Sales of existing condominiums in Orlando rose 46 percent in third quarter 2010 compared to the same period a year earlier, Florida Realtors said. A total of 1,603 existing condos sold in the third quarter, compared to a total of 2,333 units during the same period the year before.
In addition to Orlando, thirteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in the third quarter, according to Florida Realtors.
The Orlando existing-condo median sales price was $49,900 for the three -month period; in third quarter 2009 it was 50,600, a decrease of one percent.
For the state as a whole, existing condominium sales rose 15 percent in third quarter 2010 compared to the same period a year earlier. A total of 16,938 existing condos sold statewide in 3Q 2010; during the same period the year before, a total of 14,793 units changed hands.
The statewide existing-condo median sales price was $84,000 for the three-month period; in 3Q 2009, it was $106,000 for a decrease of 21 percent.
“A healthy housing market is built on the foundation of a robust economy,” said Dr. Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness. “As the economic recovery continues in Florida – and in particular as the labor market improves – the housing market will follow suit. The price decline in the condo market continues to attract domestic and foreign buyers to Florida to take advantage of this buying opportunity.
As regards existing single-family home sales in Orlando, an almost equal number of houses were sold for the quarter, 6,750 homes, compared to 6,724 homes in third quarter 2009. The Orlando existing-home median sales price was $130,300 in third quarter 2010; a year earlier it was $145,800 for a decrease of 11 percent.
For Florida, in the year-to-year quarterly comparison for existing single-family home sales, 41,122 homes sold statewide for the quarter compared to 44,451 homes in 3Q 2009 for a 7 percent decrease. The statewide existing-home median sales price was $135,200 in 3Q 2010; a year earlier, it was $145,300 for a decrease of 7 percent.
“The third-quarter single-family and condo Florida resales data reflect a slowdown relative to second-quarter data as the expiration of the first-time homebuyer’s tax credit in April pulled future demand into the second quarter,” Snaith said, adding that the drop-off was expected.
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). The median is a typical market price where half the homes sold for more, half for less.
