Florida's Existing Home, Condo Sales Rise in January 2010

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Feb 26, 2010, 04:08 ET

ORLANDO, Fla., Feb. 26 /PRNewswire/ -- Florida's existing home sales rose in January, marking 17 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.

Existing home sales increased 24 percent last month with a total of 10,465 homes sold statewide compared to 8,444 homes sold in January 2009, according to Florida Realtors. January's statewide sales of existing condos rose 81 percent compared to the previous year's sales figure.

Sixteen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in January; all MSAs had higher condo sales. A majority of the state's MSAs have reported increased sales for 19 consecutive months.

"Now is the time for anyone thinking of buying a home in Florida to make that decision," said 2010 Florida Realtors® President Wendell Davis, a broker and regional vice president with Watson Realty Corp. in Jacksonville. "Markets across the state are seeing increased sales, yet conditions remain very favorable with still-low mortgage rates, a range of housing inventory and attractive prices. As an added incentive, buyers need to accelerate their plans because a purchase contract must be in place by the end of April to take advantage of the extended and expanded federal tax credit. To find out more, consult a Realtor® about options, qualification criteria and opportunities in your local housing market."

Florida's median sales price for existing homes last month was $130,900; a year ago, it was $139,400 for a 6 percent decrease. 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 December 2009 was $177,500, up 1.4 percent from a year earlier, according to NAR. In California, the statewide median resales price was $306,820 in December; in Massachusetts, it was $305,000; in Maryland, it was $244,820; and in New York, it was $222,000.

According to NAR's latest outlook, homebuyers are taking advantage of the federal tax credit. "With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices," said NAR Chief Economist Lawrence Yun.

In Florida's year-to-year comparison for condos, 4,631 units sold statewide last month compared to 2,554 units in January 2009 for an increase of 81 percent. The statewide existing condo median sales price last month was $97,300; in January 2009 it was $113,300 for a 14 percent decrease. The national median existing condo price was $183,700 in December 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 5.03 percent last month, slightly lower than the average rate of 5.05 percent in January 2009, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state's smaller markets, the Fort Walton Beach MSA reported a total of 143 homes sold in January compared to 118 homes a year earlier for a 21 percent increase. The market's existing home median sales price last month was $201,400; a year ago it was $188,300 for an increase of 7 percent. A total of 70 condos sold in the MSA in January compared to 25 units sold the same month a year earlier for an increase of 180 percent. The existing condo median price last month was $270,800; a year earlier, it was $268,800 for a gain of 1 percent.

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 January 2010 to January 2009 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices in January 2010 to January 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 more than 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 – January 2010 Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	January 2010	January 2009	% Chge	January 2010	January 2009	% Chge
STATEWIDE* (1)	10,465	8,444	24	$130,900	$139,400	-6
Daytona Beach	588	419	40	$120,600	$131,800	-8
Fort Lauderdale	492	467	5	$180,000	$191,000	-6
Fort Myers-Cape Coral	1,115	758	47	$91,000	$94,900	-4
Fort Pierce-Port St. Lucie	462	361	28	$101,100	$114,900	-12
Fort Walton Beach	143	118	21	$201,400	$188,300	7
Gainesville	83	73	14	$170,000	$183,300	-7
Jacksonville (2)	757	571	33	$135,500	$145,200	-7
Lakeland-Winter Haven	223	212	5	$109,300	$110,000	-1
Melbourne-Titusville-Palm Bay	358	377	-5	$107,000	$118,300	-10
Miami	436	407	7	$183,400	$208,100	-12
Ocala	203	128	59	$95,900	$110,500	-13
Orlando	1,745	1,127	55	$123,500	$150,500	-18
Panama City	71	58	22	$158,900	$163,300	-3
Pensacola	157	162	-3	$143,900	$141,200	2
Punta Gorda	196	175	12	$102,100	$99,500	3
Sarasota-Bradenton	662	511	30	$156,700	$144,800	8
Tallahassee	70	83	-16	$180,000	$161,300	12
Tampa-St. Petersburg- Clearwater	1,603	1,573	2	$125,600	$122,400	3
West Palm Beach-Boca Raton	546	408	34	$238,600	$232,100	3
(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 from the Amelia Island-Nassau 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 – January 2010 Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	January 2010	January 2009	% Chge	January 2010	January 2009	% Chge
STATEWIDE* (1)	4,631	2,554	81	$97,300	$113,300	-14
Daytona Beach	121	77	57	$127,500	$167,800	-24
Fort Lauderdale	780	531	47	$69,500	$85,000	-18
Fort Myers-Cape Coral	390	147	165	$121,400	$128,800	-6
Fort Pierce-Port St. Lucie	90	61	48	$75,000	$90,600	-17
Fort Walton Beach	70	25	180	$270,800	$268,800	1
Gainesville	15	9	67	$85,000	$115,000	-26
Jacksonville (2)	128	60	113	$87,500	$120,000	-27
Lakeland-Winter Haven	21	10	110	$59,000	$70,000	-16
Melbourne-Titusville-Palm Bay	86	78	10	$148,000	$120,000	23
Miami	540	379	42	$141,700	$149,100	-5
Ocala	5	2	150	$38,300	$50,000	-23
Orlando	538	171	215	$49,700	$62,200	-20
Panama City	40	13	208	$200,000	$212,500	-6
Pensacola	30	11	173	$212,500	$262,500	-19
Punta Gorda	43	16	169	$74,200	$150,000	-51
Sarasota-Bradenton	243	116	109	$137,900	$156,700	-12
Tallahassee	15	3	400	$95,000	$110,000	-14
Tampa-St. Petersburg-Clearwater	574	310	85	$100,000	$108,600	-8
West Palm Beach-Boca Raton	585	375	56	$93,700	$108,900	-14
(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 from the Amelia Island-Nassau 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.