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Business Observer Tuesday, Nov. 23, 2010 12 years ago

October property sales slow

Existing home sales fell 22% in volume over the year. Condo sales fell 5%.

Statewide, 11,888 existing single-family homes sold in October, along with 5,147 existing condominiums. Those numbers are down 22% and 5% over the year respectively, according to Florida Realtors, impacted by the slowdown in foreclosures due to legal snafus

The median sale price for an existing home was $136,600 last month. In October 2009, it was $140,900, just 3% higher. As for condo sales, the median price was $82,400, compared to $105,200 a year ago, a 22% drop.

Existing home sales slowed even more in Tampa-St. Petersburg-Clearwater and Cape Coral-Fort Myers over then year than they did statewide. In Tampa, home sales fell 25% by volume; in Cape Coral, the decrease was 28%.

The Sarasota-Bradenton home market bested the statewide trend, but only slightly, with an 18% decrease in sales over the year. Meanwhile, median sale prices fell slightly in all three markets.

Condo sales fell 31% in Cape Coral-Fort Myers over the year, with just 260 units sold compared to 377 in October 2009. Sarasota and Tampa saw much smaller slowdowns, with just 8% and 9% fewer sales respectively. Median prices fell significantly in each market.

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