Published: June 22, 2010
Florida's Existing Home, Condo Sales Rise in May 2010
ORLANDO, Fla., June 22 /PRNewswire/ -- Sales of existing homes in Florida rose 18 percent in May, marking 21 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.
A total of 16,745 single-family existing homes sold statewide last month compared to 14,172 homes sold in May 2009, according to Florida Realtors. The statewide existing-home median price of $140,400 in May was slightly higher - by $300 - than April's statewide existing-home median price of $140,100. It marks the third month in a row that the statewide existing-home median price has increased over the previous month's median.
Across the state, a variety of housing opportunities continues to be available at attractive prices while mortgage interest rates remain historically low, said 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville.
"Favorable conditions like this spark buyers' interest," Davis said. "However, like the rest of the world, Floridians are deeply concerned about the long-term ramifications of the April 20th explosion of BP's Deepwater Horizon oil rig, which killed 11 people and triggered the oil spill disaster in the Gulf of Mexico."
Seventeen of Florida's metropolitan statistical areas (MSAs) reported higher existing home and existing condo sales in May. A majority of the state's MSAs have reported increased sales for 23 consecutive months.
Florida's median sales price for existing homes last month was $140,400; a year ago, it was $143,800 for a decrease of 2 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 April 2010 was $173,400, up 4.5 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $306,230 in April; in Massachusetts, it was $295,000; in Maryland, it was $244,943; and in New York, it was $197,000.
According to NAR's latest industry outlook, factors such as a return of buyer confidence, stabilizing home prices and an improving economy are supporting the market in the federal homebuyer tax credit's wake. "The housing market has to get back on its own feet," said NAR Chief Economist Lawrence Yun, "and now appears to be in a good position to return to sustainable levels even without government stimulus, provided the economy continues to add jobs."
In Florida's year-to-year comparison for condos, 6,779 units sold statewide last month compared to 4,845 units in May 2009 for an increase of 40 percent. The statewide existing condo median sales price last month was $98,700; in May 2009 it was $113,500 for a 13 percent decrease. The national median existing condo price was $171,000 in April, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 4.89 percent in May, close to the 4.86 percent averaged during May 2009, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state's larger markets, the West Palm Beach-Boca Raton MSA reported a total of 887 homes sold in May compared to 737 homes a year earlier for a 20 percent increase. The market's existing home median sales price last month was $235,200; a year earlier it was $232,900 for an increase of 1 percent. A total of 877 condos sold in the MSA in May compared to 676 units sold in May 2009 for an increase of 30 percent. The existing condo median price last month was $99,600; a year earlier, it was $107,500 for a decrease of 7 percent.
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 May 2010 to May 2009 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices in May 2010 to May 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.
Editor's Note: You may wish to use this information with today's release from the National Association of Realtors.
Florida Sales Report - May 2010
Single-Family, Existing Homes
Realtor Sales
-------------
Statewide &
-----------
Metropolitan Statistical
Areas (MSAs) May May %
------------------------ --- --- ---
2010 2009 Chge
---- ---- ----
STATEWIDE* (1) 16,745 14,172 18
-------------- ---- -
STATEWIDE-YEAR-TO-DATE 72,350 58,826 23
---------------------- ---- ---
Daytona Beach 830 653 27
------------- --- ---
Fort Lauderdale 731 780 -6
--------------- --- --- ---
Fort Myers-Cape Coral 1,460 1,417 3
--------------------- ----- ----- --
Fort Pierce-Port St.
Lucie 542 511 6
-------------------- --- --- ---
Fort Walton Beach 283 236 20
----------------- --- --- ---
Gainesville 196 162 21
----------- --- --- ---
Jacksonville 1,303 1,061 23
------------ ----- ----- ---
Lakeland-Winter Haven 346 320 8
--------------------- --- --- --
Melbourne-Titusville-
Palm Bay 637 584 9
--------------------- --- --- ---
Miami 727 597 22
----- --- --- ---
Ocala 336 241 39
----- --- --- ---
Orlando 2,593 1,949 33
------- ----- ----- ---
Panama City 119 102 17
----------- --- --- ---
Pensacola 341 300 14
--------- --- --- ---
Punta Gorda 293 305 -4
----------- --- --- ---
Sarasota-Bradenton 1,029 783 31
------------------ ----- --- ---
Tallahassee 210 154 36
----------- --- --- ---
Tampa-St. Petersburg- 2,921 2,427 20
Clearwater ----- ----- ---
----------
West Palm Beach-Boca
Raton 887 737 20
-------------------- --- --- ---
Median Sales Price
------------------
Statewide &
-----------
Metropolitan Statistical
Areas (MSAs) May May %
------------------------ --- --- ---
2010 2009 Chge
---- ---- ----
STATEWIDE* (1) $140,400 $143,800 -2
-------------- ---- -------- -
STATEWIDE-YEAR-TO-DATE $136,800 $140,900 -3
---------------------- -------- -------- ---
Daytona Beach $118,300 $136,100 -13
------------- -------- -------- ---
Fort Lauderdale $216,400 $190,000 14
--------------- -------- -------- ---
Fort Myers-Cape Coral $96,900 $88,500 9
--------------------- ------- ------- ---
Fort Pierce-Port St.
