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

Jan 25, 2010, 11:17 ET from Florida Realtors

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.



SOURCE Florida Realtors



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