Orlando’s Condo Sales Up

Florida’s existing home and existing condo sales rose in February, according to the latest housing data released by Florida Realtors®. Existing home sales increased 13 percent last month with a total of 13,701 homes sold statewide compared to 12,164 homes sold in February 2010, according to Florida Realtors. February’s statewide sales of existing condos rose 29 percent compared to the previous year’s sales figure.

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in February; 18 MSAs had higher condo sales. It’s the third month in a row that Florida Realtors has reported higher year-over-year existing home and existing condo sales statewide.

“Current market conditions and very low mortgage rates continue to offer great opportunities to anyone looking to buy a home in Florida,” said 2011 Florida Realtors® President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “Every day, Realtors® help people realize their dreams of homeownership – they see the positive impact that homeownership has on families and communities.”

Florida’s median sales price for existing homes last month was $121,900; a year ago, it was $124,500 for a 2 percent decrease. Analysts with the National Association of Realtors® (NAR) note 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.

In Florida’s year-to-year comparison for condos, 6,984 units sold statewide last month compared to 5,424 units in February 2010 for an increase of 29 percent. The statewide existing condo median sales price last month was $77,300; in February 2010 it was $90,400 for a 14 percent decrease. The national median existing condo price was $154,900 in January 2011, according to NAR.

The interest rate for a 30-year fixed-rate mortgage averaged 4.95 percent in February, down slightly from the 4.99 percent average during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

For assistance acquiring distressed Orlando condo deals, call Condo Metropolis on 407-290-3408. Use this site for downtown Orlando condo deals and this site for MetroWest real estate, including single family homes.

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