Home Sales Slow in Florida

October 29, 2012 (Chris Moore)

Monthly sales of existing single-family homes and condominiums slowed as expected in Florida during September according to the latest data from the Florida Realtors® while home prices between single-family homes and condominiums were mixed.

An estimated total of 22,972 existing single-family homes and condos were sold in the Sunshine State in September. That was 16.3 percent lower than the 27,436 homes sold in August and 88 sales higher than the 22,884 homes sold in September 2011.

Sales for the month were expected to be lower because September only had 19 business days compared to a normal month that typically has 21 or 22 business days. However, on a daily basis, homes sales were still 3.0 percent lower than last month.

Existing single-family homes accounted for 15,643 of the total sales in September. That was 16.2 percent lower than the 18,669 homes sold in August and 2.0 percent higher than the 15,338 homes sold in September 2011.

The median sales price for an existing single-family home in Florida fell 1.4 percent to $145,000 from $147,000 in August but was still 7.4 percent higher than the median price of $135,000 in September of 2011.

The inventory of single-family homes for sale remained virtually unchanged from the previous month falling from 99,677 in August to 99,534 in September but was still drastically lower than at the same time last year when there were 145,314 single-family homes on the market, a decline of 31.5 percent.

There was a 5.2 months supply of homes available for sale, down from a 5.3 months supply the previous month, and down from an 8.7 months supply in September of last year. On average, a single-family home in Florida took 59 days to sell in September, down from 60 days in August and down from 72 days a year ago.

John Tuccillo, Florida Realtors Chief Economist, stated, “The onward march of Florida’s housing market continues. Inventories have now tilted to the point where we truly have a sellers’ market forming. Prices are up smartly and have been for quite a while. It’s getting to the point where Florida is the place to buy, but it may soon move out of reach for many households.”

Condominium sales accounted for 7,329 of the total sales in September, down 16.4 percent from 8,767 sales in August and 2.9 percent lower than the 7,546 units sold in September of 2011.

The median sales price for a condo in September was $105,736, which was 2.7 percent higher than the $102,980 median sales price in August and was 18.8 percent higher than the $89,000 median sales price for a condo in September of last year.

The number of condominiums and townhomes for sale was also significantly lower than last year with 50,070 units on the market compared to 77,642 in September of last year, a decline of 35.5 percent. In August there were 50,588 condos and townhomes listed for sale.

There was a 5.2 month’s supply of units on the market compared to a 5.3 months supply in August. A year ago there was an 8.5 months supply of condos and townhomes.

On average, condo’s in Florida took 61 days to sell in September, down from 62 days in August and down from 73 days in September of last year.

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

Source:
Florida Realtors®