Tampa sees increase in existing home sales
Tampa Bay Business Journal
Existing home sales in the Tampa Bay area went up in the third quarter compared to a year ago, as home sales statewide experienced an upswing.
Tampa, St. Petersburg and Clearwater had 6,502 existing single-family homes close through the third quarter, up 10 percent from the 5,913 sold in 2007. That was double the state average of 5 percent, although its median value drop of 19 percent to $169,700 was more in line with the drop through the rest of Florida of 20 percent, said the Florida Association of Realtors.
Lakeland-Winter Haven remained mostly flat in sales, edging up just 1 percent with 634 homes closed in the quarter, while median prices fell 19 percent to $137,700.
Sarasota-Bradenton went in the other direction. Home sales in that market fell 16 percent to 1,758, while median home prices dropped 23 percent to $217,500.
Existing condominium sales continue to remain on the decline in the third quarter with Tampa dropping 9 percent to 1,363 units, compared to the statewide average loss of 2 percent. Median values are going with that, falling 15 percent to $142,800,
Sarasota-Bradenton lost 39 percent in condo sales in the quarter, however, its median stayed well above the state average at $202,600, despite falling 16 percent. Florida’s median value of existing condos in the third quarter was $160,000, an 18 percent drop from where it stood a year ago.
Existing condo sales in Lakeland fell 35 percent to 24 units, however, the median price was up 21 percent from $99,400 in 2007 to $120,000 this past quarter.
“Despite lending restrictions and the difficulties of finding affordable credit, we’re seeing buyers take advantage of home ownership opportunities in the current market,” said Chuck Bonfiglio, FAR’s president, in a release.
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