Florida's Existing Condo Sales Up in September 2010

Oct 25, 2010, 11:05 ET from Florida Realtors

ORLANDO, Fla., Oct. 25 /PRNewswire/ -- Sales of existing condominiums in Florida rose 10 percent in September, with a total of 5,675 condos sold statewide compared to 5,140 units sold in September 2009, according to the latest housing data released by Florida Realtors®.

Ten of Florida's metropolitan statistical areas (MSAs) reported higher existing condo sales in September, according to Florida Realtors. The statewide existing condo median sales price last month was $83,400; in September 2009 it was $102,300 for an 18 percent decrease. However, September's statewide existing condo median price was 2.2 percent higher than the statewide existing condo median of $81,600 in August. The national median existing condo price was $174,000 in August, according to the National Association of Realtors® (NAR).

Meanwhile, in the year-to-year comparison for existing home sales, a total of 13,536 single-family existing homes sold statewide last month compared to 14,781 homes sold in September 2009 for a decrease of 8 percent. Florida's median existing-home sales price in September was $133,400; a year earlier, it was $141,700 for a decrease of 6 percent. The median is the midpoint; half the homes sold for more, half for less.

"Like the rest of the nation, Florida's housing market is feeling pressure from an uncertain economy," said 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville. "Easing foreclosures and increasing job growth would go a long way in stabilizing the market and strengthening the economic recovery. However, current record low mortgage rates along with available and affordable inventory continue to offer a rare opportunity for consumers who are ready to buy a home."

The national median sales price for existing single-family homes in August was $179,300, up 1.2 percent from a year earlier, according to the National Association of Realtors® (NAR). In Massachusetts, the statewide median resales price was $330,000 in August; in California, it was $318,660; in Maryland, it was $262,339; and in New York, it was $240,000.

NAR's latest industry outlook calls for a gradual improvement in home sales in upcoming months. "Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market," said NAR Chief Economist Lawrence Yun. "However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence. The housing market is trying to recover on its own power without the homebuyer tax credit."

In September, the interest rate for a 30-year fixed-rate mortgage averaged 4.35 percent, significantly lower than the 5.06 percent average during the same month a year earlier, according to Freddie Mac. 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 September 2010 to September 2009 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices in September 2010 to September 2009 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.

Florida Sales Report – September 2010

Single-Family, Existing Homes


Realtor Sales

Median Sales Price

Statewide &

Metropolitan Statistical Areas (MSAs)


September 2010


September 2009


% Chge


September 2010


September 2009


% Chge

STATEWIDE* (1)

13,536

14,781

-8

$133,400

$141,700

-6

STATEWIDE-YEAR-TO-DATE

131,510

119,009

11

$137,200

$143,500

-4

Daytona Beach

707

766

-8

$116,300

$132,000

-12

Fort Lauderdale

673

800

-16

$214,200

$200,000

7

Fort Myers-Cape Coral

1,102

1,321

-17

$94,400

$89,700

5

Fort Pierce-Port St. Lucie

420

572

-27

$107,400

$110,800

-3

Fort Walton Beach

245

258

-5

$178,100

$198,300

-10

Gainesville

142

149

-5

$157,100

$168,500

-7

Jacksonville

1,050

1,127

-7

$136,800

$139,900

-2

Lakeland-Winter Haven

283

334

-15

$97,200

$114,400

-15

Melbourne-Titusville-Palm Bay

557

479

16

$98,200

$114,700

-14

Miami

582

619

-6

$188,000

$190,900

-2

Ocala

272

283

-4

$81,300

$96,300

-16

Orlando

2,184

2,247

-3

$128,400

$144,100

-11

Panama City

91

116

-22

$163,800

$169,400

-3

Pensacola

296

275

8

$143,000

$135,000

6

Punta Gorda

241

238

1

$90,900

$110,600

-18

Sarasota-Bradenton

760

781

-3

$151,000

$164,000

-8

Tallahassee

132

158

-16

$178,700

$181,200

-1

Tampa-St. Petersburg-Clearwater

2,313

2,747

-16

$127,400

$137,600

-7

West Palm Beach-Boca Raton

801

746

7

$225,900

$242,900

-7

(1) * Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors.



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 – September 2010

Existing Condominiums


Realtor Sales

Median Sales Price

Statewide &

Metropolitan Statistical Areas (MSAs)


September 2010


September 2009


% Chge


September 2010


September 2009


% Chge

STATEWIDE* (1)

5,675

5,140

10

$83,400

$102,300

-18

STATEWIDE-YEAR-TO-DATE

54,819

39,687

38

$93,100

$109,000

-15

Daytona Beach

167

140

19

$114,400

$176,900

-35

Fort Lauderdale

828

861

-4

$71,600

$78,300

-9

Fort Myers-Cape Coral

298

309

-4

$105,500

$102,900

3

Fort Pierce-Port St. Lucie

96

97

-1

$76,000

$94,100

-19

Fort Walton Beach

105

91

15

$216,100

$297,700

-27

Gainesville

18

34

-47

$80,000

$133,300

-40

Jacksonville

205

141

45

$76,100

$108,500

-30

Lakeland-Winter Haven

18

18

$40,000

$70,000

-43

Melbourne-Titusville-Palm Bay

135

112

21

$75,800

$120,000

-37

Miami

833

611

36

$99,400

$132,900

-25

Ocala

8

2

300

$50,000

$60,000

-17

Orlando

720

587

23

$49,900

$52,600

-5

Panama City

84

57

47

$165,000

$187,500

-12

Pensacola

43

48

-10

$147,500

$190,000

-22

Punta Gorda

30

29

3

$75,000

$101,700

-26

Sarasota-Bradenton

241

247

-2

$134,100

$134,800

-1

Tallahassee

12

13

-8

$105,000

$107,500

-2

Tampa-St. Petersburg-Clearwater

779

836

-7

$84,900

$106,000

-20

West Palm Beach-Boca Raton

825

632

31

$86,200

$106,700

-19

(1) *Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors.



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.

Editor's Note: You may wish to use this information with today's release from the National Association of Realtors.

SOURCE Florida Realtors



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