Existing Condo Market May Be Near Bottom in Tampa

Published by peter | Filed under Market Trends

Existing single-family home sales are on the rise in not only the state, but the Tampa Bay area as well. But another industry may also be on the rebound: existing condominiums.

Condo sales in the Tampa, St. Petersburg and Clearwater ticked down just 1 percent in February compared to the year before, according to the Florida Association of Realtors. That was actually trailing a 15 percent gain reported statewide, but was the only metropolitan market in the Tampa Bay region to remain almost flat.

Lakeland-Winter Haven condo sales dropped 14 percent – from seven to six units – while Sarasota-Bradenton fell 16 percent to 174 units. Tampa-St. Petersburg had 409 unit sales in February compared to 414 the year before, but median sales prices were off 35 percent from $153,100 to $98,800. Lakeland had the lowest median sales price in the state at $47,500, off 35 percent from the $75,000 reported the year before.

Across Florida, existing condo sales were up 15 percent to 3,198 units sold compared to 2,785 in February 2008. Median sales prices fell 37 percent, however, to $109,300.

Single-family home sales were once again good news for Tampa-St. Petersburg, where sales were up 23 percent to 1,856 homes sold in February. Homes are selling for cheaper still, with median sales prices dropping yet another 27 percent to $131,400.

That was actually better than statewide numbers, which showed an increase of 20 percent to 9,858 units across Florida with median sales prices dropping 29 percent from $199,300 to $141,900.

Existing home sales also were up in Lakeland-Winter Haven, growing by 9 percent to 249 units sold while median prices dropped 30 percent to $106,800.

Only Sarasota-Bradenton dropped in the Tampa Bay region, falling 7 percent to 566 homes sold. Median prices there have plummeted some 43 percent from $254,200 a year ago, to $144,000 now. — TBBJ