Florida's Existing Home, Condo Sales Up in September 2009
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ORLANDO, Fla., Oct. 23 /PRNewswire/ -- Florida's existing home sales rose in September, which marks more than a year (13 months) that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®. September's statewide sales also increased over sales activity in August in both the existing home and existing condominium markets.
Existing home sales rose 34 percent last month with a total of 14,419 homes sold statewide compared to 10,778 homes sold in September 2008, according to Florida Realtors. Statewide existing home sales last month increased 4.1 percent over statewide sales activity in August.
Florida Realtors also reported a 77 percent increase in statewide sales of existing condos in September compared to the previous year's sales figure; statewide existing condo sales last month rose 8.9 percent over the total units sold in August.
All of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in September; all but one MSA also showed gains in condo sales. A majority of the state's MSAs have reported increased sales for 15 consecutive months.
Florida's median sales price for existing homes last month was $142,000; a year ago, it was $174,900 for a 19 percent decrease. Housing industry 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 August 2009 was $177,500, down 12.1 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $315,000 in August; in California, it was $292,960; in Maryland, it was $265,862; and in New York, it was $205,000.
NAR's latest industry outlook notes positive signs in the housing sector, but adds that extension of the federal first-time homebuyer tax credit would help sustain a fragile recovery. "Now that the market is showing some momentum, we have an opportunity to achieve a more rapid and broader stabilization in home prices," said NAR Chief Economist Lawrence Yun. The outlook for home sales and prices depends on whether the tax credit is extended, he said, describing it as "the best tool in our arsenal to encourage financially qualified buyers to stimulate the economy and help reduce the budget deficit."
In Florida's year-to-year comparison for condos, 5,088 units sold statewide last month compared to 2,870 units in September 2008 for a 77 percent increase. The statewide existing condo median sales price last month was $102,500; in September 2008 it was $153,500 for a 33 percent decrease. The national median existing condo price was $179,300 in August 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 5.06 percent last month, a significant drop from the average rate of 6.04 percent in September 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 smaller markets, the Pensacola MSA reported a total of 275 homes sold in September compared to 267 homes a year earlier for a 3 percent increase. The market's existing home median sales price last month was $135,000; a year ago it was $146,900 for an 8 percent decrease. A total of 48 condos sold in the MSA in September, up 41 percent over the 34 units sold in September 2008. The existing condo median price last month was $190,000; a year earlier, it was $180,000 for a 6 percent gain.
Two charts showing statistics for Florida and the state's MSAs follow. One chart compares the volume of existing, single-family home sales and median sales prices in September 2009 to September 2008 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices in September 2009 to September 2008 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.
Editor's Note: You may wish to use this information with today's release from the National Association of Realtors.
Florida Sales Report - September 2009
Single-Family, Existing Homes
Realtor Sales Median Sales Price
Statewide &
Metropolitan
Statistical September September % September September %
Areas (MSAs) 2009 2008 Chge 2009 2008 Chge
------------- ------- ------- ---- -------- -------- ----
STATEWIDE* (1) 14,419 10,778 34 $142,000 $174,900 -19
STATEWIDE-YEAR-
TO-DATE 118,867 93,952 27 $143,600 $196,500 -27
Daytona Beach 766 536 43 $132,000 $160,000 -18
Fort Lauderdale 800 611 31 $200,000 $259,300 -23
Fort Myers-Cape
Coral 1,321 746 77 $89,700 $141,400 -37
Fort Pierce-
Port St. Lucie 572 374 53 $110,800 $138,000 -20
Fort Walton
Beach 258 194 33 $198,300 $192,600 3
Gainesville 149 106 41 $168,500 $188,900 -11
Jacksonville (2) 1,127 836 35 $139,900 $170,000 -18
Lakeland-Winter
Haven 326 284 15 $115,400 $139,500 -17
Melbourne-
Titusville-
Palm Bay 479 430 11 $114,700 $143,900 -20
Miami 619 410 51 $190,900 $274,600 -30
Ocala 283 183 55 $96,300 $136,500 -29
Orlando 2,247 1,588 41 $144,100 $182,700 -21
Panama City 114 90 27 $168,800 $180,000 -6
Pensacola 275 267 3 $135,000 $146,900 -8
Punta Gorda 238 153 56 $110,600 $136,900 -19
Sarasota-Bradenton 781 550 42 $164,000 $200,800 -18
Tallahassee 158 156 1 $181,200 $177,600 2
Tampa-St.
Petersburg-
Clearwater 2,410 2,174 11 $137,800 $160,500 -14
West Palm Beach-
Boca Raton 746 522 43 $242,900 $292,200 -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) Data from the Amelia Island-Nassau 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 - September 2009
Existing Condominiums
Realtor Sales Median Sales Price
Statewide &
Metropolitan
Statistical September September % September September %
Areas (MSAs) 2009 2008 Chge 2009 2008 Chge
------------- ------- ------- ---- -------- -------- ----
STATEWIDE* (1) 5,088 2,870 77 $102,500 $153,500 -33
STATEWIDE-YEAR-
TO-DATE 39,682 29,685 34 $109,000 $172,700 -37
Daytona Beach 140 74 89 $176,900 $237,500 -26
Fort Lauderdale 861 549 57 $78,300 $129,600 -40
Fort Myers-Cape
Coral 309 153 102 $102,900 $185,000 -44
Fort Pierce-
Port St. Lucie 97 50 94 $94,100 $140,000 -33
Fort Walton Beach 91 44 107 $297,700 $300,000 -1
Gainesville 34 23 48 $133,300 $146,300 -9
Jacksonville (2) 141 99 42 $108,500 $145,400 -25
Lakeland-Winter
Haven 18 5 260 $70,000 $150,000 -53
Melbourne-
Titusville-
Palm Bay 112 102 10 $120,000 $153,300 -22
Miami 611 353 73 $132,900 $212,200 -37
Ocala 2 5 -60 $60,000 $57,500 4
Orlando 587 146 302 $52,600 $108,200 -51
Panama City 54 29 86 $185,000 $229,200 -19
Pensacola 48 34 41 $190,000 $180,000 6
Punta Gorda 29 17 71 $101,700 $85,000 20
Sarasota-Bradenton 247 119 108 $134,800 $156,400 -14
Tallahassee 13 5 160 $107,500 $130,000 -17
Tampa-St.
Petersburg-
Clearwater 787 398 98 $107,000 $139,100 -23
West Palm Beach-
Boca Raton 632 487 30 $106,700 $139,800 -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 Amelia Island-Nassau 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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