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Tampa Bay-Lakeland
Business Observer Friday, Jul. 23, 2010 10 years ago

Home sales up, prices follow

More Gulf Coast residential real estate sold in June, but not because prices fell.

It's one thing for more homes to sell in a region when prices come down. But the most recent increase in home sales along Florida's Gulf Coast actually brought with it a small uptick in prices, the latest data show.

More existing single-family homes were sold across the state in June 2010 than in the month before, according to Florida Realtors. At the same time, the median price of those homes sold rose slightly as well, up 2.1%.

At the local level, two Gulf Coast metro areas — Sarasota-Bradenton and Tampa-St. Petersburg-Clearwater — saw similar results. The median price for sold existing single-family homes rose 2.4% and 2.1% respectively in each area, with more homes sold in June than in May.

In Ft. Myers-Cape Coral, the median sale price dropped slightly, down just $300 compared to May's value. Home sales did increase, however.

The market for existing condominiums appears to be headed in a different direction. Statewide, the median price for condos sold fell 3.7%. All three Gulf Coast metro areas saw price decreases, with 0.4%, 13.0%, and 4.4% drops in Ft. Myers, Sarasota, and Tampa respectively.

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