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

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Nov 21, 2011, 11:18 ET

ORLANDO, Fla., Nov. 21, 2011 /PRNewswire/ -- Florida's existing home and existing condo sales continued to show gains in October, according to the latest housing data released by Florida Realtors®. Existing home sales increased 13 percent last month with a total of 13,755 homes sold statewide compared to 12,145 homes sold in October 2010, according to Florida Realtors.

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"Statewide, both sales and prices are above where they were this time last year," noted Florida Realtors Chief Economist Dr. John Tuccillo. "The monthly median prices have ticked down slightly for the past few months, but the overall trend continues to show gains year-over-year.

"These numbers, combined with reports from Realtors throughout the state, indicate that we're seeing strong interest in purchasing Florida real estate from smart investors who are taking advantage of the current favorable market conditions," Tuccillo said. "These folks tend to have a long-term outlook and plan to hold onto their property purchases for a while."

Seventeen of Florida's metropolitan statistical areas (MSAs) reported higher existing home sales in October; 12 MSAs had higher existing condo sales.

The statewide median sales price for existing homes last month was $131,200; a year ago, it was $136,600 for a decrease of 4 percent. 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 September 2011 was $165,600, down 3.9 percent from a year ago, according to NAR. In Massachusetts, the September statewide median resales price was $294,950; in California, it was $287,440; in Maryland, it was $228,879; and in New York, it was $217,600.

In Florida's year-to-year comparison for condos, 6,132 units sold statewide in October, a 12 percent increase over the 5,473 units sold in October 2010. The statewide existing condo median sales price last month was $87,800; a year earlier, it was $80,500 for a 9 percent gain. The national median existing condo sales price in September was $163,800, according to NAR.

"The latest unemployment figures indicate that Florida's jobs outlook is improving, mortgage rates remain at historical lows and buyers are able to consider a variety of housing options at affordable prices in communities 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 a great time to consult a local Realtor® about homeownership opportunities in your local housing market."

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.07 percent in October, down from the 4.23 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 October 2011 to October 2010 based on Realtor transactions; another compares the volume of existing, condominium sales and median sales prices in October 2011 to October 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 – October 2011
Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	October 2011	October 2010	% Chge	October 2011	October 2010	% Chge
*STATEWIDE (1)**	13,755	12,145	13	$131,200	$136,600	-4
STATEWIDE-YEAR-TO-DATE	157,638	145,252	9	$131,500	$136,600	-4
Daytona Beach	698	645	8	$115,100	$122,800	-6
Fort Lauderdale (2)	992	856	16	$181,300	$194,600	-7
Fort Myers-Cape Coral (3)	938	1,002	-6	$102,100	$89,100	15
Fort Pierce-Port St. Lucie	433	391	11	$100,600	$106,900	-6
Fort Walton Beach	237	223	6	$184,200	$185,200	-1
Gainesville	120	100	20	$154,000	$174,000	-11
Jacksonville (4)	943	841	12	$124,100	$141,000	-12
Lakeland-Winter Haven	281	246	14	$100,300	$94,200	6
Melbourne-Titusville-Palm Bay	521	482	8	$106,800	$97,600	9
Miami	769	546	41	$174,600	$199,100	-12
Ocala	259	252	3	$80,300	$79,700	1
Orlando	2,136	1,822	17	$127,800	$130,800	-2
Panama City	105	103	2	$150,000	$151,800	-1
Pensacola	296	273	8	$142,000	$141,100	1
Punta Gorda	236	220	7	$90,000	$96,200	-6
Sarasota-Bradenton	801	667	20	$137,100	$141,800	-3
Tallahassee	138	153	-10	$160,000	$162,000	-1
Tampa-St. Petersburg-Clearwater (5)	2,207	1,923	15	$123,800	$137,900	-10
West Palm Beach-Boca Raton	918	723	27	$184,900	$221,200	-16
(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 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 – October 2011
Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	October 2011	October 2010	% Chge	October 2011	October 2010	% Chge
STATEWIDE* (1)	6,132	5,473	12	$87,800	$80,500	9
STATEWIDE-YEAR-TO-DATE	75,155	63,760	18	$88,100	$90,800	-3
Daytona Beach	166	155	7	$120,000	$120,900	-1
Fort Lauderdale (2)	1,150	1,075	7	$78,100	$62,300	25
Fort Myers-Cape Coral (3)	256	250	2	$106,700	$104,300	2
Fort Pierce-Port St. Lucie	96	68	41	$73,300	$70,000	5
Fort Walton Beach	114	116	-2	$185,700	$226,300	-18
Gainesville	28	22	27	$60,000	$60,000	—
Jacksonville (4)	140	152	-8	$63,500	$66,400	-4
Lakeland-Winter Haven	22	19	16	$46,700	$47,500	-2
Melbourne-Titusville-Palm Bay	147	143	3	$93,000	$88,600	5
Miami	1,202	739	63	$117,900	$109,300	8
Ocala	6	6	—	$36,000	$40,000	-10
Orlando	469	612	-23	$59,000	$50,700	16
Panama City	103	56	84	$151,800	$180,000	-16
Pensacola	46	48	-4	$190,000	$216,700	-12
Punta Gorda	34	37	-8	$70,000	$97,500	-28
Sarasota-Bradenton	254	230	10	$119,100	$127,700	-7
Tallahassee	9	9	—	$52,500	$102,500	-49
Tampa-St. Petersburg-Clearwater (5)	757	726	4	$72,300	$81,600	-11
West Palm Beach-Boca Raton	906	768	18	$72,100	$79,600	-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 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.