The North Florida home sales market showed a major increase in March, according to Florida Realtors. Sales were up 44 percent over last year’s March numbers and the average price was only three percent less.
The state’s existing home sales rose, too, which means that sales activity has increased in the year-to-year comparison for 19 months.
Existing home sales in Florida increased 24 percent with a total of 16,294 homes sold statewide compared to 13,090 homes sold in March 2009, according to state’s real estate association. There were 1,303 sales in North Florida compared to 903 a year ago.
Also noteworthy: While March’s statewide existing-home median price of $137,000 was down from the same time a year ago, it was 4.3 percent higher than February’s statewide existing-home median price.
There was a 63 percent increase in statewide sales of existing condos in March compared to the previous year’s sales figure; statewide existing condo sales rose 40.6 percent over the total units sold in February. North Florida’s number was better: a 99 percent increase.
Though March’s statewide existing-condo median price of $96,900 was down compared to the year-ago figure, it was 5.1 percent higher than February’s statewide existing-condo median price.
Sixteen other metropolitan statistical areas in Florida reported increased existing home sales in March while all MSAs had higher condo sales. A majority of the state’s MSAs have reported increased sales for 21 consecutive months.
Florida’s median sales price for existing homes last month was $137,000; a year ago, it was $141,300 for a 3 percent decrease. Industry analysts with the National Association of Realtors said 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.
NAR’s latest outlook anticipates a rise in home sales in late spring, which should help to absorb inventory. Increased pending sales is a positive sign for home prices, which are continuing to stabilize, according to NAR Chief Economist Lawrence Yun.
In Florida’s year-to-year comparison for condos, 7,148 units sold statewide compared to 4,387 units in March 2009 for an increase of 63 percent. The statewide existing condo median sale was $96,900; in March 2009 it was $108,500 for an 11 percent decrease.
The national median existing condo price was $170,200 in February, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 4.97 percent, down from the average rate of 5 percent in March 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
