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Florida’s Existing Home, Condo Sales Continue Upward Trend

According to the latest housing statistics from ""Florida Realtors"":http://www.floridarealtors.org, statewide sales in existing-home and condo markets have increased for the seventh consecutive quarter compared to year-ago levels.

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The association's report cites a total of 51,564 existing homes sold statewide in the second quarter of 2010. That's 8,960 more homes than the same quarter last year for an increase of 21 percent. Condo sales improved by 45 percent with 20,986 units sold compared to 14,430 last year.

Seventeen of Florida's metropolitan statistical areas (MSAs) showed increased sales of existing homes while 18 MSAs reported increases in condo sales.

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Median sales prices were not as positive. The median sales price for existing homes statewide was $141,300 in Q2 2010, a decrease of 1 percent from 2009 prices. Condo sales decreased by a median of 10 percent from year-ago levels.

The Jacksonville and Daytona Beach areas were the hardest hit with decreases of 45 percent and 28 percent, respectively. The ""National Association of Realtors"":http://www.realtor.org reported that foreclosure and other distressed property sales downwardly distort these median prices because they generally sell at a discount relative to traditional homes.

According to a recent survey by the University of Florida's ""Bergstrom Center for Real Estate Studies"":http://warrington.ufl.edu/fire/realestate/, the BP oil spill and job growth have greatly impacted the state. After polling market research economists, industry executives, real estate scholars, and other experts for its quarterly survey of real estate trends, the center cites that these concerns influence the future outlook of the state's real estate industry.

Timothy Becker, the center's director, noted that the oil spill has impacted the entire state. ""[It created] a cloud of uncertainty that is affecting all markets across the state. Our respondents indicate that the effect of the oil spill is being felt across Florida despite the fact that oil is only showing up on some beaches in the Panhandle.""

About Author: Heather Cernoch

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