Florida’s existing home sales rose in November, marking 15 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.
Existing home sales rose 61 percent last month with a total of 14,026 homes sold statewide compared to 8,694 homes sold in November 2008, according to Florida Realtors. Statewide sales of existing condos increased 111 percent last month compared to November 2008′s sales figure.
For the second month in a row, all of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in November. A majority of the state’s MSAs have reported increased sales for 17 consecutive months.
“The extended and expanded federal homebuyer tax credit will continue the positive momentum of the housing sector’s recovery – people will want to take advantage of this incredible, not-to-be-missed opportunity to buy a home of their own in Florida,” says 2009 Florida Realtors President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando.
“For 15 months now, statewide sales of existing single-family homes in Florida have increased each month compared to the year-ago figures,” Shelton says. “The continued, gradual absorption of housing inventory will help stabilize home prices. National research notes that housing affordability is at its peak and the highest on record: Along with still-low mortgage rates, it means that the buying power of a typical family has never been better.”
Florida’s median sales price for existing homes last month was $139,000; a year ago, it was $158,200 for a 12 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 October 2009 was $173,100, down 6.8 percent from a year earlier, according to NAR. In California, the statewide median resales price was $297,500 in October; in Massachusetts, it was $287,000; in Maryland, it was $250,210; and in New York, it was $209,900.
According to NAR’s latest industry outlook, home sales are experiencing a pendulum upswing. “Keep in mind that housing had been underperforming over most of the past year,” said NAR Chief Economist Lawrence Yun. “The tax credit is helping unleash pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future. In the second half of 2010, if home values show consistent stabilization or even a modest increase, then home sales could register normal healthy levels.”
In Florida’s year-to-year comparison for condos, 4,889 units sold statewide last month compared to 2,320 units in November 2008 for an increase of 111 percent. The statewide existing condo median sales price last month was $104,400; in November 2008 it was $131,400 for a 21 percent decrease. The national median existing condo price was $172,900 in October 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 4.88 percent last month, a significant drop from the average rate of 6.09 percent in November 2008, 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 smaller markets, the Tallahassee MSA reported a total of 174 homes sold in November compared to 100 homes a year earlier for a 74 percent increase. The market’s existing home median sales price last month was $162,000; a year ago it was $170,00 for a 5 percent decrease. A total of 5 condos sold in the MSA in November, up 150 percent over the 2 units sold in November 2008. The existing condo median price last month was $110,000; a year earlier, it was $95,000 for an increase of 16 percent.
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 November 2009 to November 2008 based on Realtor transactions; the other compares the volume of existing, condominium sales and median sales prices in November 2009 to November 2008 based on Realtor transactions.
Florida Sales Report - November 2009
Single-Family, Existing Homes
Realtor Sales Median Sales Price
------------- ------------------
Statewide &
-----------
Metropolitan
Statistical
Areas (MSAs) November November % November November %
------------- -------- -------- --- -------- -------- ---
2009 2008 Chge 2009 2008 Chge
---- ---- ---- ---- ---- ----
STATEWIDE*
(1) 14,026 8,694 61 $139,000 $158,200 -12
---------- ------ ----- --- -------- -------- ---
STATEWIDE-
YEAR-TO-
DATE 148,518 113,155 31 $142,800 $190,900 -25
---------- ------- ------- --- -------- -------- ---
Daytona Beach 773 420 84 $130,500 $146,200 -11
------------- --- --- --- -------- -------- ---
Fort
Lauderdale 707 507 39 $182,100 $229,100 -21
---------- --- --- --- -------- -------- ---
Fort Myers-
Cape Coral 1,530 656 133 $95,100 $109,900 -13
----------- ----- --- --- ------- -------- ---
Fort Pierce-
Port St.
