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Tampa Bay-Lakeland
Business Observer Thursday, Feb. 10, 2011 10 years ago

Quarterly real estate sales fall

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Fourth-quarter sales of existing single-family homes fell 10% statewide.

Across Florida, 10% fewer existing single-family homes were sold in the fourth quarter of 2010 compared to the year before. The median price for sold homes also fell, down 5% over the year.

Specifically, 39,338 homes were sold in the last three months of 2010, compared to 43,494 homes the year before. The median price at the end of last year was $134,100, compared to $140,500 the year before.

The condo market saw an uptick in sales, with a 6% increase in the volume of quarterly sales over the year (17,231 units versus 16,299). But the drop in the median price for condos was even more significant than for homes, down 18%, from $105,600 to $86,400.

In other words: the Florida real estate market has not yet found a floor.

Both sales volumes and prices fell in each of the three major Gulf Coast metros. In most cases the declines were slight, with sales volumes down 6% in both Tampa Bay and Sarasota, and prices falling no more than 7% in any region.

But home sales in the Fort Myers-Cape Coral area were more significant: by volume, they dropped 24%. The market's condo sales fell off, as well, down 17% over the year.

Condo sales actually picked up by volume in Tampa Bay and Sarasota, but the median price for units sold fell 20% and 12% in those markets respectively.

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