Florida's Existing Home, Condo Sales Up in December 2009

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Jan 25, 2010, 11:17 ET

ORLANDO, Fla., Jan. 25 /PRNewswire/ -- Florida's existing home sales rose in December, marking 16 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 rose 33 percent last month with a total of 14,630 homes sold statewide compared to 11,013 homes sold in December 2008, according to Florida Realtors. Statewide existing home sales last month increased 4.3 percent over statewide sales activity in November.

Florida Realtors also reported a 91 percent increase in statewide sales of existing condos in December compared to the previous year's sales figure; statewide existing condo sales last month rose 22 percent over the total units sold in November.

Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in December. A majority of the state's MSAs have reported increased sales for 18 consecutive months.

Florida's median sales price for existing homes last month was $140,400; a year ago, it was $155,300 for a 10 percent decrease. Housing industry 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 November 2009 was $171,900, down 4.4 percent from a year earlier, according to NAR. In California, the statewide median resales price was $304,520 in November; in Massachusetts, it was $285,000; in Maryland, it was $245,569; and in New York, it was $210,000.

According to NAR's latest outlook, home sales are seeing a boost from the federal homebuyer tax credit. "There are many more potential buyers who can enter the market in the months ahead," said NAR Chief Economist Lawrence Yun. "Activity should ramp up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010. In all, 4.4 million households are expected to claim the tax credit before it expires, and balance should be restored to the housing sector with inventories continuing to decline."

In Florida's year-to-year comparison for condos, 5,968 units sold statewide last month compared to 3,132 units in December 2008 for an increase of 91 percent. The statewide existing condo median sales price last month was $107,000; in December 2008 it was $130,300 for an 18 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 4.93 percent last month, significantly lower than the average rate of 5.29 percent in December 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 larger markets, the West Palm Beach-Boca Raton MSA reported a total of 849 homes sold in December compared to 638 homes a year earlier for a 33 percent increase. The market's existing home median sales price last month was $247,900; a year ago it was $246,000 for an increase of 1 percent. A total of 763 condos sold in the MSA in December, up 45 percent over the 527 units sold in December 2008. The existing condo median price last month was $111,400; a year earlier, it was $112,900 for a decrease 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 December 2009 to December 2008 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices in December 2009 to December 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 – December 2009 Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	December 2009	December 2008	% Chge	December 2009	December 2008	% Chge
STATEWIDE* (1)	14,630	11,013	33	$140,400	$155,300	-10
Daytona Beach	807	513	57	$124,400	$141,300	-12
Fort Lauderdale	781	632	24	$212,900	$217,700	-2
Fort Myers-Cape Coral	1,487	1,064	40	$94,500	$106,900	-12
Fort Pierce-Port St. Lucie	564	421	34	$110,300	$131,800	-16
Fort Walton Beach	203	166	22	$195,000	$176,800	10
Gainesville	169	121	40	$163,300	$180,700	-10
Jacksonville (2)	1,108	888	25	$140,200	$166,400	-16
Lakeland-Winter Haven	316	249	27	$107,300	$128,600	-17
Melbourne-Titusville-Palm Bay	434	438	-1	$104,100	$125,200	-17
Miami	623	431	45	$204,300	$215,500	-5
Ocala	352	197	79	$94,200	$120,400	-22
Orlando	2,300	1,525	51	$136,800	$167,800	-18
Panama City	94	92	2	$165,700	$181,800	-9
Pensacola	258	262	-2	$137,400	$150,000	-8
Punta Gorda	284	200	42	$111,800	$102,400	9
Sarasota-Bradenton	872	610	43	$167,400	$160,000	5
Tallahassee	163	125	30	$185,400	$165,800	12
Tampa-St. Petersburg-Clearwater	2,123	1,857	14	$140,000	$145,700	-4
West Palm Beach-Boca Raton	849	638	33	$247,900	$246,000	1
Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors. 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 – December 2009 Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	December 2009	December 2008	% Chge	December 2009	December 2008	% Chge
STATEWIDE* (1)	5,968	3,132	91	$107,000	$130,300	-18
Daytona Beach	160	47	240	$158,000	$155,000	2
Fort Lauderdale	947	595	59	$80,400	$97,300	-17
Fort Myers-Cape Coral	463	212	118	$120,800	$147,000	-18
Fort Pierce-Port St. Lucie	144	79	82	$108,000	$150,000	-28
Fort Walton Beach	101	43	135	$242,200	$262,500	-8
Gainesville	21	14	50	$97,500	$140,000	-30
Jacksonville (2)	172	68	153	$83,700	$118,000	-29
Lakeland-Winter Haven	24	12	100	$76,700	$58,000	32
Melbourne-Titusville-Palm Bay	102	74	38	$100,000	$107,500	-7
Miami	766	456	68	$148,200	$176,600	-16
Ocala	6	1	500	$36,000	$85,000	-58
Orlando	612	166	269	$53,500	$75,000	-29
Panama City	44	31	42	$186,700	$208,300	-10
Pensacola	34	20	70	$230,000	$180,000	28
Punta Gorda	47	28	68	$82,500	$120,000	-31
Sarasota-Bradenton	310	127	144	$148,600	$191,700	-22
Tallahassee	79	3	2,533	$69,600	$155,000	-55
Tampa-St. Petersburg-Clearwater	820	426	92	$106,300	$128,800	-17
West Palm Beach-Boca Raton	763	527	45	$111,400	$112,900	-1
*Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors. 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.