Florida’s Existing Condo Sales Rise in July 2010

ORLANDO, Fla.  (Profitable.com)  Sales of existing condominiums in Florida rose 11 percent in July, with a total of 5,557 condos sold statewide compared to 4,991 units sold in July 2009, according to the latest housing data released by Florida Realtors®.

Eleven of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in July, according to Florida Realtors. The statewide existing condo median sales price last month was $87,200; in July 2009 it was $108,500 for a 20 percent decrease. The national median existing condo price was $181,300 in June, according to the National Association of Realtors® (NAR).

Meanwhile, in the year-to-year comparison for existing home sales, a total of 13,589 single-family existing homes sold statewide last month compared to 15,762 homes sold in July 2009 for a decrease of 14 percent. Florida’s median existing-home sales price in July was $138,000; a year earlier, it was $147,600 for a decrease of 7 percent. The median is the midpoint; half the homes sold for more, half for less.

“The homebuyer tax credit expiration added a double dip to what has already been a harrowing ride in the Florida housing market,” said Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness. “As we move past this second dip, which is evident in the July data, the continued recovery of the state’s housing market will be contingent upon the improvement of the fundamental underpinnings of the housing sector.

“A healthy housing market depends upon a healthy Florida economy, and in particular, an improving labor market,” Snaith added. “Job growth and a declining unemployment rate will help sales continue to grow while at the same time reducing the number of foreclosures in Florida.”

2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville, noted that the Gulf oil spill, along with uncertainty over its impact, has affected the state’s housing market.

“Along with many local businesses in the Florida Panhandle and in other Gulf Coast states, real estate has experienced significant economic harm following the Deepwater Horizon drilling rig explosion and oil spill,” Davis said. “The announcement that a special allocation from the BP Oil Spill Fund is now available to help the claims of real estate professionals’ – Realtors and licensees – over loss of income or sales due to the Gulf oil spill is a positive action that will help bolster the state’s fragile economy recovery.”

The national median sales price for existing single-family homes in June 2010 was $184,200, up 1.3 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $331,150 in June; in California, it was $311,950; in Maryland, it was $265,268; and in New York, it was $220,750.

More jobs continue to be key to the housing sector’s recovery, according to NAR’s latest industry outlook. “There could be a couple of additional months of slow home-sales activity before picking up later in the year, provided the job market continues to improve,” said NAR Chief Economist Lawrence Yun.

The interest rate for a 30-year fixed-rate mortgage averaged 4.56 percent in July, down from the 5.22 percent averaged in July 2009, according to Freddie Mac. 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 2010 to July 2009 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices in July 2010 to July 2009 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 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 – July 2010

Single-Family, Existing Homes

 
Realtor Sales Median Sales Price  
Statewide &

Metropolitan Statistical Areas (MSAs)

July

2010

July

2009

%

Chge

July

2010

July

2009

%

Chge

 
STATEWIDE* (1) 13,589 15,762 -14 $138,000 $147,600 -7  
STATEWIDE-YEAR-TO-DATE 103,977 90,320 15 $138,100 $143,300 -4  
Daytona Beach 662 755 -12 $122,500 $131,600 -7  
Fort Lauderdale 720 907 -21 $207,500 $219,000 -5  
Fort Myers-Cape Coral 1,139 1,570 -27 $93,500 $89,000 5  
Fort Pierce-Port St. Lucie 508 561 -9 $109,400 $110,100 -1  
Fort Walton Beach 215 232 -7 $183,100 $210,000 -13  
Gainesville 159 200 -21 $168,100 $172,000 -2  
Jacksonville 1,159 1,226 -5 $143,400 $156,800 -9  
Lakeland-Winter Haven 263 331 -21 $103,500 $116,700 -11  
Melbourne-Titusville-Palm Bay 481 534 -10 $99,400 $117,700 -16  
Miami 593 643 -8 $199,300 $192,700 3  
Ocala 295 255 16 $86,600 $107,700 -20  
Orlando 2,277 2,343 -3 $134,200 $148,400 -10  
Panama City 86 120 -28 $176,700 $176,700  
Pensacola 260 371 -30 $144,800 $157,800 -8  
Punta Gorda 247 248 $95,700 $105,000 -9  
Sarasota-Bradenton 714 855 -16 $157,700 $179,500 -12  
Tallahassee 138 222 -38 $178,000 $174,100 2  
Tampa-St. Petersburg-Clearwater 2,283 2,822 -19 $130,500 $143,100 -9  
West Palm Beach-Boca Raton 802 859 -7 $226,000 $245,200 -8  
 
             

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

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 2010

Existing Condominiums

 
Realtor Sales Median Sales Price  
Statewide &

Metropolitan Statistical Areas (MSAs)

July

2010

July

2009

%

Chge

July

2010

July

2009

%

Chge

 
STATEWIDE* (1) 5,557 4,991 11 $87,200 $108,500 -20  
STATEWIDE-YEAR-TO-DATE 43,438 29,885 45 $96,100 $110,300 -13  
Daytona Beach 180 130 38 $119,400 $174,000 -31  
Fort Lauderdale 813 927 -12 $74,000 $80,800 -8  
Fort Myers-Cape Coral 332 349 -5 $120,000 $133,500 -10  
Fort Pierce-Port St. Lucie 110 85 29 $74,400 $81,300 -8  
Fort Walton Beach 50 83 -40 $196,000 $252,300 -22  
Gainesville 30 60 -50 $92,500 $115,700 -20  
Jacksonville 200 139 44 $73,100 $119,500 -39  
Lakeland-Winter Haven 23 21 10 $75,000 $67,500 11  
Melbourne-Titusville-Palm Bay 128 125 2 $76,300 $124,200 -39  
Miami 837 585 43 $110,500 $137,600 -20  
Ocala 5 4 25 $35,000 $36,700 -5  
Orlando 754 475 59 $52,600 $49,800 6  
Panama City 50 70 -29 $172,000 $190,000 -9  
Pensacola 36 48 -25 $180,000 $250,000 -28  
Punta Gorda 37 30 23 $105,000 $124,000 -15  
Sarasota-Bradenton 226 227 $130,000 $174,400 -25  
Tallahassee 15 19 -21 $86,300 $105,000 -18  
Tampa-St. Petersburg-Clearwater 698 668 4 $83,500 $98,800 -15  
West Palm Beach-Boca Raton 791 679 16 $93,400 $110,500 -15  
 
             

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

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.