While home prices seem to be rising elsewhere, Tampa home prices dipped in January, according to My Florida Regional Multiple Listing Service data. According to RisMedia, national home sales and prices increased 3.4 percent above national sales and prices from January 2011. But My Florida Regional Multiple Listing Service data, the median price of a single family home in Tampa fell to $117,000 in January 2012. The median price of a single family home in the Tampa area for December 2011 was $125,400.
According to the Tampa Bay Times, the dip was expected. The Tampa Bay Times also reported that prices have dipped from December to January every year since 2005. One explanation for January’s lower prices is that buyers are rushing to get closings completed by the end of December so that they qualify for the homestead exemption for the new year.
December 2011 saw 2,422 sales in the Tampa Bay area and January saw 1,827 sales. This pattern of dropped sales has also occurred every year since 2005. The median price on a short sale in the Tampa Bay area fell to $100,000, a drop of $5,000. Conventional sales dropped to $148,000 from $157,000. Foreclosure sales saw the lowest drop. Foreclosure sales dropped to $68,400 from $69,000.
In January 2011, home prices fell to $110,000, but the median price of a single family home rose to $130,000 by August and never dropped under $120,000 again in 2011.
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