Florida's Existing Home, Condo Sales Up in October 2009
ORLANDO, Fla., Nov. 23 /PRNewswire/ -- Florida's existing home sales rose in October, marking 14 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®. October's statewide sales also increased over sales activity in September in both the existing home and existing condominium markets.
Existing home sales rose 45 percent last month with a total of 15,160 homes sold statewide compared to 10,444 homes sold in October 2008, according to Florida Realtors. Statewide existing home sales last month increased 5.1 percent over statewide sales activity in September.
Florida Realtors also reported an 82 percent increase in statewide sales of existing condos in October compared to the previous year's sales figure; statewide existing condo sales last month rose 6.1 percent over the total units sold in September.
All of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in October. A majority of the state's MSAs have reported increased sales for 16 consecutive months.
Florida's median sales price for existing homes last month was $140,300; a year ago, it was $169,700 for a 17 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that 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 September 2009 was $174,900, down 8.1 percent from a year earlier, according to NAR. In California, the statewide median resales price was $296,090 in September; in Massachusetts, it was $290,000; in Maryland, it was $261,718; and in New York, it was $213,900.
According to NAR's latest industry outlook, the housing market is continuing its positive momentum. "We're getting early indications of price stabilization, but we need a steady supply of qualified buyers to meaningfully bring inventories down and return us to a period of normal, steady price growth," said NAR Chief Economist Lawrence Yun. "That, in turn, would help fully remove consumer fears, which would then revive the broader economy."
In Florida's year-to-year comparison for condos, 5,398 units sold statewide last month compared to 2,958 units in October 2008 for an 82 percent increase. The statewide existing condo median sales price last month was $105,200; in October 2008 it was $147,900 for a 29 percent decrease. The national median existing condo price was $175,100 in September 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 4.95 percent last month, a significant drop from the average rate of 6.20 percent in October 2008, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state's smaller markets, the Gainesville MSA reported a total of 172 homes sold in October compared to 130 homes a year earlier for a 32 percent increase. The market's existing home median sales price last month was $156,700; a year ago it was $173,300 for a 10 percent decrease. A total of 22 condos sold in the MSA in October, up 22 percent over the 18 units sold in October 2008. The existing condo median price last month was $116,700; a year earlier, it was $133,300 for a 12 percent decrease.
Two charts showing statistics for Florida and the state's MSAs are below. One chart compares the volume of existing, single-family home sales and median sales prices in October 2009 to October 2008 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices in October 2009 to October 2008 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 67 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 - October 2009
Single-Family, Existing Homes
Realtor Sales Median Sales Price
------------- ------------------
Statewide &
Metropolitan
Statistical October October October October
Areas (MSAs) 2009 2008 % Chge 2009 2008 % Chge
------------ ------- ------- ------ ------- ------- ------
STATEWIDE* (1) 15,160 10,444 45 $140,300 $169,700 -17
-------------- ------ ------ --- -------- -------- ---
STATEWIDE-
YEAR-TO-DATE 134,382 104,396 29 $143,200 $193,800 -26
------------- ------- ------- --- -------- -------- ---
Daytona Beach 729 480 52 $124,400 $157,400 -21
------------- --- --- --- -------- -------- ---
Fort Lauderdale 826 625 32 $211,600 $252,500 -16
--------------- --- --- --- -------- -------- ---
Fort Myers-
Cape Coral 1,413 720 96 $91,600 $139,500 -34
----------- ----- --- --- ------- -------- ---
Fort Pierce-
Port St. Lucie 558 383 46 $110,400 $134,600 -18
--------------- --- --- --- -------- -------- ---
Fort Walton
Beach 251 174 44 $188,100 $186,300 1
----------- --- --- --- -------- -------- ---
Gainesville 172 130 32 $156,700 $173,300 -10
----------- --- --- --- -------- -------- ---
Jacksonville
(2) 1,116 774 44 $147,200 $169,700 -13
------------ ----- --- --- -------- -------- ---
Lakeland-
Winter Haven 371 271 37 $104,600 $131,600 -21
------------- --- --- --- -------- -------- ---
Melbourne-
Titusville-
Palm Bay 536 423 27 $115,800 $152,200 -24
------------ --- --- --- -------- -------- ---
Miami 571 453 26 $178,500 $246,800 -28
----- --- --- --- -------- -------- ---
Ocala 317 194 63 $92,100 $122,600 -25
----- --- --- --- ------- -------- ---
Orlando 2,297 1,445 59 $143,600 $177,900 -19
------- ----- ----- --- -------- -------- ---
Panama City 120 79 52 $158,600 $187,800 -16
----------- --- --- --- -------- -------- ---
Pensacola 311 280 11 $139,000 $152,900 -9
--------- --- --- --- -------- -------- ---
Punta Gorda 237 227 4 $109,300 $121,800 -10
----------- --- --- --- -------- -------- ---
Sarasota-
Bradenton 812 542 50 $154,500 $169,000 -9
---------- --- --- --- -------- -------- ---
Tallahassee 156 119 31 $178,800 $180,800 -1
----------- --- --- --- -------- -------- ---
Tampa-St.
