“We’re seeing positive signs of a strengthening recovery in Florida’s housing market,” said 2012 Florida Realtors® President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “In both the statewide single-family and condo-townhome markets, pending sales are higher and the statewide median sales price rose — up 5.3 percent to $129,000 for single-family homes and up 18.8 percent to $95,000 for condo-townhomes. Improving the availability of affordable financing to qualified buyers and investors would continue to stabilize Florida’s housing market and economy.”

The median is the midpoint; half the homes sold for more, half for less. Sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes, according to housing industry analysts.

The national median sales price for existing single-family homes in December 2011 was $165,100, which is 2.5 percent below the previous year, according to the National Association of Realtors® (NAR). In California, the statewide median sales price for single-family existing homes in December was $285,920; in Maryland, it was $222,934.

Statewide sales of existing single-family homes totaled 12,044 in January 2012, down 5.5 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing.

Looking at Florida’s year-to-year comparison for sales of condos/townhomes, a total of 5,963 units sold statewide last month, down 22.6 percent from those sold in January 2011. NAR reported the national median existing condo price in December 2011 was $160,000.

“Even though closed sales are down from a year ago, there are two really bright spots in Florida’s housing market,” said Florida Realtors Chief Economist Dr. John Tuccillo. “One is a significant increase in pending sales. In fact, pending sales have been up every month since May. The barrier that stands between pending sales and closings is the difficulty consumers are experiencing in obtaining financing.

“The second positive is inventories, which are now at a point close to a balanced market,” Tuccillo said. The months supply of inventory stands at 6.4 for both the single-family homes market and the condos/townhomes market.

The interest rate for a 30-year fixed-rate mortgage averaged 3.92 percent in January 2012, down from the 4.76 percent average during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

To see the full statewide housing activity report, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the report under Market Data at: http://media.floridarealtors.org/market-data

Editor’s Note: This January 2012 release marks a new statewide housing market reporting partnership between Florida Realtors Industry Data and Analysis department with new vendor partner 10K Research and Marketing. Housing sales data from the state’s 63 local Realtor organizations is collected and organized with the goal of providing unique, localized market reports to the local Realtor boards and associations within Florida Realtors, enabling the groups and their Realtor members to serve as the definitive voice of real estate in their respective local markets. At the same time, Florida Realtors is providing comprehensive statewide housing market statistics – but this new data series only includes statewide numbers. Beginning with this January 2012 housing data report, Florida Realtors is no longer reporting any market data for Realtor members’ sales in the state’s metropolitan statistical areas, as had previously been reported in partnership with the University of Florida’s Bergstrom Center for Real Estate Studies.
“We’re seeing positive signs of a strengthening recovery in Florida’s housing market,” said 2012 Florida Realtors® President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “In both the statewide single-family and condo-townhome markets, pending sales are higher and the statewide median sales price rose — up 5.3 percent to $129,000 for single-family homes and up 18.8 percent to $95,000 for condo-townhomes. Improving the availability of affordable financing to qualified buyers and investors would continue to stabilize Florida’s housing market and economy.”

The median is the midpoint; half the homes sold for more, half for less. Sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes, according to housing industry analysts.

The national median sales price for existing single-family homes in December 2011 was $165,100, which is 2.5 percent below the previous year, according to the National Association of Realtors® (NAR). In California, the statewide median sales price for single-family existing homes in December was $285,920; in Maryland, it was $222,934.

Statewide sales of existing single-family homes totaled 12,044 in January 2012, down 5.5 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing.

Looking at Florida’s year-to-year comparison for sales of condos/townhomes, a total of 5,963 units sold statewide last month, down 22.6 percent from those sold in January 2011. NAR reported the national median existing condo price in December 2011 was $160,000.

“Even though closed sales are down from a year ago, there are two really bright spots in Florida’s housing market,” said Florida Realtors Chief Economist Dr. John Tuccillo. “One is a significant increase in pending sales. In fact, pending sales have been up every month since May. The barrier that stands between pending sales and closings is the difficulty consumers are experiencing in obtaining financing.

“The second positive is inventories, which are now at a point close to a balanced market,” Tuccillo said. The months supply of inventory stands at 6.4 for both the single-family homes market and the condos/townhomes market.

