Make us your home page
Instagram

Home sales rise as prices drop

A small but positive sign appeared in new Tampa Bay housing market data unveiled Thursday.

Sales of existing single-family homes in the Tampa Bay area actually rose 1 percent in May compared with the same period last year, according to figures released by the Florida Association of Realtors. About 30 more homes were sold last month than in May 2007 (2,270 versus 2,241).

But then there's this: The median sales price of homes sold last month in the bay area dropped 16 percent year to date, from $209,300 in May 2007 to $176,100 last month. That's a decline of $33,200.

The numbers weren't much better statewide. In the year-to-year comparison, 12,175 existing homes sold in Florida last month, whereas 12,882 homes sold in May 2007. That's a decrease of 5 percent.

Florida's median sales price for existing homes last month was $203,300. A year ago, it was $239,000, for a 15 percent decrease.

But the market could be showing signs of a turnaround. Statewide, 12,175 existing single-family homes sold in May, up 8.7 percent over the previous month, when 11,200 homes changed hands. Existing condo sales statewide rose 3 percent, with 4,018 units sold in May compared with 3,900 condos in April.

What's more, the median price for both existing single-family homes and existing condos increased slightly statewide during the April to May period. The existing-home median price in May was $203,300, up 2.2 percent from April's median price of $198,900. The median price of an existing condo last month was $181,800, up 1.5 percent from April's figure of $179,200.

"Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines,'' said NAR economist Lawrence Yun. "But it's unclear if they are investors or owner-occupants."

Tom Zucco can be reached at [email protected] or (727) 893-8247.

Home sales rise as prices drop 06/26/08 [Last modified: Friday, June 27, 2008 7:01pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Carrollwood fitness center employs scientific protocol to help clients

    Business

    In 2005, Al Roach and Virginia Phillips, husband and wife, opened 20 Minutes to Fitness in Lakewood Ranch, and last month they opened the doors to their new location in Carrollwood.

    Preston Fisher, a personal fitness coach at 20 Minutes To Fitness, stands with an iPad while general manager/owner Angela Begin conducts an equipment demonstration. The iPad is used to track each client's information and progress. I also included one shot of just the equipment. The center recently opened in Carrollwood. Photo by Danielle Hauser.
  2. Olive Tree branches out to Wesley Chapel

    Business

    WESLEY CHAPEL — When it came time to open a second location of The Olive Tree, owners John and Donna Woelfel, decided that Wesley Chapel was the perfect place.

    The Olive Tree expands its offerings of "ultra premium?€ extra virgin olive oils (EVOO) to a second location in Wesley Chapel. Photo by Danielle Hauser.
  3. Massachusetts firm buys Tampa's Element apartment tower

    Real Estate

    TAMPA — Downtown Tampa's Element apartment tower sold this week to a Massachusetts-based real estate investment company that plans to upgrade the skyscraper's amenities and operate it long-term as a rental community.

    The Element apartment high-rise at 808 N Franklin St. in downtown Tampa has been sold to a Northland Investment Corp., a Massachusetts-based real estate investment company. JIM DAMASKE  |  Times
  4. New York town approves Legoland proposal

    News

    GOSHEN, N.Y. — New York is one step closer to a Lego dreamland. Goshen, a small town about fifty miles northwest of the Big Apple, has approved the site plan for a $500 million Legoland amusement park.

    A small New York town, Goshen approved the site plan for a $500 million Legoland amusement park. Legoland Florida is in Winter Haven. [Times file  photo]
  5. Jordan Park to get $20 million makeover and new senior housing

    Real Estate

    By WAVENEY ANN MOORE

    Times Staff Writer

    ST. PETERSBURG —The St. Petersburg Housing Authority, which bought back the troubled Jordan Park public housing complex this year, plans to spend about $20 million to improve the 237-unit property and construct a new three-story building for …

    Jordan Park, the historic public housing complex, is back in the hands of the St. Petersburg Housing Authority. The agency is working to improve the 237-unit complex. But the latest plan to build a new three-story building for seniors will mean 31 families have to find new homes. [LARA CERRI   |   Tampa Bay Times]