Apollo Beach, FL Market TrendsBETA

For multifamily properties in the metro area, the average asking price was $46,215 per unit for the month. This is down 1.5% from the previous year, and down 1.4% from the end of the fourth quarter of 2011. In February 2007, the asking prices for multifamily properties were at their highest in the past three years at $87,900 per unit. In comparison, the current median asking price is down by 40.2%. The lowest asking price in the past three years was $46,048 set last month.

The average asking price for office properties in the metro area was $117.78 per square foot for the month. This represents a decrease of 11.3% year-over-year as well as a decrease of 2% compared to the end of the fourth quarter of 2011. Asking prices for office properties hit a new three-year low this month. Prior to this, the record three-year low was last month at $118.53.

The average asking price for industrial properties in the metro area was $56.86 per square foot for the month. This represents a decrease of 9.9% year-over-year as well as a decrease of 2.9% compared to the end of the fourth quarter of 2011. Asking prices for industrial properties have fallen to a new three-year low this month. Prior to this, the record three-year low was last month at $57.52.

For retail properties in the metro area, the average asking price was $141.73 per square foot for the month. This shows a drop of 8.6% year-over-year, and a decline of 0.9% from the end of the fourth quarter of 2011. This month, asking prices for retail properties are at their lowest in three years. The previous three-year low was last month at $142.57.

Sale prices for multifamily properties in the metro area appear to have a seasonal cycle to them. The highs in the cycle tend to occur around July and the lows come around January. Over the past year sale prices have fallen 17.5% to $28,088 per unit. The median sale price per unit for multifamily properties in the metro area has climbed 2.9% over the past two months. There was a 10.8% decline earlier this year during a six-month period ending in February. The highest median sale price during the past three years was $63,677, set in April 2009. The current median sale price is 55.9% lower. However, the current price is 2.9% above the three-year-low of $27,287 set in February 2012.

Median sale price per square foot for office properties in the metro area is currently in a 17 month downward trend, but the rate of decline has slowed in the last month. Sale prices per square foot for office properties are $85.17, representing a 6.9% decrease from the end of the prior quarter. Likewise, sale prices have dipped during past year, showing a 22.5% decrease. The metro median sale price dropped to its three-year low this month. The previous low point was set last month at $85.87.

For the past three months, the median sale price per square foot for industrial properties in the metro area has risen 1.4%. Earlier, there was a three-month period that ended in January when sale prices fell 3.9%. Sale prices per square foot for industrial properties dipped to $44.72, a 2.3% decrease compared with the end of the prior quarter. Similarly, over the previous year, sale prices have dropped by 6.1%. Over the past three years, the median sale price reached its highest of $68.64 in August 2009. In comparison, the median sale price is now 34.9% lower. However, the current price is 1.4% higher than the three-year-low of $44.12, which was set last month.

Compared to the end of the prior quarter, sale prices per square foot for retail properties have risen 11.3% to $105.42. Similarly, for the past 12 months, sale prices are up 5.9%. The highest median price of the past three years was set in November 2009 at $144.56. The current median sale price is 27.1% lower. However, the current price is 11.8% above the lowest price of the past three years, which was set in November 2011. This month is the fifth consecutive month of increasing median sale price for the metro area's retail properties. Back in November 2011, the median price was $94.26.

This is the eighth month of a month-over-month downward trend in available multifamily properties in the metro area, a 16.1% decline. In March, available multifamily properties in the Tampa Metro Area reached a new three-year low. Previously, multifamily properties available was at its lowest last month. The number of available multifamily properties has fallen by 16.1% over the last year in the Tampa Metro Area.

Available office for sale have been on the rise for the past two months month-over-month, a 0.3% increase overall. This, however, has yet to offset the 9.3% drop seen in the past year.

There has been a four month drop in the number of industrial properties available month-over-month in the metro area, representing a 3.7% downward movement. The number of industrial properties available in the Tampa Metro Area has fallen 4.8% over the past year.

