Property sales up, prices sag

Sales of existing real estate accelerated in 2011. Homes sold moved up 8% from the prior year's total, and condo sales increased by 15%. But prices decreased slightly, according to the latest report from Florida Realtors.

Among Southwest Florida metros, the Sarasota-Bradenton market did the best job of mirroring statewide trends. Units sold increased for both homes and condos in 2011: 10,901 home sales represented an 8% increase, while 3,772 condo closings represented a 7% gain.

But median prices fell for both property types: down 4% for homes, to $152,000, and down 9% for condos, to $127,000.

A year ago the median price of a condo in Sarasota was 13% higher than in Cape Coral-Fort Myers. Now Lee County condos are more expensive, following a 5% increase in 2011. The median price for those condos was $128,400, Florida Realtors says.

The median home sale price increased in Cape Coral-Fort Myers as well, up 15% to $107,100. But units sold fell 7%, to 14,134 closings.

The hardest hit of any residential sub-sector in 2011 was the Tampa-St. Petersburg-Clearwater condo market, where the median price fell 18% from 2010 to 2011, down to $75,200. The median price for home sales fell as well, down 9% to $120,600.