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Tampa Housing Market Update For August 2011

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scritto da: slc - Visite: 0 - Numero di parole: 368 - Data: 20 Sep 2011 - Ora: 5:56 AM 0 commenti

August was a good month for real estate activity in the Tampa Bay area. We saw 1,957 properties sell off, with an average list price of $165,952 and an average sales price of $158,007.  This yielded a list to sales price ratio of 95%. Inventory was also down from the previous month, down to 5.2 from 5.8 months. This is the lowest backlog of inventory we’ve seen for years now. As a comparison we had 25 months of inventory in January of 2008 and 11 months at the start of 2011. Some feel this lower inventory is due in fact to foreclosures being held up in court for robo-signing and other issues.

August also showed an average of 111 days on the market, which was up five days from July. Finally we saw an average sales price increase of roughly 1% from the previous month. Likewise the average sales price for the Tampa area has increased 15% since January.

Single family homes for under $50,000 continued to lead the way, taking up nearly 13% of market activity. Many of these homes are being snapped up by investors to be used as rental properties. Behind this segment were homes priced from $200,000-$249,999, with roughly 10% of market share. The year to date total for single family homes was sold was 11,527. This was a 9.78% increase in sales from August of 2010.

Not surprisingly Tampa condo prices under $50,000 also held the largest share of market activity with a hefty 31% of activity. 402 condominium units were sold this month, which was up 18% when compared to last year. The year to date of condos sold was also on the rise when compared to this time last year, up 24%.