It seems that the absorbtion rate for homes in South Tampa continues to rise. At the same time we are seeing the inventory falling month to month. Here is a graph from zip code 33629:

The absorbtion rate is the number homes that sell per month. From March of 2008 to August 2009, the rate has gone up over 2%. At the same time the inentory is down by over 100 units. This means that the Inventory is down to a 13 month supply. 

While the market is far from healthy, it appears that the trend in many South Tampa Real estate markets is in the right direction.