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Data of Realtors' September sales of existing single-family homes and condominiums bring good and bad news to areas on the Gulf Coast, according to a news release from Florida Realtors.
In general, the data show that sales of existing condos were flat or declining this September compared with a year ago, while sales of single-family homes grew. Of the three Metropolitan Statistical Areas on the Gulf Coast included in the report, the Fort-Myers-Cape Coral market showed the highest percentage gains in price.
In the Sarasota-Bradenton market, condo sales fell 3.7%, from 241 in September 2010 to 232 last month. Prices also dropped in the area, with the median price falling 10%, from $134,100 to $120,900.
The Tampa-St. Petersburg-Clearwater market showed a 10% gain in single-family sales, at 2,375, but a 2% drop in median sales price from a year ago, at $126,900. Condo sales fell 3%, from 777 to 752, and the median price fell 6% to $80,000.
The strongest market in terms of price recovery was Fort Myers-Cape Coral. Although its condo sales remained flat from last year at 299, condo prices increased 9%, to $114,700 . Even better, single-family home sales increased 2% from last year's 1,102 sales, and prices jumped from $94,400 to $110,600 — a roughly 17% increase.
Statewide, sales for existing condos rose 10.5%, while prices increased 7%. Sales of single-family homes in Florida rose 9.6%, but prices fell 1% from September 2010.
John Tuccillo, Florida Realtors chief economist, says the state has seen an upward trend in sales since the beginning of the year. “One of the reasons for this is stabilization in the distressed property market,” Tuccillo says. “This is not a problem that's going away, but there's a degree of certainty that is helping the market.”
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