Florida’s Real Estate market continues to show signs of recovery. The latest housing data released by Florida Realtors for December, has sales activity for the state increasing for the 16th straight month in the year-to-year comparison.
Single family home sales rose 33% last month with a total of 14,630 homes sold statewide compared to 11,013 homes sold in December 2008. Month to month, home sales increased 4.3% over sales activity in November. Florida’s median sales price for single family homes in December, 2009 was $140,400, and $155,300 in 2008, a 10% decrease.
The sales of existing condos in December posted an impressive 91% increase compared to December of 2008 according to the Florida Realtors. Further demonstrating the strength of the condo market, sales increased 22% over the total units sold in November. And like the downward price pressure being felt in the single family market, the median sales price fell 18% from December of 2008. The median sales price for existing condos was $107,000 in December of 2009 and $130,300 in December 2008.
A partial explanation for the decrease in median sale price is offered by The National Association of Realtors (NAR). They note that short sales and the sale of foreclosed properties continue to adversely affect the median price because of the discounted sale prices as compared to the sales prices of non-distressed homes.
In summary the Florida Real Estate market for 2010 can expect prices continuing to be pressured, albeit less than 2009, and the volume of sales units to increase as first time buyers, vacation, second home and investors take advantage of the lower prices.
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