9.24.2009 | Florida's Existing Home, Condo Sales Up in August 2009 (Source:PRNewswire)
ORLANDO, Fla., Sept. 24 /PRNewswire/ -- Florida's existing home sales rose in August -- marking a full calendar year (12 months) that sales activity increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors(R).
Existing home sales rose 28 percent last month with a total of 13,850 homes sold statewide compared to 10,813 homes sold in August 2008, according to Florida Realtors. The state association also reported a 45 percent increase in last month's statewide sales of existing condos compared to the previous year's sales figure.
Sixteen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in August; 18 MSAs also showed gains in condo sales. A majority of the state's MSAs have reported increased sales for 14 consecutive months.
"For a year now, statewide sales of existing single-family homes in Florida have increased each month compared to the year-ago figures," says 2009 Florida Realtors(R) President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando. (CCIM stands for Certified Commercial Investment Member and CRE is the Counselor of Real Estate designation). "This is encouraging news, and while it shows the beginnings of recovery, the housing market still needs time to continue its gradual absorption of housing inventory that will help stabilize home prices. That is why it is critical for Congress to extend the first-time homebuyer tax credit into 2010. And, because it's now taking longer to finalize a home sale, first-time buyers who want to take advantage of the $8,000 federal tax credit need to act quickly, or they may miss the closing deadline of Nov. 30, 2009."
Florida's median sales price for existing homes last month was $147,400; a year ago, it was $188,500 for a 22 percent decrease. Housing industry analysts with the National Association of Realtors(R) (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 July 2009 was $178,300, down 14.6 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $310,000 in July; in California, it was $285,480; in Maryland, it was $273,769; and in New York, it was $205,000.
Signs point toward continued positive momentum in the housing sector, according to NAR's latest industry outlook. NAR Chief Economist Lawrence Yun predicts existing home sales will rise through the fourth quarter. "Unless the tax credit is extended, no one should be surprised to see home sales drop in the first quarter of next year," he said. "However, the fundamentals of the housing market and the economy are trending up, and we expect home sales to generally pick up in the second quarter of 2010. The buyer psychology may be shifting from, 'Why buy now when I can purchase later,' to 'I don't want to miss out on a recovery.'"
In Florida's year-to-year comparison for condos, 4,674 units sold statewide compared to 3,222 units in August 2008 for a 45 percent increase. The statewide existing condo median sales price last month was $107,500; in August 2008 it was $158,100 for a 32 percent decrease. The national median existing condo price was $178,800 in July 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 5.19 percent last month, down significantly from the average rate of 6.48 percent in August 2008, according to Freddie Mac. FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state's larger markets, the Daytona Beach MSA reported a total of 686 homes sold in August compared to 573 homes a year earlier for a 20 percent increase. The market's existing home median sales price last month was $132,700; a year ago it was $164,200 for a 19 percent decrease. A total of 135 condos sold in the MSA in August, up 27 percent over the 106 units sold in August 2008. The existing condo median price last month remained level compared to a year ago at $184,300.
Two charts showing statistics for Florida and the state's MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in August 2009 to August 2008 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices August 2009 to August 2008 based on Realtor transactions.
Florida Realtors(R) formerly known as the Florida Association of Realtors(R) 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(R) 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 - August 2009
Single-Family, Existing Homes
Realtor Sales Median Sales Price
Statewide &
Metropolitan
Statistical August August % August August %
Areas (MSAs) 2009 2008 Chge 2009 2008 Chge
------------- ------- ------- ---- -------- -------- ----
STATEWIDE*(1) 13,850 10,813 28 $147,400 $188,500 -22
STATEWIDE-YEAR-
TO-DATE 104,255 83,049 26 $144,000 $199,300 -28
Daytona Beach 686 573 20 $132,700 $164,200 -19
Fort
Lauderdale 816 604 35 $217,000 $269,800 -20
Fort Myers-Cape
Coral 1,252 684 83 $89,300 $146,900 -39
Fort
Pierce-Port
St. Lucie 537 339 58 $113,000 $153,900 -27
Fort Walton
Beach 230 223 3 $200,000 $203,900 -2
Gainesville 161 176 -9 $175,500 $177,500 -1
Jacksonville 1,024 872 17 $155,200 $186,700 -17
Lakeland-Winter
Haven 305 250 22 $118,500 $134,800 -12
Melbourne-Titusville-
Palm Bay 492 494 -- $119,500 $155,500 -23
Miami 570 469 22 $194,800 $276,000 -29
Ocala 262 207 27 $107,400 $130,300 -18
Orlando 2,134 1,445 48 $144,200 $204,400 -29
Panama City 117 98 19 $187,000 $192,300 -3
Pensacola 279 288 -3 $156,500 $154,400 1
Punta Gorda 230 176 31 $103,300 $138,100 -25
Sarasota-Bradenton 678 551 23 $164,200 $218,200 -25
Tallahassee 198 156 27 $185,900 $186,700 --
Tampa-St. Petersburg-
Clearwater (2) 2,370 2,029 17 $144,600 $173,900 -17
West Palm Beach-
Boca Raton 754 623 21 $245,700 $323,300 -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 Hernando 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(R) and the University of Florida Bergstrom Center for
Real Estate Studies.
Florida Sales Report - August 2009
Existing Condominiums
Realtor Sales Median Sales Price
Statewide &
Metropolitan
Statistical August August % August August %
Areas (MSAs) 2009 2008 Chge 2009 2008 Chge
------------ ------ ------ ---- ------ ------ ----
STATEWIDE* (1) 4,674 3,222 45 $107,500 $158,100 -32
STATEWIDE-YEAR-
TO-DATE 34,594 26,815 29 $109,900 $175,000 -37
Daytona Beach 135 106 27 $184,300 $184,000 --
Fort
Lauderdale 883 550 61 $85,100 $133,300 -36
Fort Myers-Cape
Coral 278 168 65 $126,400 $193,800 -35
Fort Pierce-Port
St. Lucie 87 62 40 $99,200 $130,000 -24
Fort Walton
Beach 81 55 47 $247,200 $306,300 -19
Gainesville 40 59 -32 $120,000 $145,000 -17
Jacksonville 145 83 75 $112,400 $144,400 -22
Lakeland-Winter
Haven 18 10 80 $77,500 $95,000 -18
Melbourne-Titusville-
Palm Bay 113 89 27 $104,300 $150,000 -30
Miami 567 483 17 $144,700 $210,400 -31
Ocala 4 2 100 $70,000 $55,000 27
Orlando 541 142 281 $49,900 $111,200 -55
Panama City 48 46 4 $190,000 $225,000 -16
Pensacola 60 41 46 $235,700 $262,500 -10
Punta Gorda 40 14 186 $98,000 $170,000 -42
Sarasota-Bradenton 169 126 34 $185,600 $220,000 -16
Tallahassee 9 8 12 $135,000 $110,000 23
Tampa-St. Petersburg-
Clearwater 553 482 15 $104,700 $141,400 -26
West Palm Beach-
Boca Raton 651 483 35 $112,200 $131,600 -15
(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 Hernando 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(R) and the University of Florida Bergstrom Center for
Real Estate Studies.
SOURCE Florida Association of Realtors |
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