Bay Area Single Family Home Prices Up In First Half Of 2011

The St. Petersburg Times has reported that the median price of single family homes has risen by 18 percent since the first of the year in the Tampa Bay area. The median price has moved from $107,500 in January to $127,000 in June in Pinellas, Pasco, Hillsborough, Hernando and Citrus Counties according to data from the Multiple Listing Service (MLS).

If we look at prices for only conventional sales (no short sales or foreclosure sales), single family homes sales increased by 8.5 percent during that same time period. The median price for conventional sales in the five-county area rose from $156,000 to $169,400.

This is pretty good news for home sellers, especially those who have wanted to sell but have withheld their home from the market waiting for better times. It appears that the market for single family homes in the Tampa Bay area may have finally bottomed out in the first half of 2011 and may be making a steady recovery. So, this may be the time to list and sell.

For buyers, this increase in median price should be an incentive to buy now before prices begin heating up even more. Right now, there are still good values in the market and buyers should act now to take advantage of them.

Remember, this data is for single family homes only and does not include condominiums, apartment buildings or commercial properties.

Happy House Hunting!

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