.00

51.15

48.37

41.75

23.74

33.33

10.07

48.15

52.94

40.91

49.11

33.72

8.41

56.60

59.18

25.00

29.73










Table 8. Percentage of County 2009


HUD 2009 Median
CountyFamily Income
Family Income


Hamilton County

Hardet County

Hcndry County

Hernando Counly

Hl ghllands County

Hillsborough County

Holmes County

Indian River County

Jackson County

Jefferson County

Lafayette County

Lake County

Lee County

Leon County

Levy County

I.ibety County

Madison County

Manatee County

Marion C.r.un1

Martin County

Monroe County

Nassau County

OkaltMsu County

Okccchobc Coun[t

Orange County

Osceola C'iunnt

Palm Beach County


539.500

$41,900

S45.000

$59,200

$44,000

S59,200

$44.200

$58,300

$46,900

S63,600

$45,200
S60.7(T)

$60,700
Si. 3'Or K)

$39,800

544,200

$40.900

S62,300

S48,800

$59,600

$69,200

$65,100

SAh.3tl0

$44.700

$60,700

560.700)

56 7.6 t


Single-Family Sales Affordable at 70% of 2009 HUD Median Family Income

Number of Total
70%0 of HUD 2009 Median Single-Family Sales
% of HD 29 Median Max Sales Price Affordable at 70% of Median Single-Family Sale
Family Income Affordable at 70% of
Median
$27.650 $97.270 11

$29,330 $ii; 47' 31

$11 5I1 $1 [ rin' 'AI 83

$41.440 $146,428 1,190

$30.800 $109,718 436
541,440 $141 "1 5,418

.l1.9411 $110,658 28

$40.810 $144 1.4 654

$32,830 $1 I 3.t1 102

$44.520 S 55 4J- 24

$31,640 $111,693 4

542.4911 $S 1Jir7 768

$42,490 $14s 525 10,306

$44,520 $i 53 27 683

$27,860 $99.222 33

$30,940 i Si.SSI II

$28.630 $100,957 25

$43,610 $153,473 826

$34,160 $ 21 '10 848

$41,720 $147,337 336

i48.-144 $179,965 50

$45,570 $160,323 133

$46,410 $166,921 837

$31,290 $11S) 3 79
$42,490 $14r .;22 2,571

$42.49%J $14 I. 11 3,146

547.32tJi $In135 2.000


Percentage of Total
Single-Family Sales
Affordable at 70% of
Median
45.83

47.69

62.41

71,04

46.78
42 Kt

60.87

39.66

56,67

72.73

57.14

34.53

66.00

34.69

24.26

68.75

51.02

26.37

36.16

23.01

5.85

22.81

40.32

52,67
28.73

65,64

30.31









Table 8. Percentage of County 2009 Single-Family Sales Affordable at 70% of 2009 HUD Median Family Income

Number of Total Percentage of Total
County HUD 2009 Median 70% of HUD 2009 Median x Ss Pe A e at 7 Single-Family Sales Single-Family Sales
County Max Sales Price Affordable at 70% of Median
Family Income Family Income Affordable at 70% of Affordable at 70% of
Median Median

Pasco County S59,200 S41.440 $146,298 2.7?7 52
Pinilas Counly S59,200 $41.441 $141,847 2 24 37.67

Polk County S;2.21l1 S36,540 $128.262 2.5h 50.42
Pulnamn County S43,600 S111.52 $106,959 112 48,07
St. Johns County S65,100 S45.57( $160.746 398 1671
SI. Luck County S59,600 $41.720 $141,382 2,091 65,24
Santa Rosa County 557.100 S39,970 $143,316 580 31.13
Sarasoa County S62.300 $43,610 $156,174 1.409 37.62
Snminobe County S1,7i S42,490 S4lr,,4V 1,113 27.13
Sumter County S47.200 S33,040 $119.117 90 2.63
Suwannee Counly S44,600 S31,220 $110,608 38 46.34
Taylor County S45.200 531,640 $112,166 48 64.00
Union County S48,400 S33,880 $1 I1?.61 I 50.00
Volusia County S55.200 S38,640 $130.624 2,362 47,66
Wakulla County S59,300 S41,510 $145,876 123 57.21
Walton Ciunil 553.300 $37,310 SI .. I 102 12.50

Washington County S41.80() 530,660 $108,487 23 53.49








Table 9. Percentage of County 2009 Single-Family Sales Affordable at 2009 HUD Median Family Income

Number of Total
HUD 2009 Median Max Sales Price Afl'rdjble at Median Family Single-Family Sales
Count) Fails Income Income Affordable at Median
Family Income

Alachua County $59.800 $197,027 940

Baker County S56,10 I 194,175 76

Ha. County $56.21:0 $202,577 880

Bradford County 550,500 5174.327 45

Hr% ard County $62,200 $215,483 .3.262

Broward County $65,400 $219,907 9.570

Calhoun County $42,400 $147,994 41

Charlotte County $54,400 $190,568 2,100

Cirus County $46,700 S163.698 962

Clay County $65,100 $227,896 1,518

Collier County $70,800 $256,971 1.210

Columbia County $46,600 $15, 705 186

Miami-Dadc County $50.8 $172,356 1.76

DeSolo County $44,600 $156463 58

Dixie County $40.2f(0 $136.000 24

Duval County $65, li' '25.0q7 4.057

Escambia Count $57,100 $199.480 1,657

laklcr County S56,600 S198,310 496

Franklin County $4 0,2 $149,928 21

Gadsden County $63,600 $218.416 144

Gilchrist County $59,800 S205,644 38

Glades County S44,100 $150,719 22
S.46.800 $166,498 63


Gulf County


I


Percentage of Total
Single-Family Sales
Affordable at Median
Family Income

56.59

78.35

63 08

69.23

7400

58.01

85.42

74.13

72.71

78.25

42.80

62.00

25.93

71,60

70.59

74.54

77.87

63.35

19.63

Q0.57

77.55

91.67

42.57












Table 9. Percentage of County 2009 Single-Family Sales Affordable at 2009 HUD Median Family Income

Number of Total Percentage of Total
H Ll 2009 Median Max Sales Price Affordable at Median Family Single-Family Sales Single-Family Sales
County Family Income Income Affordable at Median Affordable at Median
Family Income Family Income


I lamilton County

Hardee County

Hendry County

Hemando County

I idillailnd County

Hillsboroush County

Holmes Cournl

Indln Ri %i\cr County

Jackson County

Jefferson County

Lafayette County

Lake County

Lee County

Leon County

Levy County

Liberty County

Madison County

Manatee County

Marion County

Martin COunlt

Monruo County

Nassau County


SY). iR)

S41700

$45,001)

$59,200

S44,OrJ4



$44,200

$58,300


$fi3.60 14)

$45.204)


W,0700


$,63.604)

$39.9(1()

$44,200






S59,600

$69,200

SO5. 100


S136.696

S145,650

S154,840

; iL7,221

S154.738

S199.5i4

515 6.142

S204,872

Si67,282

S21 i~.994

S157,447

S2 I rp9 16

521 0,.0i8 3

5217,528

S139.674

SI 153 7u

S142,025

S217,252

S172,241

S208,514


S227,050


20

48

107

1,500

694

8,457

42

1,020

145

27

6

1.624

12.243

1,346

64

16

39

1,699

1..520

646

178

351


83.33

73185

80.45


74 46

66.90

91.30

61,86

hk.56

81.82

85.71

73.02

78.41

6i 36

47.06

100.00

7-) 9

54.25

64.82

44.25

20.82

60.21









Table 9. Percentage of County 2009 Single-Family Sales Affordable at 2009 HUD Median Family Income

Number of Total Percentage of Total
H LI D 2009 Median Max Sales Price Affordable at Median Family Single-Family Sales Single-Family Sales
County Family Income Income Affordable at Median Affordable at Median
Family Income Family Income


Okaloosa County

Okeechobee County

Orange County

Osceola County

Palm Beach Countv

Pasco County

Pincllas County

Polk Counli

Putnam County

St. Johns County

St. Lucie County

Santa Rosa County

Sarasota County

Seminole County

innerr County

Suwannie County

Taylor County

Union County

Volu ia County

Wakulla County

Walton County

Washington County


$66.300

$44,700

$60,700

$60,700

$67,600

$59,200

$59.200

$52,200

$43,600

$65.100

$59,600

$57,100

$62,300

64. 700

$47,2X)

$44,600

$45,20:)

$48,400

$55,200

$59,3004

$53,300

$43,800


$236,772

S155.441

$21 0,079

S21 1.034-

522 7,659

S207..22

s 2cl1).

S181,120


$227 6X4

S199,470

S2wi' 057

$221341

S210 71C,

S168,379

5 1 .q39

S159.182

$166,095

'S194 017



$198,546

$152,880


1,483

110

5,448

4.034

3,152

4,220

3,826

4,404

157

1,031



1,231

2,165

2,458

1,030

57

61



3,669

186

216

36


71.44

73.33

60.9

W. 16

47,77

79.74

63.69

77,74)

67.39

43,29

8-7.02

66.OR

57.91

59.91

30A)5

69K51

1.33

5010O

74}03

86.51

'16 47

03.72











Table 10. Percentage of County 2009 Single-Family Sales Affordable at 130% of 2009 HUD Median Family Income

Number of Total Single- Percentage of Total Single-
County HI ')D 20019 \m l ( ,1 HI rD 2009 Median Max Sa Price Affordable at 130/% of Me Family Sales Affordable Family Sales Affordable at
ljanial. Income Iiainih Income at 130% of Median 130% of Median

Alachua County S59,800 S77,740 $254,254 1,293 77.84
Baker County 556,100 S72,930 $250,946 91 93.81
I I; Counly S'..,2o 573.060 $262225 1.130 81.00
Bradford County 550,500 S, 5.650 $225,094 61 93.85
Ircvard County 562,200 S80,860 $278.674 3.816 86.57
Broward County 565,400 S85.020 $284,186 12.215 74,04
Calhoun County S4 2 4i S55.12O $190,912 48 100.00
Charlotte County $54,400 Sr.720 $246,354 2.405 84.89
Citrus County S46,700 Sr.i.710 $211,392 1,105 ?
Clay County S65,100 S84.n? $294,909 1,743 89.85
Collier County -' j.,do S92,040 $333.032 1,578 55.82
Columbia County .4ar..n. S' i. 56 $206,000 251 83.67
M iami-Dade Counly S50,800 66,040 $222.384 2,604 42.84
DcSoto County S l ,o $57.980 $201,982 72 88.89
Dixie County $40,200 S52,260 $175,018 28 82.35
Duval (ouriit S65,100 S84,630 $291,164 4,777 87.76
iscambia Counry S57,100 S74,230 $257,925 1,908 89.66
ria Lr County $56,600 $73,580 $256,428 633 80.84
Srnkl.. n County w1.2i S52,260 $194,044 34 31.78
Gadsden County S63,600 S82,680 $282,418 154 96.86
Gilchrist County $59,800 $77.740 $265,812 45 91,84
Gladcs County S44,100 $57,330 $194,277 23 95.83
Gulf COiin r% S-.lt0 S60,840 $21 ,l68 85 57,43









Table 10. Percentage of County 2009 Single-Family Sales Affordable at 130% of 2009 HUD Median Family Income

Number of Total Single- Percentage of Total Single-
County HUD 2009 Mem 3 l ofHID 2009Mc Max Sales Price Aiffdabl at 130%of M Family SalesAffordable Family Sales Affordable at
IFamily Income F1amily Iniom at 130% of Median 130% of Median

Hamiloln County $39.500 5 1,311 $176,123 23 95,83
Iardoc County $41,900 $54.470 $187,823 59 90.77
Hndry County $45000 $58,500 $199,700 122 91.73
HeInando Counly '.:,. $76,960 26b, 1,599 95.46
Highland. County $44,000 S57,200 $194 7X 820 87,98
Hillsborough County S59,200 S76960 S257,724 10,214 80.79
Holmes County $44,200 $57,460 $2r91.Hn 45 97,83
Indian River County S58,300 75.790 $264,991 1.235 74.89
Jackson C(ouny $46.900 $60.970 $216,211 157 87,22
Jcffcrson County $63,600 S82,680 $284,530 33 100.00
Lajl,'enCn County S45,200 $5.7 (u $203.201 7 100.00
Lakc County i .711. $78,910 $272.79 1,952 87.77
Lee County S60,700 7k.il1i $271 42 13,434 86.04
Lcon County ir.n .imN $82,680 $281,228 l.h..x 84,71
Levy County $39,800 551.740 $180126 103 75.74
Liberty County $44,200 $ 57.406 $197.,) 16 100.00
Madison County $40,900 $53.171 $Ilt .4.Vl 46 93.88
Manatee County (62. ) $S80.~9O $281.030 2.242 71.58
Marion County $48800 $63,440 $222,571 1,921 81.92
Marin County $59,600 $77.480 $26(.'..A 894 61.23
Monroe County $69.200 $89,.96 $331,741 330 38.60
Nassau County $65,100 $84,630 $293.777 429 73.58
Okaloosa County $66300 86190 $.S06.623 1,747 84.15
Okchobc~ County $44.700 $58,110 $200.574 138 92.00
Orange County $60,700 S79. l|i $271,636 7,041 78.69
Osceola County 60,700 $78,910 $272,916 4,415 92.11
Palm Reach Ctunty $67,600 $87,880 $294,283 3,942 59.75









Table 10. Percentage of County 2009 Single-Family Sales Affordable at 130% of 2009 HUD Median Family Income

Number of Total Single- Percentage of Total Single-
S4UD 209 Median 30% of HUD 2009 Median Max Sales Price Aodabl at 130% of Mdian Family Sales Affordable Family Sales Affordable at
Family Income Family In~ome at 130% of Median 130% of Median

Pasco County $ .IN) S7b.' ..1 S267.746 4,806 90.82
Pinellas County S59,200 $76,960 $s2x 671 4,560 75.91
Polk Cunix $52,200 $67,860 $233,978 5,050 89.10
Puumam County $43,600 $S,.68(] $194,153 187 80.26
St. Johns CounLy $65,100 S4,t< 4] $294,632 |1.4 65.66
St. Luei County $59,600 $77,480 $257,557 3,014 94.04
San Rosa County $57,100 $74,230 $262,598 1,550 83.20
S asola County Sn.3;1.A 580,990 $286,508 2.6,5 71,96
Sc inole County St'.7O ) S78,910 $272,504 3.187 77.67
Sumter County S47,2W $61,360 $217,640 2,003 :% 41
Suwan nce County S44,60 557.980 Qr0l .2 I 72 87.80
'TaylorCounly $4S5,20 smnill $204,198 67 ,9.33
Union County $48,400 Sr2.~:i $S214.330 2 100.00
Volusia County $55.200 $71,760 $S'7.430 4.117 87, I
Wakulla County S59.i, M S77.090 $.r>. ?4 202 93.95
Wallon County s 3. m- $69,290 $257,280 349 42.77
Washington County S43,800 S56,940 S147.27. 41 95,35







-Tetaeo-ordasHousing


Figure 9. Percentage Decrease in Single-Family
Sales 2008 to 2009


I.r.-.. C.. .. .. l. I ... t. ....e...-. A* -

-3 .1 *
[2:...,'-r
[__ L ~ k, U *-Jfr


Figure 10. Decrease in Real Median (2010 $)
Single-Family Sales Prices Between 2008 to 2009


r - -


DI Kcrw M RmIo UItn d bn Iwnd Sali Pnr- 2UM Ito XW
1I fo 1 ,-
R. Ntq I t*


Real Median Sales Price and Sales

Volumes Changes 2008 to 2009 and

2009 to Second Quarter 2010


The 2009 Single-Family Home Market

For the fourth straight year, the number of single-family sales has
decreased. The number of sales was 7.5 percent lower in 2009 than
in 2008, which is an improvement over the 15.3 percent decline in
the number of sales between 2007 and 2008 and the 40.5 percent
decrease between 2006 and 2007. All told, the number of statewide
single-family sales in 2009 is down 64.7 percent since the peak year
of2005.
Figure 9 shows how the number of single-family home sales has
changed across the state. Only 15 counties experienced an increase
or no change in the number of single-family home sales between
2008 and 2009. Seven counties saw a 40 percent or greater decrease
in their number of single-family home sales. Nine counties experi-
enced decreases of 30-39.99 percent, and 16 experienced decreases
of 20-29.99 percent. Finally, eight counties experienced decreases
between 10-19.99 percent, and 12 experienced decreases of less
than 10 percent.
The real median single-family sales price for the last nine years is
shown in Table 11, and the corresponding year to year appreciation
or depreciation is shown in Table 12. As can be seen in Table 12,
the real median sales price for single-family homes decreased 14.8
percent between 2008 and 2009. This decrease is on top of 22 per-
cent decreases between 2007 and 2008 and a 6.6 percent decrease
between 2006 and 2007. The real median single-family sales price
in 2009 is 38 percent lower than it was at its peak in 2006.
Figure 10 shows the decrease in real median sales prices between
2008 and 2009. Thirteen counties saw real increases in their
median sales price, but of those 13 counties, only four had more
than 200 sales in 2009. Of those four, Duval and Pinellas saw less
than a one percent increase, Sumter saw a two percent increase, and
Escambia experienced a 6.6 percent increase.
Six counties saw real median sales price decreases of over 30 per-
cent. Seven counties saw decreases between 20 and 29.99 percent,
seventeen counties saw decreases between 10 and 19.99 percent,
and 24 counties saw decreases between zero and 9.9 percent.









