Existing home sales in Florida followed the national trend upward in the first quarter, increasing 13 percent to more than 44,500 homes statewide compared to last year.
According to HousingWire.com, existing condo sales rose 29 percent compared to the first quarter of 2010, reported Florida Realtors. The organization said almost all Florida metropolitan areas saw annual gains in condo sales. Only condo sales in Tallahassee, Fla., decreased 20 percent compared to 2010.
In total, 23,375 condos sold in Florida, up 29 percent from little more than 18,000 in the first quarter of 2010. The median sale price for a condo was $80,700, down 16 percent from the year-ago period.
Prices were down substantially for homes and condos around all parts of the state. The median home sale price hit $123,600, down 6 percent compared to first quarter 2010. Miami home prices dropped 20 percent; the average home sale price is now $153,600.
The National Association of Realtors reported Tuesday that distressed properties are driving national sales. According to the organization,Florida’s overburdened court system has slowed the process of handling foreclosures; there is an influx of foreclosures in the Florida market. The market can begin to recover once foreclosures can move off the market, NAR said.