Martha and Don Woods PA, REALTORS®

Daytona Beach Area/January 2008 Report - The Daytona Beach Area (including New Smyrna Beach/SE Volusia Area) reported a total of 321 homes sold in January compared to 492 homes a year ago for a 35 percent decrease. The existing home median sales price was $179,100 a year ago it was $204,400 for a 12 percent decrease. A total of 54 existing condos sold in 2008 compared to 70 condos the previous January for a 23 percent decrease. The market’s existing condo median price was $230,000; a year ago it was $200,000 for a increase of 15 percent; according to the Florida Association of Realtors® (FAR).

New Smyrna Beach/SE Volusia/February 2008 Report  - Don Woods, Past President/Director 2008, of the New Smyrna Beach Board of Realtors® reports that in the New Smyrna Beach/SE Volusia Area a total of 28 homes sold in February 2008 compared to 43 homes a year ago for a 67.2 percent decrease. The existing home median sales price was $178,950; a year ago it was $187,500 for a 4.6 percent decrease. It should be noted that the average home prices are down 8.8 percent from $266,469 last year to $243,066 for this period. A total of 15 existing condos sold last month compared to 13 a year ago for a 15.4 percent increase. The existing condo median sales price was $235,000; a year ago it was $340,0000 for a 30.9 percent decrease. It should be noted that the average condo prices are down 31.3 percent from $390,300 last year to $268,132 for this period. (Based on information from the New Smyrna Beach MLS for the periods shown and is deemed reliable but is not guaranteed accurate by the MLS).

New Smyrna Beach/SE Volusia/January 2008 Report  - Don Woods, Past President/Director 2008, of the New Smyrna Beach Board of Realtors® reports that in the New Smyrna Beach/SE Volusia Area a total of 32 homes sold in January 2008 compared to 35 homes a year ago for a 8.6 percent decrease. The existing home median sales price was $206,500; a year ago it was $199,900 for a 3.3 percent increase. It should be noted that the average home prices are down 3.7 percent from $333,447 last year to $321,116 for this period. A total of 6 existing condos sold last month for a median price of $237,000; comparison statistics for a year are meaningless because of a large number of high-end pre-construction sales closed out after 1005 Days on Market. (Based on information from the New Smyrna Beach MLS for the periods shown and is deemed reliable but is not guaranteed accurate by the MLS).

New Smyrna Beach/SE Volusia/December 2007 Report  - Don Woods, President 2007, of the New Smyrna Beach Board of Realtors® adds that in the New Smyrna Beach/SE Volusia Area a total of 46 homes sold in December 2007 compared to 66 homes a year ago for a 30.3 percent decrease. The existing home median sales price was $167,500; a year ago it was $228,950 for a 26.8 percent decrease. It should be noted that the average home prices are also down 12.8 percent from $307,274 to $267,872 for this period. A total of 5 existing condos sold last month compared to 12 condos the previous December for a 58.3 percent decrease. The market’s existing condo median price was $269,000; a year ago it was $379,500 for a increase of 29.1 percent. However, the average selling price for the period is down only 4.4 percent from $427,568 to $408,800. Days on market increased 5.7 percent to 240 days. (Based on information from the New Smyrna Beach MLS for the periods shown and is deemed reliable but is not guaranteed accurate by the MLS).

For the year, January 1, 2007 through December 31, 2007 - Woods reports that the New Smyrna Beach/SE Volusia Area reported a total of 552 homes sold in 2007 compared to 668 homes for the same period a year ago for a 17.4 percent decrease. The existing home median sales price was $199,000; a year ago it was $215,250 for a 7.5 percent decrease. Average Days on Market increased from 140 to 176 in 2007. A total of 173 existing condos sold in 2007 compared to 186 condos the previous year for a 7 percent decrease. The market’s existing condo median price was $339,000; a year ago it was $356,000 for a decrease of 4.8 percent. The average price change was also down 4.3 percent. Average Days on Market increased from 166 to 286 in 2007. (Based on information from the New Smyrna Beach MLS for the periods shown and is deemed reliable but is not guaranteed accurate by the MLS).

Florida's Existing Home Sales Remain Slow in January 2008

ORLANDO, Fla., Feb. 25, 2008 – The mortgage credit crunch and a sluggish economy continued to affect the sales pace of existing homes and condominiums in Florida in January. Statewide, sales of existing single-family homes totaled 6,737 last month while 9,360 homes sold in January 2007 for a decrease of 28 percent in the year-to-year comparison, according to the Florida Association of Realtors® (FAR).

