Florida's Housing Sales Activity Higher as 2011 Ends; Home, Condo Median Prices Up in December

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Jan 20, 2012, 11:05 ET

ORLANDO, Fla., Jan. 20, 2012 /PRNewswire/ -- At the close of 2011, Florida's existing home and condominium markets reported higher sales compared to the previous year, according to the latest housing data released by Florida Realtors®. It was the third consecutive year for statewide home and condo sales activity to end the year on a positive upswing – higher year-over-year sales also were reported at the close of 2010 and 2009, records show.

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Looking back on 2011, Florida's existing home sales rose 8 percent for the year, with a total of 185,921 homes sold compared to 172,462 homes sold in 2010. The statewide existing home median price for 2011 was $131,700; it was $135,900 in 2010 for a 3 percent decrease. In Florida's condo market, a total of 87,581 units sold statewide in 2011, a gain of 15 percent compared to 76,209 units sold in 2010. The statewide existing condo median price in 2011 was $88,300; it was $90,000 in 2010 for a 2 percent decrease.

Sixteen of Florida's metropolitan statistical areas (MSAs) reported higher existing home sales at the close of 2011 compared to 2010; the same number of MSAs also reported higher existing condos sales.

"Florida's economy is continuing to strengthen, which is good news," said 2012 Florida Realtors® President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. "Many people are hoping to take advantage of the current record low mortgage rates and affordable conditions to find their Florida dream home – but overly restrictive lending requirements continue to create barriers to homeownership for qualified homebuyers. To re-energize the housing market and the economic recovery, we need improved access to affordable financing options for qualified buyers and investors."

In December, a total of 15,290 existing single-family homes sold statewide, a decrease of 2 percent from the 15,546 homes sold in December 2010. The statewide existing home median sales price last month was $134,300, up 1 percent from the $133,000 reported in December 2010, according to Florida Realtors' data. The national median existing single-family home price was $165,100 in December, according to the National Association of Realtors® (NAR). The median is the midpoint; half the homes sold for more, half for less.

In the year-to-year comparison for statewide existing condo sales, a total of 6,836 units changed hands last month, compared to 6,985 condos sold in December 2010 for a decrease of 2 percent. The statewide existing condo median sales price in December was $91,900, up 4 percent from the $88,400 reported a year earlier. The national median existing condo price was $160,000 in December, according to NAR.

"Although sales were down slightly in December, they're up strongly for the year, which reinforces the reality that Florida is in a slow real estate recovery," said Florida Realtors Chief Economist Dr. John Tuccillo. "Our expectation is that recovery will continue through 2012. The major obstacle in the market is the inadequate accessibility to financing. Prices are moderating, but we don't expect too much movement owing to the continuing significance of distressed properties."

In December, the interest rate for a 30-year fixed-rate mortgage averaged 3.96 percent, down from the 4.71 percent average during the same month a year earlier, according to Freddie Mac. The annual average rate for a 30-year mortgage in 2011 was 4.45 percent. 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 attached. One chart compares the volume of existing, single-family home sales and median sales prices in December 2011 to December 2010 based on Realtor transactions; another compares the volume of existing, condominium sales and median sales prices in December 2011 to December 2010 based on Realtor transactions; also included are charts showing the same information for the year end 2011 compared to year end 2010.

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 63 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 2011 Single-Family, Existing Homes

	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	December 2011	December 2010	% Chge	December 2011	December 2010	% Chge
*STATEWIDE (1)**	15,290	15,546	-2	$134,300	$133,000	1
Daytona Beach	764	723	6	$108,000	$109,700	-2
Fort Lauderdale (2)	1,082	996	9	$189,600	$177,300	7
Fort Myers-Cape Coral (3)	977	1,298	-25	$123,400	$90,700	36
Fort Pierce-Port St. Lucie	500	476	5	$112,500	$111,100	1
Fort Walton Beach	251	251	—	$169,400	$193,100	-12
Gainesville	186	181	3	$140,000	$142,500	-2
Jacksonville (4)	1,168	1,099	6	$123,200	$131,100	-6
Lakeland-Winter Haven	278	296	-6	$91,400	$103,200	-11
Melbourne-Titusville-Palm Bay	550	577	-5	$99,700	$108,200	-8
Miami	849	734	16	$182,300	$173,600	5
Ocala	338	300	13	$81,200	$82,200	-1
Orlando	2,233	2,378	-6	$127,800	$125,200	2
Panama City	112	139	-19	$146,200	$141,400	3
Pensacola	339	333	2	$128,200	$140,800	-9
Punta Gorda	258	264	-2	$97,500	$88,400	10
Sarasota-Bradenton	909	945	-4	$154,400	$156,800	-2
Tallahassee	147	171	-14	$154,400	$175,300	-12
Tampa-St. Petersburg-Clearwater (5)	2,422	2,571	-6	$125,400	$129,300	-3
West Palm Beach-Boca Raton	1,031	929	11	$192,800	$212,900	-9

(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. (3) Data from the Sanibel & Captiva Islands Association was not available. (4) Data from St. Augustine-St. Johns County Board of Realtors was not available. (5) Data from the Hernando County Association of Realtors was 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 2011 Existing Condominiums

