Fla.’s Home, Condo Sales and Median Prices Higher in August 2011

Sep 21, 2011, 11:19 ET from Florida Realtors

ORLANDO, Fla., Sept. 21, 2011 /PRNewswire/ -- Sales activity and median prices for Florida’s existing home and existing condo markets rose in August, according to the latest housing data released by Florida Realtors®. Existing home sales increased 15 percent last month with a total of 16,206 homes sold statewide compared to 14,131 homes sold in August 2010, according to Florida Realtors. The statewide median sales price for existing homes last month was $137,500, up 2 percent from the year-ago figure of $134,900. August’s statewide existing home median price was also slightly higher than it was in July.

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“Over the past few months, it appears that home prices have been stabilizing in many local markets across the state,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “This is another positive sign that the housing recovery is gaining strength.”

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 August 2011 was $168,400, down 5.4 percent from a year ago, according to NAR. In California, the August statewide median resales price was $297,060; in Maryland, it was $241,564.

Fifteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in August; 15 MSAs also had higher existing condo sales.

In Florida’s year-to-year comparison for condos, 7,098 units sold statewide last month compared to 6,041 units in August 2010 for an increase of 17 percent. The statewide existing condo median sales price last month was $91,100; in August 2010 it was $81,500 for a 12 percent increase. According to NAR, the national median existing condo sales price was $167,500 in August 2011.

NAR’s latest industry outlook notes that despite high affordability conditions, sales activity is underperforming, partially as a result of overly restrictive lending standards.

“Affordability conditions this year have been the most favorable on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers, ignoring a large share of otherwise creditworthy buyers,” said NAR Chief Economist Lawrence Yun. “Those potential buyers represent the difference between an uneven recovery and a much more robust housing market that could stimulate additional economic activity and create jobs.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.27 percent in August, down from the 4.43 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 August 2011 to August 2010 based on Realtor transactions; another compares the volume of existing, condominium sales and median sales prices in August 2011 to August 2010 based on Realtor transactions.

Florida Realtors®, formerly known as the Florida Association of Realtors®, serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 115,000 members in 64 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.

Editor’s Note: You may wish to use this information with today’s release from the National Association of Realtors.

Florida Sales Report – August 2011

Single-Family, Existing Homes


Realtor Sales

Median Sales Price

Statewide &

Metropolitan Statistical Areas (MSAs)


August

2011


August

2010


%

Chge


August

2011


August

2010


%

Chge

STATEWIDE* (1)

16,206

14,131

15

$137,500

$134,900

2

STATEWIDE-YEAR-TO-DATE

128,847

119,384

8

$131,300

$136,800

-4

Daytona Beach

703

581

21

$112,800

$113,500

-1

Fort Lauderdale (2)

1,185

993

19

$191,800

$182,600

5

Fort Myers-Cape Coral

1,122

1,193

-6

$103,200

$88,400

17

Fort Pierce-Port St. Lucie

456

445

2

$108,300

$103,300

5

Fort Walton Beach

332

236

41

$195,000

$180,000

8

Gainesville

180

201

-10

$148,000

$143,500

3

Jacksonville

1,326

1,177

13

$141,900

$142,400

Lakeland-Winter Haven

308

307

$91,800

$94,100

-2

Melbourne-Titusville-Palm Bay

593

484

23

$101,700

$101,400

Miami

951

637

49

$180,900

$182,900

-1

Ocala

344

345

$83,500

$80,200

4

Orlando

2,418

2,289

6

$127,800

$128,400

Panama City

123

95

29

$147,900

$153,000

-3

Pensacola

381

255

49

$141,400

$133,200

6

Punta Gorda

263

236

11

$97,600

$101,800

-4

Sarasota-Bradenton

867

755

15

$155,600

$150,300

4

Tallahassee

175

140

25

$171,300

$160,000

7

Tampa-St. Petersburg-
Clearwater (3)

2,560

2,223

15

$130,000

$140,600

-8

West Palm Beach-Boca Raton

961

793

21

$196,900

$227,800

-14




(1) * Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors.
(2) Includes data from all associations in the market area.
(3) Data from the Hernando Association of Realtors was not available.

Editor's note: Sales numbers represent totals of Realtors' closed transactions from local Realtor  boards/associations within the MSAs.

This information is based on a survey of MLS sales levels from local Realtor boards/associations. MSAs are defined by the 2000 Census. Source: Florida Realtors® and the University of Florida Bergstrom Center for Real Estate Studies.

Florida Sales Report – August 2011

Existing Condominiums


Realtor Sales

Median Sales Price

Statewide &

Metropolitan Statistical Areas (MSAs)


August

2011


August

2010


%

Chge


August

2011


August

2010


%

Chge

STATEWIDE* (1)

7,098

6,041

17

$91,100

$81,500

12

STATEWIDE-YEAR-TO-DATE

62,357

52,252

19

$88,300

$92,900

-5

Daytona Beach

140

158

-11

$162,200

$125,000

30

Fort Lauderdale (2)

1,398

1,153

21

$79,500

$75,000

6

Fort Myers-Cape Coral

330

312

6

$123,500

$94,600

31

Fort Pierce-Port St. Lucie

84

96

-13

$85,000

$82,000

4

Fort Walton Beach

143

87

64

$199,100

$192,900

3

Gainesville

51

45

13

$69,400

$79,500

-13

Jacksonville

233

233

$77,800

$81,600

-5

Lakeland-Winter Haven

30

21

43

$53,300

$55,000

-3

Melbourne-Titusville-Palm Bay

176

149

18

$101,100

$85,000

19

Miami

1,311

857

53

$118,800

$104,800

13

Ocala

12

2

500

$37,500

$50,000

-25

Orlando

520

859

-39

$59,000

$49,300

20

Panama City

67

49

37

$162,000

$162,500

Pensacola

78

27

189

$235,700

$156,700

50

Punta Gorda

40

34

18

$76,000

$80,000

-5

Sarasota-Bradenton

256

240

7

$123,300

$136,500

-10

Tallahassee

11

9

22

$85,000

$112,500

-24

Tampa-St. Petersburg-Clearwater (3)

834

733

14

$83,000

$87,900

-6

West Palm Beach-Boca Raton

1,012

736

38

$77,000

$84,900

-9




(1) *Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors.
(2) Includes data from all associations in the market area.
(3) Data from the Hernando County Association of Realtors was not available.

Editor's note: Sales numbers represent totals of Realtors' closed transactions from local Realtor boards/associations within the MSAs.

This information is based on a survey of MLS sales levels from local Realtor boards/associations. MSAs are defined by the 2000 Census. Source: Florida Realtors® and the University of Florida Bergstrom Center for Real Estate Studies.

SOURCE Florida Realtors



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