Fla.’s Home, Condo Sales and Median Prices Higher in August 2011

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Sep 21, 2011, 11:19 ET

ORLANDO, Fla., Sept. 21, 2011 /PRNewswire/ -- Sales activity and median prices for Florida’s existing home and existing condo markets rose in August, according to the latest housing data released by Florida Realtors®. Existing home sales increased 15 percent last month with a total of 16,206 homes sold statewide compared to 14,131 homes sold in August 2010, according to Florida Realtors. The statewide median sales price for existing homes last month was $137,500, up 2 percent from the year-ago figure of $134,900. August’s statewide existing home median price was also slightly higher than it was in July.

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“Over the past few months, it appears that home prices have been stabilizing in many local markets across the state,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “This is another positive sign that the housing recovery is gaining strength.”

According to analysts with the National Association of Realtors® (NAR), 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 August 2011 was $168,400, down 5.4 percent from a year ago, according to NAR. In California, the August statewide median resales price was $297,060; in Maryland, it was $241,564.

Fifteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in August; 15 MSAs also had higher existing condo sales.

In Florida’s year-to-year comparison for condos, 7,098 units sold statewide last month compared to 6,041 units in August 2010 for an increase of 17 percent. The statewide existing condo median sales price last month was $91,100; in August 2010 it was $81,500 for a 12 percent increase. According to NAR, the national median existing condo sales price was $167,500 in August 2011.

NAR’s latest industry outlook notes that despite high affordability conditions, sales activity is underperforming, partially as a result of overly restrictive lending standards.

“Affordability conditions this year have been the most favorable on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers, ignoring a large share of otherwise creditworthy buyers,” said NAR Chief Economist Lawrence Yun. “Those potential buyers represent the difference between an uneven recovery and a much more robust housing market that could stimulate additional economic activity and create jobs.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.27 percent in August, down from the 4.43 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 August 2011 to August 2010 based on Realtor transactions; another compares the volume of existing, condominium sales and median sales prices in August 2011 to August 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 – August 2011 Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	August 2011	August 2010	% Chge	August 2011	August 2010	% Chge
STATEWIDE* (1)	16,206	14,131	15	$137,500	$134,900	2
STATEWIDE-YEAR-TO-DATE	128,847	119,384	8	$131,300	$136,800	-4
Daytona Beach	703	581	21	$112,800	$113,500	-1
Fort Lauderdale (2)	1,185	993	19	$191,800	$182,600	5
Fort Myers-Cape Coral	1,122	1,193	-6	$103,200	$88,400	17
Fort Pierce-Port St. Lucie	456	445	2	$108,300	$103,300	5
Fort Walton Beach	332	236	41	$195,000	$180,000	8
Gainesville	180	201	-10	$148,000	$143,500	3
Jacksonville	1,326	1,177	13	$141,900	$142,400	—
Lakeland-Winter Haven	308	307	—	$91,800	$94,100	-2
Melbourne-Titusville-Palm Bay	593	484	23	$101,700	$101,400	—
Miami	951	637	49	$180,900	$182,900	-1
Ocala	344	345	—	$83,500	$80,200	4
Orlando	2,418	2,289	6	$127,800	$128,400	—
Panama City	123	95	29	$147,900	$153,000	-3
Pensacola	381	255	49	$141,400	$133,200	6
Punta Gorda	263	236	11	$97,600	$101,800	-4
Sarasota-Bradenton	867	755	15	$155,600	$150,300	4
Tallahassee	175	140	25	$171,300	$160,000	7
Tampa-St. Petersburg- Clearwater (3)	2,560	2,223	15	$130,000	$140,600	-8
West Palm Beach-Boca Raton	961	793	21	$196,900	$227,800	-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 from the Hernando 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 – August 2011 Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	August 2011	August 2010	% Chge	August 2011	August 2010	% Chge
STATEWIDE* (1)	7,098	6,041	17	$91,100	$81,500	12
STATEWIDE-YEAR-TO-DATE	62,357	52,252	19	$88,300	$92,900	-5
Daytona Beach	140	158	-11	$162,200	$125,000	30
Fort Lauderdale (2)	1,398	1,153	21	$79,500	$75,000	6
Fort Myers-Cape Coral	330	312	6	$123,500	$94,600	31
Fort Pierce-Port St. Lucie	84	96	-13	$85,000	$82,000	4
Fort Walton Beach	143	87	64	$199,100	$192,900	3
Gainesville	51	45	13	$69,400	$79,500	-13
Jacksonville	233	233	—	$77,800	$81,600	-5
Lakeland-Winter Haven	30	21	43	$53,300	$55,000	-3
Melbourne-Titusville-Palm Bay	176	149	18	$101,100	$85,000	19
Miami	1,311	857	53	$118,800	$104,800	13
Ocala	12	2	500	$37,500	$50,000	-25
Orlando	520	859	-39	$59,000	$49,300	20
Panama City	67	49	37	$162,000	$162,500	—
Pensacola	78	27	189	$235,700	$156,700	50
Punta Gorda	40	34	18	$76,000	$80,000	-5
Sarasota-Bradenton	256	240	7	$123,300	$136,500	-10
Tallahassee	11	9	22	$85,000	$112,500	-24
Tampa-St. Petersburg-Clearwater (3)	834	733	14	$83,000	$87,900	-6
West Palm Beach-Boca Raton	1,012	736	38	$77,000	$84,900	-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 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.

SOURCE Florida Realtors