Florida's Existing Condo Sales Up in 4Q 2010

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Feb 10, 2011, 11:05 ET

ORLANDO, Fla., Feb. 10, 2011 /PRNewswire/ -- Sales of existing condominiums in Florida rose 6 percent in fourth quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 17,231 existing condos sold statewide in 4Q 2010; during the same period the year before, a total of 16,229 units changed hands.

Thirteen of Florida's metropolitan statistical areas (MSAs) reported higher existing condo sales in the fourth quarter, according to Florida Realtors. The statewide existing-condo median sales price was $86,400 for the three-month period; in 4Q 2009, it was $105,600 for a decrease of 18 percent. The statewide existing-condo median price in the fourth quarter was nearly 2.9 percent higher than it was in 3Q 2010.

Looking at Florida's housing sector in the fourth quarter, Dr. Sean Snaith, director of the University of Central Florida's Institute for Economic Competitiveness, pointed out that the jobs outlook has a major impact. "Persistently high unemployment constrains demand and feeds into the ongoing foreclosure problem," Snaith said. "Given the state of the labor market, a continuing decline of home and condo prices in the fourth quarter is not surprising or unexpected. However, it's important to note the rate of price decline is decelerating.

"As the labor market recovery takes hold in 2011, it will help put a floor beneath price declines and ultimately will provide the basis of housing's recovery."

Meanwhile, in the year-to-year quarterly comparison for existing single-family home sales, 39,338 homes sold statewide for the quarter compared to 43,494 homes in 4Q 2009 for a 10 percent decrease. The statewide existing-home median sales price was $134,100 in 4Q 2010; a year earlier, it was $140,500 for a decrease of 5 percent. 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, according to the National Association of Realtors® (NAR). The median is a typical market price where half the homes sold for more, half for less.

Optimism has increased slowly but steadily in Florida real estate markets through the fourth quarter of 2010, 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.

Center Director Timothy Becker noted improvement in several key categories, including the outlook for sales in new single-family homes and condominiums, office occupancy, retail occupancy, land investment and capital availability. Respondents' expectations for occupancy and rent increased across every property type, while the investment outlook rose in a majority of the property types. The statewide outlook was the highest since the survey's inception in 2006, he said.

"Overall, the market appears to be improving and will continue to improve at a slow pace over the next year," Becker said.

Low mortgage rates continued to be available during the fourth quarter of the year. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.41 percent in 4Q 2010; one year earlier, it averaged 4.92 percent.

Two charts showing statistics for Florida and its MSAs are below. One chart compares the volume of existing, single-family home sales and median sales prices in the fourth quarter of 2010 to the fourth quarter of 2009, based on Realtor closed transactions from local Realtor boards/associations within the MSAs. The second chart compares the volume of existing condo sales and median sales prices in fourth quarter 2010 to fourth quarter 2009, based on Realtor closed transactions from local Realtor boards/associations within the MSAs.

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 65 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 – 4th Quarter 2010 Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	4th Qrtr. 2010	4th Qrtr. 2009	% Chge	4th Qrtr. 2010	4th Qrtr. 2009	% Chge
STATEWIDE* (1)	39,338	43,494	-10	$134,100	$140,500	-5
Daytona Beach	1,961	2,309	-15	$115,800	$126,400	-8
Fort Lauderdale	1,824	2,314	-21	$206,700	$203,800	1
Fort Myers-Cape Coral	3,360	4,430	-24	$90,900	$93,800	-3
Fort Pierce-Port St. Lucie	1,244	1,689	-26	$109,000	$110,800	-2
Fort Walton Beach	662	680	-3	$186,800	$184,900	1
Gainesville	415	507	-18	$159,600	$162,000	-1
Jacksonville (2)	2,981	3,379	-12	$139,800	$147,500	-5
Lakeland-Winter Haven	776	630	23	$98,800	$109,200	-10
Melbourne-Titusville-Palm Bay	1,513	1,361	11	$104,100	$109,400	-5
Miami	1,959	1,649	19	$177,700	$188,700	-6
Ocala	821	920	-11	$79,000	$91,500	-14
Orlando	6,067	6,889	-12	$127,600	$139,000	-8
Panama City	311	320	-3	$151,800	$165,800	-8
Pensacola	869	899	-3	$139,100	$142,500	-2
Punta Gorda	699	791	-12	$93,200	$107,300	-13
Sarasota-Bradenton	2,311	2,468	-6	$150,900	$160,600	-6
Tallahassee	442	493	-10	$169,600	$173,400	-2
Tampa-St. Petersburg-Clearwater	6,737	7,191	-6	$129,400	$138,800	-7
West Palm Beach-Boca Raton	2,347	2,423	-3	$214,600	$239,500	-10
(1) * Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors. (2) Data for October from the St. Augustine and St. Johns County Board 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 Florida's 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 – 4th Quarter 2010 Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	4th Qrtr. 2010	4th Qrtr. 2009	% Chge	4th Qrtr. 2010	4th Qrtr. 2009	% Chge
STATEWIDE* (1)	17,231	16,229	6	$86,400	$105,600	-18
Daytona Beach	421	431	-2	$118,600	$158,700	-25
Fort Lauderdale	2,530	2,771	-9	$69,500	$83,700	-17
Fort Myers-Cape Coral	951	1,139	-17	$116,900	$118,000	-1
Fort Pierce-Port St. Lucie	269	349	-23	$77,800	$95,000	-18
Fort Walton Beach	347	260	33	$231,500	$248,000	-7
Gainesville	88	59	49	$81,400	$113,000	-28
Jacksonville (2)	540	413	31	$77,800	$87,500	-11
Lakeland-Winter Haven	73	69	6	$53,800	$71,500	-25
Melbourne-Titusville-Palm Bay	439	306	43	$95,400	$101,400	-6
Miami	2,781	2,022	38	$103,500	$145,400	-29
Ocala	17	14	21	$45,000	$38,800	16
Orlando	1,804	1,765	2	$51,000	$54,000	-6
Panama City	173	158	9	$168,800	$192,900	-12
Pensacola	139	112	24	$174,200	$269,200	-35
Punta Gorda	117	117	—	$93,100	$82,100	13
Sarasota-Bradenton	808	798	1	$130,500	$148,600	-12
Tallahassee	28	88	-68	$80,000	$71,100	13
Tampa-St. Petersburg-Clearwater	2,383	2,283	4	$83,500	$104,400	-20
West Palm Beach-Boca Raton	2,504	2,219	13	$80,500	$108,100	-26
(1) Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors. (2) Data for October from the St. Augustine and St. Johns County Board 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 Florida's Realtor boards/associations. MSAs are defined by the 2000 Census. Source: Florida Realtors® and the University of Florida Bergstrom Center for Real Estate Studies.