Bardell Real Estate Logo

Home sales in September were up 51% but values continued to sink as the median price fell by 22%, the Florida Association of Realtors reported.

The dramatic rise in sales may have been little comfort for the industry as home values fell from $233,800 in September 2007 to $182,700 last month.

Association members in the Orlando area reported 1,588 single-family home sales in September, a 51% increase from the 1,049 reported in the same month in 2007.

The Daytona Beach area also saw a 12% jump in single-family home sales, from 478 in September 2007 to 536 last month. The median home price fell 17%, from $193,200 in September 2007 to $160,000 in the same month this year.

There was an 11.5 % pickup in condo sales, from 146 last month to 131 in September 2007. The median condo price fell to $108,200, 34% less than September 2007’s $163,000.
The Daytona Beach area saw only one more condo sale last month than the 73 sold in September 2007. The median condo price was $237,500, a 14% decline from the $277,100 reported in September 2007.

Statewide, 10,817 existing homes sold last month, up 24% from the 8,725 homes sold in September 2007. The last time Florida Realtors reported higher statewide existing single-family home sales was in late 2005, according to a news release.

But Florida’s median existing single-family home price for September was $175,100, a 22% decrease from September 2007’s $224,700.

Existing condo sales in the state totaled 2,878 in September of this year, an 11% drop from the 2,595 sold in the same month a year prior. The median condo sales price last month was $153,800, a 22% decline from the $197,000 recoded in September 2007.

Source: Biz Journal