How Far Have Tampa Home Prices Rolled Back?

December 6th, 2007 categories: Real Estate Market Reports, South Tampa, Tampa MLS

A visitor commented on a recent post and asked how about how Tampa home prices compare to 2002 levels. We know that prices have rolled back substantially in some areas, with some experiencing more of a correction than others. But just how far have they rolled back in South Tampa?

Let’s take a look at a specific area and specific type of home. Here’s what I’m looking at:

• Area: West of Dale Mabry, south of Kennedy, north of Gandy and east of Dale Mabry south of Bay to Bay, north of Gandy, or MLS areas 210–212 if you know what that means.
• 3/2 homes built between 1940 and 1960 having no more than a 1–car garage, from 1200–1700 square feet in size, not on the water, and with no pool.

In looking at homes with those criteria sold between 9/1–2002 and 12/6/2002, here’s what I find:

• Thirteen homes match that criteria.
• Sold prices range from $139k for home of 1225sqft. on Bay Vista in the Norma Park subdivision (across from Manhattan Elementary), to $268.5k for a home of 1800sqft. on Drexel Ave in the Lynwood subdivision (near where the Crosstown Expressway crosses Euclid Ave).
• The median list price was $180k with a median sold price of $175k.

So let’s compare that to the same time period in 2007:

• Nine homes matching that criteria have sold.
• Sold prices range from $222k for a home of 1284sqft on Lawn in the Anita subdivision (south of Euclid between Manhattan and Westshore), to $385k for a home of 1500sqft, on Azeele St. near Church Ave.
• Median list price was $369k, while median sold price was slightly over $348k.

How about in the peak (activity) year of 2005?

• Fifteen homes matching the criteria sold, same time period.
• Prices ranging from $214k (1288sqft) to $415k (1800sqft)
• Median list was $329k while the median sold was $320k.

So what do you know? For these homes, in these areas, 2007 sold prices are tops. This is a small sampling of homes in a small geographic area that does little to tell the story of what’s happening in general all over the Tampa Bay area. But the point is that it really depends on the product and on the area.

We know that the median price of homes in the Tampa Bay area has receded, to 2004 levels in many areas. But homeowners in these South Tampa neighborhoods, with this type of home are, in general, doing pretty well. Location matters.

To see what’s happening in your area, use our handy Market Snapshot tool.

If you are interested in selling your home, or need to sell your home, feel free to contact me for a more detailed report on your home and neighborhood.

Data used is from the Mid-Florida Regional MLS, all brokers/agents included. Data does not include private, not brokered sales.

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This entry was posted on Thursday, December 6th, 2007 at 4:33 am and is filed under Real Estate Market Reports, South Tampa, Tampa MLS. 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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