Home prices in Florida are more affordable than they have been in decades, according to the Florida Association of Realtors (FAR), making this an ideal time to buy. In the Tampa Bay metro area, home prices are now more affordable than they have been in the last 20 years, says Moody’s Economy.com. The median home prices in the Tampa – St. Petersburg – Clearwater metro area came in at $139,400 for the month of June, which is a 22 percent drop from June of 2008.
According to the FAR, sales of existing homes for the Tampa Bay metro area were up 24 percent in the second quarter of 2009 compared to a year ago. The median price for those homes that did sell was $137,000.
First-time homebuyers, who have an $8,000 government tax credit on their purchase, are helping to fuel the sales growth. Additionally, the low prices have also given an opportunity to more people than in many years. According to Jack Rodriguez, president of the Greater Tampa Association of Realtors, agents are swamped with business. Distressed properties are a hot item and are another reason that prices are down.
“Prices haven’t been this low in a very long time,” he said.
In some examples of the low prices, there are condos on Clearwater Beach with water views that are going for around $300,000, compared to over twice that just a couple of years ago. One realtor has seen apartment to condo conversions going for as little as $20,000 per unit. The deals are there, and the prices have never been better.
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