Florida's Existing Home, Condo Sales Up in February 2011

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Mar 21, 2011, 11:05 ET

ORLANDO, Fla., March 21, 2011 /PRNewswire/ -- Florida's existing home and existing condo sales rose in February, according to the latest housing data released by Florida Realtors®. Existing home sales increased 13 percent last month with a total of 13,701 homes sold statewide compared to 12,164 homes sold in February 2010, according to Florida Realtors. February's statewide sales of existing condos rose 29 percent compared to the previous year's sales figure.

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Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in February; 18 MSAs had higher condo sales. It's the third month in a row that Florida Realtors has reported higher year-over-year existing home and existing condo sales statewide.

"Current market conditions and very low mortgage rates continue to offer great opportunities to anyone looking to buy a home 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. "Every day, Realtors® help people realize their dreams of homeownership – they see the positive impact that homeownership has on families and communities."

She added, "To showcase homeownership opportunities across the state, Florida Realtors is sponsoring its second annual Florida Open House Weekend, March 26-27. Realtors will host open houses on behalf of home sellers in neighborhoods from the Panhandle to the Keys, giving buyers a chance to tour dozens of homes in a single weekend. Talk to a local Realtor about Florida Open House Weekend and look for participating open houses throughout your community."

Florida's median sales price for existing homes last month was $121,900; a year ago, it was $124,500 for a 2 percent decrease. 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 January 2011 was $159,400, down 2.7 percent from a year ago, according to NAR. In Massachusetts, the statewide median resales price was $284,500 in January; in California, it was $278,900; in New York, it was $227,000; and in Maryland, it was $222,535.

NAR's latest outlook notes that continuing improvements in the economy is a positive sign for the housing sector. "The housing market is healing with sales fluctuating at times, depending on the flow of distressed properties coming on the market," said NAR Chief Economist Lawrence Yun. "The broad fundamentals for a housing recovery are developing. Job growth, high housing affordability and rising apartment rent are conducive to bringing more buyers into the market."

In Florida's year-to-year comparison for condos, 6,984 units sold statewide last month compared to 5,424 units in February 2010 for an increase of 29 percent. The statewide existing condo median sales price last month was $77,300; in February 2010 it was $90,400 for a 14 percent decrease. The national median existing condo price was $154,900 in January 2011, according to NAR.

The interest rate for a 30-year fixed-rate mortgage averaged 4.95 percent in February, down slightly from the 4.99 percent average 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.

Several 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 February 2011 to February 2010 based on Realtor transactions; another compares the volume of existing, condominium sales and median sales prices in February 2011 to February 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 – February 2011 Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	February 2011	February 2010	% Chge	February 2011	February 2010	% Chge
STATEWIDE* (1)	13,701	12,164	13	$121,900	$124,500	-2
STATEWIDE-YEAR-TO-DATE	26,009	22,866	14	$121,600	$127,500	-5
Daytona Beach	635	614	3	$102,100	$111,700	-9
Fort Lauderdale (2)	909	782	16	$167,000	$137,100	22
Fort Myers-Cape Coral	1,106	1,259	-12	$91,500	$87,900	4
Fort Pierce-Port St. Lucie	369	458	-19	$113,400	$96,800	17
Fort Walton Beach	208	159	31	$171,100	$190,000	-10
Gainesville	122	109	12	$152,500	$146,900	4
Jacksonville	1,017	843	21	$126,300	$142,400	-11
Lakeland-Winter Haven	284	252	13	$83,000	$101,500	-18
Melbourne-Titusville-Palm Bay	562	357	57	$87,700	$106,400	-18
Miami	540	445	21	$147,900	$191,100	-23
Ocala	294	264	11	$75,000	$90,000	-17
Orlando	2,063	1,883	10	$117,800	$130,800	-10
Panama City	103	71	45	$157,700	$144,300	9
Pensacola	229	224	2	$125,700	$150,300	-16
Punta Gorda	268	239	12	$97,500	$96,600	1
Sarasota-Bradenton	886	747	19	$137,700	$154,500	-11
Tallahassee	145	122	19	$151,000	$167,100	-10
Tampa-St. Petersburg-Clearwater	2,375	2,050	16	$111,100	$128,100	-13
West Palm Beach-Boca Raton	738	560	32	$205,400	$219,100	-6
(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 – February 2011 Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	February 2011	February 2010	% Chge	February 2011	February 2010	% Chge
STATEWIDE* (1)	6,984	5,424	29	$77,300	$90,400	-14
STATEWIDE-YEAR-TO-DATE	13,668	10,340	32	$78,300	$93,500	-16
Daytona Beach	134	118	14	$108,000	$124,400	-13
Fort Lauderdale (2)	1,357	1,138	19	$67,100	$64,500	4
Fort Myers-Cape Coral	494	430	15	$118,000	$130,300	-9
Fort Pierce-Port St. Lucie	119	96	24	$87,500	$74,000	18
Fort Walton Beach	84	77	9	$217,900	$233,900	-7
Gainesville	32	19	68	$50,000	$65,000	-23
Jacksonville	234	140	67	$69,500	$89,100	-22
Lakeland-Winter Haven	28	23	22	$52,500	$61,000	-14
Melbourne-Titusville-Palm Bay	155	91	70	$73,200	$123,800	-41
Miami	859	545	58	$94,000	$126,100	-25
Ocala	10	5	100	$40,000	$38,300	4
Orlando	681	613	11	$51,200	$50,100	2
Panama City	54	54	—	$175,000	$186,700	-6
Pensacola	47	34	38	$195,000	$200,000	-3
Punta Gorda	66	43	53	$68,000	$95,000	-28
Sarasota-Bradenton	325	258	26	$126,100	$141,400	-11
Tallahassee	14	5	180	$90,000	$62,500	44
Tampa-St. Petersburg-Clearwater	947	710	33	$65,100	$89,200	-27
West Palm Beach-Boca Raton	978	698	40	$77,800	$96,700	-20
(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.