The interest rate for a 30-year fixed-rate mortgage averaged 3.92 percent in January 2012, down from the 4.76 percent average during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

• January 2012 housing statistics

Realtor David Hall (pictured far right) is passionate about helping kids find their way after aging out of the foster care system. Several years ago, Hall took his son Jack (left) to Tallahassee to advocate for children’s issues during the Florida Legislature’s Children’s Week and to meet with then-Gov. Charlie Crist (center).

PORT ST. LUCIE, Fla. – Realtor® David Hall receives a phone call from a teen asking him to meet at the Driver’s License Bureau and lend him money to get a photo I.D. A few minutes later, another teen calls to see if Hall can take him to lunch. Such is a normal day for David Hall, a broker-associate with Coldwell Banker Residential in Port St. Lucie.

After serving as a foster parent for 10 years, Hall decided to shift his dedication to the teens aging out of the foster care system. “After being a foster care parent, I saw a need to help the kids who turn 18 and are no longer in the system,” he says. “I help them stay in high school and college and support them in their job hunts, and with necessities such as food and shelter,” says Hall, who does this completely on his own, with his own money.

“The first six months after a teen ages out of the foster care system, he is sick of people telling him what to do and how to do it. He’ll try to reconnect with family but that usually doesn’t work, so he’ll eventually come back looking for help,” says Hall.

The problem? There is no help. That’s where Hall steps in. “I feed them, support them so they can finish college, and basically give them what they need [out of his own pocket] to get them back on their feet. Sometimes they reimburse me when they can, but most of the time, it’s my gift.”

Recently, Hall also started to work with Community Outreach Youth Program, which is run through a local church and Lincoln Park Main Street, which is working to economically rebuild the northwest section of St. Lucie County, to find other ways to support these young adults.

Hall is currently supporting or partially supporting seven kids, ages 18 to 23. Two are still in high school, three are in college and two are trying to find a job. “Two are living with me right now as it’s the only way they can go to school,” he says. “They can’t afford to pay for shelter and food.” And, he says, he gets calls all the time. “The kids find me,” he laughs. “Many are kids who met me through the foster program, but others find out about me via word of mouth and my son’s Facebook,” he says.

Hall says most of his requests are for money. “I provide basic needs. I’ll take them out to eat, drive with them to the gas station and fill up their cars, pay for a photo ID card. It varies based on their most urgent needs,” he says. He’s even made arrangements for a teen to have his cremated mother’s remains released from the funeral home and put into an urn.

And, when Hall can’t help personally, he “connects them with community services that can provide help.”

Unfortunately, when these kids get out of the foster care systems, the government has essentially raised them and “the government isn’t a very good parent,” says Hall. “When the reality hits these young people, and they can’t call a case worker to get them out of trouble, where do they turn? Someone has to advocate for these kids to get what they need to survive.”

For Hall, the rewards come in knowing that a teenager is safe, and able to turn his or her life around. “I had one teen who had been in and out of jail. I lost track of him and then one day he surprised me and stopped by the house. I helped him move back to Port St. Lucie and get enrolled in school. It was fulfilling knowing I could be a part of the solution,” he says.

And, Hall adds, the most meaningful reward of all is a simple thank you. “One teen sent me a text on Father’s Day thanking me for all I had done for him. The text came in at 2 a.m. and it was sobering to think he was thinking about me at that time. He never showed his emotions, so this was huge.”

However, Hall admits that his passion for helping these young adults does “consume my time. For the last two years I’ve been rebuilding my real estate career, and working with these teens has helped me empathize and sympathize with the challenges of people looking to buy a home.”

But, the sacrifices and challenges are worth it, Hall says. “The kids mean the world to me, they really do. To actually see the difference you made in their lives is incredible.”

Hall is as passionate about his profession as he is about helping young people. In 2002, he was selected as Florida Realtors® Associate Realtor of the Year, an award given in recognition of an individual’s contributions to their local Realtor organization, community, the state Realtor association and the National Association of Realtors® (NAR). Hall also has taken additional education courses to enhance his knowledge and expertise, earning the professional designation of Graduate, Realtor Institute (GRI).

