Tampa Bay Housing Market Remains Hot

November is traditionally a slower month for home sales, as evidenced again this year when Florida’s housing market took a step back from its recently sizzling numbers. Statewide sales of existing single-family homes totaled 17,219 - a one percent increase over last year’s sales activity of 17,110 homes.

Housing markets nationwide are starting to see a better balance between demand and supply, according to many housing industry analysts, such as the Florida Association of Realtors (FAR), placing homebuyers and sellers on a more even footing.

Across Florida, median sales price rose 31 percent in November to $250,500; a year ago, it was $191,300. In November 2000, the statewide median sales price was $117,900, which is an increase of about 112 percent over the five-year period.

Florida home loans surge in Tampa area

Among the state’s larger metropolitan statistical areas, the Tampa-St. Petersburg-Clearwater MSA reported higher figures in both sales and median price last month with a total of 3,799 existing single-family homes changing hands, good for a 16 percent increase over the 3,276 homes sold last year. The market’s median sales price increased 33 percent to $222,900; a year ago, it was $167,100.

The national median sales price for existing single-family homes was $216,200 in October, up 16.6 percent over last year, according to the National Association of Realtors. Some statewide, median resale prices include:

• California - $538,770
• Maryland - $297,682
• New York - $269,000
• North Carolina - $215,762.

Interest rates for a 30-year fixed-rate mortgage averaged 6.33 percent in November, up from the 5.73 percent rate recorded last year. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Mortgage rates, while edging up, remained favorable in November, which encouraged buyers to enter the market, said George Bodmer, president of the Greater Tampa Association of Realtors and co-owner of Bayside Realty Group Inc., in a release.

“The real estate market follows the jobs, and this area is basically a community that goes to work,” Bodmer said. “We’ve got places to work, places to play, good schools and even with high demand and a tight inventory, we’ve been fortunate in that we still have homes available to buy. Buyers know housing is a good investment.”

Other larger markets reporting higher sales in November include:

• Jacksonville, where 1,425 homes sold for a 20 percent gain
• Orlando, where 2,656 homes changed hands for a 2 percent increase.

The median sales price also rose in both markets: in Orlando - where Florida home sales are as strong as ever - 45 percent to $254,600; and in Jacksonville, 17 percent to $190,000.