In the Tampa Bay Area defining a luxury home community usually means a large waterfront home in a desirable neighborhood. How is Tampa, Florida’s Real Estate Market performing in high end home sales?
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I compiled statistics from the Tampa MLS. As of May 2009, there are approximately 109 active listings between 1m-2m for sale in Hillsborough County.
Current Active Waterfront Homes on the market: 109 total homes
The average home is a 4b/3b, slightly over 4,100 sq ft and waterfront. These properties are either bay front, lake, or riverfront for purposes of this comparison. Producing an average list price at 1,457,000 and $366.00 per sq ft.
Comparing Active and Sold Listings: 51 sold homes in the past year
I used the same search criteria based on the sold homes between May of 08 to date, May 09. The comps are as follows:
The average list price for the past year was 1.7m, Average sold price of 1.5m, and sold price per sq ft is approximately 340.00. It took 347 days on average to sell these 51 homes.
It would appear by the numbers, that the listing prices are sliding downward from the year prior. It is not just the lower end real estate market being effected by our economy.
If we look at the stats, only 1/2 of these luxury homes will sell in the next year. As of April 2009 there have been 27 homes sold over 1 Millon Dollars in Tampa. The good news is that we are on track to sell the same amount of homes in the same price bracket this year.
For sellers who want to sell their home you’ll need to be priced accordingly. Be flexible on pricing your home to sell. Buyers have to choose from over 100 homes for sale just in Tampa. Pinellas County is also quite competitive for those who want to be closer to the beach.
If you would like to speak with a Real Estate Agent about buying or selling your home, please contact Rae Catanese 813 784 7744 or email: realtyrae@yahoo.com
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