Florida Homes and Pricing

Posted on Sep 15, 2011

For 33 out of the last 35 months, Florida’s existing home and/or condominium sales have rose on a year over year basis. In July, fifteen of Florida’s metropolitan statistical areas (MSA’s) reported higher existing home sales and thirteen had higher condominium sales. A majority of the MSA’s have reported increased home and/or condominium sales for 37 consecutive months. In addition, 2010 year end existing home sales were up 5% and year end condominium sales were up 29%. Considering more properties were sold in 2009 than in any other year in history, the 2010 and 2011 numbers continue to be quite astonishing.

Statewide, sales of existing single-family homes totaled 15,517, up 12% year over year. The statewide existing home median price was $136,500, down 1% from a year ago. According to housing industry analysts, sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a 15% – 20% discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.