Tampa MSA 2009 Q02 Real Estate Market Report by a Hudson, Florida Realtor
MSA= Metropolitan Statistical Area. There are over 350 in the United States, which are used to give a more local evaluation of Real Estate Markets. National Real Estate numbers are good to follow, but it can not be said enough. All Real Estate is Local. Just ask Detroit or Flint Michigan how they fared during the housing bubble. An area is considered an MSA if, like Tampa, they have over 50,000 people in the area. The MSA also includes surrounding counties if they are interdependent on one another
As you can see in the map above, the median home price for the Second Quarter of 2009 fell to $140,900 which is a drop of 22.1% from the Second Quarter of 2008. And is a fall of 36% from Real Estate Market highs of ~$220,000 in 06
To read the Chart below, the Red Line is read off the Right side dollar values, and the Blue bars are read off the Left side percentage gains/losses. As you can see, while many are saying the Recession has bottomed, their is not yet such an indicator in our local housing market. But keep in mind this is only the first quarters information. We do not have the second quarters statistics yet, which may show a bottom, hopefully.
If you eliminate, or average out Q1 in 2007 it has been a pretty even decline in the market, price-wise, as shown by the Red Lines pretty even decline. And taking out Q1 in 2008 you will see that the pecentage losses, are fairly steadily accelerating as well. But keep in mind each one is year over year. So every 4th blue bar is what is being compared, they are all year over year price declines. All in all, you can see we have pretty much wiped out any and all gains since 2002 in the Tampa Real Estate market. With some housing selling in the teens or low 20's, I really can not see much more price declines in the general market. There just is not much room for them to go lower.
map and graph courtesy of www.Realtor.org
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