Sales of existing condominiums in Orlando rose 2 percent in the fourth quarter of 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors. A total of 1,804 existing condos sold in Orlando in Q4 2010; during the same period the year before, a total of 1,765 units changed hands.
Orlando existing-condo median sales price was $51,000 for the three-month period; in 4Q 2009, it was $54,000, a decrease of 6 percent, according to Florida Realtors.
Statewide, 17,231 condos changed hands in the fourth quarter of 2010, an increase of 6 percent, from the 16,299 units that were sold during the same period the year before. The existing-condo median sales price was $86,400, a decrease of 18 percent from $105,600 recorded in the same three-month period.
Looking at Florida’s housing sector in the fourth quarter, Dr. Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness, pointed out that the jobs outlook has a major impact. “Persistently high unemployment constrains demand and feeds into the ongoing foreclosure problem,” Snaith said. “Given the state of the labor market, a continuing decline of home and condo prices in the fourth quarter is not surprising or unexpected. However, it’s important to note the rate of price decline is decelerating.
“As the labor market recovery takes hold in 2011, it will help put a floor beneath price declines and ultimately will provide the basis of housing’s recovery.”
Meanwhile, the year-to-year quarterly comparison for existing single-family home sales, 6,067 homes sold in Orlando for the quarter compared to 6,889 homes in 4Q 2009, for a 12 percent decrease. Orlando existing-home median sales price was $127,600 in 4Q; a year earlier it was $139,000 for a decrease of 5 percent.
Statewide, 39,338 homes sold statewide for the quarter compared to 43,494 homes in 4Q 2009 for a 10 percent decrease. The statewide existing-home median sales price was $134,100 in 4Q 2010; a year earlier, it was $140,500 for a decrease of 5 percent.
Optimism has increased slowly but steadily in Florida real estate markets through the fourth quarter of 2010, according to the University of Florida’s Bergstrom Center for Real Estate Studies’ latest quarterly survey of real estate trends. The report surveys economists, industry executives, real estate scholars, researchers and other experts.
Center Director Timothy Becker noted improvement in several key categories, including the outlook for sales in new single-family homes and condominiums, office occupancy, retail occupancy, land investment and capital availability. Respondents’ expectations for occupancy and rent increased across every property type, while the investment outlook rose in a majority of the property types. The statewide outlook was the highest since the survey’s inception in 2006, he said.
“Overall, the market appears to be improving and will continue to improve at a slow pace over the next year,” Becker said.
