Existing Condo Sales in Florida Surged in July

Published by nora | Filed under Buyer / Seller Tips, Communities, Market Trends, Real Estate

Sales of pre-owned condos in Florida increased by 11 percent in July to a total of 5,557 units, compared to the 4,991 condos sold in July last year, based on data from Florida Realtors. Additionally, 11 metro areas in Florida posted increases in their existing condo sales in July. These were the 11 areas including their rates of increase:

• Orlando,  59 percent
• Jacksonville,  44 percent
• Miami,  43 percent
• Daytona Beach,  38 percent
• Fort Pierce-Port St. Lucie,  29 percent
• Ocala,  25 percent
• Punta Gorda,  23 percent
• West Palm Beach-Boca Raton,  16 percent
• Lakeland-Winter Haven,  10 percent
• Tampa-St. Petersburg-Clearwater,  4 percent
• Melbourne-Palm Bay,  2 percent

Buyers looking for bargain-priced condos can find a lot of units in Florida, as the sales price median for all pre-owned condos sold in July across the state was $87,200, down by 19.6 percent from $108,500 median price for units sold in July last year. The median price was also lower by 52 percent than the $181,300 nationwide median for existing condos in June, based on data from the National Association of Realtors.

For the seven-month period from January to July, the increase in condo sales in 2010 was even more significant, as total sales increased by a whopping 45 percent from 29,885 condo units last year to 43,438 units this year. The median price was still lower though at $96,100, down by 13 percent from the $110,300 median in the January-July period last year.

In contrast to the good news about condo sales, sales of existing single-family homes statewide decreased in July by 14 percent, from 15,762 units in July last year to 13,589 units in July this year. The median price for all single-family homes sold also decreased from $147,600 in July last year to $138,000 this year, a drop rate of seven percent.

The good news about single-family home sales is that the total sales for the seven-month period from January to July this year increased by 15 percent from 90,320 units last year to 103,977 units this year. The drop rate in median price was also lower than the drop rate in July as the median price for the seven-month period was only four percent. The metro areas with the least rates of single-family sales decreases were:

• Orlando,  -3 percent
• Jacksonville,  -5 percent
• Fort Walton Beach,  -7 percent
• West Palm Beach-Boca Raton,  -7 percent
• Miami,  -8 percent
• Fort Pierce-Port St. Lucie,  -9 percent

According to analysts, the major causes of declines in single-family sales were the expiration of the homebuyer tax credits, the high unemployment rate, and the explosion of the Deepwater Horizon drilling rig which resulted in an oil spill that downed the operations of local businesses, including real estate sales in Florida and other Gulf Coast states. Housing analysts said that the special allocation of $16 million for real estate professionals affected by the oil spill will help facilitate economic recovery in the state.