One bright note is that there have been more existing homes in Tampa Bay sold during the third quarter of this year than in 2008. In 2008 6,502 existing single family homes were sold in Tampa Bay during the third quarter, but there was a 20% increase in single family home sales during the third quarter of this year with 7,795 single family homes sold. The sale of these homes is welcome news for home owners who are desperate to sell their homes. One sour note is that the median sale price of existing single family homes has taken a hit. The average prices of single family homes in third quarter have taken a 17% dive from 3rd quarter last year. Tampa Bay had a median sale price of homes of $169,700 in 2008, but this year the median sale price of existing homes fell to $140,400.
The statewide existing-home median sales price was $145,400 in the third quarter; a year earlier, it was $185,600 for a decrease of 22 percent. The 3Q 2009 statewide existing-home median sales price was 1.25 percent higher than 2Q’s statewide existing-home median sales price of $143,600. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.
Although many homeowners may be happy to sell their homes and get it off the market, the loss in the home’s value is a financial blow, especially for those that bought their homes during the housing bubble. Most analysts are saying that the drop in the prices is the market correcting itself from the inflated prices that occurred during the housing bubble. There are some home that have seen a fall in prices that creates a market price that is lower that it was before the housing bubble.
Source: Florida Realtors