April’s Tampa Home Sales Showed Encouraging Numbers

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

Tampa home sales in April affirmed continued improvements in the Tampa real estate market.

Here are several of the numbers that show positive developments in Tampa’s residential market:

1.    Average home sales price increased in April year-over-year and month-over-month.  April’s average sales price of $165,354 was an increase of 8.05 percent from the previous month’s average sale price of $153,040.  The year-over-year increase was 10.02 percent, from the average sales price of $150,293 in April 2011.

2.   Average listing price for Tampa homes also increased year-over-year and month-over-month.  In April 2012, the average listing price was $172,989, representing an increase of 6.97 percent from the previous month’s $161,724, and a jump of 8.79 percent from $159,008 in April 2011.

3.   The median sales price for single-family homes also increased in April year-over-year, posting an increase rate of 11.1 percent.  This is the growth rate from $126,000 in April 2011 to $140,000 in April 2012.  The average sales price rose over the year from $176,593 to $184,950.

4.   The median sales price for condos and townhomes increased sharply by 28.6 percent, from $63,700 in April 2011 to $82,000 in April 2012.  The average sales price soared even more by 33.7 percent, from $89,426 in April last year to $119,562 to April this year.

5.    Price deductions became smaller, indicating that homebuyers are no longer insisting on bigger price discounts and are recognizing the value of the properties they’re buying.  In April 2012, homebuyers paid an average of 96 percent of the prices sellers have listed.  In all the months over the years from April 2009, the ratio of sales price to listing price stayed at 94 to 95 percent.

6.   The average number of days on the market has breached the 100-day level. From March 2011 to March 2012, homes stayed on the market for more than 100 days.  In April 2012, the average went down to 99 days.

7.   Housing inventory continued its downward slide.  The number of available Tampa homes for sale in April 2012 was 8,110, representing a drop of 11.55 percent from 9,047 in the previous month and a drop of an overwhelming 75.51 percent from 14,234 Tampa homes in April 2011.

This number has contrasting implications, however.  The slide is good because a lower inventory means higher home prices, and it also means the number of distressed sellers is declining.  On the other hand, the slide can also mean that fewer homeowners are moving up, that many homeowners are still waiting for home prices to increase, and that there are fewer homes to sell to people looking for residential properties.

A decreasing residential inventory is good news for the home building industry.  This means home builders can restart their housing projects which were shelved during the housing downturn.  A rejuvenated house construction sector means employment and improved income for a lot of people.

8.   The $200,000 to $250,000 price range was still the most popular to homebuyers.  A total of 177 single family homes, condos and townhomes in this price range were sold to homebuyers in April 2012.  There were 14 homes that were sold for more than one million dollars.