2014

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



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