If you are in the midst of Florida Retirement Planning, recent Florida Condo Sales indicate that buyers are active. Statewide, 3,198 condominiums changed hands in February, 2009, a 15 percent increase from the same time a year ago. The median sales price was $109,300, a 37 percent drop from $173,900 a year ago.Thirteen of Florida’s 20 largest markets saw an uptick in sales during February. Orlando saw a 108 percent increase while Miami saw a 71 percent increase. Some markets that saw an uptick in sales also saw a considerable drop in prices, indicative of foreclosures and short sales. Orlando’s median sales price, for example, was $56,400, down 65 percent from a year ago, while Miami’s was $146,100, down 50 percent. Tallahassee reported the sale of only one condo, down 83 percent from six units a year ago.
In Sarasota-Bradenton, 174 condos changed hands in February compared with 210 a year ago, a 17 percent drop, according to data from the Florida Association of Realtors released the week of March 24. It was the fifth biggest drop statewide. Meanwhile, Sarasota-Bradenton’s median sales price was $120,000 in February. That was down 43 percent from the same month a year ago, and about 23 percent from $156,700 in January.
Charlotte County-North Port saw a boost in home sales last month and its condo market went the same direction, with 33 units changing hands compared with 24 a year ago, for a 38 percent increase. The median sales price in the market was $88,300, down 20 percent from $110,000 a year ago.
Thus, there are signs of life in Florida’s real estate market. The main driver is clearly based on the foreclosure and short sale plague that is ongoing in Florida. Florida’s world class amenities are still here to enjoy and at “bargain basement” real estate prices
The housing price data from the Summer and Fall of 2009 look even more encouraging for individuals retiring in Florida.
Has the Florida real estate market bottom been reached?
In the newly updated, 2010 edition of “The Florida Retirement Book – An Insider’s Guide” we address this issue in more detail, along with dozens of timely topics critical for individuals investigating a move to the gorgeous Sunshine State.
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