Florida's Existing Home, Condo Sales Up in 4Q 2009

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Feb 11, 2010, 02:30 ET

ORLANDO, Fla., Feb. 11 /PRNewswire/ -- Sales of existing single-family homes in Florida rose 44 percent in fourth quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 43,926 existing homes sold statewide in 4Q 2009; during the same period the year before, a total of 30,610 existing homes sold. It marks the sixth 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 fourth quarter rose 93 percent compared to the same time the previous year. This marks the fifth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. The survey noted uncertainty over the tight credit market, foreclosures and the jobs outlook.

On the positive side, private investors – both foreign and domestic – are starting to “kick the tires” in many markets, said Timothy Becker, the center’s director. In addition, investor expectation for returns is starting to fall to more realistic levels, helping to close the spread between bidding and asking prices, he said.

“These developments bode well for the transaction market when quality properties start coming to the marketplace,” Becker added.

Eighteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the fourth quarter 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 $140,000 in the fourth quarter; a year earlier, it was $160,600 for a decrease of 13 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, 16,255 units sold statewide for the quarter compared to 8,410 in 4Q 2008 for a 93 percent increase. The statewide existing-condo median sales price was $105,500 for the three-month period; in 4Q 2008, it was $136,600 for a decrease of 23 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 4.92 percent in 4Q 2009; one year earlier, it averaged 5.86 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 fourth quarter of 2009 to the fourth quarter of 2008, 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 fourth quarter 2009 to fourth quarter 2008, 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 – 4th Quarter 2009 Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	4th Qrtr. 2009	4th Qrtr. 2008	% Chge	4th Qrtr. 2009	4th Qrtr. 2008	% Chge
STATEWIDE* (1)	43,926	30,610	44	$140,000	$160,600	-13
Daytona Beach	2,309	1,413	63	$126,400	$148,100	-15
Fort Lauderdale	2,314	1,764	31	$203,800	$234,100	-13
Fort Myers-Cape Coral	4,430	2,440	82	$93,800	$117,500	-20
Fort Pierce-Port St. Lucie	1,689	1,122	51	$110,800	$132,400	-16
Fort Walton Beach	680	467	46	$184,900	$184,100	—
Gainesville	507	341	49	$162,000	$170,000	-5
Jacksonville (2)	3,376	2,339	44	$147,300	$164,700	-11
Lakeland-Winter Haven	996	1,125	-11	$106,200	$132,500	-20
Melbourne-Titusville-Palm Bay	1,361	1,189	14	$109,400	$135,000	-19
Miami	1,649	1,250	32	$188,700	$227,600	-17
Ocala	920	550	67	$91,500	$121,900	-25
Orlando	6,889	4,247	62	$139,000	$171,700	-19
Panama City	311	249	25	$165,500	$185,000	-11
Pensacola	899	733	23	$142,500	$151,700	-6
Punta Gorda	791	601	32	$107,300	$108,200	-1
Sarasota-Bradenton	2,468	1,634	51	$160,600	$167,000	-4
Tallahassee	493	344	43	$173,400	$171,500	1
Tampa-St. Petersburg-Clearwater	7,163	5,579	28	$138,800	$149,400	-7
West Palm Beach-Boca Raton	2,423	1,706	42	$239,500	$252,200	-5
(1) * Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors. (2) Data from the Amelia Island-Nassau County Association of Realtors for November and December is not available. *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 – 4th Quarter 2009 Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	4th Qrtr. 2009	4th Qrtr. 2008	% Chge	4th Qrtr. 2009	4th Qrtr. 2008	% Chge
STATEWIDE* (1)	16,255	8,410	93	$105,500	$136,600	-23
Daytona Beach	431	178	142	$158,700	$177,300	-10
Fort Lauderdale	2,771	1,588	74	$83,700	$107,200	-22
Fort Myers-Cape Coral	1,139	476	139	$118,000	$157,400	-25
Fort Pierce-Port St. Lucie	349	192	82	$95,000	$120,000	-21
Fort Walton Beach	260	120	117	$248,000	$270,600	-8
Gainesville	59	46	28	$113,000	$134,500	-16
Jacksonville (2)	413	183	126	$87,500	$130,800	-33
Lakeland-Winter Haven	69	22	214	$71,500	$60,000	19
Melbourne-Titusville-Palm Bay	306	220	39	$101,400	$118,300	-14
Miami	2,022	1,203	68	$145,400	$183,700	-21
Ocala	14	5	180	$38,800	$85,000	-54
Orlando	1,765	446	296	$54,000	$85,800	-37
Panama City	153	95	61	$195,900	$227,100	-14
Pensacola	112	77	45	$269,200	$203,600	32
Punta Gorda	117	64	83	$82,100	$109,100	-25
Sarasota-Bradenton	798	344	132	$148,600	$190,000	-22
Tallahassee	88	6	1367	$71,100	$153,300	-54
Tampa-St. Petersburg-Clearwater	2,283	1,195	91	$104,400	$124,900	-16
West Palm Beach-Boca Raton	2,219	1,366	62	$108,100	$123,000	-12
(1) Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors. (2) Data from the Amelia Island-Nassau County Association of Realtors for November and December is not available. 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.