Existing home sales rose 7 percent in 4Q 2011 with a total of 42,038 homes changing hands statewide; during the same period the year before, a total of 39,355 homes sold, according to Florida Realtors. Statewide sales of existing condos in the fourth quarter rose 4 percent compared to the year-ago sales figure.

Florida’s existing-home median sales price was $132,000 for the three-month period; down only 1 percent from the $133,400 reported in 4Q 2010. The median is a typical market price where half the homes sold for more, half for less.

In the year-to-year quarterly comparison for existing condo sales, 18,558 units sold statewide in the fourth quarter compared to 17,922 units in 4Q 2010 for a 4 percent gain. The statewide existing-condo median sales price was $88,800 in the fourth quarter; a year earlier, it was $84,400 for a 5 percent increase.

“The quarterly numbers continue to show the steady improvement of the housing market in Florida,” said Florida Realtors Chief Economist Dr. John Tuccillo. “The upward movement in sales has been pretty much across the state. Prices have stabilized, and in general, the state’s economy is improving. With that improvement, we expect continued growth in housing activity.”

Mortgage rates continued to hover around historical lows in the fourth quarter. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.01 percent in 4Q 2011; one year earlier, it averaged 4.41 percent.

The 4Q 2011 sales data release is the last release handled under Florida Realtors’ partnership with the University of Florida’s Bergstrom Center for Real Estate Studies. Beginning with the January 2012 existing sales statistics, Florida Realtors will launch a new statewide housing market reporting partnership with 10K Research and Marketing, a division of the Minneapolis Area Association of Realtors® and its Industry Data and Analysis department.

10K will collect and organize housing sales data from the state’s 63 local Realtor organizations. The goal is to provide unique, localized market reports to the local Realtor boards and associations, enabling the groups and their Realtor members to serve as the definitive voice of real estate in their respective local markets.

At the same time, Florida Realtors will provide more comprehensive statewide housing market statistics – but the data series will only include statewide numbers. Beginning with the January 2012 report, Florida Realtors will no longer report any market data for Realtor members’ sales in the state’s metropolitan statistical areas, as had previously been reported.

Two charts showing statistics for Florida and its MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in the fourth quarter of 2011 to the fourth quarter of 2010, based on Realtor closed transactions from local Realtor boards/associations within the MSAs. The second chart compares the volume of existing condo sales and median sales prices in fourth quarter 2011 to fourth quarter 2010, based on Realtor closed transactions from local Realtor boards/associations within the MSAs.

Single-Family pdf html

Condominium pdf html

Working with Florida Realtors Industry Data and Analysis department, 10K will collect and organize housing sales data from the state’s 63 local Realtor organizations. The goal is to provide unique, localized market reports to the local Realtor boards and associations within Florida Realtors, enabling the groups and their Realtor members to serve as the definitive voice of real estate in their respective local markets.

At the same time, Florida Realtors will provide more comprehensive statewide housing market statistics – but the data series will only include statewide numbers. Beginning with the January 2012 existing home and condo sales statistics, scheduled for release on Feb. 22, 2012, Florida Realtors will no longer report any market data for Realtor members’ sales in the state’s metropolitan statistical areas, as had previously been reported in partnership with the University of Florida’s Bergstrom Center for Real Estate Studies.

“With this new data system, Florida Realtors will be able to offer more comprehensive statewide data, including inventory levels, average prices and time on market, said Florida Realtors® Chief Economist Dr. John Tuccillo. “As the voice for real estate in Florida, the state association will concentrate solely on the statewide numbers. Working with 10K, these new housing data reports position the local Realtor organizations and our Realtor members as the experts in their areas, ready to discuss their local markets with the media, clients and potential customers.”

What prompted Florida Realtors to make a change?

“We had the opportunity to get full, comprehensive statewide data in greater detail, with charts, trending information and other housing market intelligence,” Tuccillo said. “And, we had the opportunity to create similar statistical reports for the local Realtor boards/associations, thus truly enabling our Realtor members to be the voice for real estate in their local markets – and all real estate is local.”

Owned by the Minneapolis Association of Realtors, 10K Research and Marketing has partnered on housing market data series with numerous other real estate organizations, including the New York State Association of Realtors (NYSAR) and the National Association of Realtors (NAR).

