Florida's Existing Condo Sales Up in 3Q 2010

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Nov 11, 2010, 11:05 ET

ORLANDO, Fla., Nov. 11, 2010 /PRNewswire/ -- Sales of existing condominiums in Florida rose 15 percent in third quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 16,938 existing condos sold statewide in 3Q 2010; during the same period the year before, a total of 14,793 units changed hands.

Fourteen of Florida's metropolitan statistical areas (MSAs) reported higher existing condo sales in the third quarter, according to Florida Realtors. The statewide existing-condo median sales price was $84,000 for the three-month period; in 3Q 2009, it was $106,000 for a decrease of 21 percent.

"A healthy housing market is built on the foundation of a robust economy," said Dr. Sean Snaith, director of the University of Central Florida's Institute for Economic Competitiveness. "As the economic recovery continues in Florida – and in particular as the labor market improves – the housing market will follow suit. The price decline in the condo market continues to attract domestic and foreign buyers to Florida to take advantage of this buying opportunity.

"The third-quarter single-family and condo Florida resales data reflect a slowdown relative to second-quarter data as the expiration of the first-time homebuyer's tax credit in April pulled future demand into the second quarter," Snaith said, adding that the drop-off was expected.

Meanwhile, in the year-to-year quarterly comparison for existing single-family home sales, 41,122 homes sold statewide for the quarter compared to 44,451 homes in 3Q 2009 for a 7 percent decrease. The statewide existing-home median sales price was $135,200 in 3Q 2010; a year earlier, it was $145,300 for a decrease of 7 percent. 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, according to the National Association of Realtors® (NAR). The median is a typical market price where half the homes sold for more, half for less.

The University of Florida's Bergstrom Center for Real Estate Studies' latest quarterly survey of real estate trends reports that the jobless rate remains a top concern for the future outlook of the state's real estate industry. The survey polls market research economists, industry executives, real estate scholars and other experts.

Timothy Becker, the center's director, noted that investment in real estate continues to flow into Florida, though investors are wary about the economy. "The apartment sector is the stellar performer," he said, adding that conditions continue to improve in the commercial sector. "We're starting to see stabilization across property types in occupancy, with respondents saying they feel better about what rents are going to look like in the near future."

Low mortgage rates continued to be available during the third quarter of the year. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.45 percent in 3Q 2010; one year earlier, it averaged 5.16 percent.

Two charts showing statistics for Florida and its MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in the third quarter of 2010 to the third quarter of 2009, based on Realtor closed transactions from local Realtor boards/associations within the MSAs. The second chart compares the volume of existing condo sales and median sales prices in third quarter 2010 to third quarter 2009, based on Realtor closed transactions from local Realtor boards/associations within the MSAs.

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 – 3rd Quarter 2010

Single-Family, Existing Homes

	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	3rd Qrtr. 2010	3rd Qrtr. 2009	% Chge	3rd Qrtr. 2010	3rd Qrtr. 2009	% Chge
STATEWIDE*(1)	41,122	44,451	-7	$135,200	$145,300	-7
Daytona Beach (2)	1,950	2,053	-5	$117,900	$131,500	-10
Fort Lauderdale	2,076	2,523	-18	$209,600	$212,900	-2
Fort Myers-Cape Coral	3,434	4,143	-17	$91,700	$89,300	3
Fort Pierce-Port St. Lucie	1,373	1,670	-18	$106,900	$111,200	-4
Fort Walton Beach	696	720	-3	$180,000	$202,200	-11
Gainesville	502	510	-2	$155,200	$172,000	-10
Jacksonville	3,386	3,377	—	$141,200	$150,600	-6
Lakeland-Winter Haven	853	977	-13	$97,700	$116,500	-16
Melbourne-Titusville-Palm Bay	1,522	1,505	1	$99,600	$117,200	-15
Miami	1,812	1,832	-1	$191,100	$192,800	-1
Ocala	912	800	14	$82,700	$103,100	-20
Orlando	6,750	6,724	—	$130,300	$145,800	-11
Panama City	263	354	-26	$160,500	$176,500	-9
Pensacola	811	925	-12	$140,400	$151,700	-7
Punta Gorda	724	716	1	$96,200	$106,700	-10
Sarasota-Bradenton	2,229	2,314	-4	$152,900	$169,800	-10
Tallahassee	410	578	-29	$172,400	$178,800	-4
Tampa-St. Petersburg-Clearwater	7,004	8,132	-14	$131,100	$140,200	-6
West Palm Beach-Boca Raton	2,396	2,359	2	$226,600	$244,500	-7

(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 for August from the Flagler County Association 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 Florida's 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 – 3rd Quarter 2010

Existing Condominiums

	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	3rd Qrtr. 2010	3rd Qrtr. 2009	% Chge	3rd Qrtr. 2010	3rd Qrtr. 2009	% Chge
STATEWIDE* (3)	16,938	14,793	15	$84,000	$106,000	-21
Daytona Beach (4)	505	392	29	$119,800	$176,300	-32
Fort Lauderdale	2,459	2,671	-8	$73,100	$81,300	-10
Fort Myers-Cape Coral	942	936	1	$106,500	$121,300	-12
Fort Pierce-Port St. Lucie	302	269	12	$77,300	$93,600	-17
Fort Walton Beach	242	255	-5	$201,500	$266,900	-25
Gainesville	93	134	-31	$87,500	$120,900	-28
Jacksonville	638	417	53	$77,200	$112,300	-31
Lakeland-Winter Haven	62	58	7	$54,000	$72,500	-26
Melbourne-Titusville-Palm Bay	412	350	18	$79,500	$117,700	-32
Miami	2,527	1,763	43	$104,600	$137,900	-24
Ocala	15	10	50	$38,300	$60,000	-36
Orlando	2,333	1,603	46	$49,900	$50,600	-1
Panama City	184	183	1	$166,700	$190,500	-12
Pensacola	106	156	-32	$155,000	$229,200	-32
Punta Gorda	101	99	2	$87,500	$102,500	-15
Sarasota-Bradenton	707	643	10	$133,400	$162,400	-18
Tallahassee	36	41	-12	$100,000	$110,800	-10
Tampa-St. Petersburg-Clearwater	2,210	2,057	7	$85,400	$103,400	-17
West Palm Beach-Boca Raton	2,352	1,962	20	$88,100	$109,900	-20