Florida’s existing condo sales up in 4Q 2010
Sales of existing condominiums in Florida rose 6 percent in
fourth quarter 2010 compared to the same period a year earlier,
according to the latest housing statistics from Florida Realtors®.
The statewide existing-condo median price in the fourth quarter was
nearly 2.9 percent higher than it was in 3Q 2010.
In the year-to-year quarterly comparison for existing single-family home
sales, homes sold statewide for the quarter compared to 4Q 2009 showed a
10 percent decrease. The statewide existing-home median sales price
decreased 5 percent. 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, according to
the National Association of Realtors® (NAR).
Optimism has increased slowly but steadily in Florida real estate
markets through the fourth quarter of 2010, according to the University
of Florida’s Bergstrom Center for Real Estate Studies’ latest quarterly
survey of real estate trends. The report surveys economists, industry
executives, real estate scholars, researchers and other experts.
Center Director Timothy Becker noted improvement in several key
categories, including the outlook for sales in new single-family homes
and condominiums. The investment outlook rose in a majority of the
property types. The statewide outlook was the highest since the survey’s
inception in 2006.
“Overall, the market appears to be improving and will continue to
improve at a slow pace over the next year,” Becker said.
Posted: 10 February 2011
Source: Florida Realtors
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