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HomeTampa home prices plummet

Tampa home prices plummet

Single family home prices have continued to slide nationally and in Tampa they seem to be in free fall. Today Standard & Poor released their report for August 2007 (Standard & Poor’s S&P/Case-Shiller U.S. National Home Price Index for August 2007) and it does not paint a rosy picture here in the sunshine state. Miami shows a 7.8 percent reduction but Tampa has taken the national lead where prices are down 10.1 percent over the previous year.

Single-family home sales in the Tampa Bay area dropped 40 percent in September, according to data provided by the Florida Association of Realtors, while the median sales price fell 10 percent to $200,700. Sarasota watched single-family home sales drop 25 percent, while the median price there slipped 15 percent to $244,300.

Condo sales took a 29 percent hit last month, however the median price was able to rise 3 percent to $159,000. A similar situation happened in Sarasota with sales falling 10 percent but median prices rising 6 percent to $250,000.

Home Price Indices

HPI Table Highlight

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September Home Sales Suck- in Florida’s Tampa Bay Area

Economy is Key to Housing Turnaround

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Posted Tuesday Oct 30
(10/30/07 05:17PM) — Vincent McKamy Realtor Fredericksburg Virginia

Looks like everybody is taking a hit around the country / around the world.  Seems like we are seeing these reports all over the place.  Homeowners need to know the 10-15% gains they are use to are over.  We are on the down hill side now (so hold on)  I predict the next up side will probably be in 2010 if we are lucky.  I'm no physic so don't quote me on that. 

Good luck in Tampa.

(10/30/07 05:25PM) — RICHARD PERKINS

Hey, just tells me this is a great time to buy. I am hoping our clients see the same thing. Good luck

(10/30/07 05:26PM) — Paige Rausch

The numbers really are not that way out of line with the rest of Florida Theresa-

Florida's average home sales decline was 38 percent in September 2007 compared with the same month of 2006. Median home prices fell 9 percent over the same period.

Compared to Tampa Bay's sales numbers that showed a decrease of 40 percent, and 10 percent decrease in price.

While the numbers are bad or as you put it  "Suck", you are not that much worse or better off then the rest of the state IMHO. 

I got hope for the Yankees and Tampa Bay in 2008!!!

Best to you..Paige 

 

 

 

(10/30/07 05:42PM) — Paige Rausch

Employment is the KEY!! You have got some good things going for you....hope this helps you out. Information is power...

Metro area 

 

 

Change in housing inventory*   

Price change**    Employment outlook***   Loan payments overdue****   
Atlanta  +15%+1.2% Average  4.55%
Boston  -15%-3.4% Weak  3.31%
Charlotte, N.C.  N/A+6% Strong 3.6%
Chicago  +5.4%-0.9% Weak 2.99%
Dallas  +4.6%+0.8% Strong 4.26%
Denver  -3.5%-0.7% Average  3.56%
Detroit  +9.8%-9.7%Very Weak 4.71%
Houston  +14%N/A Strong 4.1%
Jacksonville, Fla.  +14%N/A Average  3.78%
Las Vegas  +17%-6.1% Strong 4.9%
Los Angeles  +21%-4.8% Weak 3.05%
Miami-Ft. Lauderdale  +30%-6.4% Average  5.63% 
Minneapolis-St. Paul  +10%-3.4% Average  3.01% 
Nashville  +30%N/A Average  3.67%
New York  +1.5%-3.8% Weak 3.29%
Orange County, Calif.  +16%N/A Weak2.46%
Orlando  +29%N/A Strong 4.71%
Philadelphia  +4.2%N/A Weak 2.94%
Phoenix  +20%-7.3% Average  3.26%
Portland, Ore.  +40%+3.8% Strong 1.93%
Raleigh-Durham, N.C.  +22%N/AN/A2.43%
Sacramento  +7.4%N/A Average  4.01%
San Diego  +3%-7.8% Average  3.45%
San Francisco  +17%-4.1% Average  2.29%
Seattle  +45%+6.9% Average  1.65%
St. Louis  +15%N/A Weak 3.35%
Tampa  +19%-8.8% Average  4.60%
Washington, D.C.  +2.7%-7.2% Average  3.14%

* Change from a year ago in the number of single-family homes, condos, townhouses and co-ops offered in multiple-listing services at the end of September 2007. New York includes Manhattan, Brooklyn, Queens, northern New Jersey, Long Island and Fairfield County, Conn. San Francisco includes the city plus eight surrounding counties. Washington includes the city plus Maryland and Virginia suburbs. Dallas includes Fort Worth and other North Texas towns.

** Average price level in July compared with a year earlier based on S&P/Case-Shiller index. Price movements may vary considerably within a metro area.

***Job growth projections by Moody’s Economy.com for the two years ending Sept. 30, 2009. Characterization is in relation to the growth consistent with a stable national unemployment rate.

****Percentage of mortgage loans 30 days or more delinquent in latest quarter, based on data from Equifax and Moody’s Economy.com. U.S. Average is 3.41%.

Sources for inventory: Otteau Valuation Group, ZipRealty, Smart Numbers, Prudential California Realty, MLS Property Information Network, MLS of Northern Illinois, Real Estate One, Esslinger-Wooten-Maxwell, Corcoran Group, Consolidated MLS, Prudential Fox & Roach, Arizona Regional MLS, Trendgraphix, Northwest MLS and local Realtor associations.
 
If you want to pass this on here is a link to the above chart:
http://online.wsj.com/public/resources/documents/info-houseIndicatorQ307-sort.html

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