For the first time since the condo crash of 2007, Florida median existing condo prices came roaring back 2011, rising by a hefty 5 percent on a quarter-to-quarter basis.
In the year-to-year quarterly comparison for existing condo sales, 18,558 units sold statewide in the fourth quarter compared to 17,922 units in 4Q 2010 for a 4 percent gain. The statewide existing-condo median sales price was $88,800 in the fourth quarter; a year earlier, it was $84,400 for a 5 percent increase, according to fourth quarter data from Florida Realtors. .
While nationwide condominiums lost nearly a quarter of their value during the crash, peaking at a median $227,000 in the second quarter of 2007 and bottomed out at $170,600 in the first quarter of 2010, some South Florida condo markets lost more than half their value. Florida’s single family market lost 44 percent of its value from 2006 to 2009. Florida existing home prices lost only one percent last year.
“The quarterly numbers continue to show the steady improvement of the housing market in Florida,” said Florida Realtors Chief Economist Dr. John Tuccillo. “The upward movement in sales has been pretty much across the state. Prices have stabilized, and in general, the state’s economy is improving. With that improvement, we expect continued growth in housing activity.” Florida existing condo sales were up 4 percent statewide.
Price increases were strongest in some of the markets that suffered the most from the crash. Fort Lauderdale condo prices rose 11 percent, Miami was up 19 percent and Orlando rose 17 percent. However some markets continued to lose value: Tallahassee, Punta Gorda, Ocala, Fort Walton. Sarasota-Bradenton and Gainesville saw prices declines in the double digits.
Existing home sales rose 7 percent in 4Q 2011 with a total of 42,038 homes changing hands statewide; during the same period the year before, a total of 39,355 homes sold, according to Florida Realtors. Florida’s existing-home median sales price was $132,000 for the three-month period; down only 1 percent from the $133,400 reported in 4Q 2010. The median is a typical market price where half the homes sold for more, half for less.