July 23, 2012 (Chris Moore)
Monthly sales of existing single-family homes and condominiums fell from May to June in Florida led by a near eight percent drop in condo sales according to the latest data from the Florida Realtors®. Despite the sales decline, year-over-year home prices continued to show improvement.
An estimated total of 28,002 existing single-family homes and condos were sold in the Sunshine State in June. That was 2.5 percent lower than the 28,718 homes sold in May but still 4.0 percent higher than the 26,928 homes sold in June 2011.
Existing single-family homes accounted for 18,800 of the total sales in June. That was 0.4 percent higher than the 18,723 homes sold in May and was 5.3 percent higher than the 17,861 homes sold in June 2011.
The median sales price for an existing single-family home in Florida increased 2.7 percent to $151,000 from $147,000 in May and was 8.2 percent higher than the median price of $139,500 in June of 2011.
The inventory of single-family homes for sale increased from 103,490 in May to 112,365 in June but was still drastically lower than at the same time last year when there were 163,118 single-family homes on the market, a decline of 31.1 percent.
There was a 6.0 months supply of homes available for sale, up from a 5.5 months supply the previous month but down from a 9.8 months supply in June of last year. On average, a single-family home in Florida took 60 days to sell in June, down from 64 days in June and down from 78 days a year ago.
John Tuccillo, Florida Realtors Chief Economist, stated, “The trend we’ve seen established over the past year is continuing. In June, every housing market indicator moved in the right direction. Closed sales are up, but so are pending sales, median prices, average prices and the ratio of sales price to list price. Conversely, listings are down, days on market are down and – most important – inventories are down. We have now reached a six months’ supply of inventory for existing single-family homes and 5.9-months’ supply for townhouse-condos.”
Condominium sales accounted for 9,202 of the total sales in June, down 7.9 percent from 9,995 sales in May but were still 1.5 percent higher than the 9,067 units sold in June of 2011.
The median sales price for a condo in June was $110,000, which was 1.8 percent lower than the $112,000 median sales price in May but was still 15.8 percent higher than the $95,000 median sales price for a condo in June of last year.
The number of condominiums and townhomes for sale also declined drastically from last year with 57,337 units on the market compared to 88,996 in June of last year, a decline of 43.1 percent. In May there were 53,558 condos and townhomes listed for sale.
There was a 5.9 month’s supply of units on the market compared to a 5.5 months supply in May. A year ago there was 9.9 months supply of condos and townhomes.
On average, condo’s in Florida took 64 days to sell in June, down from 68 days in May and down from 79 days in June of last year.
Tags: existing homes, condos, sales, median home prices, florida