TAMPA — For single-family, existing homes in the Tampa Bay area, it's six of one, half-dozen of the other.
November sales were 2,050, up 6 percent compared to 1,932 the same month a year ago, while the median sales price for those homes dropped 6 percent during that same period, from $128,000 down to $120,900.
The housing information was released Wednesday by the Orlando-based Florida Realtors. Sales numbers represent totals of Realtors' closed transactions within the Bay area’s Metropolitan Statistical Area (MSA) which consists of four counties: Hernando, Hillsborough, Pasco and Pinellas. However, data from the Hernando Association of Realtors was not available, officials said.
Meanwhile, Florida's existing home sales increased 11 percent this past November, with 12,993 homes sold statewide, compared to 11,664 homes sold in November 2010. Florida’s median sales price was a statistical dead heat: $130,100 in November this year; $130,600, last November.
"It's really clear that two things are happening in Florida real estate," said Florida Realtors Chief Economist Dr. John Tuccillo. "No. 1, sales are moving upward – not by a large increase, but definitely, positively on an upward trend. Second, prices are stabilizing. Now, it doesn't mean that prices have turned around but they are stabilizing, and that's vital for the market to gain equilibrium.
"The more important factor is that sales are increasing and in large part, that's due to lenders becoming more educated on how to deal with distressed properties more effectively and in a more timely manner – and that's helping the Florida real estate markets recover."
Of Florida’s 19 MSAs, 17 reported higher existing home sales in November. For a detailed comparison in PDF format, click here. Condo figures in PDF format are available here.
“In recent weeks, we've seen encouraging reports of jobs growth and improvements in Florida's economy," said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart.
"Mortgage rates have remained at record lows and home prices appear to be stabilizing in many local markets across the state – all positive signs for the housing recovery," Fitzgerald added.
NOTE: Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
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