But some industry analysts expect sales activity to improve by the second half of the year, especially if the increased loan limit caps within the federal government’s economic stimulus package can be implemented quickly. In the latest market outlook from the National Association of Realtors®, Chief Economist Lawrence Yun says, “Existing-home sales have moved narrowly since last September, but when the full impact of higher loan limits for conventional mortgages begins to hit the market, there is likely to be a notable rise in home sales and prices. If higher limits are enacted very quickly, we’ll see a faster and more meaningful recovery by expanding safe, affordable financing in high-cost areas – that, in turn, would help to stimulate overall economic activity.”

Florida’s median sales price for existing single-family homes last month was $208,600; a year ago, it was $242,700 for a 14 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In January 2003, the statewide median sales price for single-family homes was $142,900, an increase of about 46 percent over the five-year-period, according to FAR records.

The national median sales price for existing single-family homes in December 2007 was $206,500, down 6.5 percent from a year earlier, according to NAR. In California, the statewide median resales price was $475,460 in December; in Massachusetts, it was $323,000; in Maryland, it was $291,622; and in New York, it was $222,646.

Sales of existing condominiums in Florida also decreased last month, with a total of 2,252 condos sold statewide compared to 3,227 in January 2007 for a 30 percent decline, according to FAR. The statewide median sales price for condos last month was $190,200, down 11 percent from January 2007’s condo median price of $213,900. NAR reported the national median existing condo price was $222,200 in December 2007.

Last month, interest rates for a 30-year fixed-rate mortgage averaged 5.76 percent, down from the average rate of 6.22 percent in January 2007, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

 © 2007 FLORIDA ASSOCIATION OF REALTORS

Do you live in a home you bought in 2007?

Do you live in a home you bought in 2007? Then you should have applied for a $50,000 ($25,000 for homes worth $50,000 or less) homestead exemption by March 3, 2008. And for the first time this year, it’s also important to apply for property tax portability for homestead owners who bought and sold a Florida home in 2007.

The annual deadline to apply for homestead exemption is generally March 1, but since it falls on a Saturday this year, residents can apply until the close of the next full business day – which is Monday, March 3, 2008.

Any Florida property owner with legal title to a home and who used it as his or her permanent, primary residence on Jan. 1, 2008, is homesteaded and eligible for the exemption. But you have to apply. And exactly what is the homestead exemption? It is, at a minimum, a $25,000 deduction from a home’s assessed value as determined by the county property appraiser. Take the home’s assessed value, subtract $25,000, and apply the local millage rate to calculate the property taxes due.

New this year: An increased homestead exemption of an additional $25,000 will be applied to homes worth at least $75,000, though the second $25,000 exemption does not include school tax deductions. Homes valued at $50,000 or less will receive a $25,000 exemption. Homes valued from $50,000 to $75,000 received a prorated deduction beyond the initial $25,000. There is no separate application for this new and additional exemption, and new homeowners who apply for the traditional homestead exemption before March 1 will automatically receive the savings. The same is true for long-time homeowners. They will receive the additional homestead exemption automatically if their home has an automatic homestead status renewal. No action is necessary.

Save Our Homes portability: Taxpayers who sold a homestead in 2007 and purchased a new home before Jan. 1, 2008, are also eligible to apply some, or all, of their Save Our Homes property tax benefits to the new home. The Save Our Homes benefit is the difference between the old homestead’s assessed value and market value, resulting from the state’s annual cap on property tax assessment increases (the Save Our Homes constitutional amendment). A different calculation is used for homeowners who downsize to a home worth less than their sold property.

Portability is not automatic. Taxpayers who previously applied for a 2008 homestead exemption on their new home must complete a separate application to transfer the Save Our Homes benefit to the new homestead by this year’s March deadline. Application forms for portability are available from a local property appraiser or the Florida Department of Revenue Web site at http://dor.myflorida.com/dor.

Homeowners making their first claim should contact their respective county property appraiser’s office to find out how to file – many offices offer applications online or will mail applications to residents. Homeowners may also file for a homestead exemption in person, bringing along the deed to their property or a property tax bill – something to prove they own the home. Also, buyers claiming the exemption for the first time need to provide their Social Security number, and if they’re married, the Social Security number of their spouse. According to officials, those applying should also bring their Florida driver’s license and a Florida registration tag number. If the property owner lives in a mobile home, then he or she should bring the deed, Social Security number, and a title or vehicle registration for the home.