September 4, 2012 (Chris Moore)
Monthly sales of existing single-family homes and condominiums fell for the second consecutive month during July in Florida but still remained above the previous year’s levels according to the latest data from the Florida Realtors®.
An estimated total of 25,199 existing single-family homes and condos were sold in the Sunshine State in July. That was 10.0 percent lower than the 28,002 homes sold in June but still 7.5 percent higher than the 23,433 homes sold in July 2011.
Existing single-family homes accounted for 17,420 of the total sales in July. That was 7.3 percent lower than the 18,800 homes sold in June but still 9.8 percent higher than the 15,863 homes sold in July 2011.
The median sales price for an existing single-family home in Florida fell 2.0 percent to $148,000 from $151,000 in June but was still 7.8 percent higher than the median price of $137,300 in July of 2011.
The inventory of single-family homes for sale fell from 103,490 in June to 100,657 in July and was still drastically lower than at the same time last year when there were 149,314 single-family homes on the market, a decline of 32.6 percent.
There was a 5.3 months supply of homes available for sale, down from a 6.0 months supply the previous month and down from a 9.1 months supply in July of last year. On average, a single-family home in Florida took 59 days to sell in July, down from 60 days in June and down from 76 days a year ago.
John Tuccillo, Florida Realtors Chief Economist, stated, “We really need to recognize that over the past year, we have seen a market reversal, from a clear buyers’ market to a neutral market to one that is verging on a sellers’ market. This is a precursor to price growth. Our MLS (Multiple Listing Service) numbers confirm this in that both median and average prices have been trending up. Florida Realtors’ soon-to-be-launched price index, based on all sales, is showing the same sort of behavior in that price drops ended in 2009 and are now showing signs of moving up.”
Condominium sales accounted for 7,779 of the total sales in July, down 15.5 percent from 9,202 sales in June but were still 2.8 percent higher than the 7,570 units sold in July of 2011.
The median sales price for a condo in July was $102,000, which was 7.3 percent lower than the $110,000 median sales price in June but was still 10.9 percent higher than the $92,000 median sales price for a condo in July of last year.
The number of condominiums and townhomes for sale also declined drastically from last year with 51,562 units on the market compared to 80,992 in July of last year, a decline of 36.3 percent. In June there were 57,337 condos and townhomes listed for sale.
There was a 5.4 month’s supply of units on the market compared to a 5.9 months supply in June. A year ago there was an 8.9 months supply of condos and townhomes.
On average, condo’s in Florida took 60 days to sell in July, down from 64 days in June and down from 73 days in July of last year.
Tags: florida real estate, existing homes, condos, sales, median home prices, florida