	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	December 2011	December 2010	% Chge	December 2011	December 2010	% Chge
STATEWIDE* (1)	6,836	6,985	-2	$91,900	$88,400	4
Daytona Beach	157	137	15	$115,000	$111,000	4
Fort Lauderdale (2)	1,288	1,398	-8	$78,200	$80,600	-3
Fort Myers-Cape Coral (3)	350	409	-14	$121,900	$124,700	-2
Fort Pierce-Port St. Lucie	137	109	26	$91,300	$75,800	20
Fort Walton Beach	128	117	9	$209,500	$213,800	-2
Gainesville	39	36	8	$69,000	$88,000	-22
Jacksonville (4)	131	158	-17	$64,100	$72,300	-11
Lakeland-Winter Haven	21	25	-16	$56,300	$51,000	10
Melbourne-Titusville-Palm Bay	133	169	-21	$86,100	$95,800	-10
Miami	1,200	985	22	$129,900	$99,100	31
Ocala	6	4	50	$40,000	$50,000	-20
Orlando	475	670	-29	$59,600	$50,500	18
Panama City	71	77	-8	$203,800	$178,900	14
Pensacola	49	48	2	$237,500	$133,300	78
Punta Gorda	40	48	-17	$106,700	$96,000	11
Sarasota-Bradenton	310	326	-5	$116,800	$132,400	-12
Tallahassee	10	11	-9	$70,000	$87,500	-20
Tampa-St. Petersburg-Clearwater (5)	842	962	-12	$78,800	$84,100	-6
West Palm Beach-Boca Raton	1,035	963	7	$73,000	$82,600	-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. (3) Data from the Sanibel & Captiva Islands Association was not available. (4) Data from St. Augustine-St. Johns County Board of Realtors was not available. (5) Data from the Hernando County Association of Realtors was not available.

Editor's note: Sales numbers represent totals of Realtors' closed transactions from local Realtor boards/associations within the MSAs.

Florida Sales Report – Year End 2011 Single-Family, Existing Homes

	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	Year End 2011	Year End 2010	% Chge	Year End 2011	Year End 2010	% Chge
*STATEWIDE (1)**	185,921	172,462	8	$131,700	$135,900	-3
Daytona Beach	9,010	8,488	6	$110,400	$119,100	-7
Fort Lauderdale (2)	12,817	11,548	11	$186,000	$179,200	4
Fort Myers-Cape Coral (3)	14,134	15,148	-7	$107,100	$93,400	15
Fort Pierce-Port St. Lucie	5,599	5,957	-6	$108,200	$108,500	—
Fort Walton Beach	3,215	2,748	17	$180,200	$188,000	-4
Gainesville	1,976	1,970	—	$148,500	$161,700	-8
Jacksonville (4)	13,807	13,092	5	$131,200	$140,700	-7
Lakeland-Winter Haven	3,562	3,541	1	$93,400	$101,500	-8
Melbourne-Titusville-Palm Bay	6,908	6,110	13	$102,200	$105,900	-3
Miami	9,920	7,308	36	$172,700	$189,400	-9
Ocala	3,831	3,574	7	$79,500	$87,900	-10
Orlando	27,400	26,808	2	$125,200	$131,400	-5
Panama City	1,364	1,209	13	$142,300	$156,400	-9
Pensacola	3,916	3,497	12	$134,600	$141,000	-5
Punta Gorda	3,231	3,063	5	$97,500	$99,900	-2
Sarasota-Bradenton	10,901	10,102	8	$152,000	$158,000	-4
Tallahassee	1,992	1,855	7	$160,200	$169,300	-5
Tampa-St. Petersburg-Clearwater (5)	30,425	28,773	6	$120,600	$132,900	-9
West Palm Beach-Boca Raton	11,900	9,584	24	$193,700	$228,900	-15

(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. (3) Data for October-December from the Sanibel & Captiva Islands Association was not available. (4) Data for October-December from St. Augustine-St. Johns County Board of Realtors was not available. (5) Data for August-December from the Hernando County Association of Realtors was not available.

Editor's note: Sales numbers represent totals of Realtors' closed transactions from local Realtor boards/associations within the MSAs.

Florida Sales Report – Year End 2011 Existing Condominiums

	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	Year End 2011	Year End 2010	% Chge	Year End 2011	Year End 2010	% Chge
STATEWIDE* (1)	87,581	76,209	15	$88,300	$90,000	-2
Daytona Beach	1,953	1,857	5	$131,900	$123,000	7
Fort Lauderdale (2)	16,714	15,049	11	$74,800	$70,800	6
Fort Myers-Cape Coral (3)	4,966	4,674	6	$128,400	$122,600	5
Fort Pierce-Port St. Lucie	1,319	1,339	-1	$85,600	$80,500	6
Fort Walton Beach	1,492	1,115	34	$208,200	$231,900	-10
Gainesville	469	391	20	$69,900	$91,400	-24
Jacksonville (4)	2,375	2,183	9	$72,800	$75,800	-4
Lakeland-Winter Haven	296	289	2	$53,000	$57,800	-8
Melbourne-Titusville-Palm Bay	1,846	1,604	15	$93,400	$98,500	-5
Miami	15,009	9,760	54	$113,800	$117,000	-3
Ocala	92	76	21	$38,200	$40,000	-5
Orlando	6,779	8,563	-21	$56,200	$50,400	12
Panama City	922	704	31	$167,600	$180,000	-7
Pensacola	691	494	40	$188,800	$171,900	10
Punta Gorda	604	543	11	$75,600	$93,500	-19
Sarasota-Bradenton	3,772	3,514	7	$127,000	$138,800	-9
Tallahassee	136	154	-12	$71,100	$88,100	-19
Tampa-St. Petersburg-Clearwater (5)	10,577	9,712	9	$75,200	$91,200	-18
West Palm Beach-Boca Raton	13,124	10,100	30	$77,500	$90,000	-14

(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. (3) Data for October-December from the Sanibel & Captiva Islands Association was not available. (4) Data for October-December from St. Augustine-St. Johns County Board of Realtors was not available. (5) Data for August-December from the Hernando County Association of Realtors was not available.