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

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Jun 22, 2010, 11:05 ET

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.