X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-Existing condominium sales rose 29% in the second quarter from the same period last year, while prices have declined 38% in that time, the Florida Association of Realtors reports. This marks the third consecutive quarter for increased statewide sales.

In the year-to-year quarterly comparison for condo sales, 14,742 units sold statewide between April and June, compared to 11,459 during those same three months in 2008. Yet over that same time period, the statewide median sales price for existing condos fell to $111,100 from $179,800 a year earlier.

Twelve metropolitan areas showed gains in condo sales through the second quarter, Orlando-based FAR reports. Miami, a national focal point for condo sales, posted a 37% increase over the year with 1,758 units sold, though the median price fell by half over the year to $138,700.

Cynthia Shelton, FAR president and director of investment sales with Colliers Arnold in Orlando, points out that an 83% majority of Americans still view homebuying as a good financial decision. “Many homebuyers are realizing that this is the time to buy,” Shelton says.

Affordable pricing, low mortgage rates and a good selection of housing inventory have spurred buyers lately, though solid financing options and government programs are keys to returning stability to the housing market, Shelton says. Examples include the $8,000 federal credit for first-time homebuyers toward down payments or closing costs, along with the Florida Homebuyer Opportunity Program, she says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.