Tampa Bay homes continue to be popular among homebuyers. And these buyers are willing to pay more because they are realizing that the inventory is dwindling fast. The pace at which these homes are getting snapped up, the decline in listings, and the rising number of buyers have been pushing up home prices. As shown in the sales charts, home prices have been rising significantly from month to month in the Tampa Bay area over the past two years.
In July this year, Tampa Bay homes were bought at an average price of $206,754, representing an increase of 1.6% from the previous month’s average sale price, and a jump of 20.6% from July’s average price last year.
Average Home Sale Prices
| July 2013 | $206,754 |
| July 2012 | $171,472 |
| June 2012 | $203,558 |
The last time the average sale price surpassed the 200,000-dollar level was in September 2008, when the average sale price was $205,013. The month following September 2008 showed a sharp decrease of 9.07% to $186,425, and dropped further to $181,435 in November 2008, and then to $160,775 in January 2009.
Home prices continued to fall until it reached its bottom in January 2011, when the average sale price fell to $134,856. The following two months, February and March 2011, showed a slight recovery, with an average sale price of $135,543 and $139,819, respectively.
By April 2011, the average price jumped up to $150,293 and continued its rise over the rest of 2011 and the following years, with some temporary drops.
Average Home Sale Price Over the Past 5 Years
. Highest Average Sale Price from September 2008 to July 2013:
July 2013 $206,754
. Last Time Average Sale Price Was More Than $200,000:
September 2008 $205,013
. Lowest Average Sale Price From 2008 to 2013:
January 2011 $134,856
. First Time Since September 2008 that Average Sale Price Surpassed $200,000:
June 2013 $203,558
July 2013 Average Home Sale Prices
| Average Sale Price for Single-Family Homes | $227,348 |
| Average Sale Price for Condos and Townhomes | $144,680 |
In July 2013, the average sale price for single-family homes was $227,348, representing an increase of 1.5 percent from the previous month’s average sale price. The year-over-year increase was significant, as the jump was 19.3%. The average sale price for condos and townhomes was $144,680, representing an increase of 3.98% from the previous month’s average sale price. The year-over-year rise was also significant, as the jump was 19.4%.
July 2013 Median Home Sale Prices
| Median Sale Price for Single-Family Homes $188,000 |
| Median Sale Price for Condos and Townhomes $110,000 |
The median sale price for Tampa Bay single-family homes in July 2013 was $188,000, representing an increase of 5.8% from the June 2013 median price of $177,700, and a sharp increase of 29.7% over the year. For townhomes and condos, the median sale price in July 2013 was $110,000, an increase from the $100,500 median sale price in June 2013, and a much more sharp increase of 22.2% from the median sale price in July 2012.