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Existing Florida Home Values Hold Their Own While Condo Values Fall
September 28th, 2006 categories: Tampa Real Estate, Tampa Florida Real Estate, Tampa Market Conditions
While sales of existing homes in Florida are down 34% as compared to a year ago (August), the median value of existing Florida homes is unchanged from last August at $248,400. Statewide, the median price of existing condos fell by $4500 to $201,300 while sales of the same were down 41% from a year ago.
The rise in values has ended and is flat currently. So we wait to see if existing home values will begin declining as we move forward. With sales way down and inventory way up, one would only think we’ll see the median price of Florida homes fall somewhat in the coming months.
Nationally, existing home sales were down 12.6% from a year ago (August) and the median price fell by 1.7%. See the report here.
Closer to home, Hillsborough County experienced about a 36% (my calculations from MLS data) decline in sales of all residential property types from August ‘05 to August ‘06. A look at September’s numbers to date, shows the decline may be over 50%. Inventory of listings has increased since the beginning of the current month as well.
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