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Great time to sell home in Florida

September 23, 2010, ORLANDO, Fla. (Calcutta Tube): Sales of existing homes in Florida rose 1 percent in August, with a total of 13,997 homes sold statewide compared to 13,908 homes sold in August 2009, according to the latest housing data released by Florida Realtors®. Statewide existing home sales in August increased 3 percent over statewide sales activity in July.

Ten of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales last month, while 13 MSAs posted increased existing condo sales. Florida’s median sales price for existing homes last month was $134,000; a year ago, it was $146,500 for a decrease of 9 percent. 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 July 2010 was $183,400, up 0.9 percent from a year earlier, according to the National Association of Realtors® (NAR). In Massachusetts, the statewide median resales price was $333,000 in May; in California, it was $314,850; in Maryland, it was $267,489; and in New York, it was $227,000.

In Florida’s year-to-year comparison for condos, 5,706 units sold statewide last month compared to 4,662 units in August 2009 for an increase of 22 percent. Statewide existing condo sales last month increased almost 2.7 percent over July’s condo sales. The statewide existing condo median sales price in August was $81,600; in August 2009 it was $107,200 for a 24 percent decrease. The national median existing condo price was $176,800 in July, according to NAR.

The housing sector faces a long recovery process, due in part to slow job growth and the still-fragile economy, according to NAR’s latest industry outlook. “Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” said NAR Chief Economist Lawrence Yun. The pace of sales has slowed since May, following the expiration of the federal homebuyer tax credit, Yun said, who predicted this “pause period” likely will last through September.

“However, given rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs,” he said.

The interest rate for a 30-year fixed-rate mortgage averaged 4.43 percent in August, down from the 5.19 percent averaged in August 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Two 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 August 2010 to August 2009 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices in August 2010 to August 2009 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 67 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org .

Florida Sales Report – August 2010

Single-Family, Existing Homes

Realtor Sales Median Sales Price
Statewide &

Metropolitan Statistical Areas (MSAs)

August

2010

August

2009

%

Chge

August

2010

August

2009

%

Chge

STATEWIDE* (1) 13,997 13,908 1 $134,000 $146,500 -9
STATEWIDE-YEAR-TO-DATE 117,974 104,228 13 $137,600 $143,700 -4
Daytona Beach (2) 581 532 9 $113,500 $130,600 -13
Fort Lauderdale 683 816 -16 $206,700 $217,000 -5
Fort Myers-Cape Coral 1,193 1,252 -5 $88,400 $89,300 -1
Fort Pierce-Port St. Lucie 445 537 -17 $103,300 $113,000 -9
Fort Walton Beach 236 230 3 $180,000 $200,000 -10
Gainesville 201 161 25 $143,500 $175,500 -18
Jacksonville 1,177 1,024 15 $142,400 $155,200 -8
Lakeland-Winter Haven 307 312 -2 $94,100 $118,300 -20
Melbourne-Titusville-Palm Bay 484 492 -2 $101,400 $119,500 -15
Miami 637 570 12 $182,900 $194,800 -6
Ocala 345 262 32 $80,200 $107,400 -25
Orlando 2,289 2,134 7 $128,400 $144,200 -11
Panama City 86 118 -27 $148,000 $188,000 -21
Pensacola 255 279 -9 $133,200 $156,500 -15
Punta Gorda 236 230 3 $101,800 $103,300 -1
Sarasota-Bradenton 755 678 11 $150,300 $164,200 -8
Tallahassee 140 198 -29 $160,000 $185,900 -14
Tampa-St. Petersburg-Clearwater 2,408 2,563 -6 $135,400 $140,400 -4
West Palm Beach-Boca Raton 793 754 5 $227,800 $245,700 -7

(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 Flagler County Association of Realtors 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 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 – August 2010

Existing Condominiums

Realtor Sales Median Sales Price
Statewide &

Metropolitan Statistical Areas (MSAs)

August

2010

August

2009

%

Chge

August

2010

August

2009

%

Chge

STATEWIDE* (1) 5,706 4,662 22 $81,600 $107,200 -24
STATEWIDE-YEAR-TO-DATE 49,144 34,547 42 $94,300 $109,900 -14
Daytona Beach (2) 158 122 30 $125,000 $180,000 -31
Fort Lauderdale 818 883 -7 $73,300 $85,100 -14
Fort Myers-Cape Coral 312 278 12 $94,600 $126,400 -25
Fort Pierce-Port St. Lucie 96 87 10 $82,000 $99,200 -17
Fort Walton Beach 87 81 7 $192,900 $247,200 -22
Gainesville 45 40 13 $79,500 $120,000 -34
Jacksonville 233 137 70 $81,600 $108,800 -25
Lakeland-Winter Haven 21 19 11 $55,000 $76,300 -28
Melbourne-Titusville-Palm Bay 149 113 32 $85,000 $104,300 -19
Miami 857 567 51 $104,800 $144,700 -28
Ocala 2 4 -50 $50,000 $70,000 -29
Orlando 859 541 59 $49,300 $49,900 -1
Panama City 50 56 -11 $165,000 $192,500 -14
Pensacola 27 60 -55 $156,700 $235,700 -34
Punta Gorda 34 40 -15 $80,000 $98,000 -18
Sarasota-Bradenton 240 169 42 $136,500 $185,600 -26
Tallahassee 9 9 $112,500 $135,000 -17
Tampa-St. Petersburg-Clearwater 733 553 33 $87,900 $104,700 -16
West Palm Beach-Boca Raton 736 651 13 $84,900 $112,200 -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) Data from the Flagler County Association of Realtors is not available.

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