Florida's Existing Home, Condo Sales Up at Year End 2009

Jan 25, 2010, 11:09 ET from Florida Realtors

ORLANDO, Fla., Jan. 25 /PRNewswire/ -- At the end of 2009, Florida's existing home and condo sales were higher than a year earlier, a continuing trend for statewide sales activity, according to the latest housing data released by Florida Realtors®.

Existing home sales rose 31 percent at year's end, with a total of 163,148 homes sold statewide compared to 124,168 homes sold at year end 2008, according to Florida Realtors. Existing home sales activity at the end of 2009 also was 25.6 percent higher than the 2007 statewide sales level, records show. Statewide sales of existing condos increased 47 percent at year end 2009 compared to year end 2008's sales figure; it was 33.7 percent higher than the year end 2007 statewide existing condo sales.

Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales, while 18 MSAs had higher condo sales through the period. A majority of the state's MSAs have reported increased sales for 18 consecutive months.

"Continuing to stabilize and revitalize the real estate market is the linchpin to a strong economic recovery," says 2010 Florida Realtors® President Wendell Davis, a broker and regional vice president with Watson Realty Corp. in Jacksonville. "Robust housing and commercial property markets generate business, but they're also key to helping families build a sense of financial security. Research shows that not only do long-term homeowners benefit from the value and price appreciation of their homes, but even more beneficial is something that simply can't be measured -- a place to raise their families, create memories and call home.

"Now, more than ever, consumers can count on the expertise of Florida Realtors to help them conquer the challenges of today's marketplace, whether they're looking for a home or the right location for a new business."

Florida's median sales price for existing homes at year end 2009 was $142,600; a year earlier, it was $187,700 for a 24 percent decrease. The national median existing single-family home price was $171,900 in November, down 4.4 percent from a year ago, according to the National Association of Realtors®. NAR housing industry analysts 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.

NAR's latest industry outlook predicts the housing recovery to gain momentum in the second half of 2010. "It will be at least early spring before we see notable gains in sales activity as homebuyers respond to the recently extended and expanded tax credit," said NAR Chief Economist Lawrence Yun.

Qualified buyers who have signed a contract to buy a primary residence by April 30, 2010, have until June 30, 2010, to close the transaction to be eligible for the federal tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.

Yun said he expects an additional 900,000 first-time buyers will qualify for the extended tax credit in addition to about 2 million who have already purchased; 1.5 million repeat buyers also are expected to benefit from the credit. While mortgage interest rates likely will inch higher in 2010, Yun said the tax credit impact in the first half of the year and expected job growth impact in the second half will support homebuying; in turn, activity should absorb enough inventory to bring a rough balance between buyers and sellers. Home prices are expected to stabilize or even modestly rise as a result in 2010, according to NAR.

In Florida's year-to-year comparison for condos, 55,985 units sold statewide at year end 2009 compared to 38,095 units at year end 2008 for an increase of 47 percent. The statewide existing condo median sales price at year's end was $108,000; a year earlier, it was $164,200 for a 34 percent decrease. The national median existing condo price was $178,000 in November 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 5.04 percent in 2009, a significant drop from the average rate of 6.03 percent in 2008, 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 Pensacola MSA reported a total of 3,389 homes sold at year end 2009 compared to 3,208 homes a year earlier for a 6 percent increase. The market's existing home median sales price at year end 2009 was $145,800; a year earlier, it was $155,800 for a 6 percent decrease. A total of 497 condos sold in the MSA, up 22 percent over the 409 units sold at year end 2008. The Pensacola MSA's existing condo median price at year end 2009 was $240,300; a year earlier, it was $239,000 for an increase 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 year end 2009 to year end 2008 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices in year end 2009 to year end 2008 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 – Year End 2009

Single-Family, Existing Homes


Realtor Sales

Median Sales Price

Statewide &

Metropolitan Statistical Areas (MSAs)


Year End

2009


Year End

2008


%

Chge


Year End

2009


Year End

2008


%

Chge

STATEWIDE* (1)

163,148

124,168

31

$142,600

$187,700

-24

Daytona Beach

7,934

6,087

30

$130,500

$165,700

-21

Fort Lauderdale

8,816

6,377

38

$205,700

$278,000

-26

Fort Myers-Cape Coral

16,260

8,272

97

$90,400

$158,200

-43

Fort Pierce-Port St. Lucie

6,159

4,332

42

$112,600

$153,600

-27

Fort Walton Beach

2,567

2,254

14

$192,100

$204,200

-6

Gainesville

1,828

1,925

-5

$168,700

$189,100

-11

Jacksonville (2)

12,019

9,914

21

$152,200

$180,400

-16

Lakeland-Winter Haven

3,701

3,034

22

$111,800

$140,000

-20

Melbourne-Titusville-Palm Bay

5,900

5,097

16

$116,000

$153,400

-24

Miami

6,685

4,379

53

$195,300

$276,600

-29

Ocala

2,964

2,228

33

$102,500

$137,500

-25

Orlando

23,994

16,659

44

$144,600

$201,500

-28

Panama City

1,209

1,079

12

$172,700

$190,900

-10

Pensacola

3,389

3,208

6

$145,800

$155,800

-6

Punta Gorda

2,988

2,530

18

$105,000

$139,100

-25

Sarasota-Bradenton

8,842

7,661

15

$160,100

$225,900

-29

Tallahassee

1,860

1,886

-1

$176,400

$190,500

-7

Tampa-St. Petersburg-Clearwater

28,617

23,615

21

$137,500

$169,500

-19

West Palm Beach-Boca Raton

8,684

6,953

25

$239,000

$302,800

-21

(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 for September, November and December 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 – Year End 2009

Existing Condominiums


Realtor Sales

Median Sales Price

Statewide &

Metropolitan Statistical Areas (MSAs)


Year End

2009


Year End

2008


%

Chge


Year End

2009


Year End

2008


%

Chge

STATEWIDE* (1)

55,985

38,095

47

$108,000

$164,200

-34

Daytona Beach

1,482

981

51

$169,800

$214,400

-21

Fort Lauderdale

9,894

6,551

51

$82,600

$132,900

-38

Fort Myers-Cape Coral

3,921

2,275

72

$125,400

$189,400

-34

Fort Pierce-Port St. Lucie

1,155

807

43

$96,200

$152,000

-37

Fort Walton Beach

858

622

38

$254,700

$342,200

-26

Gainesville

326

578

-44

$119,100

$142,400

-16

Jacksonville (2)

1,429

1,037

38

$112,100

$146,800

-24

Lakeland-Winter Haven

189

102

85

$70,200

$90,000

-22

Melbourne-Titusville-Palm Bay

1,324

1,101

20

$117,800

$146,500

-20

Miami

6,854

4,580

50

$142,500

$239,400

-40

Ocala

51

47

9

$50,600

$67,500

-25

Orlando

5,558

1,667

233

$52,900

$117,700

-55

Panama City

565

492

15

$194,200

$246,000

-21

Pensacola

497

409

22

$240,300

$239,000

1

Punta Gorda

404

286

41

$95,200

$126,500

-25

Sarasota-Bradenton

2,618

2,291

14

$147,800

$213,600

-31

Tallahassee

169

110

54

$92,000

$117,800

-22

Tampa-St. Petersburg-Clearwater

7,420

5,286

40

$105,300

$142,400

-26

West Palm Beach-Boca Raton

7,887

6,075

30

$107,300

$143,800

-25

(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 for September, November and December 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.



SOURCE Florida Realtors



RELATED LINKS

http://www.media.floridarealtors.org