All but one of the state's metropolitan areas showed a gain in condo sales, and a majority of those have posted increased sales for 15 consecutive months. At the same time, however, foreclosures and other distressed properties continue to downwardly distort the median price, the Orlando-based association reports.
Condo sales are a mixed bag from one Florida metro to the next. In Orlando, 587 units traded in September, four times as many as a year ago, yet the local median price fell by half to $52,600.
Meanwhile, Pensacola condo sales volume increased slightly over the year to 48 units and the median price rose 6% to $190,000. And in Daytona Beach, sales of existing units nearly doubled from a year ago to 140 while the median price declined 25% to $176,900.
State and national Realtors are pushing for an extension of the $8,000 federal tax credit for first-time homebuyers beyond Dec. 1 as a way to spur sales of condos and single-family homes. Lawrence Yun, chief economist of the National Association of Realtors, says extending the credit could help "achieve a more rapid and broader stabilization in home prices."
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