Table 11. Real Median Single-Family Sales Price 2002 to Second Quarter 2010 (2010 $)

State, Metropolitan Area County 2002 2003 2004 2005 2006 2007 2008 2009 2010(Q2)

Florida $171,758 $184,605 $207,348 $251,694 $269,841 $251,925 $196,467 $167,385 $155,000


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


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


$110,614
$163,835
$153,614
$211,673
$241,912

$223,769
$208,044
$238,909

$159,299
$181,434
$157,727
$187,724


$121,809
$173,167
$167,930
$210,977
$255,325

$245,037
$230,609
$283,430

$169,941
$195,130
$171,478
$200,097


$138,232
$194,677
$176,130
$219,040
$278,883

$287,983
$276,464
$340,972

$190,645
$214,259
$201,473
$213,107


$175,874
$211,695
$194,425
$250,134
$312,194

$345,397
$334,255
$412,248

$245,120
$272,975
$263,449
$270,189


$199,683
$244,314
$207,238
$275,238
$345,397

$358,349
$372,813
$404,762

$274,429
$307,619
$291,321
$291,429


$198,391
$226,207
$198,391
$266,830
$304,042

$346,397
$383,136
$388,355

$248,566
$293,912
$275,910
$272,918


$161,784
$192,119
$175,941
$235,447
$263,355

$278,067
$333,680
$288,178

$187,063
$222,251
$192,119
$222,454


$149,327
$172,812
$176,515
$213,035
$248,541

$191,731
$248,541
$243,367

$171,442
$188,688
$125,792
$187,674


$115,500
$155,000
$165,000
$234,500
$250,000

$184,000
$220,000
$220,000

$153,000
$165,000
$115,000
$182,000


$114,908 $129,732 $152,055 $188,631 $221,270 $188,839 $140,955 $117,169 $108,000


$168,250
$149,623
$157,243


$178,456
$162,372
$169,113


$193,525
$179,125
$186,037


$232,864
$217,266
$213,923


$255,810
$251,492
$226,667


$245,049
$215,291
$219,384


$186,153
$159,762
$166,840


$157,240
$144,052
$167,385


$147,000
$126,000
$157,000


$183,853 $198,087 $225,721 $293,030 $302,114 $275,543 $153,695 $103,474 $109,900

$140,188 $153,739 $172,790 $210,720 $235,194 $209,937 $166,840 $136,951 $116,250

$147,445 $153,739 $178,549 $225,065 $226,667 $210,777 $197,175 $187,674 $175,000

$152,405 $164,323 $182,005 $206,012 $226,559 $220,434 $198,186 $187,166 $175,900
$107,651 $104,661 $136,965 $155,986 $159,746 $197,866 $148,134 $133,908 $119,150


PolkCounty $125.129 $140.730 $154.359 $187.183 $234.330 $218.335 $182.007 $129.343 $125.000


Lakeland, FL MSA









Table 11. Real Median Single-Family Sales Price 2002 to Second Quarter 2010 (2010 $)

State, Metropolitan Area County 2002 2003 2004 2005 2006 2007 2008 2009 2010(Q2)


Naples-Marco Island, Fl. MSA

Oala, FL MSA

Palm Bay-Mclbourn-litusvillc, FL MSA

Palm Coast, FL MSA

Panama City-lynn H ami F:. MSA

Pgniacola-FcrM, rI'.-tre4nI. FL- MSA



Port St- Louie, Fl. MSA



Punta Gorda, FL MSA

ias ma- BiadcInt on V' ica. FIL MSA


Sc hasiran Vr, Beach, FL MSA

T'allahasee, FL MSA





Northeast Nonnietropolitan Area


Collier County

Marion Couni'

Brevard County

Flaglcr County

Bay Counly

Iscambia County
Santa Rosa County

Martin County
St. Lucic County

Charlotte County

Manatee County
Srasoa County

Indian River County

Gadsscn Couniy
Jellerson County
I. em County
Wakulla County

Brnadlurd County
Columbia County
Dixie County
lamilion County
Lafayette County
Levy County


S301 .302

S139,099

S144.422

$145,147

S142.728

S126,399
S151,195

S223,769
$13,011

5147,566

5205,928
$187,482

$154,098

S100,394
$96,765
$154.219
S158.186

$88,661
$103,901
S95,071
$71,062
$60,478
$96,765


$313.864

$153,325

$154,803

$154,922

S162.017

SI 3u. 87
S156,814

$262,539
5165,329

S163..910

$230,490
5201.043

$168,522

5106,908
$120.626
S161.899
S165.565

S102.82S
S112.289
$82,487
$88.696
$115,304
$98,748


$374,263

S15 8.909

5183.157

5184,424

5186,613

5135,813
$178.549

$311,022
5201,473

S192,373



$230.271

5107,096

5129.016
S 15,193
5178,549
S178,262

$112.8813
5137,050
$115,193
$96,302
$86.971
S] L.i,7)


$473,528

$178,715

S236.374

$236,207

$228,408

$160,331
$228,408

$356,539
$258,491

$25u,t9 L



$284,005

$239,549

$143,649
$153,757
$Sl .754
I194.l 52

$133,981
$154,76fl
$139,273
S94, 706
$142,058
$154,871


I$45.714

$205,079

2318,000

$26. 194

$22;,2.t

5158,343
$215,441

$375,943
$S60,3W 2

$23,035

$341,349
52911,321

5253.t,51

5161.905
$171.,25

$S68.S7

S150.841
St 7L ,, 95
S 114,683
$107.937
5145.714
S~rI~


$446,117

$201,540

$209.937

$233,030

$215.186

$154,829
$203,587

$330,651
5241,323

$219,1?57

$ 014,409
$255,074

5241,428

$172.149
$194.192
$199,440
$1,0.550

$141.708
$169,209
$123,496
$ 100, 770
$169.000
S157,453


$323.569

$11,784

$187.063

$187.518

S107.074

$ I 3o.506
$184.030

$260,372
$149,651

$158,700

$233,071
$231,554

$187,003

S152,128
$175,182
$178,974
$141,460

$131.450
$149,578
$91,004
$65,725
$131,450
$127.911


$304,336

$147,096

$156,226

$172,457

$177,428

$145,574
$177,529

$228,252
5121,734

$131,879)

$207,303
S102,746

$171,442

$152,168
S136.951
$177,833
S131.879

S136.850
$142,023
$91.554
$108,546
5101.445
$147,603


S290.000

5127,500

SI135.000

$155,750

S161.350

S 130,800
S167.650

5222 .000
$107,900

$110.000

5209,000
$197,250

$158,000

S130,200
5150.000
S178.000
$140,000

NA
$122.950
$82,750
S111,500
$115,000
$139.950








Table 11. Real Median Single-Family Sales Price 2002 to Second Quarter 2010 (2010 $)

State, Metropolitan Area County 2002 2003 2004 2005 2006 2007 2008 2009 2010(Q2)

Madison County S66.526 $68,591 $88,699 589,135 $107,937 $117,302 $84,633 P I', 30l $93,500
SuwanneeCounty $95,555 $91,357 $103,559 $143.117 S159.584 $135.934 $131,450 $125.031 $91,000
TaylorCounty S82.250 $82,783 $101,370 $115,597 $1I2,524 $93,160 $99,093 $75,h2 S106.000
Union County $93,741 $90,824 5120,377 $100.165 $164,333 $167,425 $139,539 $162,566 $90,600

Nonlhwe Nornmelrpolian Area Calhoun County 566.526 $67.409 $88,872 $89,135 $94,984 $99,930 $107,688 $102,764 $79,000
FranklinCounty $229,212 $295,652 $414,408 $403,891 $406,921 $309,658 $27.,(i67 $293,177 $250,000
GulfCounty $19).578 $218,783 $271,856 S295.259 $208,156 $228,307 $252.789 $195,282 $175.000
Holmes County $63,502 $73,913 $76,028 $82,450 SK.,SI ) $94,367 $85.948 $93,583 S 7,500
JacksonCounty $84,669 $91,534 SO 103,98 $111,418 $122,292 $130,424 $i _3.108 $110,068 $ 1[.000i
Liberty County $66,526 $104.661 $71.132 $72,645 $134.921 $127.n11 $122,349 $77,808 $27,600
Walton County $253,887 528b,783 $415.732 $486.174 538,463 $351.278 $318,412 $310,169 $322,500
WashingtonCounty S73,783 $82,664 $95,034 $114,482 $111.175 $120,714 $106,171 $96.170 $123,250

Central Nonmetropolitan Area Citrus County S102.873 $112.348 $132,472 $167,016 $183.492 $171,099 $136,506 $121.7.4 $113,600
PutnamCounty 590,717 $94,609 S109.434 $133,702 $148,952 $141,708 $1i1,1h $ll1, t'i $105,000
SumterCouni; $171,697 $146,525 5195.828 $219,494 $237,460 $231,928 $201,371 $205.?25 $184,950

South NrtnmeMirpwul.inArca IXSoloCounty 596,765 $98,157 $109,434 $174,927 5177,232 $l,7.P50 $121.334 $116,662 SI.'000
GladesCounty $85,879 $94,609 $108,282 $139,161 $173,238 $167.9540 $134,989 $131,372 $125,000
Hardee County $71,666 $76,870 $89,851 $94,706 $113,333 $136,354 $115,271 $106,517 $7o0,nu
Ilendry County $91.201 $92,243 $120.953 $169,746 $199,683 $182.750 $141,561 $84,200 $94,850
Highlands County 587.088 S100,5I22 $115,193 $151.214 5182,413 $l1I5.850 $131,450 $115,5-4 Sl00.100
Monre County $393,107 $492,320 $679,640 $822,267 $755,556 $708,538 $582,929 4f05,781 $370,000
Okccchobec County $99.789 $115,304 S5142.840 $166,570 $188,781 $lS7,845 $147,621 S1 $ ,525 $100,000










Table 12. Yearly Change in Real Median Single-Family Sales Price (2010 $)

2001 to 2002 to 2003 to 2004 to 2005 to 2006 to 2007 to 2008 to 2009 to
.i.1. M.irL.pUII1Jin Ar2T County 2002 2003 2004 2005 2006 2007 2008 2009 2010(Q2)

Florida 6.41% 7.48% 12.32% 21.39% 7.21% -6.64% -22.01% -14.80% -7.40%


Baker Couiny
(C l County
Duval Coutly
Nassau County
SI, Johns County


Miami-Fort LwaucrdalePompano Beach, FL MSA Broward County
Miami-Dade County,
Palm Beach County


Orlado-Kissimmcr FI. MSA






Tampa-St. Pcie-.-.lurI.-ClfjearNaer. Fl. MSA


Capc CoIra-Fort \M .rs FL MSA


I.ake Counly
Orantge Counly
Osceola County
Seminole C'ounll

I lernand County
Hilsborough
County
Pasco County
Pinellas County


l.1e County


Deltnna-Daylona Reach-OrDmnnd each, Fl. MSA Volusia Counly


Fon Walton Beach-. rcsi Iwi-Dr min. FL MSA


Gaintsvilc. FL MSA


Okalasa County


Alachua County
(iilclrist County


6.73% 10.12% 13.48% 27.23% 13.54% -0.65% -18.45% -7.70% -22.65%
4.40% 5.70% 12,42% 8.74% 15.41% -7.41% -15.07% -10.05% -10.31%
6-16% 9.32% 4A88% 10.39% 6.59% -4,27% -11,32% 0.33% -6.52%
4 .0, -0.33% 3.82% 14.20% 10.04% .3,05% -11.76% -9.52% 10,08%
8.12% 5.54% 9,23% 11.94% 1I1 64M -11.97%/ -13,38% -5,63% 0,59%

10.31% 9.50% 17.53% 19.94% 3.75% -3.34% -19.73% -31.05% -4.03%
9.18% 10.85% 19.88% 20.90% 11.54% 2,77% -12.91% -25.52% -11.48%
11.69% 18.63% 21 3uij 20,90% -1.82% -4,05% -25.80% -15,55% -9,60%

4 ci7 6.68% 12.18% 2X 7"n% 11.96% -9,42% -24.74". -8,35% -10,76%
7.72% 7.55% 9.80% 27.40% 12.69% -4.46% -24.38% -15.10% -12.55%
4.31% 8.72% 17,49% 30,76% 10.58% -5.29% -30.37% -34,52% -8.58%
6.78% 6.59% 6.50% 26.79% 7.86% -6.35% -18.49% -15.63% -3.02%

6.21% 12.90% 17.21% 24.05% 17.30% -14.66% -25.36% -1687% -7.83%


5.28% 6.07%


8.44% 20.33% 9.85% 4.21% -24.03% -15.53% -6.51%


13.21% 8.52% Inp ?',, 21,29% 1i 7i". -14.39% -2~ 7'. -9,83% -12,53%
6.59% 7.55% 10.01% 14.99% 5.6% -3.21% -23.95% 0.33% -6.20%


8.37% 7.74% 13.95% 29.82% 3.10% -8.80% 44.22% -32.68% 6.21%


7.32% 9.674/. 12.39% 21.95% 11.61% -10.74% -20.53% -17.91% -15.12%

7.08% 4.27% 16.14% 26.05% 0.71% -7.01% -6.45% -4.82% -6.75%


7.33% 7.82% 10.76% 13.19% Y. )d7 -2.70%/ -10.09% -5.56% -6.02%
12.41% .2.78% 30,87% 13.89% 2.41% 23.86% -25.13% -9.60% -11,02%


Jacksonville, Fl. MSA









Table 12. Yearly Change in Real Median Single-Family Sales Price (2010 $)

-, A.* A 2001 to 2002 to 2003 to 2004 to 2005 to 2006 to 2007 to 2008 to 2009 to
,,, tJt MlL l t a .Ca,,tI.,


Lakeland, FL MSA

Naplcs-Marco Island, FI MSA


Ocala. FL MSA

Palm Bay-Melbourne-Tilusville, FL MSA


Palm Coas, Fl. MSA


P.anam Ci Ly-Lnn Haven, FIL MSA


Pensacola-Ferrny I'a-,-ireni, FI. MSA



Port St. Lucie, FL MSA



Punta CordL, FL MSA

SarsoLa- 4rdJcnlon-%n 1.'c. FL M.IA



Seba~ia-i-Vert Reach. FT. MSA


Tallrhisc. FL MSA






Northeast Nonmtroplitan Area


Polk County

Collier County


Marion County

Brevard County


Flagler County


Bay County


Hscambia County
Santa Rosa County


Martin County
St. Lucie County

Charlotte Counlt


Manalte County
Sarasota County

Indian River Countv


Gadsden County
Jefferson County
[xon County
Wakulla Counrty

Bradford County
Columbia County
Dixie County
Hamilton County


1,88%


7.05%

19.73%

8.32%


2.67%


5.64%

4 lho
4.67%


10.31%
14.84%

12.18%


8.77%
6.27%


4.46%

- 4) 1 I.
-2.22%
5,42%
7.46%


764%
8.49%
33.33%


a e, e po an rea oun
y 2002


1.41% 24.81% 8.58% -1.66% 13.97%


~


~


Lafayette County -25.18% 90.65% -24.57% 63.34% 2.57%


15.98% -22.22% .22.83% 1 3 ;W


2003 2004 2005 2006

12.47% 9.68% 21.26% 25,19%


4.17% 19,24% :6 ': ". 2.57%


10.23% 3.64% 12.46% 14.75%


7.19% 18,32% 29.06% 0.69%


6.73% 19.04% 28.08% 13.97%


13.51% 15.18% 22.40% -0.05%


2.92% 4.40% 1 K Is5". -1.24%
3.72% 13.86% 27.92% -5.68%


1733% 18.47% 14.63% 5.44%
19.79% 21.86% 28.30% 4.18%

S1.08% 17.37% 30.32% -7.04%


I ya 18.70% 22 18X" 2,12%
7.23% 14.54% 23.34% 2.58%


9.36% 16.96% 21.54% 5.89%


6.49% 20.68% I 1,34% 12,71%
24.66% -4.50% 33.48% 11.23%
4.98% 10,28% 7 '. 3.59%
4.66% 7.67% 9.38% -13.39%


15.98% 9.78% 18.68%/ 12,58%
8.07% 22.08% 12.90% 15.08%
-13.24% 39.65% 20.90% -17.66%


2007 2008 2009

-6,83% -16 l-4o -2X944%

-8 1."' 74 -27% 5,94%


-1.73% -19.73% .9.08%

-11.79% -10.90% -16.49%

-13.43% -19.53% -8.03%


-5.74% -8.42% -9.97%


-2.22% -11.83% 6.64%
-5.50% -9.61% -3.53%


-12.05% -21.25% -12.34%
-1039% -37.99% -18.65%

-5.65% -27.82% -16.90%


-10.82% -23 44% -11.06%
-12.44% -9.22% -16.76%


-4.82% -22.52% -8.35%


6,33% -11.63% 0.03%
13.55% -9.79% -21.82%
-0.12% -10.26% -0,64%
-4.93% -11.89% -6.77%


-6.06% -7 24% 4,11%
4.99% -11.60% -5.05%
7.68% -26.31% 0.61%
-6.64% -34.78% 6, 1 %


2010(Q2)

-3.36%

-4.71%


-13.32%

-13.59%

-9.69%

-*fiOb%


-l i *' ,
-5.56%


-2.74%



-16.59%


0.82%
2.34%

-7.84%

-14 -14
9.53%
0.0w%
6.16%


NA
-13.43%

-2.72%
2.72%









Table 12. Yearly Change in Real Median Single-Family Sales Price (2010 $)

2001 to 2002 to 2003 to 2004 to 2005 to 2006 to 2007 to 2008 to 2009 to
Slate, Mtpolitan Area County 2002 2003 2004 2005 2006 2007 2008 2009 2010(Q2)


Northwcsl N.-Wrllr.i.'jIr linm Area











Central Nonmetropolitan Area




South Nonmctropolitan Area


Levy County
Madison County
Suwannec County
Tay lor County
Union County

( a lihoun ( I unly
Franklin Counly
GulfCounly
Holmes County
Jackson County
Liberty County
Waiton County
Washington County


Citrus County
Putnam Couniy
Sumter County

IkcScOo Count
Glades County
Hardee County
Hendry Ciiuntm
Highlands Co(uni
Monroe County
Okecchobec County


12,60%
-8.67%
-0.67%
3.73%
7.40%


-5.06%
15.62%
22,98%
3.31%
-3.68%
-3,37%
26.93%
-3.97%


7.97%
3.57%
2.69%

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


2.05% 37.59% 13.98% 8.03%
3.10% 29.31% 0.49% 21.09%
-4.39% 1336% 38.20% 11.51%
0.65% 22.45% 14.03% 12.05%
-3.11% 32.54% -16.79% 64.06%

1.33% 31.84% 0.30% 6.56%
28.99% 40.17% -2.54% 0.75%
9,62% 24.26% 8.61% -29.50
16.39% 2.86% 8.45% 4.08%
8.11% 12.63% 1. f7, 9.76%
57.32% -32.04% 2.13% 85.73%
12,96% 44.96% 16.94% -20.10%
12.04% 14.96% 20.46% -2.89%

9.21% 17.91% 26.08% 9.86%
4.29% 15.67% 22 1S% 11.41%
-14 (.6' 33.0. 12.08% 8.19%


1,44% 1.49% 5'J i", 1.32%
10.17% 14.45% 28.52% 24.49%/
7.26% 16.89% 5.40/ 19.67%
1.14% 31.12% 40.34% 17.64%
15.42% 14.60% 37.35, 15.29%
25.24% 38.05% 20.99% -8.11%
15.55% 23.88% 16,61% 13.33%


-5,89% -IX 7Th. 15.40% -5.18%
8.68% -27.85% 7.88% 2.41%
-14,82% -3,30% -4,88% -27.22%
-28.08% 6.37% -23.32% 39.51%
1,88% -16.66% 16,50% -44.27%


5.21% 7.76% -4,57% -23.12%
-23.90% -10.20% 5.43% -14.73%
9,68% 10.72% -22.75% -10.39%
9.97% -8.92% 8.88% -17.19%
nt S" -5,61% -10.59% -* 15%
-5.86% -3.67% -36,40% -64.53%
-9,57% -9,36% -2.59% 3.98%
8.58% -12.05% -9.42% 28.16%

.6.75% -20.22% -10.82% -6.68%
-4,86% -8,13% -14.28% -5.91%
-2,33% -13.18% 1.96% -9.92%

-5.24% -27 75%" -3.85% -.i 57,..
-3.05% -19.63% -2.68% -4.85%
20.31% -15.46% -7.59% -34.28%
-8.48% -22.54% -40.52% 12.65%
-9,08% -20.74% -12,10% -13.37%
-6.22% -17.73% -30.39% -8.82%
-11.09% -12,04% -25.13% -9.52%












The 2009 Condominium Market

The 2009 Florida condominium market saw a 7.22 percent
decrease in the number of condominiums sold between 2008 and
2009. This is on top of a 30.4 percent decrease in the number
of condominium sales between 2007 and 2008, a 47.7 percent
decrease in the number of sales between 2006 and 2007, and a 20.6
percent decrease in the number of sales between 2005 and 2006.
All told, the number of statewide condominium sales is down 73.2
percent since their 2005 peak.
Figure 11 shows how the number of condominium sales has
changed across the state. Fifteen counties saw the number of con-
dominium sales between 2008 and 2009 increase. Eight counties
experienced a decrease of 30 percent or more in the number of con-
dominium sales between 2008 and 2009. Two counties experienced
a decline in the number of condominium sales of between 20 and
29.99 percent, seven saw the number of sales decrease between 10
and 19.99 percent, and six counties saw the number of condomini-
um sales decrease by less than 10 percent.
Table 13 shows the real median condominium sales price between
2002 and second quarter 2010, Table 14 shows the yearly change
in real median condominium sales prices between 2001 and 2009,
and Figure 12 shows the change in real median condominium sales
prices between 2008 and 2009. Table 14 shows that the statewide
real median condominium sales price decreased by 33.6 percent
between 2008 and 2009. This decline comes after a 19.2 percent
decline between 2007 and 2008 and a 2.3 percent decrease between
2006 and 2007. The real median condominium sales price in 2009
has decreased 47.6 percent from its peak in 2006.
As Figure 12 shows, 37 counties experienced real median sales
price decreases, with nine counties experiencing real price declines
of thirty percent or more. Another eight counties experienced
declines between twenty and 29.99 percent, 17 counties saw real
median condominium sales prices decrease between ten and 19.99
percent, and three counties experienced decreases of less than ten
percent. Only Clay County saw an increase in condominium sales
prices.


