Florida Existing Home Sales Flying
26 November 2011
Florida realtors have just released their latest data showing that existing home and condo sales continued to grow strongly in October, as investors from the US and around the world see the investment potential of bargain properties in Florida in their abundant numbers.
According to the data existing home sales increased 13 percent last month with a total of 13,755 homes sold statewide compared to 12,145 homes sold in October 2010.
"These numbers, combined with reports from Realtors throughout the state, indicate that we’re seeing strong interest in purchasing Florida real estate from smart investors who are taking advantage of the current favorable market conditions," said Florida Realtors Chief Economist Dr. John Tuccillo. "These folks tend to have a long-term outlook and plan to hold onto their property purchases for a while."
As a testament to the fact that it is indeed bargains that are selling in increasing numbers, while sales are rising, prices are continuing to fall. According to the same data the statewide median sales price for existing homes fell 4% year on year, from $136,600 last year, to $131,200 in October 2011.