Florida's Existing Condo Sales Rise in July 2010

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Aug 24, 2010, 11:05 ET

ORLANDO, Fla., Aug. 24 /PRNewswire/ -- 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