While the sale of existing single family homes may have seen a 16% increase for the entire state of Florida, sales in Tampa Bay saw a downturn. During the same time comparison, May 2008 compared to May 2009, sales of existing single family homes in Tampa Bay took a 1% dip. It is not a huge alarm when you see the actual numbers. Homes sales in Tampa bay was 2,270 in May 2008, but were 2,243 this past May. From January to April of this year sales of existing family homes have seen a steady climb.
Existing Homes Sales in Tampa Bay (Tampa,St. Petersburg, Clearwater) :
The median price of existing family homes did take a dip in Tampa Bay, as well as the rest of the state of Florida. During May 2008 the median price of existing family homes in Tampa Bay was $176,100, but it fell by 30% this May to $141,100.
Existing Home Median Prices in Tampa Bay(Tampa, St. Petersburg, Clearwater) :
Although the prices of existing home prices have dropped since May of last year, they have increased since the beginning of the year. The numbers seem to say that we are heading to a recovery in the real estate market, but how long that recovery will take is still unknown. There are still many foreclosures and many families own real estate that is worth less than their current mortgage. But it does seem that we are on road to recovery.