The third quarter of 2009 proved to be positive for home and condo sales in Florida.
Compared to this year’s second quarter, all of Florida’s metropolitan statistical areas (MSAs) reporting increases existing home sales during the third quarter and 17 MSAs showing gains in existing condo sales during the third quarter.
According to the latest housing statistics from Florida Realtors, 44, 345 existing homes were sold statewide during this year’s third quarter, compared with 33,311 during the third quarter of 2008. The 33 percent improvement in sales during the third quarter of 2009 marked the fifth consecutive quarter that Florida has seen increased year-to-year sales of existing homes, the state association said. During the third quarter this year, statewide sales of existing homes rose 2.82 percent, compared to the second quarter of 2009.
Coming in at $145,400 during the 2009 third quarter, the statewide median sales price for existing homes decreased 22 percent compared to the same period last year but was 1.25 percent higher than this year’s second quarter median price. Industry analysts with the National Association of Realtors (NAR) said sales of foreclosures and other distressed properties continue to downwardly distort the median sales price.

Statistics from Florida Realtors also showed sales for existing condos also increased, with the third quarter of 2009 marking the fourth consecutive quarter of increased activity in this market. Sales for exiting condos during the third quarter rose statewide, coming in 56 percent higher than the same period last year. Compared with the second quarter of 2008, existing condo sales rose 0.37 percent during this year’s third quarter.
The statewide median sales price for existing condos during the 2009 third quarter plummeted 34 percent to $106,100 compared to $160,100 during the same period last year.
Additional information was received from the University of Florida’s Bergstrom Center for Real Estate Studies, who conducts a quarterly survey of industry executives, market research economists, and real estate scholars to gain insight into current trends the Florida real estate industry. Tim Becker, the center’s director, said that while most economists think the recession is over, it is important to note that people are still afraid to spend money because employment keeps going up. This, he said, creates problems for every sector of the real estate market.
Survey respondents were positive in their responses though and expressed increased optimism about their own business outlook, predicting great opportunities for future investment. Becker also noted that a combination of the euro’s favorable exchange rate against the dollar and the availability of desirable commercial property at low prices will likely increase 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,” Becker said. “Foreign investors see that too and believe their prospects are good for long-term investments.”

According to Freddie Mac, low mortgage rates continue to favorably influence the housing sector. During the third quarter of 2009, the national commitment for a 30-year conventional fixed-rate mortgage averaged 5.16 percent, a decrease from 6.32 one year ago.