What’s happening in Florida’s housing market? Real estate is a vital part of the economy in the Sunshine State, and Florida Realtors® serves as the voice for real estate in Florida. In these Market Minutes, Florida Realtors® Chief Economist Dr. John Tuccillo keeps you up-to-date on the state’s latest housing statistics and provides insight into what the numbers really mean.

Looking back on 2011, Florida’s existing home sales rose 8 percent for the year, with a total of 185,921 homes sold compared to 172,462 homes sold in 2010. The statewide existing home median price for 2011 was $131,700; it was $135,900 in 2010 for a 3 percent decrease. In Florida’s condo market, a total of 87,581 units sold statewide in 2011, a gain of 15 percent compared to 76,209 units sold in 2010. The statewide existing condo median price in 2011 was $88,300; it was $90,000 in 2010 for a 2 percent decrease.

Sixteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales at the close of 2011 compared to 2010; the same number of MSAs also reported higher existing condos sales.

“Florida’s economy is continuing to strengthen, which is good news,” said 2012 Florida Realtors® President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Many people are hoping to take advantage of the current record low mortgage rates and affordable conditions to find their Florida dream home – but overly restrictive lending requirements continue to create barriers to homeownership for qualified homebuyers. To re-energize the housing market and the economic recovery, we need improved access to affordable financing options for qualified buyers and investors.”

In December, a total of 15,290 existing single-family homes sold statewide, a decrease of 2 percent from the 15,546 homes sold in December 2010. The statewide existing home median sales price last month was $134,300, up 1 percent from the $133,000 reported in December 2010, according to Florida Realtors’ data. The national median existing single-family home price was $165,100 in December, according to the National Association of Realtors® (NAR). The median is the midpoint; half the homes sold for more, half for less.

In the year-to-year comparison for statewide existing condo sales, a total of 6,836 units changed hands last month, compared to 6,985 condos sold in December 2010 for a decrease of 2 percent. The statewide existing condo median sales price in December was $91,900, up 4 percent from the $88,400 reported a year earlier. The national median existing condo price was $160,000 in December, according to NAR.

“Although sales were down slightly in December, they’re up strongly for the year, which reinforces the reality that Florida is in a slow real estate recovery,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Our expectation is that recovery will continue through 2012. The major obstacle in the market is the inadequate accessibility to financing. Prices are moderating, but we don’t expect too much movement owing to the continuing significance of distressed properties.”

In December, the interest rate for a 30-year fixed-rate mortgage averaged 3.96 percent, down from the 4.71 percent average during the same month a year earlier, according to Freddie Mac. The annual average rate for a 30-year mortgage in 2011 was 4.45 percent. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Several charts showing statistics for Florida and the state’s MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in December 2011 to December 2010 based on Realtor transactions; another compares the volume of existing, condominium sales and median sales prices in December 2011 to December 2010 based on Realtor transactions; also included are charts showing the same information for the year end 2011 compared to year end 2010.

Single-Family pdf html

Condominium pdf html

2011 Year End Charts:

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Condominium pdf html

Realtor Eric Sain transferred his passion for dance to the real estate profession.
Photo courtesy of Florida Realtor® magazine

PALM BEACH, Fla.– Eric Sain, a sales associate with The Corcoran Group in Palm Beach, Fla., transfers the passion he once had for dancing to real estate.

When he was 5 years old, his mom enrolled him in a beginner dance class. “I laughingly accuse my mom of using the dance class as a babysitter since my sister had a class at that time as well,” says Sain.

What his mom didn’t expect was how much he would like it. “There weren’t a lot of male dancers, so we came in high demand,” he says. That led to quite a few soloist spots in ballets such as The Nutcracker and Sleeping Beauty. “I almost always had a featured role, and I really liked that,” he says. Plus, he was good at it. Sain continued to dance through high school, entering and winning competitions around the country.

So, it came naturally that Sain would continue to dance throughout college – The University of North Carolina at Chapel Hill, where he received a bachelor’s degree. “I earned my first professional job at age 18 dancing on some state television shows,” he says.

Sain toured with a dance troupe that produced entertainment for the state level Miss America pageants, and he danced his way through North Carolina, South Carolina, Virginia, Oklahoma and other states throughout the south. Things came full circle in 2006 (long after he retired from dancing) when Sain was invited back to be a judge for the pageant. “The lady we chose went on the following year to become Miss America. It was very exciting.”

