Florida existing home, condo sales up in 2009
By South Florida Business Journal - January 26, 2010After one of the worst housing downturns in recent memory, the state’s real estate market ended 2009 on a positive note.
Existing home and condo sales across Florida were higher last year than they were in 2008, according to housing data released by Florida Realtors.
Existing home sales rose 31 percent in 2009, with 163,148 homes sold, up from 124,168 homes sold in 2008. Existing condo sales were up 47 percent last year, to 55,985 from 38,095 a year earlier.
On the flip side, median prices on existing homes statewide in 2009 were $142,600, down 24 percent from $187,700 in 2008.
Existing condo prices in Florida fared even worse, with the median price falling 34 percent, year-over-year, to $108,000 from $164,200 in 2008.
For the month of December, existing home sales statewide rose 33 percent, to 14,630 homes from 11,013 homes sold in December 2008. Existing condo sales for December exploded, rising 91 percent to 5,968 from 3,132 in December 2008.
Existing home sales in Miami were up 53 percent, to 6,685 in 2009 from 4,379 a year earlier. The median price, however, fell 29 percent, to $195,300 from $276,600.
Existing condo sales in Miami rose 50 percent, to 6,854 from 4,580. The median price of a condo in Miami fell 40 percent, to $142,400 from $239,400.
In Fort Lauderdale 7,934 existing homes sold in 2009, up 38 percent from 6,377 in 2008. The median price fell 26 percent, to $205,700 from $278,000.
Existing condo sales there rose 51 percent, to 9,894 from 6,551 a year earlier.
Existing home sales in West Palm Beach rose 25 percent to 8,684 from 6,953. The median price, however, slid 21 percent to $239,000 from $302,800.
Existing condo sales rose to 7,887, up 30 percent from 6,075 in 2008. The median price of a condo fell 25 percent to $107,300 from $143,800.
Nationwide, existing home sales fell in December, as expected, after first-time buyers rush to complete sales before the original November deadline for the $8,000 credit.
For all of last year, 5,156,000 existing homes sold, up 49 percent from 2008 and the first annual sales gain since 2005.
“It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit,†said Lawrence Yun, National Association of Realtors chief economist, in a news release. “We’ll likely have another surge in the spring as home buyers take advantage of the extended and expanded tax credit. By early summer, the overall market should benefit from more balanced inventory, and sales are on track to rise again in 2010."
However, he noted that the job market remains a concern and could impact any further recovery of the housing market at least until the second half of 2010.
The national median price for an existing home was $178,300 in December, up 1.5 percent from December 2008. For all of 2009, the median price was $173,500, down 12.4 percent from $198,100 in 2008. Distressed homes accounted for 36 percent of total sales last year.
<== Back