For the past two months, the number of of retail properties for sale has been on the rise month-over-month, increasing 0.4% over that period. Over the past year, the number of retail properties available in the Tampa Metro Area has gone up by 1.7%.

Demand on LoopNet for multifamily properties spiked in the Tampa Metro Area market, rising 21.8% since December 2011, 4.3 percentage points more than the 17.5% increase in the national average. Demand for multifamily properties also increased by 16.8% over the past year. The yearly change ranks the Tampa Metro Area twentieth out of the top 48 metros.

Demand on LoopNet for office properties spiked in the Tampa Metro Area market, rising 12.9% since December 2011, 8.9 percentage points less than the 21.8% increase in the national average. Demand for office properties also increased by 24.5% over the past year. The yearly change ranks the Tampa Metro Area twenty-second out of the top 48 metros.

Demand on LoopNet for industrial properties spiked in the Tampa Metro Area market, rising 20.1% since December 2011, 2.3 percentage points less than the 22.4% increase in the national average. Demand for industrial properties also increased by 24.6% over the past year. The yearly change ranks the Tampa Metro Area thirtieth out of the top 48 metros.

Demand on LoopNet for retail properties spiked in the Tampa Metro Area market, rising 24.7% since December 2011, five percentage points more than the 19.6% increase in the national average. Demand for retail properties also increased by 23.5% over the past year. The yearly change ranks the Tampa Metro Area twenty-seventh out of the top 48 metros.

This is the eighth consecutive month that square footage available for sale has declined month-over-month for office properties. March showed a new three-year low of square footage available in the metro area. Previously, last month set the low mark. The square footage available for sale marks a 7.5% decline over the past year. The drop in supply and the rise in days on market could be an indicator that people are currently holding off putting their properties up for sale in the current economic climate. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

The square footage available for sale in the metro area has been on the rise over the past two months for industrial properties. Square footage for industrial properties has risen 1.2% versus the end of last quarter. For the year, square footage is up 3.3%. The square footage available in the metro area reached a new three-year high in the month of March. It was at its previous high point in November 2010. Industrial properties in the metro area have seen a 3.3% rise in the average available square footage for sale over the past year. The drop in supply and the rise in days on market could be an indicator that people are currently holding off putting their properties up for sale in the current economic climate. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

For the past two months, available square footage for sale has declined month-over-month for retail properties. The available square footage for retail properties has risen 0.3% versus last quarter. But for the year, square footage is down 2%. The square footage available for sale for retail properties in the metro area represents a 2% decline over the past year. The rise in supply, combined with the drop in days on market, makes it seem that market conditions are bringing buyers back in. Also, the rise in supply and sale prices makes it appear that more suppliers are coming into the market to take advantage of the rising prices.

This is the twelfth consecutive month that units available for sale has declined month-over-month for multifamily properties. The units available in the metro area for the month of March represents a three-year low. The previous low was reached last month. The number of units available for sale for multifamily properties in the metro area has fallen 36.2% over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

The time on market for multifamily properties in the Tampa Metro Area is 109 days, down by 24% from last year. Over the same period, days on market in Florida overall have fallen by 21.4%. This month, days on market in the metro area fell to a new lowest point.

Compared with a year earlier, office properties in the Tampa Metro Area are taking longer to move, and the change in days on market is greater than that at the state level. Office properties now last 270 days on the market, up 9.7% from last year. At the state level, these properties are on the market for 260 days, a decrease of 3.5% year-over-year. Compared with April 2009, when time on market was its shortest, it has now gotten 34.5% longer.

Industrial properties in the Tampa Metro Area are staying on the market longer than they did during the same time last year, and the change is greater than that at the state level. Industrial properties now stay on the market an average of 318 days, up 17.8% from last year. Meanwhile, the days on market at the state-level has risen 1.9% to 281 days. Days on market hit a new high this month. Previously, the longest these properties stayed on market was 309 days, a high established last month. The time that industrial properties stay on the market has risen 9.1% over the past four months.

