The Tampa Florida real estate market continued to trend toward stabilization and improvement. Significantly, the percentage of home sales which were of distressed properties (short sales and foreclosures) fell from 31% in March to 28% in April, down from 35% just six months ago.
As of the most recent report from the Greater Tampa Association of Realtors (GTAR), 1,967 homes and condos were sold in Tampa Bay in March compared to February when 1,694 homes and condos sold. While sales volume fell slightly from the volume a year ago at this point, the average sale price this year was up from the level one year ago.
Indicative of the real estate recovery that seems to have taken hold, the average sold price in March was $153,750, up from $150,100 ,the prior month and $139,850 a year ago. As expected, homes in the low to medium price ranges are selling faster than the highest priced homes. In fact, homes in the more modest price ranges are being snapped up at an increasing pace. Homes below $300,000 are on the market for an average of 120 days or less while homes priced over $700,000 are remaining on the market closer to 200 days .
Further evidence of a recovering real estate market is the fact that the median list price of homes and condos coming onto the market as of the end of April was $162,8590, up from $157,800 the previous month and $147,800 one year ago, another significant positive trend.
The inventory of unsold homes and condominiums on the market fell to 8,135 from 9,371 in the prior month and 14,909 one year ago. At the current rate of sales, the current inventory of unsold homes stands at only 4.1 months, well below the traditional 6.0 months of inventory level considered to represent a “balanced market” where neither buyers nor sellers have any substantial advantage. The reduced inventory of homes for sale, along with the reduction in the percentage of distressed sales, will very likely portend a continuation of rising prices in the future.
From a buyer’s point of view, however, it should be noted that home prices today are still lower than they have been in past years, so there are still good prices available to those considering buying a permanent or seasonal home, townhome or condominium here in Tampa Bay.
I would be delighted to show you new and resale homes in any of the many Hillsborough and Pasco County communities at a time convenient for you. For more information, please use my brief Request for Tampa Bay Information form or E-Mail Me today. For more immediate action, call me at 813-263-6806. I'd be delighted to hear from you.
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