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

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

    PR Newswire

    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.

    SOURCE Florida Realtors