Fla.'s Existing Home and Condo Sales Up in Nov. 2011

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Dec 21, 2011, 11:55 ET

ORLANDO, Fla., Dec. 21, 2011 /PRNewswire/ -- Florida's existing home and existing condo sales continued its positive upswing in November, according to the latest housing data released by Florida Realtors®. Existing home sales increased 11 percent last month with a total of 12,993 homes sold statewide compared to 11,664 homes sold in November 2010, according to Florida Realtors.

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"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.

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 – November 2011 Single-Family, Existing Homes

	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	November 2011	November 2010	% Chge	November 2011	November 2010	% Chge
STATEWIDE* (1)	12,993	11,664	11	$130,100	$130,600	—
STATEWIDE-YEAR-TO-DATE	170,612	156,916	9	$131,400	$136,200	-4
Daytona Beach	648	593	9	$102,000	$115,000	-11
Fort Lauderdale (2)	961	785	22	$195,600	$166,200	18
Fort Myers-Cape Coral (3)	868	1,003	-13	$106,300	$88,500	20
Fort Pierce-Port St. Lucie	452	377	20	$106,400	$109,100	-2
Fort Walton Beach	233	188	24	$170,000	$184,200	-8
Gainesville	140	134	4	$157,500	$163,800	-4
Jacksonville (4)	947	811	17	$128,500	$135,600	-5
Lakeland-Winter Haven	260	234	11	$94,100	$101,000	-7
Melbourne-Titusville-Palm Bay	516	454	14	$100,500	$105,600	-5
Miami	755	679	11	$171,300	$171,500	—
Ocala	283	269	5	$88,800	$75,900	17
Orlando	2,059	1,867	10	$126,900	$127,300	—
Panama City	85	97	-12	$136,300	$159,200	-14
Pensacola	294	263	12	$131,200	$134,200	-2
Punta Gorda	239	215	11	$102,600	$92,500	11
Sarasota-Bradenton	816	699	17	$152,100	$149,300	2
Tallahassee	148	118	25	$148,000	$170,000	-13
Tampa-St. Petersburg-Clearwater (5)	2,050	1,932	6	$120,900	$128,000	-6
West Palm Beach-Boca Raton	943	695	36	$183,700	$208,400	-12

(1) *Statewide figure includes data from the Marco Island Association of Realtors; data from the Naples Area Board of Realtors was not available. (2) Includes data from all associations in the market area. (3) Data from the Sanibel & Captiva Islands Association was not available. (4) Data from St. Augustine-St. Johns County Board of Realtors was not available. (5) 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 – November 2011 Existing Condominiums

	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	November 2011	November 2010	% Chge	November 2011	November 2010	% Chge
STATEWIDE* (1)	5,590	5,464	2	$86,700	$83,000	4
STATEWIDE-YEAR-TO-DATE	80,745	69,224	17	$88,000	$90,200	-2
Daytona Beach	136	129	5	$105,000	$130,000	-19
Fort Lauderdale (2)	1,099	1,115	-1	$75,700	$63,700	19
Fort Myers-Cape Coral (3)	216	243	-11	$113,300	$101,600	12
Fort Pierce-Port St. Lucie	104	92	13	$115,600	$93,300	24
Fort Walton Beach	100	114	-12	$198,000	$270,800	-27
Gainesville	29	30	-3	$76,300	$85,000	-10
Jacksonville (4)	135	119	13	$69,600	$71,300	-2
Lakeland-Winter Haven	19	29	-34	$61,000	$55,000	11
Melbourne-Titusville-Palm Bay	128	127	1	$87,500	$116,700	-25
Miami	1,064	1,039	2	$125,000	$105,600	18
Ocala	5	7	-29	$38,300	$47,500	-19
Orlando	428	522	-18	$59,700	$52,100	15
Panama City	62	68	-9	$196,000	$157,500	24
Pensacola	47	43	9	$142,000	$175,000	-19
Punta Gorda	38	32	19	$65,000	$75,000	-13
Sarasota-Bradenton	269	252	7	$110,000	$130,500	-16
Tallahassee	6	8	-25	$46,700	$67,500	-31
Tampa-St. Petersburg-Clearwater (5)	749	691	8	$82,300	$85,700	-4
West Palm Beach-Boca Raton	918	773	19	$77,700	$79,100	-2

(1) * Statewide figure includes data from the Marco Island Association of Realtors; data from the Naples Area Board of Realtors was not available. (2) Includes data from all associations in the market area. (3) Data from the Sanibel & Captiva Islands Association was not available. (4) Data from St. Augustine-St. Johns County Board of Realtors was not available. (5) Data from the Hernando Association of Realtors was not available.