Dennis Norman
The sunshine state’s real estate market is heating up according to the latest report from the Florida REALTORS(R). Existing home sales rose in January, marking 17 months that sales activity has increased in the year-to-year comparions.
Existing home sales in Florida increased 24 percent in January with a total of 10,465 homes sold statewide compared to 8,444 homes sold in January, 2009, according to the report. Condo sales for January were up a whopping 81 percent from the year before.
Gulf Coast Sunset
Sixteen of Florida’s metro areas reported increased existing home sales in January; all metros in the state had higher condo sales. A majority of the state’s metro areas have reported increased sales for 19 consecutive months.
Prices may be fueling the sales:
Florida’s median sales price for existing homes last month was $130,900, down 6 percent from a year ago when it was $139,400. The median sales price for existing condo’s last month was $97,300, down 14 percent from a year ago when it was $113,300. The sale of foreclosures and other distressed properties continue to apply downward pressure on median home and condo prices.
“Now is the time for anyone thinking of buying a home in Florida to make that decision,” said 2010 Florida REALTORS(R) President Wendell Davis. Davis went on to add “markets across the state are seeing increased sales, yet conditions remain very favorable with still-low mortgage rates, a range of housing inventory and attractive prices. “
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