Tampa Housing Market Slowly Improving in Q2, Says Metrostudy Report

Residential News » Residential Real Estate Edition | By Michael Gerrity | August 18, 2010 11:55 AM ET

According to a recent report by Metrostudy, Tampa's residential market showed improving numbers relative to housing starts, closings, and home resales during Q2, 2010.

Metrostudy recorded 1,116 housing starts, across all price ranges during the second quarter, an improvement of 22.9%. The 1,116 quarterly starts represented the best results since 3Q2008 when 1,222 quarterly starts were reported. The tax credits were largely responsible for a 17% increase in quarterly closings between 1Q and 2Q 2010.

"The new home industry has faced several tough market factors over the last several years; one of which was significant resale inventory," said Tony Polito, director of Metrostudy's Tampa Region. "During 2Q10, we continue to see improvements in the number of MLS listings and sales.  This is on top of the 2009 growth in sales." MLS sales for 2009 totaled 28,087 units, up 20% from the 23,490 units sold in 2008 according to the FAR. For the first six months of 2010, MLS sales are up 17% versus the first six months of 2009.

"Median resale prices have not improved as much as we'd like," said Polito. "While the median is up from January 2009 low, it is likely that median resale prices will continue to show negative value, albeit in single digits for much of 2010." The bottom in the MLS median SF price in Tampa was January 2009 at $122,400. The June 2010 MLS SF median price was $138,400, down 1% from June 2009.

"Although we are seeing improvements in some areas, the possibility remains that the first half of 2010 will be stronger than the back half of the year," said Polito. "The outlook for the last half of 2010 is dependent upon better economic performance and improved consumer confidence, which have yet to manifest."

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