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Stop us if you've heard this before: Home and condo sales are once again increasing by volume, but property prices continue to drop.
Statewide, sales of existing single-family homes and condos were up 13% and 29% by volume respectively in the first quarter of 2011, according to the latest data from Florida Realtors. But the median sale prices for those properties are down 6% and 13%.
The statewide trends held for both Sarasota-Bradenton and Tampa-St. Petersburg-Clearwater. In Sarasota, home sales were up 11% with 2,727 properties sold, but the median sale price fell 9% to $144,500; and while condo sales increased 15% by volume (1,012 properties), the median price fell 12% ($124,500).
In Tampa Bay, home and condo sales increased 17% (7,710 properties) and 27% (2,923 properties) respectively, but prices fell 14% (to $110,600) and 28% (to $68,100).
In contrast, the Fort Myers-Cape Coral market might be recovering from an overcorrection. Despite a slowdown in home sales — down 4%, with 3,819 properties sold — the median sale price went up 4%, to $94,500.
The area's condo market more closely resembled the statewide one, however, with sales volumes up 14% (1,569 properties) and the median sale price down 2%, to $126,200.
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