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Good news for Florida's condo market

By Al Raymondi

Real Estate Broker/Owner with Ocean View Realty Group in Ormond By The Sea Florida BK559597

August 24, 2011 11:07 PM

Good news for Florida's condo market

According to figures released recently by the Florida Association of Realtors® for July 2011, in Florida's year-to-year comparison for condos, 6,619 condos sold statewide last month compared to 5,904 in July 2010 for an increase of 12 percent. The statewide existing condo median sales price last month was $90,900; in July 2010 it was $87,800, a 4 percent increase. While there are some areas that are performing differently, the overall improvement is certainly good news. Daytona Beach Area Association of Realtors®

For the Daytona Beach MSA which includes Volusia and Flagler Counties, Existing Condominium sales were slightly lower than 2010 but the median sales price increased 28% to $152,500 in July 2011. Than is a significant increase in value that cannot continue or condos would soon be priced out of reach of most buyers.

Specifically in Ormond By The Sea Florida. Five condos sold in Ormond By The Sea, Florida during July, 2011 through the Daytona Beach Area Association of Realtors® Multiple Listing Service (MLS). The total of 5 sales is higher than last July when there were 2 sales. Increased sales will help reduce the inventory and move toward a more balanced market.

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Carol Zingone

Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL

Global Realtor in Jax Beach, FL - ABR, CRS, CIPS

Al - happy to see continued improvement in our condo markets; the inventory levels were way too high for way too long!

Aug 24, 2011 11:08 PM

Linda Esposito

HouseSetters Home Staging Services - Rhinebeck, NY

NY Expert Home Stager, New York Home Stager Blog and Instructor

Hi Al--My husband and I went to Vero Beach last year and loved it! I'm watching the Florida condo market now so thanks for the update!

Aug 24, 2011 11:28 PM

Marco Giancola

Beachfront Realty - Miami Beach, FL

Realtor (305)608-1922, Miami Beach Florida

Hey Al, there are Brazilians in Miami snapping those new condos up like hotcakes. Here in Lauderdale our new condo inventory is about all gone-time to start building!

Aug 25, 2011 12:00 AM

Al Raymondi

Ocean View Realty Group in Ormond By The Sea Florida - Ormond Beach, FL

Ormond By The Sea Florida - Home and Condo Sales

Thanks for stopping by to read my blog and to comment Carol, Linda and Marco.

Carol, right about the inventory, way too high for too long here too.

Linda, Prices are down to 2002 levels and interest rates are near historic lows so everybody should be buying if they can.

Marco, Good to hear there is improvement in your market as well.

Aug 25, 2011 12:27 AM

Clint Mckie

Desert Sun Home, commercial Inspections - Carlsbad, NM

Desert Sun Home, Comm. Inspection 1-575-706-5586

Good morning Al,

This is wecome news to the housing market for your area.

The state could use some good news like this.

Good post.

Thank you for adding me as an associate.

Best, Clint McKie

Aug 25, 2011 12:44 AM

Carol-Ann Palmieri

RE/MAX Executive Realty, Al and Cal Realty Group - Franklin, MA

"Cal" the Real Estate Gal

Hi Al. Good news for Florida and us all. Good to see folks getting off the fence and making purchases.

Aug 25, 2011 01:01 AM

Fred Hernden, CMI

Superior Home Inspections - Greater Albuquerque Area - Albuquerque, NM

Albuquerque area Master Inspector

I know what it is... and I bet it always gets better during the summer months... I threaten to do it after slaving in my yard all day, everytime I do it!

Aug 25, 2011 01:46 AM

Thanks to all for your comments today..

Clint, we'll take all the good news we can get.

Mornin' Cal, not enough good news out there. There are places where the real estate market is doing well.

Thanks for dropping in Fred, some folks are getting tired of those winters, especially after last year.

Aug 25, 2011 02:05 AM

Lloyd Binen

Certified Realty Services - Saratoga, CA

Silicon Valley Realtor since 1976; 408-373-4411

Al, I know nothing about the Florida market except what I hear on the news, but those statistics sound like the market is improving. Hopefully you hit bottom last year and are on the mend.

Also, if you waited until next Thursday (9/1), this Market Report post would have earned you 1,000 points, I think.

Aug 25, 2011 07:29 AM

Thanks Lloyd, the condo market seems to have improved lately and the availability of financing at low rates probably has something to do with the improvement. Thanks for the contest reminder too, I,ll bet some August statistics posted after Sept first for that one.

Aug 25, 2011 12:36 PM

Good news for Florida's condo market

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