NAR released their March 2008 report and the picture is still not very pretty.
Resale homes continued to drop and now stand at 19.3 percent off of March 2007 numbers. In addition, the media resale home price continued itâ€™s spiral and fell another 7.7 percent compared to the same month in 2007. The median price in 2007 was $217,400. and as of March 31, 2008 it now stands at $200,700.
According to NAR â€œRegionally, sales rose in the Northeast and West but fell in the Midwest and South.â€
So how does the picture differ her in the Tampa Real Estate Market ?
Well according to recent report by the West Pasco Board of Realtors, the Pasco County market has actually had two very good months back to back that prove while the bottom is still elusive in most places it appears to be settling some in other areas. It does appear that their is still more room for prices to drop before the national average stabilizes though.
What is interesting in the Pasco County scenario is that a Florida Economist â€œHankâ€ Fishkind, had predicted that areas within the Tampa Bay would recover before others in the state. It may be a bit optimistic at this point to say he his right only more time will tell.
If you are a regular reader to this Blog, then you might recall this post back in February â€œFloridaâ€™s indifferent real estate market in Tampaâ€¦huh ? The significance of this post is the comments made by Mr. Fishkind, with specific reference to Pasco County Real Estate he saidâ€
1. HOME SALES: Pasco and Hernando countiesâ€™ housing markets have hit bottom and are most likely to start the the turn around ?.this will be seen later in the year. Hillsborough County is close to the bottom, but Pinellas County has a few more months in this downturn before home sales and prices will stabilize.
You can down-load a copy of Dr. Hank Fishkinds Power Point report in PDF format entitled **Economic Outlook U.S. and Tampa Bay/Bay Area Real Estate Council.
** Be sure to check out pages 28 to 63 of the PDF for Tampa Counties (158 to 197 as listed on the lower right corner of the presentation).