Tampa Real Estate Statistics 2002 - 2009
Posted by Calum and Kathleen MacKenzie on Thursday, June 17th, 2010 at 7:46pm.In today's market, the number one question we receive as real estate agents is "how's the real estate market?" Whether it be from a customer, friend, or family member; whether it's in an up market, or down market everyone always asks the same question... "how's the market"? We typically answer by saying "it depends where you live", which in turn envokes a conversation regarding home prices in different areas of Tampa Bay. After such a conversation, I always remark that I should take the time to publish more market information on our blog.
Well, it's taken a little time but I was finally able compile eight years worth of real estate data down to the neighborhood level for both Hillsborough and Pasco County. I had hoped to have a full ten years worth of data, but it looks like our current MLS database only goes back to the year 2002, so eight years is going to have to do for now.
So this will be the first in a series of posts that will examine statistics for the Tampa real estate market for the past eight years. So if your curious as to how the market is doing in your area of Tampa Bay, or which are the most expensive cities and neighborhoods in the Tampa area, keep checking our blog over the next couple of weeks and hopefully I will shed some light on the subject.
Today's post focuses on Hillsborough County (Pasco County will be next) and this first graph shows residential home prices for Hillsborough County and the cities within the county. For local residents, I don't think it's any surprise to see South Tampa or Odessa at the top of this chart, what's interesting is while most of the other cities peaked in terms of home prices in 2006, home prices continued to climb into 2007 in both South Tampa and Odessa. At the time this was probably some false hope for traditionally strong areas, because ultimately these areas faced steeper declines in 2008 and 2009.
When looking at the graph above, note that the "Tampa" line includes prices from South Tampa, New Tampa, and Westchase, as these area are not formal cities, just large areas of interest for many homeowners and buyers. The South Tampa stats are for zip codes 33606, 33609, 33611, 33616,33621, and 33629, New Tampa consists of zip code 33647, and Westchase area is zip code 33626.
The second graph shows the volume of sales - or the number of homes sold in Hillsborough County from 2002 to 2009. What's interesting to note between these two charts, is that although the number of homes sold peaked in 2005, price continued to rise into 2006 and for some cities into 2007. So there was more than year lag between home prices and number of homes sold. In 2009 sales volume had picked back up, however home prices continued to decline, it will be interesting to see if home sales continue to increase, how long it will take home prices to rise again.
All data taken from the Greater Tampa Association Realtors MLS and deemed reliable, but not guaranteed.
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