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

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Mar 23, 2010, 11:05 ET

ORLANDO, Fla., March 23 /PRNewswire-USNewswire/ -- Florida's existing home sales rose in February, which means that sales activity has increased in the year-to-year comparison for the past year and a half (18 months), according to the latest housing data released by Florida Realtors®.

Existing home sales increased 21 percent last month with a total of 11,890 homes sold statewide compared to 9,867 homes sold in February 2009, according to Florida Realtors. Statewide existing home sales last month increased 13.6 percent over statewide sales activity in January.

Florida Realtors also reported a 59 percent increase in statewide sales of existing condos in February compared to the previous year's sales figure; statewide existing condo sales last month rose 9.8 percent over the total units sold in January.

"Homebuyers should take advantage of favorable conditions in the current housing market," said 2010 Florida Realtors® President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville. "Mortgage rates remain near historic lows at just under 5 percent, but they won't stay at that level forever. Plus, only six weeks are left before the extended and expanded homebuyer tax credit expires. First-time buyers and current homeowners who want to buy their next home in time to use the tax credit must have a purchase contract signed before the April 30 deadline – then they'll have until June 30 to close the transaction."

Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in January, while all but one MSA had higher condo sales. A majority of the state's MSAs have reported increased sales for 20 consecutive months.

Florida's median sales price for existing homes last month was $131,300; a year ago, it was $141,800 for a 7 percent decrease. Analysts with the National Association of Realtors® (NAR) note that 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 January 2010 was $163,600, down 0.4 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $300,000 in January; in California, it was $287,440; in New York, it was $242,750; and in Maryland, it was $234,894.

NAR's latest outlook predicts a surge in late spring home sales. "Activity should be picking up strongly in late spring as buyers take advantage of the tax credit, which is critical to absorb distressed properties reaching the market and to continually chip away at inventory levels," said NAR Chief Economist Lawrence Yun. "If there is sufficient job creation, housing can become self-sustaining with stable to modestly rising home prices."

In Florida's year-to-year comparison for condos, 5,085 units sold statewide last month compared to 3,190 units in February 2009 for an increase of 59 percent. The statewide existing condo median sales price last month was $92,200; in February 2009 it was $109,100 for a 15 percent decrease. The national median existing condo price was $172,400 in January, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 4.99 percent last month, even lower than the average rate of 5.13 percent in February 2009, 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 Punta Gorda MSA reported a total of 239 homes sold in February compared to 216 homes a year earlier for an 11 percent increase. The market's existing home median sales price last month was $96,600, slightly higher than the year-ago median price of $96,400. A total of 43 condos sold in the MSA in February compared to 33 units sold the same month a year earlier for an increase of 30 percent. The existing condo median price last month was $95,000; a year earlier, it was $88,300 for a gain of 8 percent.

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 February 2010 to February 2009 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices in February 2010 to February 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.

Florida Sales Report – February 2010 Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	February 2010	February 2009	% Chge	February 2010	February 2009	% Chge
STATEWIDE* (1)	11,890	9,867	21	$131,300	$141,800	-7
STATEWIDE-YEAR-TO-DATE	22,385	18,320	22	$131,200	$140,600	-7
Daytona Beach	614	498	23	$111,700	$132,400	-16
Fort Lauderdale	530	500	6	$186,700	$214,400	-13
Fort Myers-Cape Coral	1,261	875	44	$88,000	$97,500	-10
Fort Pierce-Port St. Lucie	458	372	23	$96,800	$122,100	-21
Fort Walton Beach	159	146	9	$190,000	$187,500	1
Gainesville	109	106	3	$146,900	$136,000	8
Jacksonville	843	729	16	$142,400	$159,500	-11
Lakeland-Winter Haven	252	249	1	$101,500	$106,800	-5
Melbourne-Titusville-Palm Bay	357	429	-17	$106,400	$115,400	-8
Miami	445	409	9	$191,100	$195,500	-2
Ocala	264	166	59	$90,000	$109,600	-18
Orlando	1,883	1,352	39	$130,800	$153,200	-15
Panama City	70	86	-19	$142,900	$171,400	-17
Pensacola	224	186	20	$150,300	$132,300	14
Punta Gorda	239	216	11	$96,600	$96,400	--
Sarasota-Bradenton	747	566	32	$154,500	$144,000	7
Tallahassee	122	84	45	$167,100	$173,300	-4
Tampa-St. Petersburg-Clearwater	2,050	1,856	10	$128,100	$131,400	-3
West Palm Beach-Boca Raton	560	532	5	$219,100	$228,100	-4
(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 – February 2010 Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	February 2010	February 2009	% Chge	February 2010	February 2009	% Chge
STATEWIDE* (1)	5,085	3,190	59	$92,200	$109,100	-15
STATEWIDE-YEAR-TO-DATE	9,716	5,744	69	$94,700	$111,000	-15
Daytona Beach	127	92	38	$111,700	$133,300	-16
Fort Lauderdale	819	581	41	$71,500	$85,800	-17
Fort Myers-Cape Coral	432	223	94	$130,900	$140,500	-7
Fort Pierce-Port St. Lucie	96	71	35	$74,000	$116,700	-37
Fort Walton Beach	77	42	83	$233,900	$237,500	-2
Gainesville	19	12	58	$65,000	$128,000	-49
Jacksonville	140	62	126	$89,100	$115,400	-23
Lakeland-Winter Haven	23	6	283	$61,000	$47,500	28
Melbourne-Titusville-Palm Bay	91	98	-7	$123,800	$122,500	1
Miami	545	403	35	$126,100	$146,100	-14
Ocala	5	3	67	$38,300	$55,000	-30
Orlando	613	260	136	$50,100	$56,400	-11
Panama City	53	39	36	$183,300	$245,800	-25
Pensacola	34	26	31	$200,000	$237,500	-16
Punta Gorda	43	33	30	$95,000	$88,300	8
Sarasota-Bradenton	258	174	48	$141,400	$120,000	18
Tallahassee	5	1	400	$62,500	$65,000	-4
Tampa-St. Petersburg-Clearwater	710	408	74	$89,200	$99,000	-10
West Palm Beach-Boca Raton	698	483	45	$96,700	$101,900	-5
(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.