Some Good News in Tampa Real Estate Home Sales

August 25th, 2008 categories: Real Estate Market Reports, Tampa Condos, Tampa Home Buyer Tips

News out the Florida Association of Realtors (member) today is that on a statewide basis, home sales in July were about level with July of 2007. Is this more anecdotal evidence that we are indeed seeing a stabilization in the market? It would seem so. In fact there were slightly more (6) existing homes sold in Florida in July of 2008 as opposed to July of 2007.

But as we know residential real estate is extremely local, and Florida is a big state. So is Tampa experiencing the same? In fact we are. But the stability lies in the single family home sector. Condos are another story. For instance: In the City of Tampa, 448 single family homes were sold in July of 2007 while 443 of the same sold in July of 2008. But in focusing on condos we find that 188 condos in Tampa sold in 2007, while only 83 of the same sold in 2008. Not good news for the condo seller, generally speaking of course.

There were many condos built and many condos converted from apartments in recent years, to meet the demand of the condo buyers that were sucked in to the market as money became easy to obtain (related: Condo Clown). So it stands to reason that the condo market, generally speaking of course, will take somewhat longer to stabilize. Many new condos, especially the converted apartments, were purchased by speculative buyers. The demand from the end-user was never there. Tampa’s condo sales decline for July, year over year, was substantially higher than the state’s decline. The state had a 7% decline in condo sales in July compared to Tampa’s more than 50% decline in condo sales. Wow.

So this news, along with the declining reduction in the Tampa median home price, points to some level of a stabilizing market, at least for single family homes, generally speaking.

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

This entry was posted on Monday, August 25th, 2008 at 3:45 pm and is filed under Real Estate Market Reports, Tampa Condos, Tampa Home Buyer Tips. 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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