Bargains in Florida real estate continue to abound....both condos and homes, especially for those first-time home buyers who qualify for the $8000 tax credit.

As many of you know, Daria and I live in Palm Beach County, Florida.

In this morning's Palm Beach Post...news of a little light at the end of the tunnel.

Single-family homes continued selling at a steady clip in the third quarter of 2009, increasing 33 percent statewide over the same time last year, and jumping 31 percent in Palm Beach County!

It's a momentum partly driven by the $8,000 first-time home buyer tax credit and other government incentives.

Under the tax credit signed by President Obama on November 6th, buyers only have to be under contract by April 30th, 2010. They will then have an additional 60 days to close.

The tax credit was also amended to include "move-up buyers" who have been in their current home for five consecutive years or longer. Those eligible buyers will receive a $6,500 credit, as opposed to the $8,000 for first-timers.

In the general area, sales of single-family homes grew 48 percent compared to the third quarter of 2008.

The housing statistics, released today by Florida Realtors, mirror national housing market indicators.

Home sales nationwide, including condominiums and town homes, grew 6 percent in the third quarter of this year compared to 2008.

The National Association of Realtors, which also released data today, doesn't separate single-family home sales from condos.

We expect that the extended tax credit will help continue to absorb, not just the foreclosures that we expect to see in the pipeline, but a balance of homes.

Foreclosed homes and distressed properties are beginning to move. (Should you buy a home in foreclosure--read key do's and don'ts.)  The bargain-basement sales have pushed down median home prices when compared to 2008.

Statewide, median sale prices fell by 22 percent to $145,400, compared to $185,600 in the third quarter of last year.

In Palm Beach County, the median sales price in the third quarter was $244,500, compared to $300,200 in 2008. Treasure Coast homes saw their median price drop from $150,600 to $111,200 - a 26 percent decrease.

We're keeping an eye on the Florida real estate market as it may serve as an important indicator of the market nationwide. We'll keep you posted.

Meanwhile, what's happening in the housing market in YOUR neck of the woods?

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