Florida's Existing Home, Condo Sales Rise in 3Q 2011

News provided by

Nov 09, 2011, 11:05 ET

ORLANDO, Fla., Nov. 9, 2011 /PRNewswire/ -- Florida's existing home and existing condo sales continued to show gains in third quarter 2011 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®.

(Logo: http://photos.prnewswire.com/prnh/20110314/DC64568LOGO)

Existing home sales rose 12 percent in 3Q 2011 with a total of 46,759 homes sold statewide; during the same period the year before, a total of 41,728 homes changed hands according to Florida Realtors. Statewide sales of existing condos in the third quarter rose 13 percent compared to the year-ago sales figure.

Florida's existing-home median sales price continued to stabilize and remained level at $136,000 for the three-month period; in 3Q 2010, it was $135,900. The median is a typical market price where half the homes sold for more, half for less.

In the year-to-year quarterly comparison for existing condo sales, 20,383 units sold statewide in the third quarter compared to 17,980 units in 3Q 2010 for a 13 percent increase. The statewide existing-condo median sales price was $89,600 in the third quarter; a year earlier, it was $83,700 for a 7 percent increase.

"The quarterly numbers confirm the general improvement in Florida's housing market in both sales and prices that we've been seeing since January 2011," said Florida Realtors Chief Economist Dr. John Tuccillo. "However, this positive trend isn't receiving the attention it's due because of the interaction of people's expectations, perceptions and reality. When you come out of a recession, people expect the real estate market to take a huge jump forward, and when it doesn't, they perceive that the market is 'bad' or still down. However, the reality is that the Florida market is improving and it has been for some time – it's just improving more slowly than initial expectations."

Mortgage rates continued to hover around historical lows in the third quarter. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.31 percent in 3Q 2011; one year earlier, it averaged 4.45 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 2011 to the third quarter of 2010, 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 2011 to third quarter 2010, 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 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 – 3rd Quarter 2011 Single-Family, Existing Homes

	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	3rd Qrtr. 2011	3rd Qrtr. 2010	% Chge	3rd Qrtr. 2011	3rd Qrtr. 2010	% Chge
*STATEWIDE (1)**	46,759	41,728	12	$136,000	$135,900	—
Daytona Beach	2,212	1,950	13	$109,700	$117,900	-7
Fort Lauderdale (2)	3,351	2,972	13	$191,200	$189,100	1
Fort Myers-Cape Coral	3,349	3,434	-2	$106,900	$91,700	17
Fort Pierce-Port St. Lucie	1,329	1,373	-3	$109,500	$106,900	2
Fort Walton Beach	861	696	24	$188,900	$180,000	5
Gainesville	523	502	4	$148,200	$155,200	-5
Jacksonville	3,714	3,429	8	$137,100	$141,800	-3
Lakeland-Winter Haven	859	853	1	$96,800	$97,700	-1
Melbourne-Titusville-Palm Bay	1,704	1,522	12	$109,600	$99,600	10
Miami	2,672	1,812	47	$179,900	$191,100	-6
Ocala	958	912	5	$80,900	$82,700	-2
Orlando	6,846	6,750	1	$127,800	$130,300	-2
Panama City	364	276	32	$147,400	$158,600	-7
Pensacola	1,085	811	34	$139,400	$140,400	-1
Punta Gorda	723	724	—	$100,500	$96,200	4
Sarasota-Bradenton	2,563	2,229	15	$157,700	$152,900	3
Tallahassee	561	410	37	$166,300	$172,400	-4
Tampa-St. Petersburg-Clearwater (3)	7,608	6,658	14	$126,900	$133,500	-5
West Palm Beach-Boca Raton	3,009	2,396	26	$187,700	$226,600	-17

(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 for August and September 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 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 2011 Existing Condominiums

	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	3rd Qrtr. 2011	3rd Qrtr. 2010	% Chge	3rd Qrtr. 2011	3rd Qrtr. 2010	% Chge
STATEWIDE* (1)	20,383	17,980	13	$89,600	$83,700	7
Daytona Beach	459	505	-9	$158,100	$119,800	32
Fort Lauderdale (2)	3,972	3,526	13	$77,600	$75,400	3
Fort Myers-Cape Coral	1,009	942	7	$121,700	$106,500	14
Fort Pierce-Port St. Lucie	266	302	-12	$71,900	$77,300	-7
Fort Walton Beach	380	242	57	$197,000	$201,500	-2
Gainesville	126	93	35	$69,100	$87,500	-21
Jacksonville	685	638	7	$74,800	$77,200	-3
Lakeland-Winter Haven	72	62	16	$52,500	$54,000	-3
Melbourne-Titusville-Palm Bay	432	412	5	$99,600	$79,500	25
Miami	3,740	2,527	48	$117,800	$104,600	13
Ocala	27	15	80	$39,000	$38,300	2
Orlando	1,486	2,333	-36	$59,000	$49,900	18
Panama City	210	160	31	$168,200	$170,800	-2
Pensacola	185	106	75	$218,800	$155,000	41
Punta Gorda	124	101	23	$76,900	$87,500	-12
Sarasota-Bradenton	747	707	6	$123,200	$133,400	-8
Tallahassee	27	36	-25	$75,000	$100,000	-25
Tampa-St. Petersburg-Clearwater (3)	2,403	2,208	9	$80,500	$85,400	-6
West Palm Beach-Boca Raton	3,111	2,352	32	$78,300	$88,100	-11

(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 for August and September 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.

SOURCE Florida Realtors