Florida’s Existing Home, Condo Sales Up in 1Q 2011

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May 10, 2011, 11:05 ET

ORLANDO, Fla., May 10, 2011 /PRNewswire/ -- Florida’s existing home and existing condo sales rose in first quarter 2011 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. Existing home sales increased 13 percent in 1Q 2011 with a total of 44,531 homes sold statewide; during the same period the year before, a total of 39,406 homes changed hands according to Florida Realtors. Statewide sales of existing condos in the first quarter rose 29 percent compared to the year-ago sales figure.

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The statewide existing-home median sales price was $123,600 for the three-month period; in 1Q 2010, it was $131,100 for a decrease of 6 percent. Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in 1Q 2011 compared to the same three-month-period a year earlier, while 18 of the MSAs showed gains in condo sales, according to Florida Realtors.

Looking at Florida’s housing sector in the first quarter of 2011, Dr. Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness, pointed out that the recovery is gaining strength. “Florida Realtors’ first quarter report shows sales picking up significant momentum after decelerating in the fourth quarter of last year, though prices are continuing to slip,” Snaith said. “The labor market recovery is just starting to blossom – once it is in full bloom it will provide some needed curb appeal for Florida’s struggling housing market by creating a new pool of qualified buyers and preventing other homeowners from falling victim to foreclosure.

“Distressed properties are proving to be an ongoing complication in the healing process of Florida’s housing market,” he added. “The foreclosure moratorium and Florida’s overburdened court system have slowed the process of handling foreclosures. Until these properties can move through this process, complete recovery will be difficult to attain.”

In the year-to-year quarterly comparison for existing condo sales, 23,375 units sold statewide in the first quarter compared to 18,170 units in 1Q 2010 for a 29 percent increase. The statewide existing-condo median sales price was $80,700 in 1Q 2011; a year earlier, it was $96,100 for a decrease of 16 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.

Low mortgage rates continued to be available during the first quarter of the year. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.85 percent in 1Q 2011; one year earlier, it averaged 5.0 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 first quarter of 2011 to the first quarter of 2010, 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 2011 to first quarter 2010, 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 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 – 1st Quarter 2011 Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	1st Qrtr. 2011	1st Qrtr. 2010	% Chge	1st Qrtr. 2011	1st Qrtr. 2010	% Chge
STATEWIDE* (1)	44,531	39,406	13	$123,600	$131,100	-6
Daytona Beach	2,040	1,970	4	$110,100	$118,400	-7
Fort Lauderdale (2)	2,891	2,552	13	$101,800	$157,700	-35
Fort Myers-Cape Coral	3,819	3,977	-4	$94,500	$91,300	4
Fort Pierce-Port St. Lucie	1,298	1,518	-14	$106,500	$102,600	4
Fort Walton Beach	689	578	19	$173,000	$190,500	-9
Gainesville	413	370	12	$146,300	$154,700	-5
Jacksonville	3,157	2,933	8	$127,400	$140,700	-9
Lakeland-Winter Haven	926	822	13	$88,000	$105,000	-16
Melbourne-Titusville-Palm Bay	1,709	1,205	42	$89,500	$106,300	-16
Miami	2,247	1,530	47	$153,600	$191,200	-20
Ocala	949	828	15	$75,400	$92,900	-19
Orlando	6,572	6,117	7	$119,700	$129,500	-8
Panama City	321	235	37	$144,100	$151,600	-5
Pensacola	799	727	10	$131,300	$140,700	-7
Punta Gorda	874	746	17	$89,800	$103,500	-13
Sarasota-Bradenton	2,727	2,464	11	$144,500	$159,000	-9
Tallahassee	428	357	20	$155,200	$173,400	-10
Tampa-St. Petersburg- Clearwater	7,710	6,580	17	$110,600	$129,300	-14
West Palm Beach-Boca Raton	2,588	1,949	33	$193,800	$236,100	-18

(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 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 2011 Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	1st Qrtr. 2011	1st Qrtr. 2010	% Chge	1st Qrtr. 2011	1st Qrtr. 2010	% Chge
STATEWIDE* (1)	23,375	18,170	29	$80,700	$96,100	-16
Daytona Beach	450	395	14	$126,000	$127,100	-1
Fort Lauderdale (2)	4,512	3,646	24	$68,800	$67,400	2
Fort Myers-Cape Coral	1,569	1,379	14	$126,200	$129,100	-2
Fort Pierce-Port St. Lucie	361	335	8	$88,100	$79,700	11
Fort Walton Beach	305	244	25	$216,900	$245,300	-12
Gainesville	99	69	43	$58,800	$88,800	-34
Jacksonville	651	469	39	$73,500	$87,100	-16
Lakeland-Winter Haven	85	70	21	$46,100	$59,400	-22
Melbourne-Titusville-Palm Bay	479	313	53	$79,800	$110,400	-28
Miami	3,663	1,920	91	$94,200	$136,100	-31
Ocala	26	16	62	$40,000	$40,000	—
Orlando	2,076	1,941	7	$51,900	$49,800	4
Panama City	203	151	34	$167,900	$197,200	-15
Pensacola	164	109	50	$155,600	$185,000	-16
Punta Gorda	190	154	23	$71,100	$87,500	-19
Sarasota-Bradenton	1,012	883	15	$124,500	$142,100	-12
Tallahassee	39	49	-20	$72,500	$85,500	-15
Tampa-St. Petersburg-Clearwater	2,923	2,308	27	$68,100	$94,800	-28
West Palm Beach-Boca Raton	3,316	2,282	45	$76,300	$93,500	-18