Lucie $113,800 $110,000 3
-------------------- -------- -------- ---
Fort Walton Beach $188,800 $197,600 -4
----------------- -------- -------- ---
Gainesville $178,600 $172,500 4
----------- -------- -------- ---
Jacksonville $145,000 $166,000 -13
------------ -------- -------- ---
Lakeland-Winter Haven $104,500 $112,300 -7
--------------------- -------- -------- ---
Melbourne-Titusville-
Palm Bay $115,600 $123,700 -7
--------------------- -------- -------- ---
Miami $196,700 $194,700 1
----- -------- -------- ---
Ocala $96,700 $111,600 -13
----- ------- -------- ---
Orlando $134,600 $142,400 -5
------- -------- -------- ---
Panama City $165,000 $175,400 -6
----------- -------- -------- ---
Pensacola $135,800 $151,400 -10
--------- -------- -------- ---
Punta Gorda $103,900 $97,200 7
----------- -------- ------- ---
Sarasota-Bradenton $166,400 $156,600 6
------------------ -------- -------- ---
Tallahassee $169,200 $167,500 1
----------- -------- -------- ---
Tampa-St. Petersburg- $135,600 $137,500 -1
Clearwater -------- -------- ---
----------
West Palm Beach-Boca
Raton $235,200 $232,900 1
-------------------- -------- -------- ---
(1) * Statewide figure includes data from the Naples Area Board of
Realtors; it also includes data from the Marco Island Association of
Realtors.
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 - May 2010
Existing Condominiums
Realtor Sales
-------------
Statewide &
-----------
Metropolitan Statistical
Areas (MSAs) May May %
------------------------ --- --- ---
2010 2009 Chge
---- ---- ----
STATEWIDE* (1) 6,779 4,845 40
-------------- -----
STATEWIDE-YEAR-TO-DATE 30,965 19,679 57
---------------------- ------ ------
Daytona Beach 161 139 16
------------- --- --- -
Fort Lauderdale 965 799 21
--------------- --- --- -
Fort Myers-Cape Coral 467 363 29
--------------------- --- --- --
Fort Pierce-Port St.
Lucie 119 95 25
-------------------- --- --- ---
Fort Walton Beach 93 82 13
----------------- --- --- --
Gainesville 45 29 55
----------- --- --- --
Jacksonville 208 136 53
------------ --- --- --
Lakeland-Winter Haven 24 9 167
--------------------- --- --- ---
Melbourne-Titusville-
Palm Bay 144 123 17
--------------------- --- --- ---
Miami 972 571 70
----- --- --- ---
Ocala 11 3 267
----- --- --- ---
Orlando 816 472 73
------- --- --- -
Panama City 53 64 -17
----------- --- --- --
Pensacola 42 45 -7
--------- --- --- ---
Punta Gorda 48 45 7
----------- --- --- --
Sarasota-Bradenton 384 225 71
------------------ --- --- ---
Tallahassee 19 9 111
----------- --- --- ---
Tampa-St. Petersburg-
Clearwater 878 596 47
--------------------- --- --- ---
West Palm Beach-Boca
Raton 877 676 30
-------------------- --- --- ---
Median Sales Price
------------------
Statewide &
-----------
Metropolitan Statistical
Areas (MSAs) May May %
------------------------ --- --- ---
2010 2009 Chge
---- ---- ----
STATEWIDE* (1) $98,700 $113,500 -13
-------------- ----- ------- ---
STATEWIDE-YEAR-TO-DATE $98,100 $110,200 -11
---------------------- ------- ------- ---
Daytona Beach $114,400 $191,300 -40
------------- -------- -------- ---
Fort Lauderdale $81,500 $80,400 1
--------------- ------- ------- ---
Fort Myers-Cape Coral $131,900 $132,900 -1
--------------------- -------- -------- ---
Fort Pierce-Port St.
Lucie $76,800 $91,700 -16
-------------------- ------- ------- ---
Fort Walton Beach $261,700 $236,700 11
----------------- -------- -------- ---
Gainesville $93,800 $127,500 -26
----------- ------- -------- ---
Jacksonville $79,500 $138,600 -43
------------ ------- -------- ---
Lakeland-Winter Haven $70,000 $68,300 2
--------------------- ------- ------- ---
Melbourne-Titusville-
Palm Bay $115,400 $134,400 -14
--------------------- -------- -------- ---
Miami $126,100 $140,300 -10
----- -------- -------- ---
Ocala $39,200 $45,000 -13
----- ------- ------ ---
Orlando $49,900 $49,600 1
------- ------- ------ ---
Panama City $138,600 $204,500 -32
----------- -------- -------- ---
Pensacola $133,300 $256,300 -48
--------- -------- -------- ---
Punta Gorda $87,500 $107,500 -19
----------- ------- -------- ---
Sarasota-Bradenton $152,800 $148,500 3
------------------ -------- -------- ---
Tallahassee $93,800 $126,000 -26
----------- ------- -------- ---
Tampa-St. Petersburg-
Clearwater $103,700 $109,300 -5
--------------------- -------- -------- ---
West Palm Beach-Boca
Raton $99,600 $107,500 -7
-------------------- ------- -------- ---
(1) *Statewide figure includes data from the Naples Area Board of
Realtors; it also includes data from the Marco Island Association of
Realtors.
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 Realtors
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