Figure 11. Percentage Decrease in Number of
Condominium Sales 2008 to 2009


* r~s C rr n IZ ri4~C C nI.n
* j. ..~-


. AW


Figure 12. Decrease in Real Median (2010 $)
Condominium Sales Prices 2008 to 2009


n t ; a S ,rn MM
1 "11 -
r .'- *** llp *B"


'9









Table 13. Real Median Condominium Sales Price 2002 to Second Quarter 2010 (2010 $)

State, Metropolitan Area County 2002 2003 2004 2005 2006 2007 2008 2009 2010(Q2)

Florida $151,195 $170,296 $198,017 $233,867 $241,778 $236,179 $190,850 $126,807 $104,000


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


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


$0
$88,298
$142,002
$338,677
$191,111

$103,417
$163,291
$171,769

$84,669
$96,644
$131,721
$98,821


$0
$82,783
$140,671
$372,226
$217,127

$118,261
$183,304
$203,409

$88,696
$106,435
$151,256
$103,478


$0
$145,086
$156,144
$414,696
$196,635

$149,751
$213,107
$236,146

$95,495
$122,796
$130,168
$124,293


$0
$154,203
$172,587
$429,518
$218,380

$208,352
$252,920
$282,710

$130,359
$194,815
$186,291
$164,231


$0
$172,590
$181,117
$340,000
$238,971

$221,702
$275,238
$293,663

$125,584
$210,476
$237,460
$169,352


$0
$126,592
$173,408
$388,279
$222,534

$209,832
$278,167
$261,949

$135,619
$212,771
$230,931
$173,198


$0
$112,592
$146,617
$320,030
$171,795

$141,460
$300,211
$131,450

$136,506
$146,617
$189,086
$119,316


$0
$120,010
$126,807
$210,499
$157,240

$73,548
$223,179
$96,373

$118,691
$71,012
$81,156
$54,476


$0
$68,000
$105,000
$121,900
$141,250

$66,000
$190,000
$83,930

$95,000
$55,950
$61,200
$38,100


$87,693 $82,783 $92,155 $111,084 $140,317 $123,338 $93,532 $49,201 $40,000


$100,394
$74,388
$100,998


$112,348
$76,870
$116,960


$143,992
$89,275
$149,751


$183,840
$116,989
$179,328


$170,971
$140,210
$182,413


$188,839
$117,670
$166,900


$146,617
$80,892
$136,506


$71,975
$63,860
$121,684


$65,750
$57,000
$115,000


$175,386 $186,261 $204,583 $256,262 $278,476 $263,156 $187,973 $136,951 $132,500

$157,243 $195,130 $230,386 $250,691 $238,540 $270,294 $207,286 $177,529 $140,000

$254,008 $283,826 $409,051 $447,902 $410,159 $388,384 $308,401 $272,888 $225,000


$95,495
$0


$106,317 $125,445 $155,986
$0 $0 $0


$167,571 $170,049 $136,506 $118,691 $100,000
$0 $0 $0 $0 $0


Polk County $68,340 $69,656 $75,797 $111.307 $132,222 $117,565 $122,349 $101,445 $67,450









Table 13. Real Median Condominium Sales Price 2002 to Second Quarter 2010 (2010 $)

State, Metropolitan Area County 2002 2003 2004 2005 2006 2007 2008 2009 2010(Q2)


Naples-Marco Island, Ft. MSA

Ocala, 1l. MSA

Palm Bay-Mlbourne-Titusville. FL MSA

Palm Covs, FL MSA

Panama City-Lynn Haven, FL MSA

Pin-.., tl-t Lhrnr Pass-Brent. FL MSA



Port S. Lucie, FL MSA



Prninir ~rdi, FL MSA

.n.wlla-Frradc.'lln- \'enlce. Fl. MSA



Sebastian-Vero Beach, FL MSA

Tallahassce FI. MSA





Northeast NI'nnmicriol'.iln ~ rea


Collier Courly

Marion Counly

Brevard Couuny

I I.J IL'r I uunty

Bay County

Lscambia Counly
Santa KR.s. I.n-'i-y

Martin County
St. I ucie County

Charlotte County

Manatee County
Sarasota County

Indian River County

Gadsden County
Jefferson County
Lon County
Wakulla Coutly

Bladsjrd .unt;v
Columbia County
Dixie County
1iamillun Counrty
Lafayrett County
Le'y County


$206.835

$71,304

$115,332

S I r1 .565

$166,919

$201.997
53 ,..55 .

S99.486
$159.662

$SIio.441

S143.091
$183.712

$123.375

$0
50
$79.589
$16S.291

$11S _.r3.''
I 16.441
$0
50
SO
$187.482


5218,191

$70,957

$i147.826

$377,370

S212.870

$325,217
S-Ii5.143

$12 I 2.904
$202,226

$129,969

S165.743
$19S.og?

$150,487

$0

$93.071
$168.522

$120.1o26
S75..687

$0
$0
$242.435


5251.121

S7,.080

$171,638

$414,580

$316,781

5374,378
$302,382

$160,407
S207.233

$165.82 I

S186,613
S21 A.867

$169,334

50

$134,776
$206.196

$138,232
$113,753
$o
259SO

50
5259.185


$302.612

S 105. S-17

$191,640

$444,559

$462 3S6

$337 040
$265,231

$205.5 67
$241,722

$221,722

$223.x 1'



$20. I6, '

50
SO

$14f.l?50



$163.hr74

$0
$5
$356.539


$340.971

$140,317

$198,495

5.4 i1. 10R

S47, nl9



5237,460

$228,070
5262.2a![

$253,651

5238.5540
$279,556

$217,060

$o
SO
$o
S105. 143
$140,425

. 17 .011955
$102,540
$368,063



$283.333


$325,403

$125,647

$181,071

$519,595

$419,875

5430,371
$288,664

$209,937
S24i,l,7(.t

$302.572



52tJ3.315

$230,931

SO

$152.205
$181,071

5 2u..434
$517.h94
$367.390
50
SO
$311.757


$247,227

$78,870

$161,784

$374.12

$2 9,97S

$374,126
$278. l16

$126.1094
$182.1.07

$154,706

$157,032
$214,870

$141,1)05

$0
$50
$133,725
$Ih6.506

S$152.785
$154.706
$205,770
$0
$0
$217.398


$199,340

$65,939

$130,864

$247.019

$207,202

$ 0ol,408
$273.912

$101,394
$130,864

$126. 705

$142.0231
$171,442

$116h.<62

$0
$0
$110,575
$123,256

$177.52"
$115,343
$176,007
$0
$0
&172.457


$200,000

$601.0(W)

$114,500

S172.000

$197,250

$241.000
S24-2,5uh1

$80,000
$116,750

$118 0t11

S 135,00(
SIb.UOUl
162.0011

$118,750

$0
$o
$99,950
$101.700

NA
$M1,011)
$161,000
$0
$0
S152.500









Table 13. Real Median Condominium Sales Price 2002 to Second Quarter 2010 (2010 $)

State, Metropolitan Area County 2002 2003 2004 2005 2006 2007 2008 2009 2010(Q2)


Northwest Nonmetropolitan Area










Central Nonmeropolitan Area




South Nonmeropolitan Area


Madiirs County
Suwannee County
I j, Ir County
Union County

Calhoun County
Franklin County
GulfCounht
I lolmes County
Jackson County
Liberty County
Wallon County
Washington Counry

( iIrL. nt unry
Putnam County
SumlU r C'lurmi'

UDSoto Counly
Gladcs County
Hardee County
I lender Counly
Ilighlands County
Monrc County
Okccchohb County


so
so
$235,864
$0




$201,694
50
$0
$O
$27$.02
50

$c1i.717

$41.427

$100,394
$21,772
$50.257
$94.346
$66.828
$284.2.-17
$53.100


so
$0o
$65,324
$0o

so
5329,165
5426.215
$0
$0o
so
5460,197
$o

S1 16,576
$156,951
$42.621

5148,023
$28,798
$50,973
$116,921
$78,216
5489,571
$57.597


SO
$413.913
$189,217
so
SO
so
$337,043
$0O

$101.O't
$106,435
$37,843

$109,864
$P.u 754
$55.287
$97.565
S".226,

$50.557


so
$0
so
$1,216,444
$0o

so
S437.143
S563.321
$S
$0
$0
5431,314
so

S161.9U5
$213,175
S226,559

S189,752
$32,975
$83,'181I
S151,651
S151,111
$561,270
$91.746


so$0
so
SO



$0
S577.328
5199,965

so
so
S41.4,549
so

S130.45'9
$S?i5,73 v
$173,1QS

$128,534
$36,739
$53,219
Sls5,944
S120,714
5461,862
S93.422


so
S306,400
S557,092
$0o
$o
so
S555,086
$0o

514-7,574
$210,302
$64,623

5182,169
$20,055
SbI1,2X.
$172,292
SIoS,%354
5601,659
$59.386


so
so
S469,680


SO
5364.015
5401,428
SO
so




S I'u.205
so


5207.,742
S126,394

$119,569
$66,433
$63,197
l5 h,'394

5399,405
S118.103


so
so
5331,726
$o

so
5182.601
5238.447
so
$0
$0o
$300,075
so
%O

5$1,]56
$138,219


$85.214
S4LJ.07j
$33.477
S101.445
$65,939
510'",7'O
$52.752


5600,000









2273,000







$571,400
so
so
so





S255,00
so

577,250



$104,000
S73,000
$71,400
so
$55.00U
S3104,000

S310.000
S.'3.6(X)











Table 14. Yearly Change in Real Median Condominium Sales Price (2010 $)

201Ki in 21102 to 21K)1 to rlKct to '0114 l 2006 to 24MI7 to 204NI (o 2019 lo
FI?,5 k ~Mero litan rea C~ulntl


Florida

Jacksonvill, FL MSA Bakcr County
Clay Coun i
Duvul Counuy
Nanawk Couonty
S1. Johns Couity

Miami-Fort La cndalc-Pompao Beach, FL MSA Brolwar Couwni
Miami-IDae Counly
Palm rniach Counly

Orlando-Kissimmci Fl. MSA i .A. ,
irjr.n: County
Oscola Ccunty
Scminole County

Tampa-Sl. Petrsburg-Clearw'atr, FL MSA Hemrando County
I lilshboingh County
Pasco County
Pincllas County>

CapeCoral-oron Myers. FL MSA Lee County

I kh'l.n.-l) I Iina Bcach-Ormord Beach. Fl. MSA Volusia County

Furt WalIlo I1er-d'rC` rlview-Ikcin, FI- MSA Okauosa Ctunlt

Gaincsvill, FL MSA Alahiua OL'unty
(iikhrisl CounI

Iakiluwd. FL MSA Polk CloLnty

Naples-Marco Islland FL MSA Collier Countv


OCabh Fl, MSA

Palm Bay-Melbournm-Titusvillc FL MSA

Palm Cows, FI. MSA

Panama City-Lynn Haven, Fl. MSA

Pen.ac~la-For Pass-Brent. Fl. MSA


Marivn Cnuniy

Brevnrd County

Flaglyr Couuly

Bay Coun'l.


2002 2003 2004 2005 2006
12 K3 12,63% 16,2K% I K. 10% 3. 8%

0.00% 0.00% 0.00% 0.00% 0.00%
13.55% 6.25% 75,26% 6.2M% 11.9r
12.20% -0.94% I1,00% 10.53% 41,4%
4,5% 9.91% I 1,41% 3.57% -20,84%
5.04% 13.61% -9.44% II1.06% 9.43%

IS.15% 14,35% 2663% 39.13% 6.41%
11.71% 12.26% 16.26% 18.68% 8.82%
8.86% 18.42% 16.09% 19.72% 3.87%

10.19% 4.76% 7 .67 36 51% -3.66%
13.93% 10.13% 15.37% 58.65% 8.04%
7.57% 14.83% -13.94% 43.12% 27.47%
8.63% 4.71% 20.12% 32.13% 3.12%

3.75% -5.60% I 1.32% 20.54% 26.32%.
-3.93% 1.91% 28.17% 27.67% -7,00%
15.25% 3.34% 16.,14% 31,04% 19,8M%
9.54% 15.80% 28.04% 19.75% 1.72%

5.68% 6.20% 9.84% 25.26% 8.67%

10.26% 24.09% 18.07% 8.81% -4.85%

4.305% 11.74% 44.12% 9.50% -.43%,

7. 9% 11.33% 17.99% 24.35% 7.43%
0.(10% 0.00% 0.D.4 0.O*, (1.00%

1,07% 1,92% 8.82% 46,g5% ll,79%

8.26% 5.49% 15.09% 20.50% 12.68%


(1l8.. -4.49% 11.45% 33. 5% 32.57%

12-35% 28,17% 16,11% 11.65% 3.58%

.8,74% 132,14% 96% 7,21% 9,39%

0.57% 27.53% 48.81% 45.96% -18177%


li[amblia Counltv .12.60% 61,00% 15.12% -9.97% 47.25%


2007 200 2009 201 0Q21
-2,32% 19.I' -33.56% -17.9

0.00% 0.00% 00% 0.00%
-26.65% -11.06% 6.59% 43.34%
-4.26% -15.45% -13.51% -17.20%
14,20% -17.58% -34.23% ,42.09%
-6.8B% -22.80% -8.47% -10.17%

-5,35% -32.58% -48.0!% -10.26%
1.06% 7.92% -25.66% -14.87
-10.80% -49.82% -26.68% -12.91%

7.99% 0.65% -13.o05% -19.96%
1.09% -31.09% -51.57% -21.21%
-2.75% -1 % -57.08% -24.s59
2.27% -31.11% -54.34% -30.(6%

-12.10% -24.17r () ()
10.45% -22.36% -50.91% -8,65%
.16.O0% .31.25% .21.06% .10.74%
-4.50% -18.21% -10.86% -5.49%

-5.50% -28.57i -27.14% -3.25%

13.31% -23.31% -14.36% -21.14%

-5.31% -20.5u % -11.52% -17.55%

1.48% -19.73% -13.05% -15.75%
O.00%Oi 0.00% 0.00% O(

-I1109% 4.07% -17,09% -33.51%

-4.57% -24.02% -19.37% 0.33%


-IOA.5% -37.23% -16.39% -Q.01%

-,78% -10.65% -19.11% -12.50%

6,84% -28,009A -33.97% -30,37%

11.78% -35.70% -23.25% -4.tl%

-13,28%. -13.07% -17.30% -22.11%








S Table 14. Yearly Change in Real Median Condominium Sales Price (2010 $)

2001 to 2002 1o 2003 io 2004 io 2005 to 2006 to 2007 to 2008 t 2009 to
2Sta. M pOltAca )22 20)3 21)4 2) 5 2 2007 200R 2009 201(Q2

Santa Rosa Couny 6344% 19.64% -25.35% -I12.29 10.47 21,56% -3.64* -1.53% -11.46%


Port St. l.ucie, II. MSA



Punta Gorda, F_. MSA


arata-raden~on-Venice, I, MSA



Sebastian-Vcro Beach, FI. MSA


Taliahamsce. Fl. MSA


Northeast Nonmctropolitan Area












Northwest Nonnctropolitan Arca


Central Nonmctropolilan Area




Soulh Nonmlropolilan Area


Martin County
St. Lucie County

Charlott CCuntym

ManiC County
Sarasoia County

Indian Rivhr Counly

G(adsden County
Jcferson tC'ounty
t.cln Counit%
Wakull aCounly

Bradford County
Columbia County
Dixie county y
Hamilton Counl)
Lalj dL-i Counly
I A-V Counlty
Malison Counq)
Suwannee onlyy
l'Tylor County
l iur.Li LI, .iIj
Cialhowi Ccuu'a
I dl l I L 'hl uit
Gulf Loun.y
I lmnies County
Jackson Conty
Libcmy County
Walton County
Washinglon County

CilIn County
Putsnam County
Surnler County

DeNoito County
I i.iiJ I minl)
lHalrdF Cwiunly
Hendry County
ligh lands Count)
Monro Cotmty
Okewhobvc Counitv


