New Home Prices Soar in Tampa Bay Area
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New Home Prices Soar in Tampa Bay Area
While the Tampa Bay – area housing market takes a breather from record-setting pace of 2005, new-home prices throughout the region continue rocketing to new highs, according to Rose Residential Reports.
Moreover, while the total sales volume was down for the first 10 months of 2006, sales prices and volume in several cases rose dramatically during the first month of the fourth quarter. The latest report tracks sales through the end of October.
A complete report on the fourth quarter will be available in the near future.
In Hillsborough County, the average price of a single-family home rose 12% to $334,957 in October when compared to the same period of 2005 when the average price stood at $334,449. For the first 10 months of the year, the increase was more dramatic, jumping 21% - $291,410 to $351,455 – from 2005 to 2006
The largest price increases in the county were experienced by attached villas, which rose 29% through October, going from an average of $171,000 in 2005 to $220,262 last year.
But probably the most dramatic activity was a late-year surge of building permits in Hillsborough County’s multifamily housing market. Although, multifamily building permits were down for the year, a bright spot occurred in October when the County issued 780 multifamily permits – 807% increase from October 2005.
Similar increases were observed in Pinellas & Pasco Counties.
During the first 10 months of the year, the average price of a single-family home in Pasco county increased 14%, going from $275,850 in 2005 to $315,181 in 2006. The greatest price increases, however, occurred in the multifamily-home segment of the market, ranging from a 17% price jump for townhomes to 24% for duplexes.
In Pinellas County, which most experts consider virtually built out, the average price of a single-family during the first 10 months of 2006 soared 29% to $546,190 in 2006 as compared to $424,717 in 2005.
Most encouraging, however, is the fact that not only did the average price for all new homes in the county increase 28% percent during first 10 months; but also, the number of new homes sold was up 5%. Pricing increased from $390,644 to $490,366 between 2005 and 2006, while new homes sold climbed to 1,580 in 2005 to 1,666 in 2006.
Orlando Homes for Sale
New Home Prices Soar in Tampa Bay Area
While the Tampa Bay – area housing market takes a breather from record-setting pace of 2005, new-home prices throughout the region continue rocketing to new highs, according to Rose Residential Reports.
Moreover, while the total sales volume was down for the first 10 months of 2006, sales prices and volume in several cases rose dramatically during the first month of the fourth quarter. The latest report tracks sales through the end of October.
A complete report on the fourth quarter will be available in the near future.
In Hillsborough County, the average price of a single-family home rose 12% to $334,957 in October when compared to the same period of 2005 when the average price stood at $334,449. For the first 10 months of the year, the increase was more dramatic, jumping 21% - $291,410 to $351,455 – from 2005 to 2006
The largest price increases in the county were experienced by attached villas, which rose 29% through October, going from an average of $171,000 in 2005 to $220,262 last year.
But probably the most dramatic activity was a late-year surge of building permits in Hillsborough County’s multifamily housing market. Although, multifamily building permits were down for the year, a bright spot occurred in October when the County issued 780 multifamily permits – 807% increase from October 2005.
Similar increases were observed in Pinellas & Pasco Counties.
During the first 10 months of the year, the average price of a single-family home in Pasco county increased 14%, going from $275,850 in 2005 to $315,181 in 2006. The greatest price increases, however, occurred in the multifamily-home segment of the market, ranging from a 17% price jump for townhomes to 24% for duplexes.
In Pinellas County, which most experts consider virtually built out, the average price of a single-family during the first 10 months of 2006 soared 29% to $546,190 in 2006 as compared to $424,717 in 2005.
Most encouraging, however, is the fact that not only did the average price for all new homes in the county increase 28% percent during first 10 months; but also, the number of new homes sold was up 5%. Pricing increased from $390,644 to $490,366 between 2005 and 2006, while new homes sold climbed to 1,580 in 2005 to 1,666 in 2006.
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