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While the Tampa Bay-area housing market
takes a breather from the record-setting pace of 2005, new-home
prices throughout the region continue rocketing to new highs,
according to statistics from Rose Residential Reports released by
the Tampa Bay Builders Association.
Moreover, while 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.
In Pinellas County, which most experts
consider virtually built out, the average price of a new
single-family home during the first 10 months of 2006 soared 29
percent to $546,190 in 2006 as compared to $424,717 in 2005.
Not only did the average price for all new
homes in the county increase 28 percent during the first 10 months,
but the number of new homes sold was up five percent. Pricing
increased from $390,644 to $490,366 between 2005 and 2006, while
total new homes sold climbed from 1,580 in 2005 to 1,666 last
year.
During the first 10 months of the year,
the average price of a single-family home in Pasco County increased
14 percent, from $275,850 in 2005 to $315,181 in 2006. The greatest
price increases, however, occurred in the multifamily-home market,
ranging from a 17 percent jump for townhomes to 24 percent for
duplexes.
In Hillsborough County, the average price
of a single-family home rose 12 percent to $373,957 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 percent — $291,410 to $351,455
— from 2005 to 2006.
The largest price increases in
Hillsborough were experienced by attached villas, which rose 29
percent through October, going from an average of $171,000 in 2005
to $220,262 last year.
Headquartered in Tampa, the TBBA is a
professional organization serving Tampa Bay-area
construction-related businesses including builders, developers,
suppliers and sub-contractors. Its members also include lending
institutions, architectural and engineering firms, as well as other
related businesses. Currently, the TBBA has more than 1,800 member
firms, and is among the largest building-trades organizations in
Florida.
For further information on TBBA, call
813-873-1000, or visit www.tbba.net.
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