Lucie 567 318 78 $111,700 $130,500 -14
------------ --- --- --- -------- -------- ---
Fort Walton
Beach 226 127 78 $175,500 $191,300 -8
----------- --- --- --- -------- -------- ---
Gainesville 166 90 84 $167,000 $160,000 4
----------- --- --- --- -------- -------- ---
Jacksonville
(2) 1,042 612 70 $149,200 $154,300 -3
------------ ----- --- --- -------- -------- ---
Lakeland-
Winter Haven 309 211 46 $107,600 $127,400 -16
------------ --- --- --- -------- -------- ---
Melbourne-
Titusville-
Palm Bay 391 328 19 $105,000 $126,700 -17
----------- --- --- --- -------- -------- ---
Miami 455 366 24 $184,800 $224,700 -18
----- --- --- --- -------- -------- ---
Ocala 251 159 58 $87,800 $122,800 -29
----- --- --- --- ------- -------- ---
Orlando 2,292 1,277 79 $137,100 $167,900 -18
------- ----- ----- --- -------- -------- ---
Panama City 97 78 24 $173,600 $186,000 -7
----------- --- --- --- -------- -------- ---
Pensacola 330 191 73 $150,500 $152,100 -1
--------- --- --- --- -------- -------- ---
Punta Gorda 270 174 55 $100,000 $97,700 2
----------- --- --- --- -------- ------- ---
Sarasota-
Bradenton 784 482 63 $160,000 $172,700 -7
--------- --- --- --- -------- -------- ---
Tallahassee 174 100 74 $162,000 $170,000 -5
----------- --- --- --- -------- -------- ---
Tampa-St.
Petersburg-
Clearwater 2,282 1,701 34 $139,100 $149,800 -7
----------- ----- ----- --- -------- -------- ---
West Palm
Beach-Boca
Raton 733 450 63 $227,500 $247,400 -8
---------- --- --- --- -------- -------- ---
--* Statewide figure includes data from the Naples Area Board of
Realtors; it also includes data from the Marco Island Association of
Realtors.
-- 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 - November 2009
Existing Condominiums
Realtor Sales Median Sales Price
------------- ------------------
Statewide &
-----------
Metropolitan
Statistical
Areas (MSAs) November November % November November %
------------- -------- -------- --- -------- -------- ---
2009 2008 Chge 2009 28 Chge
---- ---- ---- ---- ---- ----
STATEWIDE*
(1) 4,889 2,320 111 $104,400 $131,400 -21
---------- ----- ----- --- -------- -------- ---
STATEWIDE-
YEAR-TO-
DATE 50,017 34,963 43 $108,100 $167,500 -35
---------- ------ ------ --- -------- -------- ---
Daytona Beach 137 66 108 $171,300 $174,300 -2
------------- --- --- --- -------- -------- ---
Fort
Lauderdale 898 442 103 $86,500 $109,400 -21
---------- --- --- --- ------- -------- ---
Fort Myers-
Cape Coral 299 109 174 $113,500 $139,300 -19
----------- --- --- --- -------- -------- ---
Fort Pierce-
Port St.
Lucie 100 49 104 $87,100 $110,000 -21
------------ --- --- --- ------- -------- ---
Fort Walton
Beach 65 30 117 $253,600 $300,000 -15
----------- --- --- --- -------- -------- ---
Gainesville 16 14 14 $120,000 $133,300 -10
----------- --- --- --- -------- -------- ---
Jacksonville
(2) 132 61 116 $90,000 $132,100 -32
------------ --- --- --- ------- -------- ---
Lakeland-
Winter Haven 16 6 167 $65,000 $80,000 -19
------------ --- --- --- ------- ------- ---
Melbourne-
Titusville-
Palm Bay 86 67 28 $100,000 $113,800 -12
----------- --- --- --- -------- -------- ---
Miami 609 308 98 $149,000 $172,600 -14
----- --- --- --- -------- -------- ---
Ocala 4 3 34 $60,000 $95,000 -37
----- --- --- --- ------- ------- ---
Orlando 541 135 301 $55,000 $76,100 -28
------- --- --- --- ------- ------- ---
Panama City 49 32 53 $191,700 $250,000 -23
----------- --- --- --- -------- -------- ---
Pensacola 37 21 76 $291,700 $375,000 -22
--------- --- --- --- -------- -------- ---
Punta Gorda 36 17 112 $80,000 $102,000 -22
----------- --- --- --- ------- -------- ---
Sarasota-
Bradenton 239 104 130 $141,000 $177,100 -20
--------- --- --- --- -------- -------- ---
Tallahassee 5 2 150 $110,000 $95,000 16
----------- --- --- --- -------- ------- ---
Tampa-St.
Petersburg-
Clearwater 665 370 80 $104,500 $121,800 -14
----------- --- --- --- -------- -------- ---
West Palm
Beach-Boca
Raton 690 358 93 $103,000 $123,900 -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.
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