Orlando’s existing condo sales declined 34 percent in June with a total of 588 units sold compared to 889 sold in June 2010, according to the latest housing data released by Florida Realtors.
Existing home sales in Orlando also declined with a total of 2,510 homes sold last month compared to 2,752 in June 2010 for a decrease of 9 percent.
The existing home median price was $128,200 last month compared to $138,700 in June 2010, a drop of 8 percent. However, the median sale price for condos was up 4 percent from $52,800 in June 2010 to $54,900 last month.
Despite the drop in existing home and condo sales in Orlando, nine of Florida’s metropolitan statistical areas (MSAs) reported higher existing sales in June; six MSAs had higher existing home sales.
Statewide, Florida’s existing condo sales rose 8 percent in June with a total of 7,941 units sold compared to 7,330 sold in June 2010.
The statewide existing condo median sales price last month was $93,900; a year earlier, it was $92,300 for a 2 percent increase.
In Florida’s year-to-year comparison for existing home sales, a total of 17,597 homes sold last month compared to 18,402 homes sold in June 2010 for a decrease of 4 percent. The statewide median sales price for existing homes last month was $138,000; a year earlier, it was $141,200 for a 2 percent decrease.
However, June’s statewide existing home median price was about 1.8 percent higher than it was in May. 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 National Association of Realtors (NAR) analysts.
“Promising signs continue for a slowly strengthening economy and housing market,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “Mortgage interest rates remain historically low and affordability conditions are strong.”
