ORLANDO-With the market showing signs of correction, sales of condominiums slowed in April, according to a report issued by the Florida Association of Realtors. A total of 5,556 condos were sold in April compared to 8,775 in April 2005, reflecting a 37% decline. However, the statewide median sales price for condos rose 4% to $222,900 in April, an increase from $213,400 a year ago, according to the report.
FAR communications manager Marla Martin tells GlobeSt.com that the group began tracking condominium sales in January because of the high number found in Florida. "We plan to continue tracking them over time," Martin says.
The group has been tracking single-family homes sales since 1994. A total of 16,392 single-family homes sold in April, a decrease of 31% over a year ago when 23,844 single-family homes were sold. The interest rate for a 30-year fixed-rate mortgage in April averaged 6.51%, up from 5.86% a year ago.
For the year to date, condominium sales have dropped 26%, from 28,432 in the first four months of 2005 to 20,934 in the first four months of this year. Areas that have since the largest drops include Punta Gorda which saw a 98% drop, Fort Walton Beach which reported a 63% drop and the Fort Myers-Cape Coral-Fort Pierce area which saw a 59% decrease. On a positive note, there were areas that saw increases. They included the Tallahassee-Tampa-St. Petersburg area which reported a 112% increase, Panama City which saw a 96% increase and Orlando which saw a 61% increase.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