15.61% 29.57% 24.44%
26 70% 26.66% 2.48%

13.40%' 22.10% 27.59%

II.92% 15.83% 12.5Q%
9.89%W 7.81% 10,49%

-17.06% 21.98% 12.52%

0.0(0% 0.00% 0.00%
O.U0% 00JX% DO.(O4
1338% 16.94% 44.81%
(*) (0* (*)



<*) (< ) (*)
0.1)0% 0.00r% O-ODWX
O.010% 0.0(r% O-.04*
0.00% 0.00% 0.00%

*) 2931% 691%
0.00% 0.00% o.0o.
0.0(0 0.00 0.0%
(* (*) (*)


0.00% 0.00% 0.00%
(*) ( ) (*),
4*) (=i (*)
O.(KIS O.00 0.00%

O.(%. 0.00 0.01/
0.00% 0.00% 0.00.,%
7.13% 20.99% 36.54%
0,00%* 0.00%, O.o0./,

10.14% 12.11% 14.62%
(*) (=) (,)
(") ('1 (*)


0.94% 9.43% 34.73%
4t) (0 0)
0(1 () (*)
(*) (*) (*)
2.66% -0.90% 1.10%
28.17% 29.50% 33.00%
(<*) (< ) (*)


28. 15% 10.95% -7.95%
16,64% 8,51% -5.95%

33.71% 14.40% 19.29%

19.9,% 6.57% -16,4J%
1 709% 9.09% 4.93%

21.69% 5.33% 6.3,9%

0.00% 0.00% 0.00W
10.%LI 0.00% 0.00%
S.9q4% 5.68% -7.83%
..1l.93% 0,05% ()5

(*) ( ()0
0) (*) ()
(*) 14.19% -0.1O8%
0.0% (0100% 0.00%,
0-0% 0.00% 0.00%
37.6% (*0 (1)
0.00% 0.00% 0.0o0
0.00% 0.00% 0.00%




3.0r, 0.00% o.00%
0) (* (*

0.W0 0,00% f0.00%

0.00 .00% 0.00 % 000
2)62% -22 .30. -6.21%
0.^% 4 0400% 0.00%/

26.59% 9.71% -15.72%
(") (() (=)
() 250J,5% -23.55%

23.07% 4.16% (')
(*) (+* (<)
(*) (* ('
(*) (* (<
38.53% 39.46% -20.12%
22.90% -6.71% -1771%
(*) (*) (< )


0.00%
O.090s
0.00%6
-12.14%
(,)
0(I

('
-43.99%'
0.00%S
0.00%
(')

0.00%


0.00%
0.00%
-17.31%
(*)



(,)

0.00%

(*)
0.00%

(9)
09


4y.00% ().- W
L41or o~ocl


(*)
0.00%







-26.57%~

(4)

(4)


('I



-13.52%b


(*)
0,00%
o.00oo



0.00%

-19.01%


(4)




(4)
(*
-32.77%
-23.04%
(*l


-39.79% -19.78% -21.10%
-26.22% -28.10% -10.79%

-4S.87% -18.10% -6.87%

-21.18% -9.56% -4.95%
-26.75% .20.21% .$,~ 1%

-38.94% -17.26% I.7/o


0.00%
-9,615
('

(*)
(.)

(*)
0.00%




(*)
(.oQ%


(1)
000%

0.00%
-16.52%







(9




6.16%

0.85%
C()
0^5%~
f)E









The 2009 to Second Quarter 2010
Housing Market

The 2010 roll year data contains sales information for the first
two quarters of 2010, except for Bradford County. Comparing the
real median sales price for the first two quarters of 2010 with the
real median sales price in 2009 gives an idea of where sales prices are
headed in 2010. The real median single-family sales price for the
first two quarters of 2010 is 7.40 percent lower than the 2009 sales
price. Fifty-two of the available 66 counties are showing a decrease
in single-family sales price between 2009 and the first two quarters
of 2010. The real median condominium sales price for the first two
quarters of 2010 is 17.99% lower than the 2009 sales price. Thirty-
four out of the 48 counties with at least 25 condominium sales in
2010 are showing a decrease in sales price between 2009 and the
first two quarters of 2010. While it is possible that the third and
fourth quarter sales could reverse these trends, the current outlook
is that 2010 will see a real price decrease for both single-family and
condominium sales.



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 2009 Census' population estimates, 63 percent of
Florida's population is found in these four MSAs, and they also
contain approximately 58 percent of Florida's single-family housing
units, 69.5 percent of the condominium stock, and approximately
62 percent and 70.1 percent 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
As can be seen in Figure 13, the Jacksonville MSA is located in
the northeast corner of the state and contains five counties: Nas-
sau, Duval, and St. Johns on the coast and Baker and Clay inland.
According to the Census' 2009 population estimates, the Jackson-
ville MSA has approximately 7.2 percent of the state's population;
however, the population is concentrated in Duval County, which
has 64.5 percent of the MSA's population. This difference in popu-
lation is reflected in the housing supply as can be seen in Tables 15
through 20, which show the Jacksonville MSA housing supply and
the individual counties that make up the MSA.
The Jacksonville MSA has 7.9 percent and 2.9 percent 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 percent of the
MSA's single-family housing stock. Notice that Duval County has


a mean year built of 1978 for single-family housing, which is older
than the state's value of 1985. The other counties in the MSA have
mean-year-built values of 1989, 1990, 1992 and 1995. 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 54 percent of the number of condominiums that Duval
County has, but St. Johns County's condominiums have 76 percent
the total assessed value of Duval County's. A similar dynamic is at
play in Nassau County which has only 14.4 percent of the number
of condominiums that Duval County has, but Nassau County's
condominiums have 41.4 percent 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. Jacksonville, FL MSA





L'ft








1







-Tetaeo-ordasHousing


Table 15. Jacksonville, 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.)
2009 Mean Sales Price
2009 Median Sales Price


Single-
Family
384,919
287,062


1984
1987
$154,123
$121,723
$174,208
$135,825
$59,324.98
$67,055.93
$225,468
$187,000


Mobile
Home
33,037
21,122


1990
1991
$57,727
$52,416
$65,287
$59,016
$1,907.14
$2,156.88


Condominium


Total


45,244 463,200
15,454 323,638


1994
2001
$142,647
$89,890
$147,899
$91,000
$6,453.92
$6,691.52
$186,855
$129,000


Multi-Family Less than
10 Units
8,070
1,898


Multi-Family 10 or
More Units


20,776
1969
1971
$186,070
$131,473
$206,165
$140,587
$1,501.58
$1,663.75


80,211
1981
1980
$4,703,531
$1,818,200
$4,704,595
$1,818,200
$3,254.84
$3,255.58


Table 16. Baker County Housing Supply


Total Units:Propcrnic
Homesteads
Total Number of
Residential Units
Mean year built
Median year huill
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2009 Mcan Sales Price
2009 Median sale- Price


Single-
Family
4,008
3.188


1989
1993
($1(.5 76
$93,290
$118, 561
$109,975


Mobile
Home
2,180




1990
1993
S51,240
$46,430
S58,705
$54.621


$415.13 S111,70


$475.19
S161.,72
$14-7,241,


S127.98


Condominium

0
0


Total

6,188
4.775


Multi-Family Less than
10 Units


Multi-Family 1: ur
More Units


1992
1999
S117,759
$71,257
S117,759
$71,257


$0.00
$0
so


$5.65


$1.73


Table 17. Clay County Housing Supply


Total UnitslProperties
Homesteads
Total Number of
Residential Units
Mean year built
Median year bui t
Mean asesesed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just al ue 4rin l p
2009 Mean Sales Price
2009 Medrian Sales Price


Single-
Family
53,818
42.637


1990
1993
$135,975
$11I,112
$148,159
$125,518


Mobile
Home
9..3t64
6,368


1990
1990
554.3.00
$51,652
S60.379
l57,017


$7,317.91 S508 74


$7,973,63
$ 102.923
$170.350


S.56 70)


Condominium
2,380
995


Total
65.507
50,000


Multi-Family Less than
10 U nits


1997
2004
S75,550
$69,049
S77.234
S9).1349)

S179.81

$183,82
Sl1b.!26
1 18,300


1981
1983
$123,144
$102,107
$127,015
$102,107
$40.39

$41.66


Multi-Family 10 or
More Units


1,411
1984
1984
$4,847,430
$2,500,000
$4.,47,430
$2,500,000
$208.44

$208A44


(*)
(*)
$362.663
$. 62.61.t3

$862,663
$1.73











Table 18. Duval County Housing Supply


Total LniLtsPropertie
Homesteads
Total Number of
Residential Units
Mean year bill
Median ycar built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
;riils.
Totaljust value milss.)
2009 Mean Sales Price
2009 Median Sales Price


Single-
Family
24t,606
S1 2.2611


1978
1982
SI 3? 7 I?2

127,6291.11

$127,629


Mobile
Home

5,496


1987
1986
$54.229
$44,574
$6(3.045.
$52,169


Condominium
25,470
10,333


Total
2x9 ",0
198,089


1995
2003
51 7, 0
577,500
5119,056
$79,500


S34.110.17 $533 3 52,891.78


$39,409.1 I
52'4.731]
$1 7.14 [l)


$620.69 53.032.35
5164,701
I 125.000


Multi-Family Less ihan
10 Units
5,566
969



1964
S17i0.110
$122 42
S I 64.7 p5p
$129,968

S946.83
51,028,59


Muilit-Faum.l? 10 or
More Units


77,311
1980
1979
S5 u02.307
S2.122.71P
55,002,550
$2,122,700

$2.90639
$'2.fjn .i S


Table 19. Nassau County Housing Supply


Single-
I amrnly
Total UnitslProperties 20,032
Homeseads 14,673
1 oal Number of
Residential Units
Mean year bull 1992
Median year built 1995
Mean assessed value 1196,787
Mi-diAn a5sL LcJd value 5147.461
Mean just value S221.l77
Median just value $51 t.5;03
T:Y'al assessed value S3 412 U3
:niil, I
Total just val ue :iniil- ] 54.4 2n r I
?ii W Mean Sales Price 5266,572
2009 Median Saes Price 2. 1 .uuU


Mobile
Home
5,972
,1' I


1990
1991
$66.659
S 2. I M.I1
$73.7Nm
$A 7.t I


Condominium
3,670
591


1989
1985
532f.457
5242,792
53i4.121
$249,550


Total
29,674
19,463


tLulii-F.uld Ikess than
10 Units


1986
1985
S270i 5i4
$2 21.rt4
$h". 37hr
$23K,725
5107.15
$114.59


$398,09 S1,198.21
$440.65 $1,226.22
532U7.I5i
;Li7,''00


Multi-Fajm.l 10 or
More Units


1,209

(*)
(*)
$1.frl0.nl5
5U00,,ur7
l5.r8.578
$991.447
$38.44
$39.09


Table 20. St. Johns 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
:niils
Total just value milss.)
2009 Mean Sales Princ
2009 Median Sales Price


Single-
Family
58,455
44,304


1995
1998
1231,627
S17?:V.w3
1252,697
i514.708


Mobile
Home
5.672
3.472


1994
1995
$62,551
$56,218
$70,849
$C.3,. 73


Condominium
I13 72.1
3.535


1993
1995
sl 5o.146
5112,000

S114,750


Total
77,851
51.311


S13,539.73 $354.7,' 52. I4.12


$14,771.39
$291.891
5245,000


$4011.86 $2,249.14
$216,976
S155,000


Multi-Family Less than
10 Units
1.7;2
815

2,917

1983
1983
S231,845
S14 II.174
$273,242
$166,.99
54*l .'.25
$473.25


Mulii-Family 10 or
More Units


1994
1995
52,377,310
7,41.117
52,377,310
lsi1. 117

$9985
$99.85







ii6. Th6tt fF osn,21


Figure 14. Jacksonville MSA Real Median Single-Family Sales Prices (2010 Dollars)


5100 UU00


5350.n100


S3S tOflOil


5 .001)1
SZ.50 LIUII .iker (Coi1





S 1t0.000 : st lIhns Luuntv

1- 11-1n-10.1
0 L. llll aik-sunvillc. IL MSA


S50.000


SO

.J 1 ~1 *J 1 J: ., -J




Figure 15. Jacksonville MSA Real Condominium Sales Prices (2010 Dollars)


S1300.11 W

$450,000l

$400,000

SI_15 iLt


S300,000

)0S.0.0 0

$200,000










5000 0 0 -
1o t J (N N -.j N N


u akei County
-Ij (Enu'ililv
Duval CGmtll ic

Nassau County
St. Iohns County
Florida
ILL ks.,.mivIl. FL MSA












Figure 14 shows the real median single-family sales price from
1999 through the first two quarters of 2010 in the Jacksonville
MSA and the five underlying counties. As can be seen, the Jackson-
ville MSA experienced real price increases that mirrored the state
between 1999 and 2004. After 2004 the MSA experienced slower
real price growth than the state, but between 2006 and 2009 has
also experienced a slower decrease in real prices as compared to
the state. In fact, in 2009 the Jacksonville MSA had a higher real
median single-family sales price than the state.
As would be expected the two coastal counties have the highest
real median single-family sales price in the Jacksonville MSA. Four
of the five counties that make up the Jacksonville MSA experienced
real price decreases between 2006 and 2009, and Duval County
only experienced a 0.33 percent real price increase between 2008
and 2009.While all the counties experienced real declines of over 10
percent between 2007 and 2008, Clay County saw a corresponding
10 percent real decline between 2008 and 2009, Nassau County
saw a real 9.5 percent decline, Baker County experienced a 7.7 per-
cent decline, and St. John's County experienced a real 5.6 percent
decline between 2008 and 2009. Baker County, Clay County, and
Duval County have continued to experience real declines in the first
two quarters of 2010, while St Johns County prices have ticked up,
and Nassau County has experienced a 10 percent increase.
Figure 15 shows the real median condominium sales price
from1999 through the first two quarters of 2010 in the Jacksonville
MSA and the five underlying counties. As this Figure shows, the
Jacksonville MSA real median condominium sales price has not
increased or decreased 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, and in 2009, the median real Jacksonville
condominium sales price is once again higher than the state's. Three
of the four underlying counties (Baker has no condominiums) expe-
rienced real price decreases between 2008 and 2009. Duval County
saw a 13.5 percent decrease, and this decline followed a 15.5 per-
cent real decrease the previous year. Nassau County saw a real 34.2
percent decrease between 2008 and 2009 on top of its 17.6 percent
decrease between 2007 and 2008. St. Johns County saw an 8.5 per-
cent real decline. Clay County saw a real 6.6 percent increase, but
that did follow a 26.7 percent decrease in real median sales prices
between 2006 and 2007 and a real 11 percent decline between 2007
and 2008. All four of the underlying counties have experienced a
real price decrease through the first two quarters of 2010.


Figure 16. Miami-Fort Lauderdale-Pompano
Beach, FL MSA


.. -.,
~- '

r



V.~


Miami-Fort Lauderdale-Pompano Beach FL MSA

As can be seen in Figure 16, the Miami-Fort Lauderdale-Pompa-
no Beach MSA is located in the southeast corner of the state, and
is made up of Broward County, Miami-Dade County, and Palm
Beach County. According to the 2009 Census population estimates,
this MSA contained 29.9 percent of the state's population and has
nearly twice the population of next largest MSA (in fact, the non-
major MSAs when combined only have 31 percent of the state's
population). This MSA has 22.3 percent of the state's single-family
units, 50 percent of its condominiums, 37.5 percent of the multi-
family units with 9 or fewer units, and 44.3 percent 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 2009 mean sales price is
$106,400 higher than the 2009 median sales price. This implies that
there are a number of high-priced homes that are driving up the
mean sales price.
According to the 2009 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 7.7 percent of the state's single-family housing
stock and 22 percent of the state's condominium stock.
Broward County is the second largest county by population. It
contains 7.6 percent of the state's single-family housing stock and
16.2 percent of the state's condominium stock.
Palm Beach County is the third largest county by population.
It contains 7.1 percent of the state's single-family housing stock
and 11.9 percent of the state's condominium stock. Notice that,
for single-family housing, the mean just value is over $187,500
higher than the median just value. This difference indicates that the
presence of some extremely valuable single-family housing in Palm
Beach County.







