Home Sales, Florida Mortgage Demand Drops in Tampa Bay

A new national report may show new home sales making a 3.4 percent jump for November, but sales of existing homes in the Tampa Bay region still appear to be in a decline, according to recent statistics from area Realtor organizations.

Residential sales in Hillsborough and Pasco counties dropped 31 percent in November, as Florida mortgage loan activity waned. However, the average sales price continues to increase, this time to $267,741 compared to $264,144 a year ago, according to the Greater Tampa Association of Realtors.

Condominium prices, however, are dropping from $213,024 average sales price in November 2005 to $185,756 in November 2006.

The busiest areas in the two-county region continue to be Brandon and Lutz where homes are selling for $267,072 and $185,756 on average respectively.

Pinellas County has had its lowest volume of sales in the last five years with just 849 units being sold in November, compared to 1,433 the previous year. Until prices come down, there’s a good chance Florida home loan demand will remain slow.

Listings also continue to climb in the county where 16,759 units are now on the market, compared to just 7,726 the year before. Such an inventory truly makes the region a buyer’s market.

The median sales price for single-family homes in Pinellas is $215,000 in November, down 17 percent from the $259,000 median price in November 2005. It’s the lowest median price the market has seen since the beginning of 2005 when homes were selling for just over $216,000.

Condominiums are now selling at a median sales price of $155,900 for November, down 11.9 percent from the $176,900 they were selling for a year ago. That’s the lowest median price for condos in Pinellas County since April 2005.