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Buyers of $140K to $300K Tampa Homes Paid 97% of Asking Prices

Posted on October 15, 2012

Over the past 9 months, buyers of Tampa homes within the sales price range of $140,000 to $299,999 paid an average of 97% of the listing prices, based on data from the My Florida Regional MLS and the Greater Tampa Association of Realtors (GTAR).  The sale-over-list-price of 97% was the highest average over the nine-month period.

Here are the average sale prices in comparison to the average list prices within the $140,000 to $299,999 price range from January to September 2012:

Average List Price    Average Sale Price    Average Discount
$153,921 $149,157 $4,764
$173,791 $169,058 $4,733
$195,629 $189,106 $6,523
$230,669 $223,348 $7,321
$281,822 $272,297 $9,525

From January to September 2012, a total of 17,191 residential units were sold, with the average listing price at $173,294 and the average sale price at $165,779, which is 96% of the listing price.  The low and high ends of the price ranges got the lowest sale-list price ratios, with the $49,999 or less homes getting 91% of their listing prices and the $1-million-and-over homes getting 90% of their asking prices.

The price range $140,000 to $299,999 posted a total of sold homes over the nine-month period.  The table below provides the details:

Price Range No. of Homes Sold from January to September
$140,000 – $159,999       1,162
$160,000 – $179,999 1,117
$180,000 – $199,999 820
$200,000 – $249,999 1,626
$250,000 – $299,999 995

Among the five price ranges listed above, the $200,000 to $249,000 price range was the best-selling range over the nine-month period.  It was also the best-selling price range of all price ranges for single-family homes in Tampa in all months from April to September 2012, and this includes the perpetually popular price range, the less-than-$50,000 price range.

In September, the five price ranges also posted a sale-over-list price of 97%, except one, the $140,000 to $159,999 range, which had 96%.

Price Range No. of Homes Sold in September
$140,000 – $159,999       131
$160,000 – $179,999 117
$180,000 – $199,999 84
$200,000 – $249,999 182
$250,000 – $299,999 112

For all price ranges, the sale-over-list price rose from 94% and 95% in the past years to 96% in 2012 as the Tampa real estate inventory declined and home prices increased.  The average sale prices of homes for sale in Tampa Fl continued to increase from $135,543 in January 2011 to $145,317 in January 2012 and to $169,274 in September.  That’s an over-the-year increase of 7.2% in January 2012 and an increase of 16.5% over the nine-month period from January to September 2012.

As of the end of September, there are only 7,050 Tampa housing units for sale, and these units represent only 3.9 months of inventory at the current pace of home sales in the Tampa area.  The September 2012 figure is just about 40% of the September 2009 inventory of 16,697 units.  Tampa houses on the market have been sold increasingly at a faster pace, with the number of days on the market dropping from 104 days in January this year to 82 days in September.

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