Home & Condo Sales Results - 1st Quarter 2010
Posted by The Atlantic Real Estate Team on Wednesday, May 12th, 2010 at 2:57pm.The Florida Realtors® state association has just released 2010 1st quarter home and condo sales statistics and we wanted to share the news with you.
Sales of existing single-family homes in Florida rose 24% in the first quarter of 2010 compared to the same period a year earlier. A total of 38,846 existing homes sold statewide in Q1 2010. It marks the 7th consecutive quarter that Florida has seen higher existing year-to-year home sales. The statewide existing-home median sales price decreased 5% in Q1 2010 compared to a year earlier. Distressed property sales continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes due to physical condition of home.
Statewide sales of existing condominiums in the first quarter of 2010 increased 67% compared to the same time the previous year. In the year-to-year quarterly comparison for condo sales, 16,897 units sold for the quarter. This marks the 6th consecutive quarter for increased statewide sales in the condo market compared to year-ago levels. The statewide condo median sales price decreased 13% in Q1 2010 in comparison to Q1 2009.
“The first quarter data release from the Florida Realtors paints a picture of a housing market continuing down the long road to recovery,” said Dr. Sean Snaith, director for the University of Central Florida's Institute for Economic Competitiveness. “Transactions in the single family market have extended quarterly year-over-year gains for nearly two years, and condo sales have also risen sharply. Median prices in most areas of the state continue to fall. However, the rate at which they are falling has diminished significantly and this is indicative of a bottom approaching. How long prices stay at the bottom and when price appreciation will reappear will depend in a large part on the improving fundamentals in the economy and credit markets.”
The University of Florida's Bergstrom Center for Real Estate Studies' latest quarterly survey of real estate trends also notes positive signs of recovery in the state's real estate industry. The survey polls market research economists, industry executives, real estate scholars and other experts. “Results indicate that the real estate market in Florida has hit bottom and is in the process of stabilizing across most property types,” said Timothy Becker, the center's director. “Private capital, both foreign and domestic, continues to enter the state in search of quality investment deals,” he added.
Low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5% in Q1 2010.
It is still a great time to buy. If you are ready to get out there and shop, contact us today!
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