Petersburg-
Clearwater 2,758 2,021 36 $137,500 $152,300 -10
------------ ----- ----- --- -------- -------- ---
West Palm
Beach-Boca
Raton 841 618 36 $243,900 $264,600 -8
----------- --- --- --- -------- -------- ---
(1) * Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors. (2) Data from the St. Augustine- St. Johns County Board of Realtors is 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(R) and the University of Florida Bergstrom Center for Real Estate Studies.
Florida Sales Report - October 2009
Existing Condominiums
Realtor Sales Median Sales Price
------------- ------------------
Statewide &
Metropolitan
Statistical October October October October
Areas (MSAs) 2009 2008 % Chge 2009 2008 % Chge
------------ ------- ------- ------ ------- ------- ------
STATEWIDE* (1) 5,398 2,958 82 $105,200 $147,900 -29
-------------- ----- ----- --- -------- -------- ---
STATEWIDE-
YEAR-TO-DATE 45,128 32,643 38 $108,500 $170,400 -36
------------- ------ ------ --- -------- -------- ---
Daytona Beach 134 65 106 $148,900 $188,300 -21
------------- --- --- --- -------- -------- ---
Fort Lauderdale 926 551 68 $83,200 $115,200 -28
--------------- --- --- --- ------- -------- ---
Fort Myers-
Cape Coral 377 155 143 $118,300 $185,300 -36
----------- --- --- --- -------- -------- ---
Fort Pierce-
Port St. Lucie 105 64 64 $93,800 $105,000 -11
--------------- --- --- --- ------- -------- ---
Fort Walton
Beach 94 47 100 $250,000 $260,700 -4
----------- --- --- --- -------- -------- ---
Gainesville 22 18 22 $116,700 $133,300 -12
----------- --- --- --- -------- -------- ---
Jacksonville
(2) 109 54 102 $92,500 $156,000 -41
------------ --- --- --- ------- -------- ---
Lakeland-
Winter Haven 29 4 625 $61,700 $70,000 -12
------------- --- --- --- ------- ------- ---
Melbourne-
Titusville-
Palm Bay 118 79 49 $105,700 $133,800 -21
------------ --- --- --- -------- -------- ---
Miami 647 439 47 $138,400 $197,400 -30
----- --- --- --- -------- -------- ---
Ocala 4 1 300 $55,000 $55,000 -
----- --- --- --- ------- ------- ---
Orlando 612 145 322 $53,500 $102,000 -48
------- --- --- --- ------- -------- ---
Panama City 60 32 88 $205,000 $200,000 3
----------- --- --- --- -------- -------- ---
Pensacola 41 36 14 $295,000 $180,000 64
--------- --- --- --- -------- -------- ---
Punta Gorda 34 19 79 $83,300 $110,000 -24
----------- --- --- --- ------- -------- ---
Sarasota-
Bradenton 249 113 120 $152,800 $212,500 -28
---------- --- --- --- -------- -------- ---
Tallahassee 4 1 300 $110,000 $170,000 -35
----------- --- --- --- -------- -------- ---
Tampa-St.
Petersburg-
Clearwater 798 399 100 $102,400 $125,200 -18
------------ --- --- --- -------- -------- ---
West Palm
Beach-Boca
Raton 766 481 59 $109,300 $135,800 -20
----------- --- --- --- -------- -------- ---
(1) *Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors. (2) Data from the St. Augustine-St. Johns County Board of Realtors is 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(R) and the University of Florida Bergstrom Center for Real Estate Studies.
SOURCE Florida Realtors
RELATED LINKS
http://www.media.floridarealtors.org
More by this Source
Fla.'s Housing Market Shows Momentum in 1Q 2013
May 09, 2013, 11:05 ET
Enter to Win Florida Realtors® Environmental (ENVY) Award
Apr 30, 2013, 11:47 ET
Fla.'s Housing Market on Upswing in March 2013
Apr 22, 2013, 11:05 ET
Featured Video
Journalists and Bloggers
Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.
View and download archived video content distributed by MultiVu on The Digital Center.
Custom Packages
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.