Good news for the Tampa real estate market. Home sales have risen 13 percent - about 3,000 homes - since August of 2011 according to data from My Florida Regional Multiple Listing Service.
This data takes home sales into account from areas including Hillsborough, Pinellas, Pasco and Hernando counties. According to the Tampa Bay Times much of this increase came from short sales of deeply discounted homes as well as conventional sales throughout these areas.
The median prices for both these types of sales kept fairly level with the median price of a conventional home set at $170,000 and short sale home at $106,000. While an improvement, these are both below the highest median home price of $240,000 in the Tampa Bay area back in 2006.
Sales of foreclosed homes in the Tampa real estate market dipped about 20 percent (or 500 homes) since August of 2011, but their prices jumped about 14 percent to a median $83,000 this year.
One more interesting statistic worth noting is the time it now takes to sell a home in the Tampa Bay area. According to the data from My Florida Regional Multiple Listing Service, the average number of days between an offer and closing on a home dropping 12 percent down to 80 days during August of 2012.
Short sales, though, are typically marred by the tedium of banks and typically take over seven months to close.
All in all, this is a marked improvement for real estate in Tampa. We'll keep you posted as more news arises.