-TeStof.-loidasHousn


Table 21. Miami-Fort Lauderdale-Pompano Beach, FL MSA Housing Supply
Single- Mobile Condominium Total Multi-Family Iess than Multi-Family 10 or
Family Home 10 Units More Units
Total Units/Propenies 1,089,102 8.07tl 786,454 1,883,626 61,573 6,223
Homesteads 832,229 3.983 341,134 1,177.346 17.516 47


Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Iotal assessed value
milss.)
Total just value milss.)
2009 Mean Sales Price
2009 Median Sales
Price


1980
1983

$141,630
$230,208
$160.000


1981
1980
$53.272
$47,905
556.172
550,570


1984
1981
$130,819
S76,960
$135,9q2
S80,150


$223,145,02 S429.90 5102,883.13


$250,719,86
$317,912
$211,500


5453.30 5106,951.49
2 18,589
$121,000


166.455
1964
1965
S183.896
S143,400
5194,289
5 14 .180
Si l,I2 1 It
SI 1,962.96


266,724
1970
1969
$2.r%17.L97
$848,755
$2,608,666
$849.350
$16,229,57
$16.233.73


Table 22. Broward County Housing Supply
Sing1l;- Mobile
I am. CrdIl Ci llrniuirn
S.arily flome
Total Unils/Propcrtics 372. l 4,122 254,124
Homesteads 2 8,312 2,292 116,715


Total Number of
ReiLknlial Units
Mean year built
Median year bull
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
(m il. I
Total just value milss.)
2009 Mean Sales Price
2009 Median Sales
Price


lopfi
1 p.il

$1 88,23

$210 55n
$160,680


1980
1980
$57,130
$53,770
$61,040
$56.980


I Oul
630,355
407,319


1984
1981
$92.018
$55,140

$56,400


$70,262,79 $235,49 $23,383.86


5:',.'"*55
$245,818
$189,000


$251.61 $24,340.01
S127,526
$72,500


Table 23. Miami-Dade County Housing Supply
S;ndlk. Mobile
S;nl. Mobile Condominium
Iajmn Home
Total UnitsPropries 3rF.533 310 345.654
Homesteads 286.744 88 145,725


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 'aluc mllls I
2009 Mean Sales Price
2009 Median Sales


1973
1972
$14o.148
$136,024
$231,643
$1SU.UO( 2


1961
S IU.?,qtWlj
$29,567
$109,113
$32.770


1984
1983
$163,056
$'5..14
$169,068
$101,760


72..pf..'Il $31.90 $56,360.82


S0.36o7 q7
$394,635
i245.000


$33.83 $58,438.98
$34b.835
$220,000


Total
714.497
432.5i7-


Multi-Family Less than
10 Units
18.364
3,939
51,151


1966
$1 "Y.624
$128,185
$164,954
$131,500

$3,0294 22
S3.029,22


Multi-Family Less than
10 Units
32,587
II 326
S7 1 A


1960
1958
S212- 244
S167 2:%4
$2 20 4'9r
S176,272


57.3.7 34


Multi-Family 10 or
More Units
2,149
18


85,842
1973
1972
S2,593,796
S0(7,010
$2.505..k5g
$660,190
$5,574.07
$5,577.42


MuIi-FamuIil) 10 or
More Units
3,376
23
129,742
1966
1966
$2.34 .-.88
$973,945
$2,349,527
$973,945
57.931.20
S7.932.00











Table 24. Palm Beach County Housing Supply


Total UnitsProperties
Homcslcads
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,)
Ti.r;aljust value milss,)
2009 Mean Sales Pr,.ie
2009 Median Sales
Price


Sinclce
Family
348,460
257,173


1989
1989
$231,290
$147,893
S249.674
$158,319


Mobile
Iome
3,638
1.60.1


1984
1981
S44,670
S37,999
S46,145
$34A. IJ4


Condominium
1Rn.i7n
78,694


1"3
19831

$123,950
St1r,. 9
S129,489
s6x.0t00


Total
1R8,774
337.470


Multi-Family Less than
10 Units
10,622
2,251
28,122
1974
1975
$140.568
$105,476
$145,585
$107 K81


S80,595.32 162.51 S23,138.45


$87,001.34
$427,481
$239,900


$1,493.11
$1,546.40


$167.87 S24,172 ;1
SIx1.337
svi'(O


Multi-Family 10 or
More Units


51,140
1983
1985
53,903,013
S783,102
S3,903,013
$70.102
$2,724.30
$2,24.30


Figure 17. Miami MSA Real Median Single-Family Sales Prices (2010 Dollars)


$450,000


$400,000


$350,000

$3 I Broward County
$300,000

M Miami-Dade County
$250,000

_$200,000-- -Palm Beach County


$150,000 --- Florida


$100,000 Miami-Fort Lauderdale-
Pompano Beach, FL MSA

$50,000

$50,0 T -I -'







STeSaeoFlrd'Hosn,21 1


Figure 18. Miami MSA Real Median Condominium Sales Prices (2010 Dollars)


S350,000


S300,000

$250,000


$200,000


$100,000

$50,000

c,~g,-; ~,,~,~p;~",,I I


SBroward County

I- Mkmat-Dade County

Palm Beach County


m-Floridan ach L
.---. nn Mani-Fort l.at drd.le-
Pompano Beach. FL MSA


Figure 17 shows that the 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 11 years.
In 1999 there was only about a $25,000 difference. By 2008, the
spread had grown to almost $100,000; by 2009 the difference still
equaled $47,000. These three counties are obviously having a large
effect on the overall state median. All three counties in the Miami-
Fort Lauderdale-Pompano Beach MSA experienced a real median
single-family sales price decline between 2008 and 2009. Broward
County saw a real decline of 31 percent, Miami-Dade County saw
a real decline of 25.5 percent, and Palm Beach County saw a real
decrease of 15.6 percent. All of these declines are on top of the
double digit declines that the counties experienced between 2007
and 2008. Through the first two quarters of 2010, all three counties
are showing real price declines, with Broward showing the smallest
decrease at 4 percent and Miami-Dade having the largest decline at
11.5 percent.
Figure 18 shows that the real median sales price for condomini-
ums for the Miami-Fort Lauderdale-Pompano Beach MSA has
increased and decreased at the state's rate for the last eleven years.
This result is not that surprising, since 50 percent of all condo-
minium sales in the state occur in the three counties that make up
the MSA. Real median condominium prices had risen dramatically
between 1999 and 2006. Prices in Broward and Palm Beach County
dropped substantially from 2007 to 2008 and from 2008 to 2009;
in Miami-Dade, on the other hand, prices continued to rise through
2008 and then dropped precipitously. Between 2008 and 2009,
both Miami-Dade County and Palm Beach County experienced real
declines of over 25 percent, and Broward County experienced a real
decrease of 48 percent. The condominium market has not recov-
ered through the first two quarters of 2010, with all three counties
posting real decreases of over 10 percent.


Figure 19. Orlando-Kissimmee, FL MSA

2 ,
*r-


*1


Orlando-Kissimmee, FL MSA

As can be seen in Figure 19, the Orlando-Kissimmee MSA is
located in the center of the state and contains four counties: Lake
County, Orange County, Osceola County, and Seminole County.
According to the Census' 2009 population estimates, the Orlando-
Kissimmee MSA has 11.2 percent of the state's population; however,
the population is concentrated in Orange County, which has 52.2
percent of the MSA's population. This difference in population is
reflected in the housing supply as can be seen in Tables 25 through
29, which show the Orlando-Kissimmee MSA housing supply and
the individual counties that make up the MSA.










Table 25. Orlando-Kissimmee, FL MSA Housing Supply


Total I Ir. i' Priprl.n il
Homesteads
Total Number oF
Residential Units
Mean :.ur hu ll
Mehil.n c r-.ir bhilL
Mean assesed vulue
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2009 Mean Sales Price
2009 Median Sales
1'rioc


Single-
Family
570,000
399.341


1989
1992
$150.277
5122.1074
$15P.')2
51'8.780


Mobile
Honme
31,'79?
18,431


1978

157,796
$49,848
$62,608
$52,600


Condominium
9,71 1
22,958


Total


4401.7 Wr


1991
1994
.134.119
$55,922
$135,095
$56,358


Ss5 uSj 3 $S ..62 $13.373.12


,'N1.454 5i
$208,269
5170,000


$1.9-0.62


$13,470,48
$97,730
566,000


Multi-Farily Less than
10 Units
10,074
2,219
I 1,065
1980
1983
$100,925
587,'HM)>
$101,923
55'9,lii2
SI.016 72

SI,026,77


Multi-Family 10 or
More Units
1,204
3
2fi..267
1986
190
$5,433.2_2
52,438,605
S5,433,292
2,438,605
$6,541.68
56,541.68


The Orlando-Kissimmee MSA has 11.7 percent and 6.4 percent
of Florida's single-family housing stock and condominium stock,
respectively. Knowing that the population is concentrated in Or-
ange County, it is not surprising to see that it contains 49 percent
of the single-family housing stock with another 21 percent located
in Seminole County. Orange County has nearly 67 percent of all
of the Orlando-Kissimmee MSA condominiums. Osceola and
Seminole County have 13.9 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, 46 per-


cent of the condominiums are owner occupied, an owner occupancy
far above the state's 37.2 percent average. Seminole County is close
to the state average with its 36 percent owner occupancy. However,
both Orange County and Osceola County are far below the state's
average with owner occupancy rates of 21.6 percent and 9.5 percent
respectively. The Disney theme parks and other tourist attractions
most likely explain the large number of condominiums and their
low owner occupancy in Osceola and Orange County.


Table 26. Lake County Housing Supply


I rial "niL T' r liuprt
Homesteads
Tolal 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
miles. )
Tolal just %alu i mil; i
2009 Mean Sales Price
2Nilo Median Sales
Price


Sinuiilic- -
Family
90,441
63.'6.i I


1994
1997
S14..178
S127.;"5
$1 l1.28r
$132..ir2


Home
19,829
11,651


1974
1974
S59.';52
$53,250
S64.657
'57,212


S12 ,94Jv 2u $1. I 79
513.681.95 51.282.08
$SIA -.47
$16 9 0iCIO


Condominium

3,188
1.475


Toal

113,458
76,727


1991
I *107
$162,552
, 7i',,;<3

-, .515
551821
$529.23
$i 7,225
$1 17.000


Multi-Family Less tha
10 Units
1,319
122
3,871
1982
1989
5128,220
$108.380
5128,358
$108,534
5169.12
5169.30


Multi-Fanmily 10 or
More Units


11,589

1983
1989
$2,332,733
$866,300
$2,332,733
$866,300
5347.58
S347.58







-Tetaeo-ordasHousing


Table 27. Orange County Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Meldan assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2009 Mean Sales Price
2009 Median Sales
Price


Single-
I am Il
278,666
197,084


1988
1990
SlI6,607

S 14.1,36
$128,535


Mobile
Home
4,668
2.52;1


1986
1985
$4 1,.47
$35,465
S-14,1 9
$36,881


Condoniniamtr
1..70 47
14 4127


Total
350,039
2 I < ')


1992
1994
S129,330

$130,377
S5s,235


43.1641.12 $195.34 R8.626.93


$45.878.46
$2 ;-.l62
5 s xhilll


$205,53 $S8696.78
Slos I45
S70.0inn


Multi-Family Less than
10 Units
6,155
1,545
1,879
1979
1983
541.536



$76,857

S563.40

$567.82


Multi-Family 10 or
More Units


167,064
1986
1990
$5,4 59.179
$2,380,891
$5,459,179
$2,380,891

S4.520.20
$4.520.20


Table 28. Osceola County Housing Supply


Total Units/'ropertics
Homesteads
Total Number of
Residential Units
Mean year hbi ll
Median year built
Mean aesssed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2009 Mean Sales Price
2009 Median Sales
Price


Single-
Family
81.357
45,800


1994
1998
S117,398
$96.100
5119.595
$96,900


Mobile
Home
5,457
3,140


1987
1986
$60,281
$50,500
$64,532
$51,711i


Condominium
13.657
1,309


1998
2001
5243.571
S68.900
S.N;.640
5;4.?. 3
ys~V *nti)


Total
100,671
ib,2491


Multi-Family Less than
10 Units


Multi-Family 10 or
More Units


2,259
1984
1985
$114,810
$ l11 .III111
$115.183
$101,200
S108.95
$109.31


59,'5 I I5 $328.95 S5.375 16


5').7 21 4)
S 147.7bil
S I 14.A0(1


$352,15 5.7r 6h7
S107,nK7


1992
1995
$5,426,149
$3,211,300
$5,426,149
$3,211,300
$423.2-4
$423.24


Table 29. Seminole County Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year buil
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
Inmiis
Total just value milss.)
2009 Mean Sales Price
2009 Median Sales
Price


Single-
Family
11'J.5Th
42,?36


1984
1985
$163,269
5145.743
$177.053
5146.790


Mobile
Home
1,841
1,112


IcI
1980
$67,647
$59,696
$81,948
S7"1,51';9


$19,516.56 $124,54


$21.164.19
$224.507
S185.000


$151t S7


Condominium
15.961
5,747


'Total

917,15
99,715


1985
1985
S53,431
S44 .44
S54,370
S44.114
?52.82
SSot7.7)
S66,635
5'.: .7'Jl


Multi-Fainily Less than
10 Units
1.651
433
3,056
1979
198I
$106,143
S97.,h)I
$l1n9,22r
$101,659
$175,24
S180.34


Multi-Family 10 or
More Units


29,241
1987
1987
S8.393.734
$6.'i(O.r(1
58,393,734
56.580.066
$I.2L0.17
$1.25't.67













Figure 20. Orlando-Kissimmee MSA Real Median Single-Family Sales Prices (2010 Dollars)


Figure 21. Orlando-Kissimmee MSA Real Median Condominium Sales Prices (2010 Dollars)


$350,000


S .llJ.l, (1


$250,000 m I..ke :l L t,.V

O \ lr.ing County

) r, rL L l.1 County

$150,000
NS i'ni in 4.1IItlyV

$100.000 I Florida

fLrl Irir i -Ki.m-.inint FL
$50,000 MSA


SO
ja ^ A^A^..^^


$300,000



5250,000

SLake County
$200,000
C- r.1 County


S l r. tlli00 r 1. 1i LJIIl IVn ,

SSeminole County
$ C liP II ,Pl



Sr 0 I inil-Kiu.iiini- I.
MM


0so

.68 .. N N






TetaeoFordasHousing,


Figure 22. Tampa-St. Petersburg-
Clearwater MSA



I -


As can be seen in Figure 20, the real median sales price for
single-family homes in the Orlando-Kissimmee MSA has nearly
doubled between 1999 and 2006. Prices significantly decreased over
the past three years, but remain 15 percent higher than in 1999.
This increase and following decrease, while large, 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 of at least 18.5 percent between
2007 to 2008. All the counties except for Lake saw real decreases of
at least 15 percent between 2008 to 2009, and Lake County saw a
8.4 percent real decline. These decreases have continued through
the first two quarters of 2010, with both Lake and Orange County
experiencing a real decrease of over 10 percent, Osceola County
experiencing a 8.6 percent decrease, and a 3 percent decrease occur-
ring in Seminole County.
Figure 21 shows that while the Orlando-Kissimmee MSA con-
dominiums have experienced a large run-up in real prices, their
median prices have consistently remained below the state median
since 1999. All but Lake County saw significant decreases in real
median condominium sales prices between 2007 and 2008, and all
the counties experienced a real double digit decline between 2008
and 2009. Three of the counties, Orange, Osceola, and Seminole,
experienced real decreases of greater than fifty percent between 2008
and 2009. All four counties are experiencing a real decrease of at
least 20 percent through the first two quarters of 2010. In Orange
County, Osceola County, and Seminole County, real condominium
prices are now below what they were in 1999.

Tampa-St. Petersburg-Clearwater, FL MSA

As can be seen in Figure 22, the Tampa-St. Petersburg-Clearwater
(Tampa) MSA is located near the center of the state on its western
coast. The Tampa MSA contains four counties: Hernando County,
Hillsborough County, Pasco County, and Pinellas County. Accord-
ing to the Census' 2009 population estimates, the Tampa MSA has
14.8 percent of the state's population. The population is concen-
trated in Hillsborough and Pinellas Counties. This difference
in population is reflected in the housing supply as can be seen in
Tables 30 through 34, which show the Tampa MSA housing supply
and the individual counties that make up the MSA.


'N,











Table 30. Tampa-St. Petersburg-Clearwater MSA Housing Supply


Total I nilt Properin:
lomesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median asscssted value
Mean jusl value
Median just value
Total assessed value
milss.)
Total just value i lnl I
209 Mean Sales Price
2009 Median Sales
Price


Single-
Family
761.638
-h,.781


1985
1987
S12 .x41I
$101,126
51 38.29O
$107.703


Mobile
I Iome
73,189
40,377


1983
1981
$47,. 1 I
S40,507
540,041
$43,004


S98.130.22 S3.445.83


$105,326.90
$190.377
$150,000


5S.6 7? 07


Condominium
160,163
66.864


1985
1984
$98.461
$63.649
$6 .". ; I


S15,769.75
S16,405.82
$158,510
$98,700


Total
994,990
676,024


Muli-rfmrl Less ihan
10 UniLt
22,10
6,206
55,714
1965
1969
S132.400
$',? O"!
$14.2 .I I
.14 .1. lxq
$95,772
S2,927.1 I
S3,099.10


Mulli-F-m.Il 10 or
More UJnit
1,728
23
125,921
1979
1982
$3,752,317
17. ,500
53.752,464
$837,500


S6.484.26


Table 31. Hernando County


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
(mils.4
Total just value milss.)
2009 Mean Sales Price
2009 Median Sales
Price


Single-
Family
60.442
42,482


1991
1989
$10:;.786
$93,949
S108.716
$96,194


Housing Supply
Mobile
Mobile Condominium
Home
11.927 596
6,779 235


1986
1984
152.219
$44,106
155.460
$46,694


S6,436.23 $622.81


$6,614.48
$132,293

$115.500


$661.47


1989
1988
555.186
$51,026
S57,570
S51 .IF

$32.89

$34.31
$50,625

S48.500


Total

73,365
49,496


Multi-Family Less than
10 Units


Multi-Family 10 or
More Units


1,207
1987
1986
$121,686
$105.438
S122.,5'61
$106,838
$57,31

$57.73


1990
1990
$2,215,285
S791,980
$2,215,574
$791,980
$ I li63

$119.64


Table 32. Hillsborough County Housing Supply
Sinnlc- Mobile
Sinl- Mobile Condominium
Family Home


Total lJnits/lroperties
Homesteads
Total Number of
Residential Units
Mean year buili
M .lI.n year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
miless I
Total just value !mil. 1
2009 Mean Sales Price
2009 Median Sales
Price


310.538 13.896 43,955
236.532 8,903 16.222


1994
1996
S131,781
S102,627
S141,024
S108.301


1986
1986
$58,076
$51,052
$64,379
$.;6. 546


S40.121 07 $807.02

$43793.16 $894.62
$194.312

S155,000


Total

3h26.38,
2b1,657


1999
1998
SAh,530J
$48,689

$49,400

5.,,.1(1b. I

S3.106.96
SI 1.480

S70,950


Mulli-ramilh Less than
10 Units
5.083
640

14,252
1986
1990
W93.2h2
565.206
$96,048
$S6 t,70


5474.05
$488.21


Multi-Famil 10 or
More Units


94,957
1986
1985
$5.220.234
$1.578.318
$ -.22(.2 2
$1,578,318

S3,883.85
$3,883.87







-TeStof.-loidasHousn


Table 33. Pasco County Housing Supply

Single- Mobile
Family lulm o
Total Ilnits/Propcrtics 143.991 29.404
Homesleteads n 10 l i.-" 15,526


I li.1l Number of
Residential Units
Mean %car built
MlI dn iiear built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just A.iliC i nil, 1
2009 Mean Sales Price
2009 Median Sales
Price


1987
1987



S 117,087
SUl ..'.-^i


$16,859.48
S155,612
S 42[,000


1984
1983
$43,664
$39,157
$46.174
$41.270


51.;i'.69


ndominiu m
12,147
4 >,.7


1984
1983
S 1.72'
S50,531
S6...t67
551,597
L'44LI78

5773.24
574.163
C ., 1)


Total
185.542
122,036


Multi- .i-ariil, Less than
1 ( J nits
3,698
1,630


1975
1974
$95,734
$75,857
5103,1601
$79,23'i,
$35 11'
$381.48


Multi-Family 10 or
Mor IJnits
186
0
10,134
1991
1989
$2,067,931
$449,550
52,067,93
$44 5';0
S384.64
S384.64


Table 34. Pinellas County Housing Supply

Sin!lc- Mobile C
Condol
Farnil1 Home
Total UnL.s''rnpenq,:t 246,267 17,962 I
Ilomesteads 188.146 9,169


Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Medianjust value
Toal assessed value
milss.)
Total just value milss.)
2irt) Mean Sales Price
2009 Median Sales


1969
1968
S140,129
$102,176
S154,547
S111,991


1976
1973
$40,758
$36,120
$42,495
$317,4iP2


minium

103.465
45,520


Total

367,694
2-14:. 35


1980
1979
$115,313
$72.324
51211.73
S75.573


$34. 504 19 $732.09 S11,930.90


$38,059.79
S228,919
$165,000


$763.30 512,491.30
$191,953
$119,950


Multi-Family Less than
10 Units
12.856
3,879
33.267
1953
1952
158,815
$106,321
$ 1 .9')23
$110,579
$2,041.72
$2,171.67


Multi-Family 10 or
More Units


20,229
1 96
1972
12. 17.055
$605.489
$2 ; I 7 149
i07.5 C14

$2,095.89
$2,096.11


The Tampa MSA has 15.6 percent and 10.2 percent of Florida's
single-family housing stock and condominium stock, respectively.
Hillsborough County has 6.4 percent of the state's single-family
housing, and Pinellas County has another 5 percent of the state's
single-family housing. Pinellas also has 103,232 condominiums, 6.6
percent of the state's total.
As can be seen in Figure 23, the real median sales price for single-
family homes in the Tampa MSA has increased from $134,000 to
$152,000 between 1999 and 2009. This increase largely mirrors
what occurred with single-family sales prices across the state: sharp
increases through 2006 and declines since then. All four of the
underlying counties saw real price decreases between 2006 to 2007
and 2007 to 2008. Hernando, Hillsborough, and Pasco also experi-
enced real price decreases from 2008 to 2009, and Pinellas County
saw a minuscule real price increase of 0.33 percent.


