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Florida Real Estate Update for October 2011

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Tampa Florida: Data released by Florida Realtor association showed more good news as we continued to see gains in October for both existing home sales and condos. Existing home sales saw an increase of 13 percent in October for a total of nearly 14,000 homes sold statewide.

Despite the doom and gloom often portrayed in the media Florida is seeing increases in both velocity and price when compared to 2010. While month to month data may show slight downturns in median price, we are seeing an overall price increase when looking year-to-year.

What we’re seeing both statewide and in the immediate Tampa Bay Area are investors coming off the sidelines to scoop up these deals. These buyers tend to have a long term outlook and intend to hold these investments for some time.
Many of the single family homes are seeing prices we haven’t seen since the 90’s and recently I’ve come across condos in St. Pete that sold for prices not seen since the mid 1970’s!

Statewide the median sales price for existing homes sold in October was $131,200, which is a decrease of 4% from 2010. Short sales, and bank owned homes continue to put downward pressure on prices across Florida. However it’s important to note that markets can vary not only by City, but even by neighborhood. My area recently saw a 2% increase in sales price from the previous year, which is fantastic considering nearby short sales have sold for at least 10% less than current market value.

When looking at Florida’s year-to-year comparison for condos sales we see a 12 percent increase from 2010. Last year 5,473 units were sold compared to 6,132 for October of 2011. Likewise the median sales price for Florida condos was up 9% from October of 2010, for a median sales price of $87,800.

With mortgage rates at historic lows, and prices that have frankly gone through the price floor, I can’t think of a better time to buy real estate in the Tampa Bay area than right now.

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Source: Florida Real Estate Update for October 2011

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