FL Existing Home and Condo Sales Jump

Mortgage & Real Estate

Florida existing home sales increased 12% in July over the previous year, while existing condominium sales also increased 12%, according to the Florida Realtors. There were 15,517 single-family homes sold last month, up from 13,874 the prior year.

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Statewide, the group’s members are saying they are seeing increased traffic from potential buyers looking to take advantage of historically low interest rates and prices, said Patricia Fitzgerald, president of Florida Realtors.

The most active market for single-family properties in July was Tampa-St. Petersburg-Clearwater, with 2,673 sales, up 17% from the previous year. Orlando was flat compared to 2010, with 2,268 sales, while Miami had a 47% increase in sales to 873. The only market with a larger percentage increase was Tallahassee, up 57%, but there were only 216 sales there in July.

On the downside were Fort Pierce-Port St. Lucie, off 13% from last year, Fort Myers-Cape Coral, down 3% and Punta Gorda, down 2%.

Median sales prices for single-family homes were off only slightly statewide, down just 1% to $136,500.

Prices in Melbourne-Titusville-Palm Bay were up 19% over the previous year, while in Fort Myers-Cape Coral, they were up 14% and Punta Gorda was up 13%. The market with the biggest percentage decline was Panama City, off 21%.

Median sales prices on condos statewide increased by 4%, to $90,900. In Miami, where sales increased 33% to 1,110, the median price increased by 8%, while in West Palm Beach-Boca Raton, sales increased 26% to 999 but prices fell 12%. Fort Lauderdale had the largest amount of condo sales in July, 1,293, up 12% over the previous year, but the median price remained at $81,200.

Pensacola saw a 17% increase in median sales price over the previous and was the most expensive market for existing condos, at $210,000. There were 54 transactions there in July, up 50% over the previous July.

Daily Briefing | Thursday, August 18, 2011

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