Florida’s Existing Home, Condo Sales Up in July 2011

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Aug 18, 2011, 11:05 ET

ORLANDO, Fla., Aug. 18, 2011 /PRNewswire/ -- Florida’s existing home and existing condo sales rose in July, according to the latest housing data released by Florida Realtors®. Existing home sales increased 12 percent last month with a total of 15,517 homes sold statewide compared to 13,874 homes sold in July 2010, according to Florida Realtors. Statewide sales of existing condos last month also rose 12 percent compared to the year-ago sales figure.

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“Realtors in markets across the state are reporting increased activity from potential homebuyers who are ready to advantage of historically low mortgage rates and current availability of affordable housing options,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart.

Fifteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in July; 13 MSAs had higher existing condo sales.

The statewide median sales price for existing homes last month was $136,500; a year ago, it was $137,700 for only a 1 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 June 2011 was $184,600, up 0.6 percent from a year ago, according to NAR. In Massachusetts, the statewide median resales price was $325,850 in June; in California, it was $295,300; in Maryland, it was $247,100; and in New York, it was $221,595.

In Florida’s year-to-year comparison for condos, 6,619 units sold statewide last month compared to 5,904 units in July 2010 for an increase of 12 percent. The statewide existing condo median sales price last month was $90,900; in July 2010 it was $87,800 for a 4 percent increase. NAR notes the national median existing condo sales price was $182,300 in June 2011.

Economic uncertainty continued to impact the recovery of the housing sector, according to NAR’s latest industry outlook. NAR Chief Economist Lawrence Yun pointed to overly restrictive lending requirements, low appraisals and federal budget issues as factors affecting the pace of sales activity.

Economic and political worries also dampened the outlook for Florida’s real estate markets, according to the University of Florida’s Bergstrom Center for Real Estate Studies’ latest quarterly survey of real estate trends. The report surveys economists, industry executives, real estate scholars, researchers and other experts.

“Even though unemployment in Florida improved in many markets, the pace of change and the still-high levels are affecting the pace of improvements in the real estate markets,” said Center Director Tim Becker. “Consumers continue to be cautious and pessimistic about their own spending, which is also affecting the rate of fundamental improvement.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.55 percent in July, about the same level as the 4.56 percent average during the same month a year earlier. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

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 July 2011 to July 2010 based on Realtor transactions; another compares the volume of existing, condominium sales and median sales prices in July 2011 to July 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.


Florida Sales Report – July 2011
Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	July 2011	July 2010	% Chge	July 2011	July 2010	% Chge
STATEWIDE* (1)	15,517	13,874	12	$136,500	$137,700	-1
STATEWIDE-YEAR-TO-DATE	112,641	105,253	7	$130,400	$137,100	-5
Daytona Beach	766	662	16	$112,400	$122,500	-8
Fort Lauderdale (2)	1,087	1,005	8	$193,000	$183,100	5
Fort Myers-Cape Coral	1,100	1,139	-3	$106,900	$93,500	14
Fort Pierce-Port St. Lucie	444	508	-13	$111,200	$109,400	2
Fort Walton Beach	282	215	31	$189,100	$183,100	3
Gainesville	194	159	22	$145,500	$168,100	-13
Jacksonville	1,182	1,159	2	$137,500	$143,400	-4
Lakeland-Winter Haven	272	263	3	$96,300	$103,500	-7
Melbourne-Titusville-Palm Bay	588	481	22	$117,900	$99,400	19
Miami	873	593	47	$182,400	$199,300	-8
Ocala	307	295	4	$86,200	$86,600	—
Orlando	2,268	2,277	—	$130,900	$134,200	-2
Panama City	107	86	24	$139,100	$176,700	-21
Pensacola	360	260	38	$141,600	$144,800	-2
Punta Gorda	241	247	-2	$107,900	$95,700	13
Sarasota-Bradenton	880	714	23	$160,800	$157,700	2
Tallahassee	216	138	57	$160,800	$178,000	-10
Tampa-St. Petersburg-Clearwater	2,673	2,283	17	$124,000	$130,500	-5
West Palm Beach-Boca Raton	972	802	21	$187,900	$226,000	-17
(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 – July 2011
Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	July 2011	July 2010	% Chge	July 2011	July 2010	% Chge
STATEWIDE* (1)	6,619	5,904	12	$90,900	$87,800	4
STATEWIDE-YEAR-TO-DATE	55,259	46,211	20	$87,900	$94,400	-7
Daytona Beach	165	180	-8	$152,500	$119,400	28
Fort Lauderdale (2)	1,293	1,159	12	$81,200	$81,200	—
Fort Myers-Cape Coral	380	332	14	$124,800	$120,000	4
Fort Pierce-Port St. Lucie	87	110	-21	$69,400	$74,400	-7
Fort Walton Beach	111	50	122	$187,000	$196,000	-5
Gainesville	40	30	33	$68,800	$92,500	-26
Jacksonville	234	200	17	$74,700	$73,100	2
Lakeland-Winter Haven	23	23	—	$43,800	$75,000	-42
Melbourne-Titusville-Palm Bay	134	128	5	$96,700	$76,300	27
Miami	1,110	837	33	$118,800	$110,500	8
Ocala	3	5	-40	$45,000	$35,000	29
Orlando	522	754	-31	$57,700	$52,600	10
Panama City	62	51	22	$168,600	$170,000	-1
Pensacola	54	36	50	$210,000	$180,000	17
Punta Gorda	46	37	24	$90,000	$105,000	-14
Sarasota-Bradenton	259	226	15	$125,800	$130,000	-3
Tallahassee	7	15	-53	$65,000	$86,300	-25
Tampa-St. Petersburg-Clearwater	817	698	17	$78,400	$83,500	-6
West Palm Beach-Boca Raton	999	791	26	$82,500	$93,400	-12
(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.