Condominium sales in the Tampa Bay region are down, but prices are on the rise as home sales continue their long recovery in the state.
The median sales price of a condominium in the region, which includes both Pasco and Hillsborough counties, was $110,000 in May, up nearly 13 percent from the year before, according to a new report from Florida Realtors. The number of closed sales dropped nearly 10 percent, however, to 1,256 units.
Single-family home sales climbed a little more than 1 percent last month in the area, while median sale prices slipped about the same percentage, to $156,000.
What had been a buyer’s market is quickly turning into one benefitting sellers, said Florida Realtors president Sherri Meadows, in a release.
“Right now, the market offers a great opportunity for sellers, who are seeing nearly 93 percent of their asking price at the closing table,” she said. “And mortgage rates, though rising, remain historically low, giving consumers more buying power.”
Statewide, condo sale prices rose nearly 14 percent to $145,000 while home prices ticked up another 4 percent to $180,000. The most expensive homes are found in Collier County where the median price for a single-family was $410,000, while condos were running $230,000. The cheapest were in Ocala where single-family were selling at $108,000, and condos at $46,000.
The market still struggles to get first-time buyers.
“Going forward, we’re concerned about affordability,” said John Tuccillo, chief economist for Florida Realtors, in a release. “In particular, the difficulty of first-time buyers to access mortgage financing, and the lag in providing a much-needed supply of new homes may hold back Florida’s housing market.”