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

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Feb 23, 2011, 02:02 ET

ORLANDO, Fla., Feb. 23, 2011 /PRNewswire/ -- Florida's existing home and existing condo sales rose in January, according to the latest housing data released by Florida Realtors®. Existing home sales increased 14 percent last month with a total of 12,151 homes sold statewide compared to 10,702 homes sold in January 2010, according to Florida Realtors. January's statewide sales of existing condos rose 36 percent compared to the previous year's sales figure.

Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in January; 16 MSAs had higher condo sales.

"Now is a great time for anyone thinking of buying a home in Florida to make that decision," said 2011 Florida Realtors® President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. "Mortgage rates are historically low, although they are beginning to tick up slightly as the economy shows signs of strengthening. Conditions remain very favorable for buyers, with a range of housing inventory and attractive prices.

"Homebuyers soon will have the opportunity to visit a number of open houses in their preferred locales all in a single weekend, as part of the second annual Florida Open House Weekend, March 26-27, 2011! From the Keys to the Panhandle, Realtors across Florida are participating in this statewide open house event sponsored by Florida Realtors. Consult a local Realtor® about Florida Open House Weekend, and find out more about qualification criteria and opportunities in your local housing market."

Florida's median sales price for existing homes last month was $122,200; a year ago, it was $131,000 for a 7 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 December 2010 was $169,300, down 0.2 percent from a year ago, according to NAR. In California, the statewide median resales price was $301,850 in December 2010; in Massachusetts, it was $285,950; in Maryland, it was $240,000; and in New York, it was $225,000.

According to NAR's latest outlook, improving economic conditions and strong affordability are positive factors for the coming months. "Modest gains in the labor market and the improving economy are creating a more favorable backdrop for buyers, allowing them to take advantage of excellent housing affordability conditions," said NAR Chief Economist Lawrence Yun. "Mortgage rates should rise only modestly in the months ahead, so we'll continue to see a favorable environment for buyers with good credit."

In Florida's year-to-year comparison for condos, 6,681 units sold statewide last month compared to 4,916 units in January 2010 for an increase of 36 percent. The statewide existing condo median sales price last month was $79,400; in January 2010 it was $97,000 for an 18 percent decrease. The national median existing condo price was $165,000 in December 2010, according to NAR.

The interest rate for a 30-year fixed-rate mortgage averaged 4.76 percent in January, down from the 5.03 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 January 2011 to January 2010 based on Realtor transactions; another compares the volume of existing, condominium sales and median sales prices in January 2011 to January 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 65 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 – January 2011
Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	January 2011	January 2010	% Chge	January 2011	January 2010	% Chge
STATEWIDE* (1)	12,151	10,702	14	$122,200	$131,000	-7
Daytona Beach	595	588	1	$115,000	$120,600	-5
Fort Lauderdale (2)	813	690	18	$165,100	$173,000	-5
Fort Myers-Cape Coral	1,072	1,115	-4	$88,500	$91,000	-3
Fort Pierce-Port St. Lucie	345	462	-25	$98,800	$101,100	-2
Fort Walton Beach	194	143	36	$173,300	$201,400	-14
Gainesville	102	83	23	$137,800	$170,000	-19
Jacksonville	846	787	7	$129,600	$137,700	-6
Lakeland-Winter Haven	263	223	18	$87,300	$109,300	-20
Melbourne-Titusville-Palm Bay	460	358	28	$93,200	$107,000	-13
Miami	676	436	55	$150,800	$183,400	-18
Ocala	253	203	25	$71,500	$95,900	-25
Orlando	1,826	1,745	5	$119,700	$123,500	-3
Panama City	86	71	21	$150,000	$158,900	-6
Pensacola	215	157	37	$146,100	$143,900	2
Punta Gorda	260	196	33	$86,300	$102,100	-15
Sarasota-Bradenton	742	662	12	$136,300	$156,700	-13
Tallahassee	115	70	64	$154,400	$180,000	-14
Tampa-St. Petersburg-Clearwater (3)	1,911	1,612	19	$110,000	$130,500	-16
West Palm Beach-Boca Raton	745	546	36	$192,800	$238,600	-19

* Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors.
Includes data from all associations in the market area.
Data from the Hernando County Association of Realtors was 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 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 – January 2011
Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	January 2011	January 2010	% Chge	January 2011	January 2010	% Chge
STATEWIDE* (1)	6,681	4,916	36	$79,400	$97,000	-18
Daytona Beach	123	121	2	$136,100	$127,500	7
Fort Lauderdale (2)	1,318	1,034	27	$68,900	$67,400	2
Fort Myers-Cape Coral	397	390	2	$131,900	$121,400	9
Fort Pierce-Port St. Lucie	87	90	-3	$88,300	$75,000	18
Fort Walton Beach	88	70	26	$203,800	$270,800	-25
Gainesville	24	15	60	$58,000	$85,000	-32
Jacksonville	172	128	34	$71,400	$87,500	-18
Lakeland-Winter Haven	23	21	10	$44,200	$59,000	-25
Melbourne-Titusville-Palm Bay	135	86	57	$87,500	$148,000	-41
Miami	1,262	540	134	$91,200	$141,700	-36
Ocala	7	5	40	$52,500	$38,300	37
Orlando	682	538	27	$50,000	$49,700	1
Panama City	66	40	65	$150,900	$200,000	-25
Pensacola	46	30	53	$126,700	$212,500	-40
Punta Gorda	37	43	-14	$71,300	$74,200	-4
Sarasota-Bradenton	258	243	6	$120,000	$137,900	-13
Tallahassee	11	15	-27	$72,500	$95,000	-24
Tampa-St. Petersburg-Clearwater (3)	776	605	28	$66,100	$100,200	-34
West Palm Beach-Boca Raton	871	585	49	$76,100	$93,700	-19

*Statewide figure includes data from the Naples Area Board of Realtors; it also includes data from the Marco Island Association of Realtors.
Includes data from all associations in the market area.
Data from the Hernando County Association of Realtors was not available.

Editor's note: Sales numbers represent totals of Realtors' closed transactions from local Realtor boards/associations within the MSAs.

SOURCE Florida Realtors