Florida Home Sales Rise in February

February Florida Homes Sales Rise

 
The latest report from the Florida Realtor Association reveals that home sales increased by 13% in February 2011 compared to the same time last year. There were a total of 13,701 homes sold during the month of February 2011 opposed to 12,164 sold in February 2010. Home prices are still down 2% from a year ago though. The median sales price for an existing Florida  home during February 2011 was $121,900. It was $124,500 in February 2010. Boca Raton Realtors have been seeing a lot of activity in the market since the beginning of the year. Cold temperatures and winter storms have brought snowbirds from the Northeast and other parts of the country as well as Canada steadily down to South Florida and the Boca Raton area again this season.
 
Condo sales rose 29% from last year with 6,984 units sold during February compared to 5,424 the same time last year. The median sales price last month for a condo in Florida was $77,300 compared to $90,400, representing a 14% decrease. The national median condo sales price was $154,900 for January 2011 per the NAR. According to Florida Realtors, closings on homes and condos are taking an average of 30 to 90 days from the time the property is under contract.  
 
The NAR explains that the median sales figures are distorted because of the high number of foreclosures and other distressed property sales in the state.  Nationally sales for existing homes, condos and townhouses fell 9.6 percent in February 2011 and are 2.8 percent below February 2010. The NAR attributes the fact that some home appraisals are coming in lower than sales prices negotiated between buyer and sellers and transactions are falling out of contract. The NAR’s most recent reports reflect that the national median home sale price for single family homes during January 2011 was $159,400, down 2.7% from four years ago. For January 2011, the median sales price in Massachusetts was $284,500, California was $278,900, New York was $227,000 and Maryland was $222,535.

Housing Forecast
 
The NAR forecast is for improvement in the economy with the housing market repairing itself with fluctuating prices throughout the year influenced by how many distressed properties come on the market at one time. The NAR’s chief economist Lawrence Yun sees positive signs for the housing market with job growth, housing affordability and rents rising. Experts expect more buyers to purchase homes with interest rates still low. Right now, Florida buyers can find a 30 year fixed rate mortgage with an average interest rate of 4.95%, which was down from 4.99% last year. So all in all hope is on the horizon this year for home sales to increase and the economy to improve. Good news for Boca Raton sellers and buyers.