Tampa Real Estate Market Still a Buyer’s Market

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

With an Altos Market Action Index of 18.92, the Tampa real estate market is still a gold mine for investors, first time home buyers and homeowners looking for a second home. The 18.92 Altos index means that Tampa is well below the index of 30, the level at which the market is deemed to be balanced or to be either a buyer’s market or a seller’s market.

Altos uses at least three key statistics to calculate the index: the current inventory of homes for sale in Tampa, the median home price, and the number of days the average housing unit stays on the market. These are in addition to other numbers indicating market conditions.

As of August 7, the median price of a single-family home in Tampa is $167,752. The median price is used as an indicator because it’s more representative of current prices in a market. Additionally, the difference in prices between high-end and low-cost properties is quite large, creating a skewed number if averaging is used. The median price per square foot of homes in Tampa is around $94.

There are around 2,771 single-family homes for sale in Tampa, according to Altos. According to Zillow, there are 4,733 condos and homes for sale in the Tampa area. The median listing price is $164,100 and the median sale price as of May 2011 is $136,700. Zillow home value index for Tampa dropped by almost 17 percent over the year to $92,800. The lower-priced units are in the eastern areas of Tampa while the higher-priced homes are in the Gandy/Sun Bay South.

High-end homes can be found in:

Golf View	$592,000
Parkland Estates	$472,100
Sunset Park	$389,200
Culbreath	$369,400
Davis Island	$364,200
Beach Park	$335,000

Cheaper homes are found in:

Northeast	$38,600
North Tampa	$40,400
Palmetto Beach	$47,800
East Tampa	$49,800
Woodland Terrace	$51,000
East Ybor	$52,100
University Square	$53,700
Ybor City	$55,000
Temple Crest	$56,900

According to Trulia, there are 5,675 Tampa homes for sale, with $92,900 as the median sale price as of May 2011. As of the end of July, the average listing price is $291,165. Trulia says that the listing price has risen over the week by almost one percent. The median sales price, however, dropped by nearly 24 percent over the year. According to Trulia, the most popular neighborhoods for buyers as of July are:

Palmetto Beach	$145,948
Old West Tampa	$162,184
Culbreath Heights	$309,400
Tampa Heights	$116,311
Sun Bay South	$209,361
Ballast Point	$560,599
Old Seminole Heights	$122,860
Davis Islands	$1,063,517
Tampa Palms	$428,703
Rivergrove	$77,380