Florida’s Existing Home, Condo Sales Rise in May 2011

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Jun 21, 2011, 11:05 ET

ORLANDO, Fla., June 21, 2011 /PRNewswire/ -- Florida’s existing home and existing condo sales rose in May, according to the latest housing data released by Florida Realtors®. Existing home sales increased 3 percent last month with a total of 17,228 homes sold statewide compared to 16,790 homes sold in May 2010, according to Florida Realtors. Statewide sales of existing condos last month rose 17 percent compared to the year-ago sales figure.

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Twelve of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in May; 14 MSAs also had higher condo sales. It’s the sixth consecutive month that Florida Realtors has reported higher year-over-year existing home and existing condo sales statewide.

“With low mortgage rates and a broad inventory of homes at affordable prices, qualified buyers are realizing that there may never be a better time to find the home they’ve been dreaming of in Florida,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “Consult a local Realtor® about qualification criteria and to find out more about opportunities in your local housing market.”

Florida’s median sales price for existing homes last month was $135,500; a year ago, it was $142,900 for a 5 percent decrease. However, May’s statewide existing home median price was about 2.9 percent higher than it was in April. 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 April 2011 was $163,200, down 5.4 percent from a year ago, according to NAR. In California, the statewide median resales price was $293,570 in April; in Massachusetts, it was $279,000; in Maryland, it was $226,370; and in New York, it was $200,000.

According to NAR’s latest industry outlook, tight credit is one of the reasons why the market is underperforming. “Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market along with a steady level of low appraisals that result in contract cancellations,” said NAR Chief Economist Lawrence Yun. “A robust economic and housing market recovery cannot occur as long as banks continue to hold onto huge cash reserves.”

In Florida’s year-to-year comparison for condos, 8,338 units sold statewide last month compared to 7,104 units in May 2010 for an increase of 17 percent. The statewide existing condo median sales price last month was $98,200; in May 2010 it was $96,400 for a 2 percent increase. May’s statewide existing condo median price was about 6.9 percent higher than it was in April. The national median existing condo sales price was $167,300 in April 2011, according to NAR.

The interest rate for a 30-year fixed-rate mortgage averaged 4.64 percent in May, a drop from the 4.89 percent averaged 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.

Two charts showing statistics for Florida and the state’s MSAs are below. One chart compares the volume of existing, single-family home sales and median sales prices in May 2011 to May 2010 based on Realtor transactions; another compares the volume of existing, condominium sales and median sales prices in May 2011 to May 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 – May 2011 Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	May 2011	May 2010	% Chge	May 2011	May 2010	% Chge
STATEWIDE* (1)	17,228	16,790	3	$135,500	$142,900	-5
STATEWIDE-YEAR-TO-DATE	79,352	72,977	9	$127,600	$135,900	-6
Daytona Beach	900	830	8	$112,300	$118,300	-5
Fort Lauderdale (2)	1,142	1,078	6	$188,500	$226,500	-17
Fort Myers-Cape Coral	1,338	1,460	-8	$114,900	$96,900	19
Fort Pierce-Port St. Lucie	514	542	-5	$110,700	$113,800	-3
Fort Walton Beach	290	283	2	$197,300	$188,800	5
Gainesville	219	196	12	$146,400	$178,600	-18
Jacksonville	1,240	1,303	-5	$135,100	$145,000	-7
Lakeland-Winter Haven	307	346	-11	$97,200	$104,500	-7
Melbourne-Titusville-Palm Bay	662	637	4	$110,400	$115,600	-4
Miami	875	727	20	$180,200	$196,700	-8
Ocala	368	336	10	$80,400	$96,700	-17
Orlando	2,476	2,593	-5	$126,300	$134,600	-6
Panama City	133	123	8	$140,800	$163,000	-14
Pensacola	355	341	4	$136,700	$135,800	1
Punta Gorda	305	293	4	$101,700	$103,900	-2
Sarasota-Bradenton	1,079	1,029	5	$153,700	$166,400	-8
Tallahassee	205	210	-2	$162,500	$169,200	-4
Tampa-St. Petersburg- Clearwater	2,749	2,921	-6	$120,200	$135,600	-11
West Palm Beach-Boca Raton	1,115	887	26	$214,100	$235,200	-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. *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 – May 2011 Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	May 2011	May 2010	% Chge	May 2011	May 2010	% Chge
STATEWIDE* (1)	8,338	7,104	17	$98,200	$96,400	2
STATEWIDE-YEAR-TO-DATE	40,709	32,977	23	$86,400	$96,000	-10
Daytona Beach	196	161	22	$127,500	$114,400	11
Fort Lauderdale (2)	1,537	1,348	14	$80,400	$73,900	9
Fort Myers-Cape Coral	511	467	9	$143,300	$131,900	9
Fort Pierce-Port St. Lucie	124	119	4	$75,000	$76,800	-2
Fort Walton Beach	146	93	57	$227,100	$261,700	-13
Gainesville	42	45	-7	$67,500	$93,800	-28
Jacksonville	228	208	10	$79,400	$79,500	—
Lakeland-Winter Haven	24	25	-4	$60,000	$67,500	-11
Melbourne-Titusville-Palm Bay	174	144	21	$98,600	$115,400	-15
Miami	1,420	972	46	$124,300	$126,100	-1
Ocala	6	11	-45	$37,500	$39,200	-4
Orlando	585	816	-28	$59,300	$49,900	19
Panama City	98	54	81	$176,700	$140,000	26
Pensacola	68	42	62	$233,300	$133,300	75
Punta Gorda	60	48	25	$80,000	$87,500	-9
Sarasota-Bradenton	410	384	7	$142,900	$152,800	-6
Tallahassee	12	19	-37	$93,300	$93,800	-1
Tampa-St. Petersburg-Clearwater	932	878	6	$72,700	$103,700	-30
West Palm Beach-Boca Raton	1,227	877	40	$85,200	$99,600	-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. 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.