Florida's Existing Home, Condo Sales Up in 1Q 2010

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May 11, 2010, 11:05 ET

ORLANDO, Fla., May 11 /PRNewswire/ -- Sales of existing single-family homes in Florida rose 24 percent in first quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 38,846 existing homes sold statewide in 1Q 2010; during the same period the year before, a total of 31,410 existing homes sold. It marks the seventh consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.

Statewide sales of existing condominiums in the first quarter rose 67 percent compared to the same time the previous year. This marks the sixth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

"The first quarter data release from the Florida Realtors paints a picture of a housing market continuing down the long road to recovery," said Dr. Sean Snaith, director for the University of Central Florida's Institute for Economic Competitiveness. "Transactions in the single family market have extended quarterly year-over-year gains for nearly two years, and condo sales have also risen sharply. Median prices in most areas of the state continue to fall; however, the rate at which they are falling has diminished significantly and this is indicative of a bottom approaching.

"How long prices stay at the bottom and when price appreciation will reappear will depend in a large part on the improving fundamentals in the economy and credit markets."

The University of Florida's Bergstrom Center for Real Estate Studies' latest quarterly survey of real estate trends also notes positive signs of recovery in the state's real estate industry. The survey polls market research economists, industry executives, real estate scholars and other experts.

"Results indicate that the real estate market in Florida has hit bottom and is in the process of stabilizing across most property types," said Timothy Becker, the center's director. Private capital – both foreign and domestic – continues to enter the state in search of quality investment deals, he added.

Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased sales of existing homes in 1Q 2010 compared to the same three-month-period a year earlier, while all of the MSAs showed gains in condo sales.

The statewide existing-home median sales price was $133,800 in 1Q 2010; a year earlier, it was $140,900 for a decrease of 5 percent. According to industry analysts with the National Association of Realtors® (NAR), 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 a typical market price where half the homes sold for more, half for less.

In the year-to-year quarterly comparison for condo sales, 16,897 units sold statewide for the quarter compared to 10,131 in 1Q 2009 for a 67 percent increase. The statewide existing-condo median sales price was $95,800 for the three-month period; in 1Q 2009, it was $110,000 for a decrease of 13 percent.

Low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.0 percent in 1Q 2010; one year earlier, it averaged 5.06 percent.

Two charts showing statistics for Florida and its MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in the first quarter of 2010 to the first 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 first quarter 2010 to first 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 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 – 1st Quarter 2010 Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	1st Qrtr. 2010	1st Qrtr. 2009	% Chge	1st Qrtr. 2010	1st Qrtr. 2009	% Chge
STATEWIDE* (1)	38,846	31,410	24	$133,800	$140,900	-5
Daytona Beach	1,970	1,494	32	$118,400	$131,600	-10
Fort Lauderdale	1,756	1,647	7	$196,700	$210,200	-6
Fort Myers-Cape Coral	3,979	3,097	28	$91,300	$92,500	-1
Fort Pierce-Port St. Lucie	1,518	1,226	24	$102,600	$118,300	-13
Fort Walton Beach	578	448	29	$190,500	$185,500	3
Gainesville	370	325	14	$154,700	$160,400	-4
Jacksonville	2,955	2,212	34	$141,600	$150,700	-6
Lakeland-Winter Haven	822	776	6	$105,000	$108,500	-3
Melbourne-Titusville-Palm Bay	1,205	1,345	-10	$106,300	$119,600	-11
Miami	1,530	1,372	12	$191,200	$203,700	-6
Ocala	828	486	70	$92,900	$108,700	-15
Orlando	6,117	4,307	42	$129,500	$151,700	-15
Panama City	233	243	-4	$150,800	$165,600	-9
Pensacola	727	587	24	$140,700	$137,300	2
Punta Gorda	746	686	9	$103,500	$95,500	8
Sarasota-Bradenton	2,464	1,842	34	$159,000	$146,900	8
Tallahassee	357	301	19	$173,400	$175,400	-1
Tampa-St. Petersburg- Clearwater	6,580	5,721	15	$129,300	$130,800	-1
West Palm Beach-Boca Raton	1,949	1,625	20	$236,100	$229,200	3
(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 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 – 1st Quarter 2010 Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	1st Qrtr. 2010	1st Qrtr. 2009	% Chge	1st Qrtr. 2010	1st Qrtr. 2009	% Chge
STATEWIDE* (1)	16,897	10,131	67	$95,800	$110,000	-13
Daytona Beach	404	273	48	$123,300	$165,900	-26
Fort Lauderdale	2,739	1,893	45	$71,900	$84,100	-15
Fort Myers-Cape Coral	1,381	728	90	$129,300	$131,100	-1
Fort Pierce-Port St. Lucie	335	224	50	$79,700	$91,400	-13
Fort Walton Beach	244	132	85	$245,300	$263,300	-7
Gainesville	69	47	47	$88,800	$121,000	-27
Jacksonville	471	223	111	$87,400	$123,100	-29
Lakeland-Winter Haven	70	28	150	$59,400	$67,500	-12
Melbourne-Titusville-Palm Bay	313	289	8	$110,400	$122,200	-10
Miami	1,920	1,311	46	$136,100	$149,000	-9
Ocala	16	9	78	$40,000	$51,700	-23
Orlando	1,941	795	144	$49,800	$57,200	-13
Panama City	146	95	54	$196,700	$232,700	-15
Pensacola	109	73	49	$185,000	$228,100	-19
Punta Gorda	154	81	90	$87,500	$95,000	-8
Sarasota-Bradenton	883	516	71	$142,100	$133,800	6
Tallahassee	49	8	513	$85,500	$80,000	7
Tampa-St. Petersburg-Clearwater	2,306	1,233	87	$94,900	$105,400	-10
West Palm Beach-Boca Raton	2,282	1,549	47	$93,500	$102,900	-9
(1) *Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors.