Thanks tax credit: Tampa home sales jump 52 percent
The Halloween to Christmas chasm is usually a home sales purgatory.But the market made an exception this year.
According to the Greater Tampa Association of Realtors, home sales muscled up 52 percent from November 2008 to November 2009. About 1,641 homes sold last month compared to 1,081 in the same period a year earlier.
Two explanations spring to mind: The $8,000 first-time home buyer tax credit enlivened what would normally be a dormant month. And November 2008 sales were likely lower than they would have been without the credit meltdown.
I also suspect, judging from the high number of all-cash deals, that investors jumped into the market to snag foreclosure-discounted homes. From a free market perspective, that's demand you can take to the bank, as opposed to temporary, multi-billion dollar stimulus-inspired sales.
The average home sales price was $164,385, similar to what it was in spring and summer. That's more evidence that the market's reached a plateau. We won't know until next year how stable that price footing is.
GTAR compiles home sales for Hillsborough and east/central Pasco counties. Here's the char: Download Gtarnov09
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