Tampa Palms, Westchase, Carrollwood and Tampa Bay Real Estate News From Jeanne Prigitano

So, how is the Tampa Bay Housing Market shaping up for 2011? Let’s take a look at the January statistics. It is not as great as I had hoped but really not bad once you look a little deeper.

If you remember my January blog on year-end market statistics, I along with many was pleasantly surprised by the numbers. Tampa Bay’s sales for December 2010 were up approximately 29% over November, average sales price inched up, and months inventory was the lowest it has been in years at just over 8 months.

On the surface, January’s numbers are a bit disappointing. Sales were down by approximately 25%, average sales price was down and months inventory increased to 10.5.

I believe the decline in average sales price is because the foreclosures are back on the market. There had been a halt on foreclosure sales but were once again released to market. Buyers who had been waiting on these sales were allowed to proceed. So, a higher that usual number of sales may be attributed to foreclosed properties. It is not that these properties are better valued. It is just that they are typically in poor shape in comparison to other comparable houses and sell for less.

Where is the bright note? Sales have increased by about 17% over this time last year with the condo market leading the way. The number of houses on the market is the lowest it has been in quite some time and the months inventory of 10.5 is still much better than this time last year when it was 13.5.

Stick around. Let’s see what February brings to the Tampa Bay housing market.