Florida's Existing Home, Condo Sales Up in 2Q 2010

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Aug 11, 2010, 11:05 ET

ORLANDO, Fla., Aug. 11 /PRNewswire/ -- Sales of existing single-family homes in Florida rose 21 percent in second quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 51,564 existing homes sold statewide in 2Q 2010; during the same period the year before, a total of 42,604 existing homes sold. It marks the eighth 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 second quarter rose 45 percent compared to the same time the previous year. This marks the seventh consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

Statewide sales activity in 2Q 2010 also increased over 1Q 2010's sales figure in both the existing home and existing condo markets, Florida Realtors' records show. For 2Q 2010, statewide sales of existing homes rose 32.7 percent over the 1Q 2010 figure; statewide existing condo sales in 2Q 2010 increased 24.2 percent over the 1Q 2010 level.

Looking forward, the University of Florida's Bergstrom Center for Real Estate Studies' latest quarterly survey of real estate trends reported that job growth and the BP oil spill were cited as top concerns for the future outlook of the state's real estate industry. The survey polls market research economists, industry executives, real estate scholars and other experts.

The center's director, Timothy Becker, noted in the report that the oil spill has created "a cloud of uncertainty that is affecting all markets across the state. Our respondents indicate that the effect of the oil spill is being felt across Florida despite the fact that oil is only showing up on some beaches in the Panhandle."

The survey reported the outlook for investment in industrial properties continues to brighten and is becoming increasingly positive.

Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased sales of existing homes in 2Q 2010 compared to the same three-month period a year earlier; 18 of the MSAs showed gains in condo sales.

The statewide existing-home median sales price was $141,300 in 2Q 2010; a year earlier, it was $143,000 for a decrease of 1 percent. The 2Q 2010 statewide existing-home median sales price was 5.6 percent higher than the statewide existing-home median sales price of $133,800 in 1Q 2010. 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, 20,986 units sold statewide for the quarter compared to 14,430 in 2Q 2009 for a 45 percent increase. The statewide existing-condo median sales price was $98,900 for the three-month period; in 2Q 2009, it was $110,300 for a decrease of 10 percent. The 2Q 2010 statewide existing-condo median sales price was 3.2 percent higher than the 1Q 2010 statewide existing-condo median sales price of $95,800.

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 4.91 percent in 2Q 2010; one year earlier, it averaged 5.03 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 second quarter of 2010 to the second 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 second quarter 2010 to second 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 – 2nd Quarter 2010 Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	2nd Qrtr. 2010	2nd Qrtr. 2009	% Chge	2nd Qrtr. 2010	2nd Qrtr. 2009	% Chge
STATEWIDE* (1)	51,564	42,604	21	$141,300	$143,000	-1
Daytona Beach	2,607	1,924	35	$122,500	$132,500	-8
Fort Lauderdale	2,341	2,332	—	$209,800	$195,500	7
Fort Myers-Cape Coral	4,434	4,590	-3	$98,000	$87,300	12
Fort Pierce-Port St. Lucie	1,822	1,574	16	$113,300	$111,900	1
Fort Walton Beach	812	719	13	$193,900	$192,500	1
Gainesville	683	486	41	$169,900	$175,800	-3
Jacksonville	4,073	3,054	33	$145,100	$160,300	-9
Lakeland-Winter Haven	1,090	950	15	$104,000	$115,100	-10
Melbourne-Titusville-Palm Bay	1,870	1,689	11	$111,600	$118,100	-6
Miami	2,007	1,832	10	$197,200	$195,000	1
Ocala	1,013	758	34	$95,100	$109,900	-13
Orlando	7,874	6,074	30	$136,300	$144,400	-6
Panama City	351	324	8	$161,300	$173,900	-7
Pensacola	1,090	978	11	$143,100	$147,800	-3
Punta Gorda	894	795	12	$108,000	$109,500	-1
Sarasota-Bradenton	3,098	2,332	33	$166,800	$158,500	5
Tallahassee	646	488	32	$166,400	$175,900	-5
Tampa-St. Petersburg- Clearwater	9,109	7,057	29	$135,700	$135,200	—
West Palm Beach-Boca Raton	2,892	2,277	27	$235,500	$240,400	-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 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 – 2nd Quarter 2010 Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	2nd Qrtr. 2010	2nd Qrtr. 2009	% Chge	2nd Qrtr. 2010	2nd Qrtr. 2009	% Chge
STATEWIDE* (1)	20,986	14,430	45	$98,900	$110,300	-10
Daytona Beach	536	373	44	$126,700	$176,700	-28
Fort Lauderdale	3,045	2,559	19	$79,800	$81,600	-2
Fort Myers-Cape Coral	1,451	1,117	30	$132,800	$130,200	2
Fort Pierce-Port St. Lucie	433	313	38	$90,900	$108,100	-16
Fort Walton Beach	282	211	34	$243,000	$245,800	-1
Gainesville	141	86	64	$97,900	$118,800	-18
Jacksonville	682	359	90	$74,200	$126,900	-42
Lakeland-Winter Haven	83	34	144	$66,400	$66,700	—
Melbourne-Titusville-Palm Bay	440	379	16	$110,800	$127,100	-13
Miami	2,550	1,758	45	$128,100	$138,700	-8
Ocala	28	18	56	$40,000	$50,000	-20
Orlando	2,485	1,395	78	$51,300	$52,100	-2
Panama City	186	168	11	$175,400	$191,300	-8
Pensacola	140	156	-10	$172,000	$229,200	-25
Punta Gorda	171	107	60	$102,500	$103,300	-1
Sarasota-Bradenton	1,116	677	65	$145,400	$146,900	-1
Tallahassee	41	32	28	$96,900	$111,400	-13
Tampa-St. Petersburg-Clearwater	2,821	1,518	86	$101,600	$99,400	2
West Palm Beach-Boca Raton	2,962	2,157	37	$98,600	$107,300	-8