Florida existing home sales increased 13% and existing condominium sales increased 29% over the first quarter 2010, according to the Florida Association of Realtors. While the housing recovery is gaining strength in the state, there is still an overhang from distressed properties, an economist explained.
There were 44,531 homes sold in the first quarter, compared with 39,406 one year prior, while 23,375 condo units sold, up from 18,170.
But the median sales price was down for both. For existing home sales, the statewide median was $123,600, down 6% from $131,100 in the first quarter last year. Condo sales median price was $80,700, off 16% from $96,100 in the first quarter 2010.
Sean Snaith, director of the University of Central Florida's Institute for Economic Competitiveness, said the first quarter report shows sales regained momentum after slipping in the fourth quarter 2010.
"The labor market recovery is just starting to blossom—once it is in full bloom it will provide some needed curb appeal for Florida's struggling housing market by creating a new pool of qualified buyers and preventing other homeowners from falling victim to foreclosures.
But Snaith added that until distressed properties can move into and through the foreclosure process, a complete recovery in the state would be difficult to achieve.
The most active existing home sales market in the state is the Tampa Bay area, with 7,710 sales, up 17%, with a 14% decline in median price. Orlando had 6,572 sales, up 7%, but the median price in the area fell 8%.
Miami had the largest percentage gain, 47% to 2,247, but the median price fell by 20%. Fort Lauderdale had the largest percentage price decline, off 35%.