After graduating from college, Sain started working with country singer and entertainer Louise Mandrell, one of the famous Mandrell Sisters, as the lead “swing” dancer at the Opryland USA theme park in Nashville, Tenn. “The park had five or six live shows and about 10 male dance spots. As the ‘swing’ dancer, I had to fill in for anyone who was injured or sick,” says Sain, who worked for Opryland from 1991 to 1997. “That meant I had to learn more than 10 different dances and roles for six different shows. There were times I would literally run from one stage, jump into costume and run out onto the next stage. It was very exciting. And, it was nice to know they had confidence in my physical talent.”

During that time he also worked with Dolly Parton and was one of Shania Twain’s back-up dancers for the Country Music Awards. He also worked with Billy Ray Cyrus and choreographer Melanie Greenwood on the Achy Breaky Heart music video. He’s worked with top-notch dancers and choreographers from Broadway and repertory theater, including such notables as Gregory Hines, Henry LeTang, Paula Abdul and Janet Jackson.

“At that point, I was classically trained in tap, jazz, ballet, ballroom and tumbling, but I was 30 years old competing against 18 year olds,” says Sain. He knew that if he wanted to continue his dance career, he would have to move to New York City or Los Angeles and become a true stage performer, start a dance company of his own or become a choreographer. “Those options didn’t really appeal to me, so I moved to Florida in 1998 and got my real estate license,” he says.

For three years, Sain did both. “I would travel during the slow summer months to dance in the Miss America scholarship pageants.” Sain finally hung up his dancing shoes in 2001 and has sold real estate full time since then. “I loved the traveling, but it was time to focus on my real estate career.”

Sain’s passion for historic homes led him to a real estate niche that ensured his appreciation for the arts and architecture could shine through. “There’s a nostalgia and connection to the arts with historic homes, although I’m a skilled negotiator and understand the business side as well,” he says.

Sain has embraced his career full force, spending most of his free time on charity work rather than dancing. “The dedication and drive I had for dancing is essential for real estate. As a dancer you always have to be prepared, and it’s the same way with real estate. You have to adapt to a lot of different scenarios and people.”

Sain’s passion for his profession shows: He was chairman of the Realtors® Association of the Palm Beaches in 2009; in 2010, Florida Realtors® selected him as its Associate Realtor of the Year. He has taken additional education courses to enhance his knowledge and expertise, earning the professional designation of Graduate, Realtor Institute (GRI). Sain currently serves as a Florida Realtors® District Vice President and the 2012 chair of Florida Realtors® PAC (Political Action Committee).

“In just two years, Florida Realtors Education Foundation Student Scholarship Program has helped more than 150 deserving young people continue their education and plan for a better future,” said Chuck Bonfiglio Jr., chairman of Florida Realtors Education Foundation Inc. “These student scholarships are one way that Realtors across the state give back to the community. We are proud to be able to provide much-needed financial support to families struggling to pay for their children’s college dreams.”

The program awarded about $363,000 in student scholarships during its initial two years, Bonfiglio noted.

This student scholarship program is open and available to students whose parents are Realtors or are licensed real estate practitioners, or whose parents are employed by any local Realtor board/association or by the Florida Realtors, as well as any student currently enrolled at a Florida school (including home-schooled students or those attending a charter school.) It is based on an application form, which can be found at http://www.floridarealtors.org/AboutFar/Scholarships/index.cfm.

Who can apply for the new program? Any Florida high school senior who will be attending an undergraduate college or university; any student currently enrolled in an undergraduate college or university (any major); or any student pursuing a graduate degree is eligible.

Scholarships to be awarded may range from $1,000 to $4,000, with a maximum of $2,000 to students attending a two-year college. Criteria to be considered include, but aren’t limited to: academic achievements, financial need, relationship to the Realtor family, and contributions to family, school and community. The Foundation’s Board of Directors has “sole and absolute discretion” over all decisions as to whether an applicant qualifies.

