Florida's Existing Home, Condo Sales Up in February 2011

Mar 21, 2011, 11:05 ET from Florida Realtors

ORLANDO, Fla., March 21, 2011 /PRNewswire/ -- Florida's existing home and existing condo sales rose in February, according to the latest housing data released by Florida Realtors®. Existing home sales increased 13 percent last month with a total of 13,701 homes sold statewide compared to 12,164 homes sold in February 2010, according to Florida Realtors. February's statewide sales of existing condos rose 29 percent compared to the previous year's sales figure.

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Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in February; 18 MSAs had higher condo sales. It's the third month in a row that Florida Realtors has reported higher year-over-year existing home and existing condo sales statewide.

"Current market conditions and very low mortgage rates continue to offer great opportunities to anyone looking to buy a home in Florida," said 2011 Florida Realtors® President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. "Every day, Realtors® help people realize their dreams of homeownership – they see the positive impact that homeownership has on families and communities."

She added, "To showcase homeownership opportunities across the state, Florida Realtors is sponsoring its second annual Florida Open House Weekend, March 26-27. Realtors will host open houses on behalf of home sellers in neighborhoods from the Panhandle to the Keys, giving buyers a chance to tour dozens of homes in a single weekend. Talk to a local Realtor about Florida Open House Weekend and look for participating open houses throughout your community."

Florida's median sales price for existing homes last month was $121,900; a year ago, it was $124,500 for a 2 percent decrease. 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 January 2011 was $159,400, down 2.7 percent from a year ago, according to NAR. In Massachusetts, the statewide median resales price was $284,500 in January; in California, it was $278,900; in New York, it was $227,000; and in Maryland, it was $222,535.

NAR's latest outlook notes that continuing improvements in the economy is a positive sign for the housing sector. "The housing market is healing with sales fluctuating at times, depending on the flow of distressed properties coming on the market," said NAR Chief Economist Lawrence Yun. "The broad fundamentals for a housing recovery are developing. Job growth, high housing affordability and rising apartment rent are conducive to bringing more buyers into the market."

In Florida's year-to-year comparison for condos, 6,984 units sold statewide last month compared to 5,424 units in February 2010 for an increase of 29 percent. The statewide existing condo median sales price last month was $77,300; in February 2010 it was $90,400 for a 14 percent decrease. The national median existing condo price was $154,900 in January 2011, according to NAR.

The interest rate for a 30-year fixed-rate mortgage averaged 4.95 percent in February, down slightly from the 4.99 percent average during the same month a year earlier, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Several charts showing statistics for Florida and the state's MSAs are below. One chart compares the volume of existing, single-family home sales and median sales prices in February 2011 to February 2010 based on Realtor transactions; another compares the volume of existing, condominium sales and median sales prices in February 2011 to February 2010 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 64 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 – February 2011

Single-Family, Existing Homes


Realtor Sales

Median Sales Price

Statewide &

Metropolitan Statistical Areas (MSAs)


February

2011


February

2010


%

Chge


February

2011


February

2010


%

Chge

STATEWIDE* (1)

13,701

12,164

13

$121,900

$124,500

-2

STATEWIDE-YEAR-TO-DATE

26,009

22,866

14

$121,600

$127,500

-5

Daytona Beach

635

614

3

$102,100

$111,700

-9

Fort Lauderdale (2)

909

782

16

$167,000

$137,100

22

Fort Myers-Cape Coral

1,106

1,259

-12

$91,500

$87,900

4

Fort Pierce-Port St. Lucie

369

458

-19

$113,400

$96,800

17

Fort Walton Beach

208

159

31

$171,100

$190,000

-10

Gainesville

122

109

12

$152,500

$146,900

4

Jacksonville

1,017

843

21

$126,300

$142,400

-11

Lakeland-Winter Haven

284

252

13

$83,000

$101,500

-18

Melbourne-Titusville-Palm Bay

562

357

57

$87,700

$106,400

-18

Miami

540

445

21

$147,900

$191,100

-23

Ocala

294

264

11

$75,000

$90,000

-17

Orlando

2,063

1,883

10

$117,800

$130,800

-10

Panama City

103

71

45

$157,700

$144,300

9

Pensacola

229

224

2

$125,700

$150,300

-16

Punta Gorda

268

239

12

$97,500

$96,600

1

Sarasota-Bradenton

886

747

19

$137,700

$154,500

-11

Tallahassee

145

122

19

$151,000

$167,100

-10

Tampa-St. Petersburg-Clearwater

2,375

2,050

16

$111,100

$128,100

-13

West Palm Beach-Boca Raton

738

560

32

$205,400

$219,100

-6


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

(2)  Includes data from all associations in the market area.


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 – February 2011

Existing Condominiums


Realtor Sales

Median Sales Price

Statewide &

Metropolitan Statistical Areas (MSAs)


February

2011


February

2010


%

Chge


February

2011


February

2010


%

Chge

STATEWIDE* (1)

6,984

5,424

29

$77,300

$90,400

-14

STATEWIDE-YEAR-TO-DATE

13,668

10,340

32

$78,300

$93,500

-16

Daytona Beach

134

118

14

$108,000

$124,400

-13

Fort Lauderdale (2)

1,357

1,138

19

$67,100

$64,500

4

Fort Myers-Cape Coral

494

430

15

$118,000

$130,300

-9

Fort Pierce-Port St. Lucie

119

96

24

$87,500

$74,000

18

Fort Walton Beach

84

77

9

$217,900

$233,900

-7

Gainesville

32

19

68

$50,000

$65,000

-23

Jacksonville

234

140

67

$69,500

$89,100

-22

Lakeland-Winter Haven

28

23

22

$52,500

$61,000

-14

Melbourne-Titusville-Palm Bay

155

91

70

$73,200

$123,800

-41

Miami

859

545

58

$94,000

$126,100

-25

Ocala

10

5

100

$40,000

$38,300

4

Orlando

681

613

11

$51,200

$50,100

2

Panama City

54

54

$175,000

$186,700

-6

Pensacola

47

34

38

$195,000

$200,000

-3

Punta Gorda

66

43

53

$68,000

$95,000

-28

Sarasota-Bradenton

325

258

26

$126,100

$141,400

-11

Tallahassee

14

5

180

$90,000

$62,500

44

Tampa-St. Petersburg-Clearwater

947

710

33

$65,100

$89,200

-27

West Palm Beach-Boca Raton

978

698

40

$77,800

$96,700

-20


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

(2)  Includes data from all associations in the market area.


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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