Low interest rates, rock bottom prices and the first-time home buyer tax credit have fueled home sales across the nation. To gauge the local impact of these forces, we analyze home sales in the New Tampa market, zip code 33647.
August 2009 MLS data shows that there were 357 single family homes for sale in New Tampa, while 96 homes went under contract, and 60 homes closed during the month. Compared to August 2008, there are now 39% fewer homes for sale, and 68% more homes went under contract during the same month. See the chart below for a 2 year view of New Tampa real estate market activity showing Active Listings (green), Contracts Pending (red line), and Closed Sales (gray):
Curious about the composition of the Active Listing Inventory in New Tampa? Think everything is a short sale? As of September 12, MLS data shows that there are 331 homes for sale in New Tampa. Of those, 14 are Banks Owned Foreclosures (REOs), 89 are short sales (pre-foreclosures), and 228 traditional listings (home owners & new home builders).
If we look at market segments, the under $200,000 market in New Tampa leads the way. For example, in August of 2008, just 13 out of 94 homes closed for under $200,000. In August 2009, 34 out of 77 homes went under contract. Realtors are reporting anecdotal evidence of shortage and multiple offer situations, and the data backs this up. While the number of sales has increased, however, prices have declined from an average of $91 per square foot to $79 per square foot from August 2008 to August 2009.
The New Tampa (33647) market includes: Tampa Palms, Hunters Green, Arbor Greene, Cory Lake Isles, Grand Hampton, West Meadows, Richmond Place, Live Oak Preserve, Pebble Creek, Cross Creek, Easton Park, Basset Creek, Heritage Isles and other neighborhoods. Click on the neighborhood above to see homes for sale. Contact Team Bohannon at 813-979-4973 to locate, negotiate and close on your dream home.