Remember, you have until Feb. 28 to fill out an application for the Florida Realtors Education Foundation’s student scholarship program. To download the guidelines, procedures and application form, go to: www.floridarealtors.org/AboutFar/Scholarships/index.cfm

“It’s really clear that two things are happening in Florida real estate,” said Florida Realtors Chief Economist Dr. John Tuccillo. “No. 1, sales are moving upward – not by a large increase, but definitely, positively on an upward trend. Second, prices are stabilizing. Now, it doesn’t mean that prices have turned around but they are stabilizing, and that’s vital for the market to gain equilibrium.

“The more important factor is that sales are increasing and in large part, that’s due to lenders becoming more educated on how to deal with distressed properties more effectively and in a more timely manner – and that’s helping the Florida real estate markets recover.”

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in November; 10 MSAs had higher existing condo sales.

The statewide median sales price for existing homes remained relatively flat last month at $130,100; a year ago, it was $130,600. According to analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in October 2011 was $161,600, down 5.8 percent from the previous year, according to NAR. In California, the October statewide median resales price was $278,060; in Massachusetts, it was $275,000; in Maryland, it was $221,765; and in New York, it was $215,900.

In Florida’s year-to-year comparison for condos, 5,590 units sold statewide in November, a 2 percent gain over the 5,464 units sold in November 2010. The statewide existing condo median sales price last month was $86,700; a year earlier, it was $83,000 for a 4 percent increase. The national median existing condo sales price in October was $160,300, according to NAR.

“In recent weeks, we’ve seen encouraging reports of jobs growth and improvements in Florida’s economy,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “Mortgage rates have remained at record lows and home prices appear to be stabilizing in many local markets across the state – all positive signs for the housing recovery.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.99 percent in November, down from the 4.30 percent average during the same month a year earlier. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Two charts showing statistics for Florida and the state’s MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in November 2011 to November 2010 based on Realtor transactions; another compares the volume of existing, condominium sales and median sales prices in November 2011 to November 2010 based on Realtor transactions.

Single-Family pdf html
Condominium pdf html

ORLANDO, Fla., Dec. 7, 2011 – Despite national and global headwinds, Florida’s real estate market is entering 2012 on an upward trend, according to three leading U.S. economists.

“Our state is in a mini-recovery,” said Florida Realtors® Chief Economist Dr. John Tuccillo at the state association’s 2012 Real Estate and Economic Forecast Conference in Orlando. “Sales are trending up, listing inventories are falling, the supply of lender-related properties has stabilized, and we are seeing multiple offers on homes in some local markets.”

Mark Vitner, senior economist at Wells Fargo in Charlotte, N.C., said the U.S. economy will continue to face significant challenges, particularly financial concerns related to the European debt crisis. But he expects the U.S. economic recovery will continue next year, making it easier for Midwesterners, for example, to buy Florida homes.

“Florida’s economy is recovering, with tourism and healthcare leading the way,” Vitner said. “On a national level, we expect the U.S. will not fall into recession next year, although Europe faces serious problems.”

Dr. Lawrence Yun
NAR Chief Economist

Noting the state’s powerful appeal to international buyers, Yun said he was particularly optimistic about the outlook for South Florida. “Don’t be surprised to see a gain in home prices in the Miami and Naples markets in the next 18 months,” he said. “From there, the recovery is likely to roll northward to Central Florida and then North Florida.”

Tuccillo noted that foreclosed and distressed properties will remain a significant part of the Florida market in 2012, but lenders are feeding these properties into the market at a gradual pace rather than pushing them out all at once.

The event also featured a panel of Florida real estate professionals, who discussed the 2012 outlook for several sectors of the state’s real estate market from a practitioner’s point of view. Panelists were Clark Toole, president and COO, Coldwell Banker Residential Real Estate Inc. in Florida, discussing residential real estate; Cynthia Shelton, 2009 president of Florida Realtors and a director at Colliers International in Orlando, discussing the commercial market; and Dean Saunders, accredited land consultant and broker-owner of Coldwell Banker Commercial Saunders Real Estate in Lakeland, covering the market for land and undeveloped property.

Florida Realtors real estate and economic summit was webcast to 32 local association or satellite sites around Florida. “Turnout was high for our statewide event,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “We hope to hold more of these forums on a regular basis – sharing knowledge of market trends is a powerful way for our Realtor members to connect with buyers and sellers.”