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.

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