Housing Sales in Tampa and Florida Slump in February
The housing market in Florida is slumping as the speculative element is getting out and buyers remain wary as they wait to see what will happen. Tampa Bay saw a 29 percent decrease in volume with a 1 percent price increase. This tells me that sellers are holding firm on pricing while buyers are showing patience. The marketplace will stagnate or decline until a foundation is set.
While some are very upset, this is just the markets at work and make capitalism such a great economic system. We will have periods of passion and despair in short term periods, but over the long term, the market will find a consistent trend.
This mirrors the statewide trend, which saw a 20 percent drop in homes sold, to 13,539 from 16,916 in February 2005. Rising inventory levels and still-low mortgage rates are contributing to better balance the marketplace, FAR said in a release.
Realtors from across the state report that the supply of homes available for sale in their markets is improving, offering buyers more housing opportunities. The statewide median price for single-family existing homes last month was $244,200, up 24 percent from the February 2005’s statewide median of $197,700. In Tampa Bay, home prices inched up 1 percent, to $222,200 in February, from $216,700 in January. But that represents a 27 percent increase over the same period last year via Tampa Bay Business Journal.
I like your analogy in this article. The real estate economy really is like a patient who you cannot ...
Real Estate is hyper-local. Every market is different. Phoenix has already hit bottom and is starting to recover. We have ...
Great to hear that the big boys
are predicting recovery sooner than
most think.
Thanks for the value! 
I agree--good analogy. You have to crawl before you can walk. Right now, at least in Austin, many people would ...
I live in the Philippines and I am glad we are not on the lists... 
I have a few Litograghs of Presidents homes , made by Richard V. Sebring. yr. 1990 Do they have any ...
I see the question I have, but no response. I do not have a for sale sign up ...
I'll add mine to the list too. This is happening in Kansas City, Missouri as well now.
We already knew ...
Comment by Mike Frazier on 29 March 2006:
Our real estate market has turned from warm to “red hot”. I am getting lots of clients moving here from Tampa and other Florida cities. Many are looking for lakefront homes and properties here in northwest Tennessee where the weather is a little more stable. I just closed the sale on a home to a Florida family. The home has lots of lake frontage and sold for just $200,000. The house has over 3000′ of heated area and a nice garage/workshop/basement.
Besides the weather, the other attraction for relocating here is obviously the prices. We have some of the lowest real estate prices in the country.
Because of all the calls for waterfront, I created a “waterfront/lakefront” real estate blog for a community near Dyersburg,Tennessee that has 7 lakes. Please take a look !