June 2009 Tampa Bay Market Update

Single family listings dropped precipitously – down 22% from last year to 6,702. Only two years ago, that number was 9,000. Unit sales were up by 18% from 2008 and the market is approaching the number of sales experienced in the latter half of 2006. The median price appears to be stabilizing, at least for now. Since the low of $125,000 in January, every other month this year has been in the $140,000s. In June the median price was $147,000, including foreclosures and short sales. For non-distressed properties, the median price was $171,750 in June. The market also reached double digits in absorption rate for the first time in a long time at 11.1%. For a change, the lowest end of the market did not lead in the number of sales. Homes under $100,000 accounted for a little more than 26 per cent of sales, while the $100,000 to $250,000 bracket led with over 53 per cent of unit sales. There were no sales of $1 million or more.
For condos, listings are down 16.9 per cent from 2008 and the number currently on the market is now closer to that seen in 2006. For the fourth month in a row, the number of unit sales is up over last year – and not just up, it was a leap up at 29.1% more than 2008. Median price did not drop to get there either as it was $139,000, the highest level we’ve seen so far this year. The non-distressed condo sales median price was $146,500. As for residential financing, all cash closings still dominate the transactions at 46% year to date.