Florida's Existing Home, Condo Sales Rise in April 2010

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May 24, 2010, 11:05 ET

ORLANDO, Fla., May 24 /PRNewswire/ -- Sales of existing homes in Florida rose 27 percent in April, which means that sales activity has increased in the year-to-year comparison for 20 months, according to the latest housing data released by Florida Realtors®. Another positive sign: Last month's statewide existing-home median price of $140,100 was 1 percent higher than the statewide median price in April 2009.

Existing home sales rose 27 percent last month with a total of 16,781 homes sold statewide compared to 13,244 homes sold in April 2009, according to Florida Realtors. Statewide existing home sales last month increased nearly 3 percent over statewide sales activity in March. Meanwhile, April's statewide existing-home median price was 2.3 percent higher than March's statewide existing-home median price of $137,000. It marks the second month in a row that the statewide existing-home median price has increased over the previous month's median.

"Buyers responding to the federal homebuyer tax credit before it expired helped to boost home sales across Florida," said 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville. "And buying conditions remain favorable, with a variety of housing options available in local markets at attractive and affordable prices. Plus, current mortgage interest rates are at historically low levels, which gives buyers more 'bang' for their buck."

Florida Realtors also reported a 55 percent increase in statewide sales of existing condos in April compared to the previous year's sales figure; statewide existing condo sales last month rose 2 percent over the total units sold in March. Though April's statewide existing-condo median price of $103,600 was down 3 percent compared to the year-ago figure, it was 6.9 percent higher than March's statewide existing-condo median price.

Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in April while all but one MSA had higher condo sales. A majority of the state's MSAs have reported increased sales for 22 consecutive months.

Florida's median sales price for existing homes last month was $140,100; a year ago, it was $138,100 for a 1 percent gain. 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 March 2010 was $170,700, up 0.6 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $301,790 in March; in Massachusetts, it was $280,000; in Maryland, it was $235,785; and in New York, it was $209,900.

According to NAR's latest outlook, two trends are influencing a broader stabilization of home prices in housing markets across the nation: months of increased sales activity and lower levels of inventory. "Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably," said NAR Chief Economist Lawrence Yun. "With home values stabilizing, a revival in homebuying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears."

In Florida's year-to-year comparison for condos, 7,291 units sold statewide last month compared to 4,703 units in April 2009 for an increase of 55 percent. The statewide existing condo median sales price last month was $103,600; in April 2009 it was $107,200 for a 3 percent decrease. The national median existing condo price was $170,600 in March, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 5.10 percent in April, up from the average rate of 4.81 percent during the same month a year earlier, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state's smaller markets, the Panama City MSA reported a total of 128 homes sold in April compared to 108 homes a year earlier for a 19 percent increase. The market's existing home median sales price last month was $160,000; a year earlier it was $156,800 for an increase of 2 percent. A total of 65 condos sold in the MSA in April compared to 53 units sold the same month a year earlier for an increase of 23 percent. The existing condo median price last month was $187,100; a year earlier, it was $172,900 for an 8 percent gain.

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 April 2010 to April 2009 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices in April 2010 to April 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 more than 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 – April 2010 Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	April 2010	April 2009	% Chge	April 2010	April 2009	% Chge
STATEWIDE* (1)	16,781	13,244	27	$140,100	$138,100	1
STATEWIDE-YEAR-TO-DATE	55,605	44,654	25	$135,700	$140,000	-3
Daytona Beach	871	610	43	$124,100	$127,000	-2
Fort Lauderdale	766	690	11	$204,300	$191,300	7
Fort Myers-Cape Coral	1,473	1,468	—	$101,500	$85,500	19
Fort Pierce-Port St. Lucie	653	490	33	$113,300	$116,400	-3
Fort Walton Beach	267	212	26	$208,600	$181,800	15
Gainesville	223	117	91	$165,200	$179,100	-8
Jacksonville	1,270	813	56	$142,700	$151,900	-6
Lakeland-Winter Haven	383	323	19	$104,000	$112,600	-8
Melbourne-Titusville-Palm Bay	538	564	-5	$104,000	$113,600	-8
Miami	594	555	7	$192,000	$177,000	8
Ocala	341	206	66	$99,800	$111,300	-10
Orlando	2,529	1,859	36	$135,900	$141,800	-4
Panama City	128	108	19	$160,000	$156,800	2
Pensacola	331	316	5	$139,400	$143,300	-3
Punta Gorda	290	274	6	$114,500	$95,500	20
Sarasota-Bradenton	1,001	760	32	$163,600	$155,900	5
Tallahassee	197	122	61	$163,000	$182,000	-10
Tampa-St. Petersburg-Clearwater	2,962	2,326	27	$132,900	$135,200	-2
West Palm Beach-Boca Raton	918	681	35	$239,100	$234,400	2
(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 – April 2010 Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	April 2010	April 2009	% Chge	April 2010	April 2009	% Chge
STATEWIDE* (1)	7,291	4,703	55	$103,600	$107,200	-3
STATEWIDE-YEAR-TO-DATE	24,186	14,834	63	$97,900	$109,100	-10
Daytona Beach	173	114	52	$131,800	$167,500	-21
Fort Lauderdale	1,077	827	30	$79,300	$79,900	-1
Fort Myers-Cape Coral	564	376	50	$134,700	$131,800	2
Fort Pierce-Port St. Lucie	152	103	48	$106,300	$121,000	-12
Fort Walton Beach	108	52	108	$253,300	$250,000	1
Gainesville	36	13	177	$98,300	$116,700	-16
Jacksonville	240	88	173	$64,400	$117,100	-45
Lakeland-Winter Haven	28	11	155	$58,300	$55,000	6
Melbourne-Titusville-Palm Bay	137	141	-3	$107,000	$120,800	-11
Miami	723	542	33	$130,000	$133,500	-3
Ocala	9	5	80	$39,000	$55,000	-29
Orlando	780	395	97	$51,300	$52,700	-3
Panama City	65	53	23	$187,100	$172,900	8
Pensacola	56	48	17	$190,000	$250,000	-24
Punta Gorda	75	44	70	$105,000	$90,000	17
Sarasota-Bradenton	406	239	70	$154,100	$146,500	5
Tallahassee	9	7	29	$95,000	$126,000	-25
Tampa-St. Petersburg-Clearwater	1,031	584	77	$102,200	$98,800	3
West Palm Beach-Boca Raton	1,024	735	39	$102,000	$98,200	4
(1) *Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors.