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

Jun 22, 2010, 11:05 ET from Florida Realtors

ORLANDO, Fla., June 22 /PRNewswire/ -- Sales of existing homes in Florida rose 18 percent in May, marking 21 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.

A total of 16,745 single-family existing homes sold statewide last month compared to 14,172 homes sold in May 2009, according to Florida Realtors. The statewide existing-home median price of $140,400 in May was slightly higher – by $300 – than April's statewide existing-home median price of $140,100. It marks the third month in a row that the statewide existing-home median price has increased over the previous month's median.

Across the state, a variety of housing opportunities continues to be available at attractive prices while mortgage interest rates remain historically low, said 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville.

"Favorable conditions like this spark buyers' interest," Davis said. "However, like the rest of the world, Floridians are deeply concerned about the long-term ramifications of the April 20th explosion of BP's Deepwater Horizon oil rig, which killed 11 people and triggered the oil spill disaster in the Gulf of Mexico."

Seventeen of Florida's metropolitan statistical areas (MSAs) reported higher existing home and existing condo sales in May. A majority of the state's MSAs have reported increased sales for 23 consecutive months.

Florida's median sales price for existing homes last month was $140,400; a year ago, it was $143,800 for a decrease of 2 percent. 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 April 2010 was $173,400, up 4.5 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $306,230 in April; in Massachusetts, it was $295,000; in Maryland, it was $244,943; and in New York, it was $197,000.

According to NAR's latest industry outlook, factors such as a return of buyer confidence, stabilizing home prices and an improving economy are supporting the market in the federal homebuyer tax credit's wake. "The housing market has to get back on its own feet," said NAR Chief Economist Lawrence Yun, "and now appears to be in a good position to return to sustainable levels even without government stimulus, provided the economy continues to add jobs."

In Florida's year-to-year comparison for condos, 6,779 units sold statewide last month compared to 4,845 units in May 2009 for an increase of 40 percent. The statewide existing condo median sales price last month was $98,700; in May 2009 it was $113,500 for a 13 percent decrease. The national median existing condo price was $171,000 in April, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 4.89 percent in May, close to the 4.86 percent averaged during May 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 larger markets, the West Palm Beach-Boca Raton MSA reported a total of 887 homes sold in May compared to 737 homes a year earlier for a 20 percent increase. The market's existing home median sales price last month was $235,200; a year earlier it was $232,900 for an increase of 1 percent. A total of 877 condos sold in the MSA in May compared to 676 units sold in May 2009 for an increase of 30 percent. The existing condo median price last month was $99,600; a year earlier, it was $107,500 for a decrease of 7 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 May 2010 to May 2009 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices in May 2010 to May 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.

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

Florida Sales Report – May 2010

Single-Family, Existing Homes





Realtor Sales

Median Sales Price

Statewide &

Metropolitan Statistical Areas (MSAs)


May

2010


May

2009


%

Chge


May

2010


May

2009


%

Chge

STATEWIDE* (1)

      16,745

 14,172

 18

   $140,400

$143,800

 -2

STATEWIDE-YEAR-TO-DATE

      72,350

 58,826

23

$136,800

$140,900

-3

Daytona Beach

           830

653

27

$118,300

$136,100

-13

Fort Lauderdale

731

780

-6

$216,400

$190,000

14

Fort Myers-Cape Coral

1,460

1,417

3

$96,900

$88,500

9

Fort Pierce-Port St. Lucie

542

511

6

$113,800

$110,000

3

Fort Walton Beach

283

236

20

$188,800

$197,600

-4

Gainesville

196

162

21

$178,600

$172,500

4

Jacksonville

1,303

1,061

23

$145,000

$166,000

-13

Lakeland-Winter Haven

346

320

8

$104,500

$112,300

-7

Melbourne-Titusville-Palm Bay

637

584

9

$115,600

$123,700

-7

Miami

727

597

22

$196,700

$194,700

1

Ocala

336

241

39

$96,700

$111,600

-13

Orlando

2,593

1,949

33

$134,600

$142,400

-5

Panama City

119

102

17

$165,000

$175,400

-6

Pensacola

341

300

14

$135,800

$151,400

-10

Punta Gorda

293

305

-4

$103,900

$97,200

7

Sarasota-Bradenton

1,029

783

31

$166,400

$156,600

6

Tallahassee

210

154

36

$169,200

$167,500

1

Tampa-St. Petersburg-
Clearwater

2,921

2,427

20

$135,600

$137,500

-1

West Palm Beach-Boca Raton

887

737

20

$235,200

$232,900

1


(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 – May 2010

Existing Condominiums



Realtor Sales

Median Sales Price

Statewide &

Metropolitan Statistical Areas (MSAs)


May

2010


May

2009


%

Chge


May

2010


May

2009


%

Chge

STATEWIDE* (1)

     6,779

4,845

  40

 $98,700

$113,500

-13

STATEWIDE-YEAR-TO-DATE

30,965

19,679

  57

$98,100

$110,200

-11

Daytona Beach

161

139

 16

$114,400

$191,300

-40

Fort Lauderdale

965

799

 21

$81,500

$80,400

1

Fort Myers-Cape Coral

467

363

29

$131,900

$132,900

-1

Fort Pierce-Port St. Lucie

119

95

25

$76,800

$91,700

-16

Fort Walton Beach

93

82

13

$261,700

$236,700

11

Gainesville

45

29

55

$93,800

$127,500

-26

Jacksonville

208

136

53

$79,500

$138,600

-43

Lakeland-Winter Haven

24

9

167

$70,000

$68,300

2

Melbourne-Titusville-Palm Bay

144

123

17

$115,400

$134,400

-14

Miami

972

571

70

$126,100

$140,300

-10

Ocala

11

3

267

$39,200

$45,000

-13

Orlando

816

472

 73

$49,900

$49,600

1

Panama City

53

64

-17

$138,600

$204,500

-32

Pensacola

42

45

-7

$133,300

$256,300

-48

Punta Gorda

48

45

7

$87,500

$107,500

-19

Sarasota-Bradenton

384

225

71

$152,800

$148,500

3

Tallahassee

19

9

111

$93,800

$126,000

-26

Tampa-St. Petersburg-Clearwater

878

596

47

$103,700

$109,300

-5

West Palm Beach-Boca Raton

877

676

30

$99,600

$107,500

-7


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


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.




SOURCE Florida Realtors



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http://www.media.floridarealtors.org