2009 Florida Existing Home/Condo Sales Up At Year End
At the end of 2009, Florida’s existing home and condo sales were higher than a year earlier, a continuing trend for statewide sales activity, according to the latest housing data released by Florida Realtors®.
Existing home sales rose 31 percent at year’s end, with a total of 163,148 homes sold statewide compared to 124,168 homes sold at year end 2008, according to Florida Realtors. Existing home sales activity at the end of 2009 also was 25.6% higher than the 2007 statewide sales level, records show. Statewide sales of existing condos increased 47% at year end 2009 compared to year end 2008’s sales figure; it was 33.7% higher than the year end 2007 statewide existing condo sales.
Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales, while 18 MSAs had higher condo sales through the period. A majority of the state’s MSAs have reported increased sales for 18 consecutive months.
Florida’s median sales price for existing homes at year end 2009 was $142,600; a year earlier, it was $187,700 for a 24%. The national median existing single-family home price was $171,900 in November, down 4.4% from a year ago, according to the National Association of Realtors®. NAR housing industry analysts 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.
NAR’s latest industry outlook predicts the housing recovery to gain momentum in the second half of 2010. Qualified buyers who have signed a contract to buy a primary residence by April 30, 2010, have until June 30, 2010, to close the transaction to be eligible for the federal tax credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.
In Florida’s year-to-year comparison for condos, 55,985 units sold statewide at year end 2009 compared to 38,095 units at year end 2008 for an increase of 47%. The statewide existing condo median sales price at year’s end was $108,000; a year earlier, it was $164,200 for a 34% decrease. The national median existing condo price was $178,000 in November 2009, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 5.04% in 2009, a significant drop from the average rate of 6.03% in 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 Pensacola MSA reported a total of 3,389 homes sold at year end 2009 compared to 3,208 homes a year earlier for a 6% increase. The market’s existing home median sales price at year end 2009 was $145,800; a year earlier, it was $155,800 for a 6% decrease. A total of 497 condos sold in the MSA, up 22% over the 409 units sold at year end 2008. The Pensacola MSA’s existing condo median price at year end 2009 was $240,300; a year earlier, it was $239,000 for an increase of 1%.
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