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Florida's home and condo markets may finally be past a firm market bottom, price data from the fourth quarter of 2011 published by Florida Realtors suggest.
According to the data, the median price for condo sales in the fourth quarter of 2011 was up 5% over the year, from $84,400 to $88,800. The median home sale price fell, but only slightly -- down 1%, from $133,400 to $132,000.
Despite steadying prices, statewide sales volumes were up. Both condo and home sales increased 4%, with 18,558 condos and 42,038 homes sold over the course of the quarter.
The Fort Myers-Cape Coral area remains the Gulf Coast's strongest subregion in terms of price recovery. Relative to the fourth quarter of 2010, home prices increased 24% over the year, as the median rose from $89,500 to $111,100. The median price for condos increased from $112,300 to $114,900, a 2% gain.
The home market in Sarasota-Bradenton saw a 2% decrease in the median sale price, from $150,900 to $148,400, while units sold increased 9% to 2,526 closings. But the median price for condos fell 11%, to $115,700.
Meanwhile, prices in Tampa-St. Petersburg-Clearwater continue to fall. The median sale price for homes fell 6%, to $123,400, while the median condo price was down 7% to $77,700.
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