Existing Condos and Single Family Homes in Tampa – Have Their Prices Reached Bottom?

Published by nora | Filed under Buyer / Seller Tips, Market Trends, Real Estate

Sales prices for pre-owned condo units and single-family homes in the Tampa metro area have probably reached bottom in the last quarter of last year, based on price charts from the National Association of Realtors.

So if you’re waiting for home prices to fall down further, check out the trends because the prices may have reached their bottom, and be already on their way up. Prospective buyers of condos and single-family homes in Tampa can still benefit from a buyer’s market. Home prices are still affordable.

From the pre-owned single-family home sales price charts released by the National Association of Realtors in the fourth quarter of last year, we have learned the following things:

Price Steadied

The median sales prices of pre-owned single-family homes in Tampa, based on the NAR charts, steadied at about $131,450 over the last six months of last year, with $131,000 in the third quarter and $131,600 in the fourth quarter.

Median Didn’t Fall Below $131,000

The quarterly median price moved between and $131,300 and $141,400, never falling below $131,000.

Highest Median Was $173,000

The highest median price in the Tampa area during the housing meltdown was posted in 2008, when the median was $173,000. Since then, the median dropped month after month until it reached $131,300 in the third quarter last year.

Bigger Price Drop for Condos

The median price decrease for existing condos was much bigger compared to single-family homes. While the median price drop for pre-owned single family homes from 2008 to 2010 was about 24 percent, the median price drop for existing condos over the same period was nearly 40 percent. The median condo price in 2008 was $141,300; the median in 2010 was $86,000.

Condo Prices Continued to Drop

Over the four quarters last year, the median prices for existing condos dropped, from $94,600 in the first quarter, $86,500 in the third quarter, and $86,000 in the fourth quarter.

Among the four representative cities of Florida, the median home and condo prices in Tampa in the fourth quarter last year are in the middle of the lists:

Existing Single-Family Homes

1. Cape Coral-Fort Myers – 86,000
2. Tampa-Clearwater-St. Petersburg – 131,600
3. Jacksonville – 137,000
4. Miami-Miami Beach-Fort Lauderdale – 187,300

Condos

1. Jacksonville — $74,700
2. Miami-Miami Beach-Fort Lauderdale — $81,900
3. Tampa-Clearwater-St. Petersburg — $86,000
4. Cape Coral-Fort Myers — $126,100

To take a look at Tampa homes priced at around $86,000 and $131,600, contact Tampa4U.com.