Tampa Homes — 3rd Statewide, 5th Nationwide in Price Increase

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

Tampa homes have been enjoying significant price increases over the previous months and quarters. In the first quarter, existing single-family homes in the Tampa-St. Petersburg-Clearwater area posted the third biggest median sales price increase over the year among metro areas in Florida, based on data published by the National Association of Realtors (NAR). Among metro areas nationwide, the Tampa metro area posted the fifth biggest increase in the median sales prices of pre-owned single-family homes.

In the Tampa area, the median sales price for pre-owned single family homes increased from $113,600 in the first quarter of 2011 to $131,900 in the first quarter of 2012, representing a jump of 16.1 percent. It was a significant increase, considering that five Florida metro areas dropped in home prices and that the nationwide’s median sales price dropped by 0.4 percent.

Among Florida’s 12 metro areas, seven metro areas posted price increases over the one-year period between the first quarter of 2011 and the first quarter of 2012, with the Cape Coral area posting the highest increase rate. Second was the Palm Bay area and third was the Tampa area.

The table below shows how much the median sales prices of existing single-family homes in Florida metro areas increased over the year:

Increase Rate	Metro Areas in Florida
Over the Year
28.1%	Cape Coral-Fort Myers
16.9%	Palm Bay-Melbourne-Titusville
16.1%	Tampa-St. Petersburg-Clearwater
11.1%	Sarasota-Bradenton-Venice
9.6%	Miami-Fort Lauderdale-Miami Beach
4.1%	Orlando
2.8%	Tallahassee
-2.6%	Pensacola-Ferry Pass-Brent
-5.5%	Gainesville
-10.6%	Deltona-Daytona Beach-Ormond Beach
-10.6%	*Ocala
-10.7%	Jacksonville

*The rate of price decrease for Ocala was from ForecastChart.com, as NAR did not have available data at the time of compilation.

Nationwide, the pace of increase in median sales price for existing single-family homes in Tampa was the fifth biggest in the first quarter. Two other Florida metro areas were in the Top Five, with the Cape Coral-Fort Myers area capturing the highest rank.

Increase Rate       Metro Area
Over the Year
28.1%	Cape Coral-Fort Myers, Florida
19.0%	Grand Rapids, Michigan
16.9%	Palm Bay-Melbourne-Titusville, Florida
16.6%	Erie, Pennsylvania
16.1%	Tampa-St. Petersburg-Clearwater, Florida
14.8%	Ft. Wayne, Indiana
13.6%	Peoria, Illinois

Meanwhile, the following metro areas had the biggest drop rates in median sales prices:

Drop Rate	Metro Area
Over the Year
-22.0%	Kingston, New York
-18.0%	Bridgeport-Stamford-Norwalk, Connecticut
-14.7%	Mobile, Alabama
-12.0%	Atlanta-Sandy Springs-Marietta, Georgia