Nearly 15,000 existing homes and condominiums changed hands in the greater Tampa Bay area during April, May and June, showing promising housing market trends despite a drop in overall condo sales.
The region — which includes Pasco, Hillsborough, Hernando and Pinellas counties — sold 3,733 condos in the second quarter, down more than 5 percent from the year before. The median sales price, however, rose more than 12 percent to $110,000.
That volume was second only to the greater Miami and Fort Lauderdale area, where nearly 13,000 condos were sold, according to a new report from Florida Realtors. Sales there, however were down more than 6 percent.
The lower volume is actually good news for the market, Florida Realtors chief economist John Tuccillo said, because that means foreclosure-related short sales are on the decline.
“The second quarter numbers show that Florida’s real estate market is settling in,” Tuccillo said, in a release. “While prices throughout the state tend to be up, sales are mixed with single-family sales growing, and condos and townhouses declining.”
Some of the reasons for that include the reduced role of bulk investors — buyers who pick up multiple units at a time in hopes to rent or flip — and many families who are having trouble getting mortgage credit because of flat income.
“This market is sustainable, but either or both of these roadblocks must be removed if it’s to take off again,” Tuccillo said.
Just a little more than 10,800 single-family homes were sold in the quarter, up 3 percent from a year ago. Median prices, however, were much more flat at $156,000, an increase of 1.3 percent.
Statewide, single-family sales were up more than 7 percent, while median sales prices rose just above 5 percent at $180,000.
Of the regions Florida Realtors track, Ocala in Marion County still had the lowest median price for a home at $105,000, despite a 6 percent increase in price. The most expensive homes remained in the Naples and Marco Island area of Collier County, were the median price rose nearly 16 percent to $405,000.
The interest rate for a 30-year fixed mortgage averaged 4.23 percent for the second quarter, up from 3.69 percent the year before, according to Freddie Mac.