Florida’s Existing Home, Condo Sales Rise in 4Q 2009

12 02 2010

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.

Florida Sales Report – 4th Quarter 2009
Single-Family, Existing Homes

Realtor Sales Median Sales Price
————- ——————
Statewide &
———–
Metropolitan
Statistical 4th 4th
Areas (MSAs) Qrtr. Qrtr. % 4th Qrtr. 4th Qrtr. %
———— —— —— — ——— ——— —
2009 2008 Chge 2009 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(R) 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 4th 4th
Areas (MSAs) Qrtr. Qrtr. % 4th Qrtr. 4th Qrtr. %
———— —— —— — ——— ——— —
2009 2008 Chge 2009 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(R) and the University of Florida
Bergstrom Center for Real Estate Studies.

Source: Florida Realtors








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