Mayfair in Tampa Palms

Metro Study Tampa Bay

Aug 14, 2006

This information was provided by Lyn Acer.

Metro Study Tampa Bay ?–notes on
August 9, 2006

--Nationally resale single family units are down 9% and new homes are down 11%. New home sales are weakest since 1991. Refinance loans are down 30% Unemployment dropped to from 5.3% to 4.8%.

-- Florida unemployment rate is 3.2% and Tampa sits also at 3.2% creating 31000 jobs per year. Tampa is shedding manufacturing type jobs. The professional and business services and construction industries accounted for 42 percent of the new jobs in the state over the year - professional and business services added 66,000 jobs and construction added 43,500 jobs.

--Tampa Residential Housing market is the strongest in Florida. However year to date MLS listings in 05 were 8000 units compared to that of the current date of 32,000 units. Resale unit statistics are showing a 30-40% decline currently.

--Median price points have increased in Tampa 15% to $239,000. Condo?’s median prices have are up slightly 3% @ $172,000. For comparison Sarasota median price range sits at $326,000 and condos @ $287,000. Jacksonville @ 213,000 with condo?’s @ $167,000.

--Housing starts are down in Tampa 14.9% but no where near Sarasota?’s 27%. Orlando sits at the #2 city concerning building permits and Tampa is 11th on track for 17000 starts per year. It was reported that at the current job creation track of 31000 jobs per year that Tampa could support 17000 starts per year.

--Housing supply - Currently in the State of Florida there are 47, 596 finished un-occupied new homes & condos available. Orlando is hardest hit with 16000 vacant un-occupied new homes & condo?’s whereas Tampa fairing much better with 2779 with a 1.7 month supply at current absorption. Other cities and regions: Sarasota the most stressed city in Florida with ?½ the populations of Tampa has 2779 units with a 3.4 month supply, Ft. Meyers 3759 units and a 2.6 month supply. Central Florida with 16,909 and a 4.7 month supply. Jacksonville has 5570 units and a 2.7 month supply. South Florida 16000 units with a 3.2 month supply.

It appears that builders did not pull back quick enough when consumer confidence wavered. They continued to build homes at record pace. It was reported that excessive inventory of unsold units are in the price ranges of $250,000 to $400,000 and buyers were more reluctant to purchase at these levels. The top 3 subdivisions for housing starts were Fishhawk, Meadow Point and Sun City Center. Lake Wildnerness was #10 and Ballentrea was #8 South Hillsborough county leads the Tampa Bay?’s new starts of 4400 units.