Tampa Real Estate Market Conditions

June 29th, 2007 categories: South Tampa, Tampa MLS, Tampa Market Conditions

Stability

More of the same for the Tampa residential real estate market in the last 7 days. In fact, while it has been fun looking at the numbers on a weekly basis, I’m considering going to a monthly report instead. Any objections?

The past 15 months have had a huge increase in the available inventory together with a huge decrease in demand of homes for sale. But we’ve seen both of those numbers flatten out over the past few weeks. And the changes in the number of listings available for sale in Tampa, along with the number of pending contracts in place, has not been too great great recently.

So here are some numbers to consider:

Since last week 160 properties have gone under contract, with 8 of them priced at $1m or higher. Seven of the eight are in the South Tampa, Davis Islands, Harbour Island, Beach Park areas, and one of them in Tampa Palms. That’s pretty significant considering there have been only 74 sales of homes priced at $1m or above year-to-date in the City of Tampa.

On the sales side, 174 residential Tampa real estate transactions closed during the last 7 days, none closing at above the $1m threshold. Where are they selling? The 33647 (New Tampa/Tampa Palms) zip code was busiest with 25 sales in the past week. Next up was 33626 (Westchase) with 20 closed transactions. The busiest South Tampa zip was 33609 with 13 closings since 6/22.

Since size does matter (in real estate), how about the biggest home to sell? A new 4500 square foot home in Grand Hampton sold for $875k recently. Smallest? A 480 square foot, 1/1, single family home (did someone actually build a 1/1?) on a 30’ x 74’ lot, sold for $68k this week. Oldest? A 1921 Craftsman style bungalow in Hyde Park sold for $735k after only 7 days on the market.

But while these are interesting tidbits, what really gives us the best indication of the Tampa real estate market’s health, or lack thereof, are the numbers that indicate the relative level of supply and demand of Tampa homes and condos. Active and Pending brokered listings are the best indicators. So since these numbers have reached some stability, and we aren’t seeing big week to week changes, look for these regular reports on a monthly basis going forward. Contact us if you have specific questions about Tampa real estate.

Data used is from the Mid-Florida Regional MLS, city = Tampa, all brokers/agents included.

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This entry was posted on Friday, June 29th, 2007 at 1:48 pm and is filed under South Tampa, Tampa MLS, Tampa Market Conditions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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One Response to “Tampa Real Estate Market Conditions”

1. Florida Travel Guide :: Tampa Real Estate Market :: July :: 2007 [June 30th, 2007]

   […] The past 15 months have had a huge increase in the available inventory together with a huge decrease in demand of homes for sale. But we’ve seen both of those numbers flatten out over the past few weeks. And the changes in the number of listings available for sale in Tampa, along with the number of pending contracts in place, has not been too great great recently. Read More […]

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