Days on market for retail properties in the Tampa Metro Area fell 24.8% from last year, to 181 days. At the state level, time on market has fallen by 19.4% during the same time period. This month, days on market in the metro area reached a new low.

Asking rates for office properties hit a three-year peak in July 2007 at $18.46 per square foot. The current median asking lease rate is 7% lower. The lowest asking lease rate over the past three years was $16.01 last month.

The average asking lease rate for industrial properties in the metro area was $5.88 per square foot for the month. This shows a drop of 2.9% year-over-year, and a decline of 1.9% from the end of the fourth quarter of 2011. Asking rates for industrial properties are the lowest they have been in three years. The previous three-year low was last month at $5.94.

Lease rates for retail properties rose to $13.94 per square foot, a 0.2% increase compared with the end of the prior quarter. Meanwhile, asking lease rates for the year have dropped by 0.7%. Lease rates for retail properties reached a three-year high in August 2007 at $19.11 per square foot. In comparison, the current median asking price is down by 20%. The lowest asking lease rate over the past three years was $13.69 in September 2011.

The number of office properties for lease in the metro area has been rising two months in a row month-over-month, moving up 0.8% in that time. However, this has yet to offset the drop of 2.2% over the past year.

For four consecutive months, the number of industrial spaces available has seen a month-over-month decline, 2% overall. Over the past year, the number of industrial spaces available has dropped by 5.6% in the Tampa Metro Area.

The number of retail properties for lease has seen a month-over-month rise of 1.7% over three consecutive months but has yet to offset the decline of 0.8% over the past year.

Demand on LoopNet for office properties spiked in the Tampa Metro Area market, rising 32.2% since December 2011, 3.4 percentage points more than the 28.8% increase in the national average. Demand for office properties also increased by 36.1% over the past year. The yearly change ranks the Tampa Metro Area sixteenth out of the top 48 metros.

Demand on LoopNet for industrial properties spiked in the Tampa Metro Area market, rising 15.7% since December 2011, 10.2 percentage points less than the 25.8% increase in the national average. Demand for industrial properties also increased by 25.3% over the past year. The yearly change ranks the Tampa Metro Area twenty-sixth out of the top 48 metros.

Demand on LoopNet for retail properties spiked in the Tampa Metro Area market, rising 25.7% since December 2011, 0.4 percentage points more than the 25.3% increase in the national average. Demand for retail properties also increased by 21.9% over the past year. The yearly change ranks the Tampa Metro Area thirty-second out of the top 48 metros.

Over the past nine months, office properties have seen a steady increase in available square footage in the metro area. Square footage for office properties has risen 2.5% versus the end of last quarter. For the year, square footage is up 8.7%. Office properties experienced a new three-year high in available square footage this month. Previously, it was at its highest point last month. There has been a 8.7% increase in square footage available over the past year in the metro area.

The month-over-month rise in available square footage for industrial properties is now in its second month, representing a 2% increase, but is insufficient to offset the decline of 5.5% over the past year. The available square footage for industrial properties has risen 0.4% versus last quarter. But for the year, square footage is down 5.5%.

The square footage available for retail properties have been on the rise month-over-month for three consecutive months. The square footage available for retail properties in the metro area has risen 2.8% over the past year.

Compared with a year earlier, office properties in the Tampa Metro Area are staying on the market longer, and the gap is greater at the metro level than at the state level. They now last 286 days on the market at the metro level, an increase of 21.2% year-over-year. Meanwhile, they stay on the market 255 days at the state level, down 5.3%. From the lowest point, which was set in April 2009, time on market has risen 33.6%.

Industrial properties in the Tampa Metro Area stay on the market for 187 days, which is 40.4% shorter than last year. Overall in Florida the time on market has dropped by 13.7% during the same time period. This month represents a new low for days on market in the metro area.

The time on market for retail properties in the Tampa Metro Area is down 16.8% from last year, to 256 days. During the same period, days on market in Florida have dropped 10.7%. When put next to the highest days on market established in November 2010, it has now decreased 25.2%.