Home Prices Improve in Florida Despite Sales Decline

February 23, 2012 (Shirley Allen)

Home prices of existing single-family homes and condominiums showed improvement from a year ago in Florida despite a drop in monthly and annual home sales according to the latest data from the Florida Realtors®.

An estimated total of 18,007 existing homes and condos were sold in the Sunshine State in January. That was 18.6 percent lower than the 23,462 homes sold in December and 12.0 percent lower than the 20,452 homes sold in January 2011.

Existing single-family homes accounted for 12,044 of the total sales in January. That was 23.4 percent lower than the 15,728 homes sold in December and 5.5 percent lower than the 12,751 homes sold in January 2011.

The median sales price for an existing single-family home in Florida fell 3.9 percent to $129,000 from $134,300 in December but was 5.3 percent higher than the median price of $122,500 in January of 2011.

The number of single-family homes available for sale declined drastically from a year ago, falling 33.8 percent from 171,961 in January of last year to 113,822 last month.

There was a 6.4 months supply of homes available for sale compared to an 11.0 months supply in January of last year.

John Tuccillo, Florida Realtors Chief Economist, stated, “Even though closed sales are down from a year ago, there are two really bright spots in Florida’s housing market. One is a significant increase in pending sales. In fact, pending sales have been up every month since May. The barrier that stands between pending sales and closings is the difficulty consumers are experiencing in obtaining financing.”

Condominium sales accounted for 5,963 of the total sales in January, down 22.9 percent from 7,734 sales in December and 22.6 percent lower than the 7,701 units sold in January of 2011.

The median sales price for a condo in January was $95,000, which was 3.4 percent higher than the $91,900 median sales price in December and 18.8 percent higher than the $80,000 median sales price for a condo in January of last year.

The supply of condominiums available for sale also declined drastically from last year with 60,533 condos for sale compared to 99,266 in January of last year, a decline of 39.0 percent.

The sharp drop in available homes reduced the supply of inventory to 6.4 months, down from an 11.8 months supply a year ago, a drop of 45.8 percent.

Tags: existing homes, condos, sales, median home prices, florida

Source:
Florida Realtors®