Category Archives: Real Estate Trends

Tampa Bay is 13th Most Affordable Housing Market

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The Tampa Bay metro area is the 13th most affordable residential real estate market in Florida, based on third-quarter 2014 data from the National Association of Home Builders (NAHB) and Wells Fargo. Tampa Bay is in the middle of the pack, about midpoint of the ranking of 22 metro areas in Florida. Each real estate market’s affordability is evaluated using the area’s median family income and median home prices.

The Tampa Bay metro area refers to the Tampa-St. Petersburg-Clearwater metro area and encompasses the cities of Tampa in Hillsborough County and St. Petersburg and Clearwater and Pinellas County and some parts of Pasco County.

The following ranking is based on HOI, which means Housing Opportunity Index, the index created by the NAHB and Wells Fargo the measure housing affordability. It measures the percentage of homes for sale in a certain area which is affordable to a median-income family in this certain area, using standard mortgage underwriting criteria.

The HOI uses median family income data published by the Department of Housing and Urban Development and applies the assumption that a family can afford to spend 28 percent of its gross income on home mortgage.

RANK METRO HOI MEDIAN FAMILY MEDIAN SALES
AREA 2014 INCOME PRICE
1 Lakeland-Winter Haven 84.2 50,400 118,000
2 Tallahassee 82.5 64,800 139,000
3 Ocala 81.9 45,700 93,000
4 Gainesville 81.0 65,400 141,000
5 Palm Bay-Melbourne
-Titusville 78.4 60,700 133,000
6 Pensacola-Ferry Pass
-Brent 78.1 58,400 139,000
7 Deltona-Daytona Beach
-Ormond Beach 76.8 51,500 120,000
8 Palm Coast 75.9 56,300 147,000
9 Port St. Lucie 75.4 56,900 136,000
10 Jacksonville 74.3 63,200 156,000
11 Panama City-Lynn Haven
-Panama City Beach 74.1 59,500 155,000
12 Punta Gorda 74.0 55,700 132,000
13 Tampa-St. Petersburg
-Clearwater 72.8 57,400 138,000
14 Sebastian-Vero Beach 71.1 54,700 140,000
15 Crestview-Fort Walton
Beach-Destin 70.6 62,800 180,000
16 Cape Coral-Fort Myers 68.3 58,000 157,000
17 Orlando-Kissimmee
-Sanford 66.2 54,800 165,000
18 Fort Lauderdale-Pompano
Beach-Deerfield Beach 64.5 61,200 163,000
19 West Palm Beach
-Boca Raton-Boynton Beach 63.8 64,100 185,000
20 North Port-Bradenton
-Sarasota 61.8 57,300 183,000
21 Naples-Marco Island 51.9 62,900 260,000
22 Miami-Miami Beach
-Kendall 47.7 48,600 200,000

In the third quarter of 2014, the median price of homes in the Tampa Bay area was $138,000 and the median family income was $57,400, based on NAHB and Wells Fargo data. Nearly 73% of all homes for sale in the Tampa Bay metro area were affordable to families earning the median income.

Tampa Bay Real Estate Market Is 4th Most Affordable in Florida

tampa-bay-real-estate-affordable

Based on the median sales prices of existing single-family homes in the third quarter of 2014, the Tampa Bay real estate market is the fourth most affordable housing market among metropolitan statistical areas in Florida.
 

Metro Area Median Sales Price
Ocala $ 108,000
Lakeland-Winter Haven $ 140,200
Punta Gorda $ 142,000
Tampa-St. Petersburg-Clearwater $ 145,000
Palm Bay-Melbourne-Titusville $ 145,000
Deltona-Daytona Beach-Ormond Beach $ 152,000
Pensacola-Ferry Pass-Brent $ 155,000
Palm Coast $ 157,500
Port St. Lucie $ 160,000
Sebastian-Vero Beach $ 165,000
Tallahassee $ 175,000
Panama City-Lynn Haven-Panama City Beach $ 178,500
Cape Coral-Fort Myers $ 180,000
Orlando $ 180,000
Gainesville $ 181,000
Jacksonville $ 186,500
Crestview-Fort Walton Beach-Destin $ 192,500
Sarasota-Bradenton-Venice $ 222,000
Miami-Fort Lauderdale-Miami Beach $ 270,000
Naples-Marco Island $ 342,500
Region Median Sales Price
Midwest $ 172,700
South $ 189,400
U.S. $ 217,300
Northeast $ 261,700
West $ 302,300

 
Source of Data: National Association of Realtors (NAR

Single Female Home Buyers Are Still Tops

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Single female home buyers are still the second biggest home buying group in the U.S.,  second only to married couples, and much more significant than single males and unmarried couples.

single female homebuyers

Across the country, single females represent 16% of all homebuyers, based on a survey conducted by the National Association of Realtors (NAR) among home buyers who purchased a home between July 2013– June 2014.


single-female-homebuyer-2

What’s the profile of these Single Females?
  •   Their median age is 52
  •   Their median income is $54,800
  •   88% purchased pre-owned homes
  •   62% chose single-family homes
  •   35% were first-time home buyers
  •   89% purchased through an agent
  •   Median home size purchased is 1,500 sq.m.
  •   Home ownership is their top reason for purchase
  •   They also see their home purchase as a financial investment that’s better than stocks

In FLORIDA,  Single Female Home Buyers represented 17% of all home buyers over the 2014 NAR survey period.

5 Tampa Bay Real Estate Trends

Here are 5 significant Tampa Bay real estate trends over the past few years, based on data from the Greater Tampa Association of Realtors (GTAR) and My Florida Regional MLS:

1.   The best selling Tampa Bay homes are those priced in the $200,000 to $250,000 range.

This range has been the best seller since the middle of 2012.

sale-price-listing-tampa-bay-real-estate

*Above graph is based on Greater Tampa residential sales from January 1 to October 31, 2014, as reported to GTAR.

Top Sales Price Ranges Market Share
200,000 – 249,999 12.34%
      1 – 49,999 10.21%
140,000 – 159,999 8.25%
250,000 – 299,999 8.00%
120,000 – 139,999 8.00%
160,000 – 179,999 7.67%
100,000 – 119,999 6.32%
180,000 – 199,999 5.97%
300,000 – 349,999 4.95%

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