Figure 24 shows that the Tampa MSA condominiums have a real
median sales price below the state median. The median condomin-
ium sales price had more than doubled between 1999 and 2005,
but has decreased by almost than $80,000 between 2005 and 2009.
Hernando, Pasco, and Pinellas County have all experienced real
price decrease for the last three years, and Hillsborough County has
experienced a real decrease for the last two years. These decreases
have lowered the real median condominium price in 2009 below
its 1999 value in Hernando County and Hillsborough County. If
the current decrease that occurred in the first two quarters of 2010
holds up, Pasco County's 2010 real median condominium price will
also be lower than what it was in 1999.


SrIt. '.l 73 $1,283,91











Figure 23. Tampa-St. Petersburg-Clearwater MSA Real Median Single-Family Sales Prices (2010 Dollars)


Figure 24. Tampa-St. Petersburg-Clearwater MSA Real Median Condominium Sales Prices (2010 Dollars)


$300,000


$250.000


$200.000 /


$150,000


$aoo.o i I



111I II

so r


I I LrI1.ui L LLuITIV

SIll',tti ir 'ulgh County

- P. i-I County

Pinellas County

Florida

-Tampa-St. Pertrribuig
Clearwater, FL MSA


$300,000




HLuIilmliul Cuuniv
$200,000 /
Hillsborough County

$150,000 PAL 11, County

Pinellas County
$100,000
-Florida

$50,000 -- Tampa-St. Petersburg-
Clearwater. FL MSA

$0
n ^ \^^\^^ ,^AN
IQ% Plzs\l~$~ o







STeSaeoFlrd'Hosn,21 1


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 23 counties and, accord-
ing to the 2009 Census' population projections, they contain 31
percent of Florida's population. These MSAs contain 36.5 percent
of the state's single-family housing stock, approximately 29 percent
of the condominium stock, and 34 percent and 25 percent of the
multi-family 9-or-less units and multi-family 10-or-more units,
respectively. The following section will examine each of these MSAs
individually.


Figure 25 Cape Coral-Fort Myers, FL MS


,, .- -I



W I

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^**\


Cape Coral-Fort Myers, FL MSA


As can be seen in Figure 25, the Cape Coral-Fort Myers, FL MSA
is located in the southwest corner of the state, and is made up of
a single county, Lee County. It contains four percent of the state's
single-family housing stock and five percent of the state's condo-
minium stock. As can be seen in Table 35, the condominium stock
is relatively new; the mean year built for condominiums is 1992.
As can be seen in Figure 26, the real median sales price for single-
family homes in the Cape Coral-Ft. Myers MSA had mirrored the
states single-family real median sales prices until two years ago.
Starting in 2008 and continuing in 2009 Lee County has experi-
enced massive real price decreases. Real median single-family sales
prices decreased by 44 percent between 2007 and 2008 and by


32.7 percent between 2008 and 2009. These decreases are double
the state's real decrease of 22 percent between 2007 and 2008 and
the 14.8 percent real state decrease between 2008 and 2009. If a
homeowner had bought a single-family house at the real median
sales price of $302,000 in 2006 and were forced to sell for the real
median sales price of $103,000 in 2009, the owner would have suf-
fered a 66 percent loss on the home.
Figure 27 shows that the real median sales price for condomini-
ums in the Cape Coral-Ft. Myers MSA has been very similar to the
state's condominium real median sales prices. In Cape Coral, condo-
miniums suffered a real decrease of 27.1 percent between 2008 and
2009 compared to the state's real decrease of 33.6 percent.


Table 35. Cape Coral-Fort Myers (Lee County), FL MSA Housing Supply


Total UnitsPmropeics
Homesteads
Total Number of
Residential Units
Mean ,eJn huili
Median year built
Mean assessed value
Mlk.Ar.li aswNd value
Meanjusl value
Median just value
Total assessed value
milss.)
Total just valIme il i
2009 Mean Sales Price
2009 Median Sales
Price


Sinulc-
Family
199,329
119.078


1991
1995
$161,001
$96.0 27
$167.893
$97,594


Mobile
Home
17,025
7.210


1983
1982
$55,783
$-6.257
S59,188
S48,198


s,32.nfl 20 $949.71
S33.4-65 bb S1.l007 6W
5165,631
$102,000


Condominium
nfl.74
22.873


1992
1994
$154,687
Slix.ooo
$.0I 9000
$156,742
S108,800
$12.461 76
$12,629.36

S13587, 5
$135,000


Total
296,928
149.161


Mulli- amril Less than
10 Units
8,329
1.202


1987
1985
%SIM 5r5
$53.777
S90.933
553.15U
$737.66
$757.38


Multi-Famnll 10 or
More Units


16,269
1985
1985
$1,580,022
SJ-b.665
$1,580.022
S406,665
$282.82
$282.82












Figure 26. Cape Coral-Ft. Myers MSA Real Median Single-Family Sales Prices (2010 Dollars)


350,OOO -


$300,000


$250.1000


$200.000
Cape Coral -Fort Mi r. FL
MSA
$150,1000
Holrnda

$100.000





SO






Figure 27. Cape Coral-Ft. Myers MSA Real Median Condominium Sales Prices (2010 Dollars)


SS300I.(00


S2%11.000



$200.000



$ I~10.'ic'Cl






$ 11.000



$0
t 'A- i? -,


Cape Coral-Fort Myers, FL
MSA
Florida







STeSaeoFlrd'Hosn,21 1


Deltona-Daytona Beach-Ormond Beach, FL MSA

As can be seen in Figure 28, the Deltona-Daytona
Beach-Ormond Beach, FL MSA is located near the center
of the state on its eastern coast and is a single-county
MSA, Volusia County. According to the Census' 2009
population estimates, the Deltona-Daytona Beach-Or-
mond Beach MSA has approximately 2.7 percent of the
state's population. It also contains 3.2 percent of Florida's
single-family housing and 1.8 percent of Florida's condo-
miniums.
Figure 29 shows that the Deltona-Daytona Beach-Or-
mond Beach MSA has seen the real median single-family
sales prices increase between 1999 and 2006 followed by
a real decrease between 2006 and the first two quarters of
2010, a trend consistent with what happened to real me-
dian single-family sales prices in the state. The spread be-
tween 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 de-
crease of 10.7 percent between 2006 and 2007, a decrease
of 20.5 percent between 2007 and 2008, and a decrease of
17.9 percent between 2008 and 2009.
Figure 30 shows that until 2003 the real median con-
dominium sales price reflected the state's median. After
2003, the MSA actually had higher real median condo-
minium sales prices except for 2006, when prices declined
to approximately the state median. However, a real price


Figure 28. Deltona-Daytona Beach-Ormond
Beach, FL MSA



-A* *





%,.














increase between 2006 and 2007 once again brought the median
sales price back above the state's median. Prices in Volusia
County have stayed above the state median even after experienc-
ing a real 23.3 percent decrease between 2007 and 2008 and a
real 14.4 percent decline between 2008 and 2009.


Table 36. Deltona-Daytona Beach-Ormond Beach (Volusia County), FL MSA Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential Units
Mean year bull
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
[1111,. I
Total just value (miils.)
2009 Mean Sales Price
2009 Median Sales
Price


Single-

154.561
112,149


1981
1984

$93,771
$Sl3,44
$98,417


Mobile
Home
7,530
4,582


1983
193.1
$54,493
$43,757
$58,146
$46,277


$17,872.47 S-4 I 34


$19,080.43
$15 ,435


$437 84


Condominium
28,689
7,072


Tol Multi-Family Ioess than
otal0 Units
10 Units


190.780
123.,s 3


1985
1984
S149,412
$112,608
$152,234
$117,040
$4.,12 46S
$4.367.43
$21,9.408
$175 i00


Multi-Family 10 or
More Units


11,430
5,180
11,773


1984

$88,487
59$, '59
$91,315
$1,090.28
$1,121.06


1Q73
$1,247,1 _7
$305,4 1
$1,247.127
$305,410
$572A3
$572.43


20,188










Figure 29. Deltona-Daytona Beach-Ormond Beach MSA Real Median
Single-Family Sales Prices (2010 Dollars)


$300.000


$520.0000


$200,000


$150,000 ,i Deltona-Daytona Beach-
Ormond Beac, FL MSA
Florida
$100,000 *
Sloo,oro


$50,000 *


$0 ooo - -






Figure 30. Deltona-Daytona Beach-Ormond Beach MSA Real Median
Condominium Sales Prices (2010 Dollars)

SJh il.Oi lI
$3SP.000






$200,000


S 15 ).00 DeCllon..-.DayInri B leach-
Ormond Beach. FL MSA
Florida
$1 LI0,000




SL OIN)

so
N "! "6 C, s: 0,







-Tetaeo-ordasHousing


Fort Walton Beach-Crestview-Destin, FL MSA

As can be seen in Figure 31, the Fort Walton Beach-
Crestview-Destin, FL MSA is located in the northwest cor-
ner of the state along the Gulf of Mexico, and consists of
a single county, Okaloosa County. It contains 1.3 percent
of the state's single-family housing stock and 0.9 percent
of the state's condominium stock. As shown in Table 37,
Okaloosa County has extremely expensive condominium
sales prices, the fifth highest in the state for 2009.
As can be seen in Figure 32 the Fort Walton Beach-
Crestview-Destin MSA experienced nearly the same
percentage decline in single-family sales prices as the state
between 2006 and 2007. However, Okaloosa County has
performed better than the state over the last three years. It
only experienced a real decrease of 6.5 between 2007 and
2008 and a real decrease of 4.8 percent between 2008 and
2009, compared to real declines of 22 percent and 14.8
percent for the state during those years.
Figure 33 highlights the expensive nature of condomini-
ums in the MSA and the real decline in condominium
sales prices over the last four years. Real median condo-
minium sales prices decreased 27.1 percent between 2008
and 2009, 28.5 percent between 2007 and 2008, 5.3
percent between 2006 and 2007, and 8.4 percent between
2005 and 2006. All told, the real median condominium
sales price is down 39 percent from its peak in 2005, but
prices are still well above the state median.


Figure 31. Fort Walton Beach-Crestview-
Destin, FL MSA






'-j



'4.


Table 37. Fort Walton Beach-Crestview-Destin (Okaloosa County), FL MSA Housing Supply


1 i il I I lit. 'PrM pen ie.
Homesteads
Total Number of
Residential Units
Mean year built
Median year buill
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2009 Mean Sales Price
2009 Median Sales
Price


Single-
Iamily
61,405
41,794


1984
1986
5149,107
$111,444
$164,988
$124,858


Mobile
H ome
2,909
1,634


1987
1988
S52,665
S43.441
$50.254
S49.317


$9,155.94 $153,20


$10,131.08
$-7,70i1


S172.37


Condominium
13,493
1,186


Total Multi-Family Less than
10 Units
77.(807 835
44,614 86
3,14


1990
1990
s232.344
5178,000
$234,682
S t11.)00
$3.13501
$3.16 56
533 .545
S269,000


1973
1976
$175,672
S121,761
$179,217
S125,069
$146,69
S149.65


Multi-J-aiml. 10 or
More Units


1983
1985



$1,334,431
S593,848
$213.42


$213.51


5,558














Figure 32. Fort Walton Beach-Crestview-Destin MSA Real Median Single-Family Sales Prices (2010 Dollars)


Figure 33. Fort Walton Beach-Crestview-Destin MSA Real Median Condominium Sales Prices (2010 Dollars)


$300,000







$200.000
$o150,00oo





$100.000



,jt LPlu


. Fort Wallon Beach-
Crestview-Destin, F WSA
-Flaorda


:, % IN .z.-


SOI1 [HLl

$4Sc0OI00




$350,000

$300,000

$25so,000 Fort Waton Beach.
SCrestview-Desftin, FL MSA
S'D I00htp Ftonda

5150,000

$100,000

$50,000so.oon

$0

1b`,' ,' %^ 'rs -9* \f ^*f







STeSaeoFlrd'Hosn,21 1


Figure 34. Gainesville, FL MSA


cr~


N1


Gainesville, FL MSA
As can be seen in Figure 34, the Gainesville, FL MSA is located
in the northern interior of the state, and it contains two counties:
Alachua County and Gilchrist County. It contains 1.2 percent of
the state's single-family housing stock and 0.5 percent of the state's
condominium stock. Table 39 shows that Alachua County has
a relatively large number of multi-family housing units. Alachua
County has at least 37,200 residential units in multi-family hous-
ing. Since the University of Florida is located in Alachua County,
there is a large student population that requires these multi-family
housing units.


Figure 35 shows that the real median single-family sales price in
the Gainesville MSA increased along with the state median be-
tween 1999 and 2006, although not as dramatically. However, the
Gainesville MSA has experienced a slower real decrease in single-
family prices. While the Gainesville MSA's median sales price was
below the state average between 1999 and 2007, it surpassed the
state median starting in 2008. The figure also shows that Alachua
County's single-family housing is more expensive than Gilchrist
County's. While the spread closed 2007, it once again widened in
2008. It should be noted that while Gilchrist County showed a
large real increase in prices between 2006 and 2007, the increase
was completely reversed by a 25.1 percent decrease in single-family
sales prices between 2007 and 2008 and a 9.6 percent decrease
between 2008 and 2009.
Figure 36 shows that only Alachua County has condominium
sales. The condominium market has performed in a similar man-
ner to the single-family market. It experienced real increases in
prices similar to the state between 1999 and 2006. While Alachua
County's condominium market experienced similar real median
sales price declines to the state between 2006 and 2008, it experi-
enced a smaller real decline than the state between 2008 and 2009.
This divergence in sale prices has almost allowed Alachua County to
catch up to the state median.


Table 38. Gainesville FL, MSA Housing Supply


I total .JInu PropIrtiejs
I Iomcslcadsh
Total Number of
Residential Units
Mean ycar built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
'milk i
Totaljust value (miilb. i
2009 Mean Sales Price
2009 ledian aSle-
Price


Single-
Fanily
57.Q77
44,191


1985
1983
$134.585
$114,600
$152,816
S131.600


Mobile
Home
8,200
5,879


1989
1990
55,1 IL)
:$5l.i 44
$62,l2 I
$58,100


$7,802.84 $451.82


$5.55c 82K
$211,805
$182,900


$515.13


Condominium Total
7,137 73,314
2.28 52,33


Multi-Family Less than
10 lUJlas
1,>74
89
4 75


I -'5



$95,138
$88,100
i6ho..48
$679.00
S129,518
$117,000


Multi-Family 10 or
More Units


32.558


1976
1980
S117,4W3
$91,100
$118,370
S92,600
s v7.27
51Si 74


1984
1984
S2,33[,250
S611,550
S2,334.082
$611.550
$1,t2.h.59
$1,064.34


* -(
-I *









Table 39. Alachua County Housing Supply


Total UnitsPropertics
Homesteads
Total Number of
Residential Units
Men year hull
Median yar built
Mean ass Nedl value
Median assessed value
Mean jusi value
Median just value
]'oalj assessed value
:n-iil^.J
Total just -.alu.e imils I
2009 Mean Sales Price
2009 Median Sales
Price


Single-
I amil%
55.700
42.4t(5


1984
1983
S136.042
SI 15,960
$154.410
$132,750


Mobile
Home
5,662
4.06nr


1989
1990
$56,102
$50,900
$63.105
$57,400


$7,577.52 $317.65


$8,600.62
$213,669
S184,500


$357.30


Condm inium

7,137
2.268


lolal

68,499
48,819


1992
1995
$93,664
$86,800
$95,138
$88,100
iw.4? .48
$679,00
$1 : .517
$1S 17,000


Multi-Family I.es than
10 Units
1,669
89
4,927
1976
1980
$117,035
$91,400
$117.918
$9 .000
$195.33
$196,80


Mulli-1] il.Il. 1( or
More Units


32,363
1984
1983
$2,798,861
$938,200
S2.798,861
$938,200
$1,055.17
$1,055.17


Table 40. Gilchrist County Housing Supply


TouIl Units/Properties
Homesteads
Total Number of
Residential Units
Mean .xar bu ilt
Median year built
Mean assessed value
Median assessed value
Man jusl value
Median just value
Total assessed value
miles. )
Totil just aluc miiril'.
2009 Mean Sales Price
2009 Median Sales
Price


%ingil-
Family
2,277
1.7flt


1988
1989
SQN.uSS
$85.741
$113,836
Slil2.702


Mobile
Home
2,538
1,813


1990
1992
$52,864
147.747
SO2.1Z7
$59,541


$225.32 $134.17
$259.20 $ I7.83
$148,629
$132,000


Condominium
0
0
O
O


Total
4.i15


Multi-Family Less than
10 Units


$193,829
$89.205
S193.8K29
$89,205
$1.94
$1.94


0so
so


Multi-Family 10 or
More Units


1983
1984
$93,965
$78,510
$116,085
$100.119
$7.42
$9.17







-Tetaeo-ordasHousing


Figure 35. Gainesville MSA Real Median Single-Family Sales Prices (2010 Dollars)


Figure 36. Gainesville MSA Real Median Condominium Sales Prices (2010 Dollars)


Figure 37. Lakeland, FL MSA


* -

AI


-1~'


Lakeland, FL MSA


As can be seen in Figure 37, the Lakeland, FL MSA is located in
the center of the state, and consists of a single county, Polk County.
It contains 3.3 percent of the state's single-family housing stock and
0.6 percent of the state's condominium stock. Table 41 shows that
Polk County has a large number of multi-family housing facilities
with 9 or less units.
Figure 38 shows that the real median single-family sales price in
the Lakeland MSA increased and then decreased at a similar rate
as the state until last year. Lakeland saw a real price decrease of 30
percent between 2008 and 2009, double the state's real decline.
Figure 39 shows that condominiums saw almost no real change
between 1999 and 2004, but saw large price increases between 2004
and 2006. Real prices have jumped around the last three years,
settling slightly below their 2005 values. Lakeland's condominiums
are still priced below the state median, but the spread between the
two has decreased by almost 50 percent since 1999.


