Orlando’s existing home and existing condo sales rose in February, according to data released by Florida Realtors. Existing home sales increased by 10 percent last month with a total of 2,063 homes sold compared to 1,883 homes in February 2010. February’s Orlando sales of existing condos rose 11 percent compared to the previous year’s sales figure.
Orlando’s median sales price for existing homes last month was $117,800; a year ago it was $130,800 for a decline of 10 percent. The median sales prices for existing condos in Orlando was $51,200 compared to $50,100, increasing by 2 percent.
Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in February; 18 MSAs had higher condo sales. It’s the third month in a row that Florida Realtors has reported higher year-over-year existing home and existing condo sales statewide.
For the state as a whole, Florida’s existing home and existing condo sales rose in February by 13 percent while existing condo sales increased by 29 percent compared to the previous year’s sales figure.
Statewide, Florida’s median sales price for existing homes last month was $121,900; a year ago, it was $124,500 for a 2 percent decrease. Analysts with the National Association of Realtors® (NAR) note that 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. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in January 2011 was $159,400, down 2.7 percent from a year ago, according to NAR. In Massachusetts, the statewide median resales price was $284,500 in January; in California, it was $278,900; in New York, it was $227,000; and in Maryland, it was $222,535.
The interest rate for a 30-year fixed-rate mortgage averaged 4.95 percent in February, down slightly from the 4.99 percent average during the same month a year earlier, according to Freddie Mac.
