Florida's existing home & condo sales up in 3Q 2009
Sales of existing single-family homes (villas) in Florida rose 33 percent in
third quarter 2009 compared to the same period a year earlier, according to
the latest housing statistics from Florida Realtors®. It marks the fifth
consecutive quarter that Florida has seen higher existing year-to-year home
sales.
Statewide sales of existing condominiums in the third quarter rose 56
percent compared to the same time the previous year.
This marks the fourth
consecutive quarter for increased statewide sales in both the existing home
and condo markets compared to year-ago levels.
Statewide sales activity in 3Q 2009 also increased over 2Q 2009’s sales
figure in both the existing home and existing condo markets.
To gain insight into current trends in Florida’s real estate industry, the
University of Florida’s Bergstrom Centre for Real Estate Studies conducts a
quarterly survey of industry executives, market research economists, real
estate scholars and other experts.
“Most economists think the recession is over” said Tim Becker, the centre's
director. Becker noted that the euro’s favourable exchange rate against the
dollar and the availability of desirable commercial property at low prices
is encouraging international investors.
“Everybody thinks that Florida will rebound because we have so much
going for us – the sun shines every day and there are a lot of
advantages to living here,” he said.
“Foreign investors see that too
and believe their prospects are good for long-term investments.”
The statewide existing-home median sales price in the third quarter showed a
decrease of 22 percent over a year earlier. The 3Q 2009 statewide
existing-home median sales price was 1.25 percent higher than 2Q’s statewide
existing-home median sales price.
According to industry analysts with the National Association of Realtors®
(NAR), sales of foreclosures and other distressed properties continue to
downwardly distort the median price because they generally sell at a
discount relative to traditional homes.
Posted: 10 November 2009
Source: Florida Association of Realtors
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