Ai \County



150.1D I I



f I I I I a o SL KS


150,0 J I

fuww't

OB.IX


1 0-IIdtn t nIy
-k 1..1d.


- 411 t B
?I -~ h( 1 IIN T1I~lz


I sa ,% B


,~c1
re r-










Table 41. Lakeland (Polk County), FL MSA Housing Supply


Total Units/Properties
Homesteads
Total Number of
Residential UInils
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 miles. )
2009 Mean Sales Price
2009 Median Sales
Price


Single-
FarMI
161.378
109,453


1982
1987
$102,444
588,542
S1i7,797
S94,095


Mobile
Home
32,085
18,805


1987
1987

.S4'..299
S49,311
S4 .*..(


516,532.25 S 1,460,76
$17,396.14 $1,582.14
$141,894
$127,500


Condominium
8.604
2.763


1989
1'f7
S54,615
S4 &1PL)
S55,722

5469o.90


$101,153
$100,000


Total


131.021


Multi-I family Iess than
10 Units
4,642
443


13,703
1978
1980
$79.416
S69, 18
$79.991


$368.65
$371.32


Multi-Fan ily 11) or
More Units


16,573
1984
1981
$1 ._, 646
S408,856
SI 521. 46
S408,856
$441,20
$441,20


Figure 38. Lakeland-Winter Haven MSA Real Median Single-Family Sales Prices (2010 Dollars)



$300I0!11


2Mfllow



o 1;1 .. | -- Fl Mnda






S3. L nd MA R Mdn nd n .Sals P s ( 0




Figure 39. Lakeland MSA Real Median Condominium Sales Prices (2010 Dollars)


S300 000




$ISt.000




$150100


ka&-- r k d.FL MA
-FlndAi


sri
-' 0 i







STeSaeoFlrd'Hosn,21 1


Figure 40. Naples-Marco Island, FL MSA



l o w-
-c *

i"-\





-/


Naples-Marco Island, FL MSA

As can be seen in Figure 40, the Naples-Marco Island, FL MSA
is located on the southwest coast, and consists of a single county,
Collier County. It contains 1.6 percent of the state's single-family
housing stock and 6.1 percent of the state's condominium stock. As
can be seen in Table 42, Collier County is the third highest priced
market for single-family homes in the state of Florida. Note the
$220,000 difference in the mean and median single-family sales
price for 2009, implying that the upper end of single-family home
prices is extremely high in Collier County.
Figure 41 shows that the real median single-family sales price in
the Naples-Marco Island MSA is higher than the state median. After
experiencing large real sales price increases early in the decade, real
prices peaked in 2006. Since then Collier County experienced a 5.9
percent decline in real median single-family sales prices between
2008 and 2009, a real decline of 27.5 percent between 2007 and
2008, and a 8.15 percent decline between 2006 and 2007. These
declines have brought real prices back to their 2002 value.
Figure 42 shows that the Naples-Marco Island MSA real me-
dian condominium sales price has been consistently higher than
the state's real median sales price. However, after three years of
double digit real price increases, there was a real 4.5 percent decline
between 2006 and 2007, a 24 percent decline between 2007 and
2008, and a 19.4 percent decline in condominium sales prices
between 2008 and 2009. These real declines have returned condo-
minium sales prices back to their 2002 levels.


Table 42. Naples-Marco Island (Collier County), FL MSA Housing Supply


Total l.rilvi I'niq irtiL s
Homesteads
Total Number o1"
Residential Units
Mean year built
Median year built
Mean assessed value
Median asssessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2009 Mean Sales Price
2009 Median Sales
Price


Single-
Family
76,965
49,848


I 9@5
1941

$36,.259
$206.393
$396.8r4
$220.210


Mobile
Home
3,450
1,424


1982
1980
$61 ,041
$50.198
$64,225
$52,375


Condominium
95,812
27,497


1991
1991
$268.284
S154,792
$279,227
$159,744


Total

178,792
78,769


%iilri-I'amiln Iless than
10 Units
1.969
303


3.107


1977
1974
$129.708
S99,692
$130,655
$1 1,00412

S255 40
5257.26


$28,189,16 $210.5Q $25,704.83


$30,544.66
S52,,. 12,i
$3 (i,,'hflrs
~Ss;".!^'"
S-tlllV'l~l


$221.58 $26,751 34
$324,550
$196,500


%1Illi-1 aJrml I) or
More Units


13,125
1986
1989
S3905,690
$1,960,206
S3,905f.00i
$1,960,206
$371.04


171 04













Figure 41. Naples-Marco Island MSA Real Median Single-Family Sales Prices (2010 Dollars)


I 600.000 I


Figure 42. Naples-Marco Island MSA Real Median Condominium Sales Prices (2010 Dollars)


$400,000


$300,000


$200,000


$10io ,1flo


, Naples-Marro Island. FL
MSA
- Florida


^\^'''.:\^\'^"e


$400,000

$350.000

$300[.00

$251,000

$200,000 N/ \ p N p -Marco Island. FL
MSA

$150,000

$100.000

550,000

so

.-+^^^,;'^







STeSaeoFlrd'Hosn,21 1


Figure 43. Ocala FL, MSA


K r


S J


Ocala, FL MSA

As can be seen in Figure 43, the Ocala, FL MSA is located in the
center of the state and consist of a single county, Marion County.
It contains two percent of the state's single-family housing stock and
0.4 percent of the state's condominium stock.
Figure 44 shows that the real median single-family sales price in
the Ocala MSA has followed a similar trend as the state over the
years, but remains below the state median.
Figure 45 shows that condominiums experienced double digit
increases in real median sales prices between 2003 and 2006. How-
ever, those price increases have stopped and been reversed. Real
median condominium sales prices fell by 16.4 percent between
2008 and 2009, decreased by 37.2 percent between 2007 and 2008,
and decreased by 10.5 percent between 2006 and 2007. After these
declines, the real median condominium sales price in 2009 is now
below the 1999 value in Ocala.


Table 43. Ocala (Marion County), FL MSA Housing Supply


Total .n nits Properties
I c.mesLcdisJ
Total Number of
Residential Units
Mean year built
Median year built
Mean a %esscd value
Median assessed value
Mean just value
Median j ut value
Total assessed value
miil' I
Totaljust value milss.)
2009 Mean Sales Price
2009 Median Sales
Price


Single-
Family
100,189
70 779


1989
1993
$113,369
1c7,296
5122.4I
S11fl.J'6


Mobile
Home
24,735
14,243


1986
1986
$41 .A64
$35.
$38,713


S11.51 37 $1.030.55
$12,272.93 $1,138.04

S164, ori
C%14 Or" I


Condominium
b,-472
3,829


Total
131.4t2
S?,s51


1IlIL-F an- ly Less than
10 Units
3,612
1.605


Muli -Fan;il 10or
More Units


8 712


1SW7
1987

S:i0,7l19

$61,775
$51,101


$400. 18
i74,7,2
$65,000


1,492
1983
lq3
S2.151,356
S u7.629
2. 151.433
870.62f9


1977
1980
S127.141)0
s97.5;
$142 352
S103.1"13
S45S 72
$514.17


$240.96















Figure 44. Ocala MSA Real Median Single-Family Sales Prices (2010 Dollars)


Figure 45. Ocala MSA Real Median Condominium Sales Prices (2010 Dollars)


$no00,0n



$25o0ooo


$2 10.000






SrFlorida

$1 .o000



$5t0,00



So

r~ '4 ri 4 'J 4iN C, N P4I


$300,000



$250,000



$200,000



$150,000



$100,000 - - - -



$50,000 *- -


Ocala, FL MSA
Florida


a, 0 q MM d. in *- r, co C3, C
T 0 0 0 0 0 CD 0 0= 0 0 0 -0
c? 0 0 0 0 0 0 0 0 0 0 0
T CD D D D D CD D CD
Cq C r4 Cq q C







-Tetaeo-ordasHousing


Figure 46. Palm Bay-Melbourne-
Titusville, FL MSA


* r i


N)


Palm Bay-Melbourne-Titusville, FL MSA

As can be seen in Figure 46, Palm Bay-Melbourne-Titusville, FL
MSA is located in the center of the state on its eastern coast, and
consists of a single-county, Brevard County. It contains 3.7 percent
of the state's single-family housing stock and 2.25 percent of the
state's condominium stock.
As can be seen in Figure 47, the real median single-family sales
price in the Palm Bay-Melbourne-Titusville MSA is slightly below
the state average. This is another MSA that showed a real median
single-family price decreases between 2006 and 2007, between 2007
and 2008, and 2008 and 2009: 11.8 percent, 10.9 percent, and
16.5 percent respectively. Here too, median single-family housing
sales price have dropped back almost to its 2003 level.
Figure 48 shows that condominiums had a real median sales price
below the state median until 2009. The condominium market in
Brevard County has behaved in a similar manner as the state. It
experienced real price increases until 2006, and then experienced
three years of real price decreases. With these real price declines,
condominiums are now priced below what they were in 2003.


Table 44. Palm Bay-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.)
2004 Mean Sales Price
2009 Median Sales
Price


Single-
Family
178,647
132.083


1983
1986
$122,959
SLJ,4710
$132,094
$104,990


Mobile
Home
11,140
6,757


1985
1984
-140,361
$37,580
S41,615
$38,310


$21.966.25 S449 62


$23,598.22
$180.170
$154,000


$463.59


Condominium
35,390
11,935


1986
1985
$108,129
S77,170)
$112,577
$80,040
S3.826,70
S3,984.09
$177,056
$129,000


T uhti-Fa milH Less mhan
Total ,, .
10 Units


225,177
151,775


MulIi-fumili 10or
More Units


2,972
790


7,916
1966
1964
$167,615
$125,000
$176,089
$127,000
$498.15
$523.34


21,179
1976
1977
S2.281,254

2,281,254
$686.500
$593.13
$593.13













Figure 47. Palm Bay-Melbourne-Titusville MSA Real Median Single-Family Sales Prices (2010 Dollars)





$250,000



$200,000


5.L1l ono 00 Palm H.iHy Mdlhnurli-
Tiusntil.. FLMSA
Flor.da
$100,000oo



5SO 000



so

,1686 i.^ .,'.


Figure 48. Palm Bay-Melbourne-Titusville MSA Real Median Condominium Sales Prices (2010 Dollars)


$300.000



$250,000



$200,000 *


$150000 a Pllm HK.i l.Mrlllnl rrir.
'I r, u illr FLMSA
S-Florida
$100.000 -






so

$71 tF , \Vi






STeSaeoFlrd'Hosn,21 1


Figure 49. Palm Coast, FL MSA


*" -.-





.

.


Palm Coast, FL MSA

As can be seen in Figure 49, Palm Coast, FL MSA is located
on the northeastern coast, and consists of a single-county, Flagler
County. It contains less than one percent of the state's single-family
housing stock and only 0.28 percent of the state's condominium
stock. While there are few condominiums in the MSA, with a me-
dian sales price of $370,000 they rank as the sixth most expensive in
the state.
As can be seen in Figure 50, real median single-family sales prices
are comparable to the state median. Real median single-family sales
prices decreased by eight percent between 2008 and 2009, 19.5per-
cent between 2007 and 2008, and 13.4 percent between 2006 and
2007. The real median single-family sales price is now slightly
below what it was in 2004.
Figure 51 shows that since 2003 the real median condominium
sales price has been higher than the state median. The median year
built for Flagler County's condominiums is 2003, implying that the
condominium stock is relatively new. The Palm Coast stock's recent
construction and coastal location are likely explanations for the dif-
ference between the state's real median sales price and Palm Coast's
price. However, even those advantages have not prevented the
condominium market from suffering large real price declines: a 34
percent decline between 2008 and 2009 and a 28 percent decline
between 2007 and 2008.


Table 45. Palm Coast (Flagler County), FL MSA Housing Supply


Total Unis/Properties
Homesteads
Total Number of
Re.ider'iial 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.)
2CY0'i Mean Sales Price
2009 Median Sales
Price


Single-
Family
37,528
25,' 73





$151,186
$127,488
$156.647
$130.961


Mobile
Home
1,533
967


1990
1990
$53,171
S47.865
$58.981
$52.744


S5,673.71 $81.51


S5.R78.66
5203.797
i170.t7UO.


$90.42


Condominium
4,447
917


Multi-Family Less than
10 Units


Multi-FamilN 10 or
More Units


Total
43,508
27,557


1997
2003
S213,727
51 56.000
S215.113
5157,90W)
$950.45

5956 61
$347,521
S24 3.500


1997
2002
$151,732
$151,947
$153,024
$152.0,66
$140,20

S141.39


(*)
(*)
S2,810,620
$825,669
S2,810.620
$825,669
528.11


S28.11













Figure 50. Palm Coast MSA Real Median Single-Family Sales Prices (2010 Dollars)


$St(i0.1dO






S 10 01i00
S I'arta nC'uni



IILI l Slir Rl"i Ci'llulfl
3,1 I ar,),1 %3|( I I Udnij Rn] Lii-n [

SZ OO --Florida
$200,000
SPensacola-Ferry Pass-
Brent, FL MSA

$100.000



so







Figure 51. Palm Coast MSA Real Median Condominium Sales Prices (2010 Dollars)



$600,000







5400,000



S 3II 0 100
Palm Coast, FL MSA
-52 0 Florida

$200.000



5100.000



50

4-1i 4N fI M n N _4 LN& N







-Tetaeo-ordasHousing


Figure 52. Panama City-Lynne
Haven FL, MSA


,j-


Panama City-Lynn Haven, FL MSA

As can be seen in Figure 52, the Panama City-Lynne Haven, FL
MSA is located on the coast in Florida's Panhandle, and consists of
a single county, Bay County. It contains 1.1 percent of the state's
single-family housing stock and 1.2 percent of the state's condomin-
ium stock. As can be seen in Table 46, Bay County had expensive
condominium sales prices in 2009.
Figure 53 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 54 shows that condominiums were in line with the state
median until about 2002, when they started to experience a large
real increase in prices. However, real condominium median sales
prices declined between 2005 and 2006, 2007 and 2008, and again
between 2008 and 2009. While these decreases have reduced real
prices below their 2003 values, they have not completely erased the
gains seen since 2002. Condominium prices continue to exceed the
state median.


Table 46. Panama City (Bay County), FL MSA Housing Supply


I 1.14l 1.lrlil b Pr..|%rl LO.,
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean ssesed value
Median assessed value
Mean just value
Median just value
Total assessed value
[mil- I
Total just value milss.)
2009 Mean Sales Priee
2009 Median Sales
Price


Single-
Family
53,338
34,08I


1984
1987
S143,7-I4
$114,611

S 135,2571
$135,257


Mobile
Home

5,110


1991
1994

$51.u2J
$62,415
$5O,559


$7.661A L)J $5u3 22


S9,070.64
$205,170
$174,9W0


ifAI 61


Condominium
19 E[7)i
I.Cr)5


1995
2002
S174.504
$158,000

Si 5I.951l

S3,327 79
S3,3-4 93
$222,109
U204.2 50


lToIal

81.406
40,29g6


Multi-Family Less than
I0 Units
1,196
16[0


3,191
1983
1984
5165.796
$133,873
$170 4-95
S135,119
$198.29


Multi-Family 10 or
More Units


5,811


1984
$2,077,466
$757,973
$2.177.09 7
$757,973
S309.54


%
\ \

\


.00













Figure 53. Panama City-Lynne Haven MSA Real Median Single-Family Sales Prices (2010 Dollars)


Figure 54. Panama City-Lynne Haven MSA Real Median Condominium Sales Prices (2010 Dollars)

$500,000

$ .1I 1.00l

SlUtl oltuni

$350,000

$300,000

S .LIOu_ (O Panama City-Lynn HIaven,
FL MSA
$200,000 Florida

$150,000

$100,000

$50,000

$s

3'^^^^^''," b",^


S300,000


$2 5 111 ill



$200,00






$100,000


550.000


........ Panama City-Lynn Haven
FL MSA
-Florida


so

S ~ ~, P. ~ &







STeSaeoFlrd'Hosn,21 1


Figure 55. Pensacola-Ferry Pass-
Brent FL, MSA


.9-


I






Wi

'Ir


Pensacola-Ferry Pass-Brent, FL MSA

As can be seen in Figure 55, the Pensacola-Ferry Pass-Brent, FL
MSA is made up of two northwest counties, Escambia County and
Santa Rosa County in Florida's Panhandle. It contains 2.95 percent
of the state's single-family housing stock and 0.7 percent of the
state's condominium stock. As can be seen in the following tables,
the Pensacola-Ferry Pass-Brent MSA had relatively expensive condo-
miniums in 2009.
Figure 56 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, and the spread has increased since 1999. Santa
Rosa has seen real price declines every year since 2005. Escambia
County saw a 6.6 percent real increase in the median single-family
sales price between 2008 and 2009. This increase came after three
straight years of real price declines.
Figure 57 shows that real median condominium sales prices have
been greater than the state's median since 1999. Santa Rosa has
seen real price decreases in all but one year since 2003. Escambia
saw real price decreases every year between 2006 and the first two
quarters of 2010. These decreases have returned the median con-
dominium sales price in Santa Rosa County to below its 2002 level
and Escambia's price to below its 2003 value.


