With low mortgage rates as a driving factor, sales of existing single-family homes and condos in Florida surged in the fourth quarter of 2009, according to a recent report by the Florida Association of Realtors.

Increased sales of existing homes were reported in 18 of Florida’s metropolitan statistical areas (MSAs), and all of the Sunshine State’s MSAs showed gains in condo sales. As a result, the fourth quarter of 2009 represented the fifth consecutive quarter that both existing home and condo sales have increased from year-ago levels.

With a total of 43,926 existing homes sold statewide in the fourth quarter, transaction volume jumped 44 percent from the 30,610 existing homes sold during the same period a year earlier. An even more notable increase was

reported for statewide sales of existing condos. Coming in 93 percent higher than the previous year’s sales, 16,255 units sold during the fourth quarter of 2009 compared to 8,410 in the fourth quarter of 2008.

As the sales of foreclosures and other distressed property continued to downwardly distort the median price, the median price for both existing homes and condos decreased in the fourth quarter. The median sales price for existing homes was $140,000, down 13 percent from $160,000 during the fourth quarter in 2008. During this same period, the median condo price plummeted 23 percent from $136,600 to $105,500.

To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars, and other experts. Uncertainty over the tight credit market, foreclosures, and the jobs outlook were noted from the survey results.

On a more positive note, the survey found that private investors are starting to “kick the tires” in many markets. In addition, investor expectations for returns is starting to fall to more realistic levels, helping to close the spread between bidding and asking prices, according to Timothy Becker, the center’s director. He said these developments will bode well for the transaction market when quality properties start coming to the marketplace.