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

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Apr 20, 2011, 11:25 ET

ORLANDO, Fla., April 20, 2011 /PRNewswire/ -- Florida’s existing home and existing condo sales rose in March, according to the latest housing data released by Florida Realtors®. Existing home sales increased 12 percent last month with a total of 18,522 homes sold statewide compared to 16,540 homes sold in March 2010, according to Florida Realtors. Statewide sales of existing condos last month rose 24 percent compared to the year-ago sales figure.

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Seventeen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home and existing condo sales in March; 17 MSAs also had higher condo sales. It’s the fourth consecutive month that Florida Realtors has reported higher year-over-year existing home and existing condo sales statewide.

“A variety of housing opportunities is available at attractive prices across the state, while mortgage interest rates remain historically low,” said 2011 Florida Realtors® President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “Favorable conditions like these spark the interest of buyers – who should consult a local Realtor to find out more about their local markets.”

Florida’s median sales price for existing homes last month was $126,300; a year ago, it was $136,000 for an 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 February 2011 was $157,000, down 4.2 percent from a year ago, according to NAR. In California, the statewide median resales price was $271,320 in February; in Massachusetts, it was $270,000; in New York, it was $245,000; and in Maryland, it was $208,258.

According to NAR’s latest industry outlook, a strengthening economy will continue to bolster the housing market’s slow recovery. “Housing affordability conditions have been at record levels and the economy has been improving, but home sales are being constrained by unnecessarily tight credit,” said NAR Chief Economist Lawrence Yun.

In Florida’s year-to-year comparison for condos, 9,703 units sold statewide last month compared to 7,830 units in March 2010 for an increase of 24 percent. The statewide existing condo median sales price last month was $84,300; in March 2010 it was $94,800 for an 11 percent decrease. The national median existing condo sales price was $150,400 in February 2011, according to NAR.

The interest rate for a 30-year fixed-rate mortgage averaged 4.84 percent in March, down slightly from the 4.97 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 March 2011 to March 2010 based on Realtor transactions; another compares the volume of existing, condominium sales and median sales prices in March 2011 to March 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 – March 2011 Single-Family, Existing Homes
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	March 2011	March 2010	% Chge	March 2011	March 2010	% Chge
STATEWIDE* (1)	18,522	16,540	12	$126,300	$136,000	-7
STATEWIDE-YEAR-TO-DATE	44,531	39,406	13	$123,600	$131,100	-6
Daytona Beach	810	768	5	$112,500	$121,300	-7
Fort Lauderdale (2)	1,169	1,080	8	$175,400	$162,800	8
Fort Myers-Cape Coral	1,641	1,603	2	$101,900	$95,100	7
Fort Pierce-Port St. Lucie	584	598	-2	$108,300	$107,500	1
Fort Walton Beach	287	276	4	$173,500	$185,600	-7
Gainesville	189	178	6	$144,700	$155,300	-7
Jacksonville	1,294	1,303	-1	$126,300	$141,400	-11
Lakeland-Winter Haven	379	347	9	$93,300	$105,100	-11
Melbourne-Titusville-Palm Bay	687	490	40	$89,400	$105,800	-16
Miami	1,031	649	59	$159,800	$197,500	-19
Ocala	402	361	11	$76,700	$93,900	-18
Orlando	2,683	2,489	8	$121,000	$132,200	-8
Panama City	132	93	42	$124,000	$150,000	-17
Pensacola	355	346	3	$126,900	$131,900	-4
Punta Gorda	346	311	11	$89,500	$110,600	-19
Sarasota-Bradenton	1,099	1,055	4	$154,600	$163,800	-6
Tallahassee	168	165	2	$158,600	$179,100	-11
Tampa-St. Petersburg-Clearwater	3,267	2,782	17	$112,900	$131,400	-14
West Palm Beach-Boca Raton	1,105	843	31	$186,500	$246,100	-24
(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 – March 2011 Existing Condominiums
	Realtor Sales			Median Sales Price
Statewide & Metropolitan Statistical Areas (MSAs)	March 2011	March 2010	% Chge	March 2011	March 2010	% Chge
STATEWIDE* (1)	9,703	7,830	24	$84,300	$94,800	-11
STATEWIDE-YEAR-TO-DATE	23,371	18,170	29	$80,700	$94,100	-14
Daytona Beach	193	156	24	$123,500	$129,100	-4
Fort Lauderdale (2)	1,837	1,474	25	$70,100	$69,600	1
Fort Myers-Cape Coral	678	559	21	$126,800	$133,100	-5
Fort Pierce-Port St. Lucie	155	149	4	$88,100	$83,500	6
Fort Walton Beach	133	97	37	$226,600	$238,800	-5
Gainesville	43	35	23	$65,800	$98,300	-33
Jacksonville	241	201	20	$78,200	$84,500	-7
Lakeland-Winter Haven	34	26	31	$38,600	$58,800	-34
Melbourne-Titusville-Palm Bay	189	136	39	$86,100	$94,000	-8
Miami	1,542	835	85	$97,400	$138,800	-30
Ocala	9	6	50	$39,000	$55,000	-29
Orlando	713	790	-10	$54,100	$49,700	9
Panama City	83	57	46	$178,900	$198,900	-10
Pensacola	71	45	58	$157,500	$167,500	-6
Punta Gorda	87	68	28	$74,200	$91,700	-19
Sarasota-Bradenton	429	382	12	$125,900	$146,400	-14
Tallahassee	14	29	-52	$70,000	$86,000	-19
Tampa-St. Petersburg-Clearwater	1,197	991	21	$72,200	$95,000	-24
West Palm Beach-Boca Raton	1,467	999	47	$75,600	$90,900	-17
(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.