Table 47. Pensacola-Ferry Pass-Brent, FL MSA Housing Supply


I wial Units/Properties
Homesteads
Total Number of
Residential Unils
Me-in year built
Median year built
Mean assessed value
Median aisesscd value


Sinmle-
Iamily
143,849
102,757


1982
1984
$1u7,690
189,24>


Mean just value $116,958
Median just value S97,438
I iial assessed value $15,
milss.)
I tuil just 'uluc' I nil. $16,824.22


2009 Mean Sales Price
2009 Median Sales
Price


Mobile
M Condominium
Ilome
11,791 10,7
6.3 12 1,5


1989
1089
$35.641
$S0 166
$3 Sf, 7"
$32a,76

$420.25
$448.99


$177,680

$1 7,400


Total ulti-Famil. Less than
10 Units


48 166,388
;79 110,648


1993
19(16

$174.565
$203,485
$178.845
$2,159.16
$2.187.06
328.830
6300[JO00


Multi-Family 10 or
More Units


2,583
243


7,351
1917

$104,211
$R5 7S4
S 105.849
$87.321
$269.18
$273.41


15,248
1983
1983
$2.258.449
S1.16R .R65
S2.258,449
1,168.865S
$460.72
$460.72











Table 48. Escambia County, FL MSA Housing Supply


Total Unitslropcrtics
ImLsotcads
Teal Number of
Residential Units
Mean year bull
Median year built
MWm wsscsswa vtlut
Median sscssd val'u
Mean just value
Median justl vlue
So4tal assessed value

Total just value miles. )
2009 Mean Sales Price
2009 Median Sales Price


Single-
Family
94,058
66,076


1977
1978
597,571
57&897
$104,036
SR,568R


Mobile
Home
5.786
2.827



1988
S26,282
S20.583
S29,043
S23,390


Condominium Tonal
8,981 108.825
1,3I1 70.204


1992
1991
i-'n? 'ni
51 76,871
S205 105
$179,152
$1.816.50


S9.177.35 S152.07


510,255,68
$162,313
$143,500


5168,04 St.A42.05
$336,985
$305,000


Multi-Family I .ess than
10 Units
1,924
184


1974
1979
S105,422
$31,520
S107,505
583,425
S202.83
5206.84


Table 49. Santa Rosa County, FL MSA Housing Supply


Total I'nl I'rupcn k.
Homsinteads
Tloal Number of
Residential Units
Mean year built
Median year bill
Mean assessd value
Median asiscsed ,aluo
Mean just value
Median just value
Total assessed alue
(in. 1
loil jusI tJlue mils.
2009 Mcn Sales Prik
2009 Mecdian Salts Prict


Family
49.791
36.681


1990
1994
S126.806
S109,843
$131.922
S114.008


Home
6.005
3.485


1989
1990
$44.659

$46,786
S41.95


Condom inium
1.767
278


Total

57.563
40,444


Mulli-Family I. ssq than
10 Units


1994
1997
$193,919
$171.000
$195,250
S171,000


1984
19833
$100,675
S96,556
$101,012
$96,771
66,34
S66.57


$6,313.79 S268.18 $342.65


S6.568.54
5195.232
5175,000


S280.95


$345.01
$265.363
5270,000


Mulli-Family 10 or
More Units


2,141
1984
1984
$1,163.843
S55! 547
$1,163.843
S528.547
$68&67
$68.67


Figure 56. Pensacola-Ferry Pass-Brent MSA Real Median Single-Family Sales Prices (2010 Dollars)


$300,000



$250,000




SI Escambia County


S1],0nn L P 1 11CI Santa Rosa County

Flortda

$100,000
Pensacola-Ferry Pass-
Brent, FL MSA

$50,000



so

S^'^ .^ ,^\z


Multi-Family 0 or
More Units


13,10;
198.
1989
$2.703,84
$1.474,551
S2.703,84(
S1.474,551
$392.0
$5392,0


inle.: Mobile







-Tetaeo-ordasHousing


Figure 57. Pensacola-Ferry Pass-Brent MSA Real Median Condominium Sales Prices (2010 Dollars)


Figure 58. Port St. Lucie-Ft. Pierce, FL MSA


'Sc


Port St. Lucie-Ft. Pierce, FL MSA

As can be seen in Figure 58, the Port St. Lucie, FL MSA is located
on the eastern coast of the state. It consists of two counties, Martin
County and St. Lucie County. It contains 2.9 percent of the state's
single-family housing stock and 1.9 percent of the state's condo-
minium stock. As can be seen in Table 51 and Table 52, Martin
County has only half the number of single-family homes as St.
Lucie County, but its single-family homes have higher assessed and
just values.
As can be seen in Figure 59, 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 eleven years. Both Martin and St.
Lucie County experienced double digit real price decreases between
2006 and 2007, 2007 and 2008, and again between 2008 and
2009. These decreases have erased any price gains made since 2002
in Martin County and 2001 in St. Lucie County.
Figure 60 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.


$600.000




$500.00O

$0oo Ii Escambia County

{iIIII.I )[1 i p- iiif.I R, ,%.i IIl1I' V

S200- Florida

P Insaola-FcIrr Pass
Brent. FL MSA
S100.00oo0o


so
1u, *a *
^^ 1, ^^^


I
+I r
r~'


r-
Ji, 7
I












Figure 59. Port St. Lucie-Ft. Pierce MSA Real Median Single-Family Sales Prices (2010 Dollars)

$400,000

$350,000

$300,000|

$250,000

200/ 0 Martin County
$200.000 |

51500 0Flonda
SPort St Lucie. FL MSA
$5 11u il I

SE.nniI IO

$50 *
,SOA A


Figure 60. Port St. Lucie-Ft. Pierce MSA Real Median Condominium Sales Prices (2010 Dollars)

5300,000






$200,000


$150000 Martin County

I\ I ir ll l
iij Florida
$1 0 lll( 1 I J J. Port St Lucie. FL MSA


S t0: I I tL t




p g; *';







-Tetaeo-ordasHousing


Table 50. Port St. Lucie-Ft. Pierce, FL MSA Housing Supply


Total IJnits/Prperties
Homesteads
Total Number of
Residential Units
Mea year built
Median year built
Mear assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2009 Mean Sales Price
2009 Median Sales
Price


Single-
Family
139,561
96.319


1990
1990
5155,504
$103,1 (W
$1b7.2b9
S 10b.500


Mobile
Home
7,202
3,828


1988
1988
565,165
$59,530
568,6(06
$61,920


Condominium
29,606
10,487


Total
176,369
110,634


1985
1983
$!18,653
S79.210
$123,986
$84,000


S21.7.02.23 S469.32 S3,512.60


$23.344,22
$199,698
S13'l.wIlr


hlulti-J- Jily Less than
10 Units
2,509
302
5,415
1973
1973
S97,635
$69,120
S99.424
S69,600
S244.97


S494 O1 S3.670.74
5164,180
S109,500


Mulli-iamil' 10 or
More Units


3.170
1986
1985
$2.205,100
$715,590
$.202.401
$737,100
$271.23


$249,46


$271,76


Table 51. Martin County Housing Supply


Total nais I'rowpriis
Homesteads
Total Number ot
Residential Units
Mean year build
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Total just value milss.)
2009 Mean Sales Price
2009 Median Sales Price


Single-

45,542
34.025


1986
1988
S264,894
S I A.3
5182 5,135
$181.135


Mobile
Home
2.915
1,622


1981
1980
$5t.1 '21
$49,560
$54.5 1
$53,400


Condominium
14,880
5.'944


Total
63.337
41.5y1


MulT-i: rnmil I.Css than
10 Units


1982
1980
$104,853
$67,283
S11(.231
S71,000


Mulni-:.imils 10or
More Units


1977
1978
$132,641
S86.400
$134,970
S86.400
S132.51
S134.84


$12,063.82 $146.10 SI,560.01


$13,458.28
$332,935
$225,000


$159.13 SI.640.23
S15 127
599,950


Table 52. St. Lucie County Housing Supply


TII al I nils/Properties
Homesteads
Total Number of
Residential Units
Mean yeva bull
Median year built
Mean assessed value
Median assessed value
Mean jusi value
Median just value
Total assessed value
milss.)
Tulul just value miles. )
2009 Mean Sales Price
2009 Median Sales Price


Single-

94,019
62.294


1992
1992
$102,515
$87.300i
$105,148
$88.200


Mobile
Home
4,287
2206


1992
1991
S75,394
S69,100
$78,135
$70,700


$9,638.40 $323.22
$9,885.95 $334.97
$139,004
$120.000


Condominium
14.72b
4.543


Total
113,032
69,043


1987
1985
S132,595
5108,400
S137,886
$118,400
$1,952.59
$2,030.51
$171,444
S129.000


Multi-Family Less (harn
10 Units
1,510
154
3,407
1971
1970
$74 47it
S46,400
$75,907
$46.400
$112.46
$114.62


1984
1985
$2,034.695
$655,200
$2,043,947
$655.200
$115.98
5116.50


Mu.r. I .inly 10 or
More IUnits


3,107
1987
1987
$2 ;2.267
5 1.46.4tt1
$2,352,292
$ I b).4i:h '
$155.25
$155.25












Figure 61. Punta Gorda FL, MSA

S -..... .



I



e *\
S.


4.--


Punta Gorda, FL MSA


As can be seen in Figure 61, the Punta Gorda, FL MSA is made
up of Charlotte County and is located on the southern Gulf coast.
It contains 1.4 percent of the state's single-family housing stock and
0.9 percent of the state's condominium stock.
Figure 62 and Figure 63 shows that the real median single-family
sales price and real median condominium sales price in Punta
Gorda have performed in a manner similar to the state. Note that
the real median single-family sales price declined every year between
2005 and 2009. Charlotte County was one of the few that saw
real median condominium sales prices increase between 2006 and
2007. However, that real increase was transitory, as real median
condominium prices decreased by almost 50 percent between 2007
and 2008 and decreased by 18 percent between 2008 and 2009,
returning prices to a level not seen since 2003.


Table 53. Punta Gorda (Charlotte County), FL MSA Housing Supply


Total Unils/Properties
I k.niimeads
Total Number of
ResiJdennal Units
Mean year built
Median 'car built
Mean assessed value
Median assessed value
Mean just value
Median just value
Total assessed value
milss.)
Totaljust value milss.)
2009 Mean Sales Price
2009 Median Sales
Price


Single-
Family
65,'971
42.011


19AR
1989
$134.212
$105.216
51 9.9I7
S107.17V


Mobile
Home
5,444
2,422


1984
1982
$ I.B62
$41,119
$51.862
$43,847


$t. 1;54.09 $262.20


SI.hO iiI
$1W.0 1I5
5 I u,000 .I


$2'~'2.14


Condominium
14, 06
3,818


1990
1987
$133,507
$90,695
S135,375
S93,463
$1 37818
$1,904,45
$165,480
$S2-1.~t0


Total
85,483
48,251


Mulit-Family Less than
I0 Units
1,172
201


5,959
1982
1985
$137,314

S139.723
589,746

S I 7&A)
t16% 76


Muiil-FAjnIly I or
More Units


5,483
1989
1988
$8vC2.162
$2n.853
$802.162
$26,853
$72.27
S72.27







-Tetaeo-ordasHousing


Figure 62. Punta Gorda MSA Real Median Single-Family Sales Prices (2010 Dollars)

$300,000





$200.000
$1ooooo

-Punta Gorda, FL MSA
-Florida
S100,000


$50o.o000


so
S4:^
*^ ^' y


Figure 63. Punta Gorda MSA Real Median Condominium Sales Prices (2010 Dollars)

$350,000 -

$300,000

$250,000



S. Punta Gonla. FL MSA
Florida




$S5.1 I'Jlut


so
L4 .00 e












Figure 64. Sarasota-Bradenton-
Venice FL, MSA


r~--C/


1 4



S.-


Sarasota-Bradenton-Venice, FL MSA

As can be seen in Figure 64, the Sarasota-Bradenton-Venice, FL
MSA is made up of Manatee County and Sarasota County and is
located on the southern Gulf coast. It contains 4.4 percent of the
state's single-family housing stock and 5.2 percent of the state's
condominium stock.
Figure 65 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 simi-
lar real median sales prices in 1999, but between 2003 and 2007
Manatee County experienced higher real increases. At their peak,
the median-priced single-family home in Manatee County cost ap-
proximately $50,000 more than in Sarasota County. However, after
three straight years of real price declines, Manatee County's median
single-family sales price is now only about $15,000 higher than
Sarasota County's.
Figure 66 shows that condominiums in the Sarasota MSA
performed similarly to the state between 1999 and the first two
quarters of 2010. Unlike with single-family homes, the median
condominium price in Sarasota County was consistently $30,000-
40,000 greater than in Manatee until 2006.


Table 54. Sarasota-Bradenton-Venice FL, MSA Housing Supply


Total Uni'/Properties
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Medi.n just value
Total assessed value
milss.)
Total just value (mil.)
2009 Mean Sales Price
2009 Median Sales
T'rite


Single-
Family
213,356
146,65K


1985
I9MK
SIR4,213
S130,400
$195,592
S136,122


Mobile
Home
24,520
10,900


1978
1976
$48,830
$44,712
$5i,463
$45.641


$39,302.88 $1,197.31
$41,730.77 S1.237.36
$271,465
5199,500


Condominium Total
81,237 31.,113
31,481 189,039


Multi-Family Less than
10 Units
8,669
2,429


17.530


1985
1982
SI709.95
5107.K8bu
$186.240
S110,500
514,622.29
S15,129.59
S249h.1
SIl 52,01i


Multi-Family 10 or
More Units


15.471


1989
1990
S1.756,396
$42., 2.0
$1,787,004
5423.2(m
S844 'c7
84M5.25


1971
1973
S226.408
$112.378
$247,303
$114,828
$1,967.06
$2,143.87







-Tetaeo-ordasHousing


Table 55. Manatee County Housing Supply


T .jl UInits/Properties
1 rf..nflIkadiJ
Total Number of
Residential Units
Mean year bull
Median year uill
Mean assessed value
Median assessed value
Mean just value
Medianjust value
Total assessed value
11111% k
Total just value mril
2009 Mean Sales Price
2009 Mediaj Sales Price


Single-
Family
.4.4165
59,648


1986
1990
5 17.427
S138.785
5189,054
S 143,925


I j~.%~A6
5~2i.;33


Mobile
Home
12,866




1977
1974
$44,108


S.,3467
$;A,, 77


$583.42


Condominium
30,990
1 1,k71


Total
128,321
77,187


Multi-Family Less than
10 Units
4.52-
989


M1iltI-I iamnl 10 or
More Units


11.2S5


1985
1983
$119,216
S90,670
$122,018
S92,915
$3,694.5 I
'$.7pI 1 3
$181,175
$140,000


1972
1,74
$161.475
$94,754
S160 01 1
$96,081
$730.51

$764.61


Table 56. Sarasota County Housing Supply


1 '.tl I .1 it -Plperi 'n .
Homesteads
Total Number of
Residential Units
Mean year built
Median year built
Mean assessed value
Median assessed value
Mean just value
Medianjust value
Total ass essd value
[mil- }
Total just value milss.)
2009 Mean Sales Price
2009 Median Sales Price


Single-
Family
128,891
'7.i010


1985
1986
$517.349
SJ24.2rq.j
$199,877
$12i9,911


$25,762.31
527 5,84
$190,000


Mobile
Home
11.64
5,232


1979
1977
$54,043
$51 .6[,1
S56.112
$52,a.s'u


Condominium

51,21 7


1984
1982
$217,481
$124,300
$225,849
S127,9110


Total
19i,79'2
111,852


Multi-Family Less than
10 Units
4.145
1.440


Multi-Family 10 or
More Units


7,245
1970
1972
$298,323
$141,900
$332,753


$1,236.55
$1,379.26


$653.93 $11,348.25
$247,660
$169,000


Manatee saw its condominium market decline first, with a real
16.5 percent decrease between 2006 and 2007. The median price
in Sarasota County continued to increase that year, widening the
spread of condominium prices between the two counties to over
$90,000. Sarasota County experienced real declines of 26.8 and
20.2 percent between 2007 and 2008 and 2008 and 2009 respec-
tively. Manatee County saw a real decrease of 21.1 percent be-
tween 2007 and 2008, which was followed by a real decrease of 9.6
percent between 2008 and 2009. Both counties are experiencing
around a 5 percent decline for the first two quarters of 2010. These
declines have returned the spread between the two counties back
into its historical range of $30,000.


13.055


1993
2002
$1,718,090
$76,925
S1,718,090
S76,93)
$482.78
$482.78


2,416
1983
1985
$1,886,364


$725,65U

$362.18
S362 47


$9II55.21 $567.50


S24,147.59 $629.81 $10l,927.78













Figure 65. Sarasota-Bradenton-Venice MSA Real Median Single-Family Sales Prices (2010 Dollars)


Figure 66. Sarasota-Bradenton-Venice MSA Real Median Condominium Sales Prices (2010 Dollars)


$350,000


$300,000 -


$250,000


$200,000


p 1
I I


$100,000


$U UILILI


so

S .1 ^^^^


M-n.iIat 1.ILninv

iSarasota County

-Florida

-Srasota- raden ton-Venice.
FL MSA


$00,000




S300,000


$250,000 M anatee County


$200,000 p Sarasota County

S- --Florida

Sarasnta-lBrdenton-Veni-e,
$100,000 FL MSA

$50,000


$0

'Ci a @ ? "?-', -$







STeSaeoFlrd'Hosn,21 1


Figure 67. Sebastian-Vero Beach
FL, MSA


N-


N. ,


Sebastian-Vero Beach, FL MSA

As can be seen in Figure 67, the Sebastian-Vero Beach, FL MSA
is located in the middle of the state on the east coast, and consists
of a single county, Indian River County. It contains one percent of
the state's single-family housing stock and 0.9 percent of the state's
condominium stock.
Figure 68 shows that the real median single-family sales price
trend in the Sebastian-Vero Beach MSA has largely mirrored the
state's single-family market. The area experienced a large run-up in
prices between 1999 and 2006 and then saw a large real decrease in
prices post 2006.The 2009 real median single-family sales price is
only slightly higher than it was in 2003.
Figure 69 shows that the real median condominium sales price in
the Sebastian-Vero Beach MSA has increased and decreased along
with the state's real median prices over the last eleven years. The
recent real decrease in condominium prices has lowered the real
median sales price below what it was over a decade ago.


Table 57. Sebastian-Vero Beach (Indian River County), FL MSA Housing Supply


'otal Units/Proprties
Homesteads
Total Number of
Residential Units
Mean .car built
Median year built
Mean assessed value
Median assessed value
Mean just value
Median just value
I ltdI assessed value
: Illl'b l
1 ial just value (mils'l
2009 Mean Sales Price
2li0 Median Sales
P'rik:


Single-
Family
47,934
33.068



1990
S1203.640
$112,255
$219,518
$114,820


Mob,lq:
IMub Ic

1,346
667


1984
1981
$-12.556
$36,655
$43,971
117,71.S


$-,761 71 S57.28


51u,522 3',
S2 169.0
$169,000


Condominium
14,782
5,214


1986
1984
$16.2 723

$168,016

S2,4)i -0
$2,40'; _37


$59.19 $2,483.61
$222.775
$115,000


Total Mili--Famil' Less than
l0 IOlnuL
64,062 770
~ 8.49 98


1977
1978
$119,997
597,145
$12(0.A %)
,97 7.16
SQ2.40
S93.13


Multi-Family 10 or
More Units


3,382
1988
I 5
S2.009. 15p
S74r.6i 10
S2,009,150
sr'746,. I P
S7-.t, lip
S98.45
S98.45




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