Florida’s Existing Home, Condo Sales Rise in April 2011

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May 19, 2011, 11:35 ET

ORLANDO, Fla., May 19, 2011 /PRNewswire-USNewswire/ -- Florida’s existing home and existing condo sales rose in April, according to the latest housing data released by Florida Realtors®. Existing home sales increased 2 percent last month with a total of 17,192 homes sold statewide compared to 16,781 homes sold in April 2010, according to Florida Realtors. Statewide sales of existing condos last month rose 17 percent compared to the year-ago sales figure.

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Twelve of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in April; 14 MSAs also had higher condo sales. It’s the fifth consecutive month that Florida Realtors has reported higher year-over-year existing home and existing condo sales statewide.

“Market conditions remain optimal for qualified buyers with strong credit,” said 2011 Florida Realtors® President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “Mortgage interest rates are under five percent, a range of housing options is available at very affordable prices, and the economic recovery continues to strengthen. Realtors across the state are reporting increased interest from buyers ready to find their Florida dream home.”

Florida’s median sales price for existing homes last month was $131,700; a year ago, it was $140,300 for a 6 percent decrease. However, April’s statewide existing home median price was 4.3 percent higher than it was in March. Analysts with the National Association of Realtors® (NAR) note that 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 March 2011 was $160,500, down 5.3 percent from a year ago, according to NAR. In California, the statewide median resales price was $286,010 in March; in Massachusetts, it was $273,475; in New York, it was $215,000; and in Maryland, it was $215,000.

NAR’s latest industry outlook predicts that existing home sales will continue to rise gradually but unevenly. “Existing home sales have risen in six of the past eight months, so we’re clearly on a recovery path,” said NAR Chief Economist Lawrence Yun. “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain – primarily because some buyers are finding it too difficult to obtain a mortgage.”

In Florida’s year-to-year comparison for condos, 8,987 units sold statewide last month compared to 7,703 units in April 2010 for an increase of 17 percent. The statewide existing condo median sales price last month was $91,900; in April 2010 it was $100,200 for an 8 percent decrease. April’s statewide existing condo median price was 9 percent higher than it was in March. The national median existing condo sales price was $153,100 in March 2011, according to NAR.

The interest rate for a 30-year fixed-rate mortgage averaged 4.84 percent in April, significantly lower than the 5.10 percent averaged 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.

Several charts showing statistics for Florida and the state’s MSAs are below. One chart compares the volume of existing, single-family home sales and median sales prices in April 2011 to April 2010 based on Realtor transactions; another compares the volume of existing, condominium sales and median sales prices in April 2011 to April 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 – April 2011 Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	April 2011	April 2010	% Chge	April 2011	April 2010	% Chge
STATEWIDE* (1)	17,192	16,781	2	$131,700	$140,300	-6
STATEWIDE-YEAR-TO-DATE	61,895	56,187	10	$125,700	$133,800	-6
Daytona Beach	881	871	1	$110,200	$124,100	-11
Fort Lauderdale (2)	1,124	1,104	2	$177,000	$180,700	-2
Fort Myers-Cape Coral	1,520	1,473	3	$118,900	$101,500	17
Fort Pierce-Port St. Lucie	538	653	-18	$106,900	$113,300	-6
Fort Walton Beach	302	267	13	$169,500	$208,600	-19
Gainesville	167	223	-25	$144,500	$165,200	-13
Jacksonville (3)	1,186	1,176	1	$125,800	$137,800	-9
Lakeland-Winter Haven	342	383	-11	$90,500	$104,000	-13
Melbourne-Titusville-Palm Bay	617	538	15	$109,200	$104,000	5
Miami	830	594	40	$169,200	$192,000	-12
Ocala	327	341	-4	$79,000	$99,800	-21
Orlando	2,568	2,529	2	$122,300	$135,900	-10
Panama City	121	129	-6	$132,100	$160,600	-18
Pensacola	355	331	7	$129,100	$139,400	-7
Punta Gorda	321	290	11	$100,300	$114,500	-12
Sarasota-Bradenton	1,033	1,001	3	$155,700	$163,600	-5
Tallahassee	176	197	-11	$154,700	$163,000	-5
Tampa-St. Petersburg-Clearwater (4)	2,590	2,717	-5	$121,400	$136,200	-11
West Palm Beach-Boca Raton	1,112	918	21	$198,800	$239,100	-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 from the St. Augustine & St. Johns County Board is not available. (4) Data from the Hernando 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 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 – April 2011 Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	April 2011	April 2010	% Chge	April 2011	April 2010	% Chge
STATEWIDE* (1)	8,987	7,703	17	$91,900	$100,200	-8
STATEWIDE-YEAR-TO-DATE	32,364	25,875	25	$83,600	$95,900	-13
Daytona Beach	203	173	17	$117,200	$131,800	-11
Fort Lauderdale (2)	1,645	1,525	8	$71,800	$69,300	4
Fort Myers-Cape Coral	648	564	15	$141,900	$134,700	5
Fort Pierce-Port St. Lucie	123	152	-19	$93,200	$106,300	-12
Fort Walton Beach	157	108	45	$214,100	$253,300	-15
Gainesville	46	36	28	$81,700	$98,300	-17
Jacksonville (3)	195	205	-5	$63,500	$54,600	16
Lakeland-Winter Haven	28	28	—	$52,000	$58,300	-11
Melbourne-Titusville-Palm Bay	194	137	42	$95,800	$107,000	-10
Miami	1,404	723	94	$115,700	$130,000	-11
Ocala	12	9	33	$36,000	$39,000	-8
Orlando	672	780	-14	$54,300	$51,300	6
Panama City	94	66	42	$144,000	$185,700	-22
Pensacola	72	56	29	$185,000	$190,000	-3
Punta Gorda	68	75	-9	$85,000	$105,000	-19
Sarasota-Bradenton	409	406	1	$142,300	$154,100	-8
Tallahassee	16	9	78	$65,000	$95,000	-32
Tampa-St. Petersburg-Clearwater (4)	1,070	1,027	4	$73,900	$102,700	-28
West Palm Beach-Boca Raton	1,338	1,024	31	$81,800	$102,000	-20
(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 St. Augustine & St. Johns County Board is not available. (4) Data from the Hernando 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 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.