Home, condo sales on the rise in Florida

by KERRY CURRY

Florida’s existing home sales rose 13% in February with existing condo sales soaring 29% compared to year earlier, according to housing data released by Florida Realtors.

More than 13,700 homes sold across the state in February, up from 12,164 sold in February 2010, according to the real estate association. For condos, 6,984 units sold in Florida last month compared to 5,424 units a year earlier.

Seventeen of Florida’s metropolitan statistical areas reported a rise in existing home sales in February; 18 had higher condo sales. It’s the third month in a row of higher year-over-year existing home and existing condo sales statewide, the real estate group said.

“Current market conditions and very low mortgage rates continue to offer great opportunities to anyone looking to buy a home in Florida,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in the Sunshine State.

Florida's median sales price for existing homes last month was $121,900; down 2% from $124,500 a year ago. The National Association of Realtors said sales of foreclosures and other distressed properties continue to distort the median price because they generally sell at a discount relative to traditional homes.

Nationwide, existing homes sales fell 9.6% in February hurt by an increasing number of contract cancellations, as all-cash sales hit a record high and distressed sales continued to climb.

Florida's existing condo median sales price last month was $77,300, down 14% from $90,400 a year ago.

The Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

URL to original article: http://www.housingwire.com/2011/03/21/home-condo-sales-on-the-rise-in-florida

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