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Tampa Bay Real Estate
June was a great month for writing new sales contracts for homes in Pinellas County. A whopping 46% more properties went under contract than occurred in June a year ago. True, a lot of the contracts were on foreclosed homes—but it’s a good thing as these properties tend to close more quickly. In the second quarter 2011 the average single family price was $173,100 and average price for condos was $119,900. The average quarterly price for the Tampa Bay area (Hillsborough, Pasco, and Pinellas Counties) was $190,800 for single family and $148,300 for Condos
With the inventory currently at its lowest point since December, 2005, you would expect prices to begin rising, and it seems they did. The median price in June was $132,100 for single family homes and $95,000 for condos, the highest so far this year in both categories. Granted, one month doesn’t make a trend, but there has been a steady upward trend for the first six months this year.
Overall residential market sales increased from 1,226 to 1,320 or 7.7% from June 2010 to June 2011. The median sales price for the same time period dipped 11% from $135,000 to $120,000, but is up $20,000 month over month. Active listings fell by 22% from June 2010 to June 2011.
Single family listings are down from 6,479 to 4,655 or 28%. The median sales price is down from $144,000 to $132,000, an 8.8% decline from June 2011. Single family sales showed a 2% decrease for the same time period.
Condo sales from June 2010 to June 2011 are up nearly 26%. The median sales price for condos has been fluctuating between $75,000 and $95,000, for June it is $95,000, a decrease of 17% from June 2010. Condo listings decreased from 5,344 to 4,584 or 14% for the same time period.
Agents are complaining there is no inventory out there, and there’s some truth to that as the number of properties available is nearing 2005 levels when we had a boom market. Over half the properties sold in June sold within the first 90 days. The average days on market for foreclosures was 77 days. Non-distressed properties took an average of 113 days to sell and short sales as always are taking the longest amount of time to sale at 179 days.
Now is a great time to view all homes for sale in Clearwater, Tampa and many other areas. Give the Hayslett Team a call to speak to a real estate agent about buying Real Estate in Tampa Bay. Our number is 727-443-6700.
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