Home and condo prices fell statewide last month, and while Gulf Coast property owners managed to sell more condos at lower prices, home sales stagnated in Tampa Bay and Fort Myers.
As federal tax credits have expired, real estate markets have struggled nationwide, according to the National Association of Realtors. NAR chief economist Lawrence Yun expects those struggles to continue. “Home sales will remain soft in the months ahead,” Yun said in a release.
In Florida, the statewide median sale price for an existing home was $134,000 last month, down 9% from last year's $146,500 price point.
The drop was even more precipitous in the condo market — a 24% decline, from $107,200 in August 2009 to $81,600 this year.
Price trends in each of the three Gulf Coast metropolitan areas — Tampa Bay, Sarasota-Bradenton, and Cape Coral-Fort Myers — mirrored those of the statewide market.
In Tampa Bay, the median home price fell 4%, and the median condo price fell 16%. Sarasota saw decreases of 8% and 26% respectively, while Fort Myers experienced declines of 1% and 25%.
The number of condominiums sold in each of the three markets increased significantly, up 33%, 42%, and 12% in Tampa Bay, Sarasota, and Fort Myers respectively. But while Sarasota saw an 11% jump in home sales, Tampa Bay and Fort Myers saw respective decreases of 6% and 5%.