Average Sale Price
The average sale price of Tampa homes increased from month to month in 2012, except for three months, based on data from the Greater Tampa Association of Realtors (GTAR). From January 2012 to November 2012, the average sale price dropped only in January, July and September.
In November 2012, the average sale price for all types of homes sold was $178,748. It represented a month-over-month increase of 5.9% and a year-over-year increase of 21.6%. The $178,748 average sale price was the highest average since December 2008 when the average reached $183,319. Indeed, in November 2012, the Tampa real estate market hit its highest average sale price for a residential property over a period of five years.
Housing Inventory
Expectedly, the average listing price for Tampa homes also increased, as more and more homeowners saw the rejuvenation of the Tampa housing market and the continued depletion of the Tampa area’s housing inventory. In November 2012, the housing inventory dropped sharply to only 6,602 units, a significant drop from 7,522 units in the previous month, from 11,590 units in November 2011, and from 20,650 units five years ago, in November 2008.
Average Listing Price
The average listing price for homes for sale in Tampa in November 2012 was $187,211, an increase of 6.1% from the previous month, and an increase of 21% from November 2011. The $187,211 price was the highest average listing price since July 2009, when the average was $187,677.
Average Number of Days on the Market
It is not only the increase in home prices and the drop in housing inventory that are posting positive indicators for the Tampa real estate market. The decrease in average number of days spent by homes for sale on the market is also an encouraging sign for the market. This means that buyers have been snapping available properties. In November, Tampa houses for sale have been staying on the market for an average of 85 days. That’s a big drop from 102 days in November 2011 and 103 days in 2010.
Home Sales
November 2012 was the sixth month in 2012 that the Tampa area sold more than 2,000 units. A total of 2,059 homes got sold in November, representing a 30-percent increase from November 2011. The previous month’s sales though was higher by four units. The other months in 2012 that surpassed 2,000 in unit sales were May, June, July, August and October.