Florida condo sales increased by 111% based on a year-to-year comparison. 4,889 total units were sold this past November compared to 2,320 units sold in November 2008 throughout the state of Florida. Although sales have increased, prices have decreased over the past year by 21%. The condo median sales price was $104,400 last month compared to a median price of $131,400 recorded for November of 2008. According to NAR, the national median condo price was well below Florida at $172,900 for October 2009.
The contributing factor for this large condo sales increase is the extension of the federal home-buyer tax credit. The tax credit will continue to be a guiding force of home-buyer activity, and a large contributor to increased condo sales for 2010. Condo markets in states like Florida, known for being over-populated, will begin seeing a large decrease in condo inventory. These numbers are forecasting a much more stable condo and housing market for this coming year.
Florida continues to provide significantly lower priced condos comparing other markets. Check out some of the great deals on Florida condos by clicking here.