Last week (2/15 - 2/21/2009) in Hillsborough County, we saw the following pricing activity.
- Residential Property Price Reductions
- 4.3% of the listed residential properties reduced their price
- Residential prices were reduced by an average of 9.3%
- Residential Property Price Increases
- 0.2% of the listed residential properties increased their price
- The average price increase was 13.2%
- The average time on the market for these properties was 160 days
- Commercial Property Price Reductions
- 0.9% of the listed commercial property reduced their price
- Commercial prices were reduced by an average of 7%
- Commercial Property Price Increases
- 0.1% or the listed commercial properties increased their price
- The average price increase was 5.3%
- The average time on the market for these properties was 164 days
- Vacant Land Price Reductions
- 1.4% of the listed vacant land reduced price by 1.4%
- The average price reduction was 11.7%
- Vacant Land Price Increases
- 0.2% of listed vacant property increased price
- The average price increase was 20.9%
- Average time on the market for these properties was 309
Since December we have seen our residential inventory at a level substantial lower than we've seen in the past year and a half. While we're not at a "normal" level, we also are no longer at "fire sale" levels either.
Price reductions are aggressive. This is a great indication that sellers are willing and ready to sell their property.
Our Tampa Bay Real Estate Market may be very close to stabilizing. Certain areas of the country will see a Real Estate Recovery earlier than others. Tampa Bay is one of these areas.
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