Drop in Tampa Home Prices Not As Big As in Other Cities

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

Of the 160 metropolitan statistical areas (MSAs) listed by the U.S. Office of Management and Budget, about 130 MSAs experienced a drop in the prices of existing single-family homes in the second quarter this year. Amid these price drops, Tampa home prices held tight and did not drop considerably as other cities’ house prices.

The median sales price for single-family homes sold in Tampa in the second quarter this year was $129,600, a drop of 8.3 percent from $141,400 in the same quarter last year. However, this sales price median represented an increase of 14.1 percent from the first quarter’s median sales price of $113,600.

Additionally, the 8.3-percent median price drop was lower than the 13-percent home price drop in Miami, the 10.4-percent price drop in Orlando, and the 16.8-percent drop in Ocala and price drops in other Florida cities.

Across the nation, the biggest drops in the prices of single-family homes occurred in Salem, Oregon, where the median sales price fell sharply by 22.6 percent; Minneapolis-St. Paul area, where the median price dropped by 17.7 percent; in Toledo, Ohio, where the drop was 17.3 percent; in the Norwich, Connecticut area, where the drop was 17 percent; in the Atlanta, Georgia and Ocala, Florida areas where the median fell by 16.8 percent; in Akron, Ohio, where the median price drop was 16.3 percent; in the Allentown area, where the drop was 15.6 percent; in Rockford, Illinois, where the price drop was 15.5 percent; in the Sarasota, Florida area, where the drop was 15 percent; in Cumberland, Maryland, where the drop was 14.4 percent; in Mobile, Alabama where the drop was 14 percent; in Dayton, Ohio, where the drop was 13.9 percent; in Dover, Delaware, where prices fell by 13.8 percent; and in the Gulfport, Mississippi area, where the median price dropped by 13.6-percent.

In metropolitan areas in Florida, the following were the median sales prices in the second quarter of this year, including the rate of price decrease compared to the median sales price during the same quarter last year:

Metro Area	Median Sales Price	Percent of Price Decrease

Jacksonville	$134,200	3.5 %
Deltona	$112,200	4.1 %
Pensacola	$133,500	6.7 %
Palm Bay	$108,700	7.3 %
Tampa	$129,600	8.3 %
Orlando	$125,600	10.4 %
Gainesville	$151,300	12.5 %
Miami	$186,300	13 %
Sarasota	$157,000	15 %
Ocala	$79,800	16.8 %