Recovery is clearly in sight...finally. It's been five years. There are certain price bands that are experiencing a SHORTAGE of available inventory. Can you imagine that? It's true.
For the first two months of 2012, the average sale price of a residential property in the Tampa MLS area is up 9.9% over the first two months of 2011. I am not suggesting that values have risen that much. What I am saying is that, of what has sold (year over year) the average price is up over $13,000 which represents a 9.9% increase.
The reason for this is that the bottom of the market has been flushed out. That occurend in 2010 and 2011. Many of the low end properties have sold to investors who are paying cash for these homes.
Current inventory levels across the board are right at 5.5 months. Again, while this represents a balanced market inventory, there are some popular price bands that have a shortage of homes for sale.
New home construction is ramping up as well. Model centers are open for business and traffic to them has been strong. One specific builder in a large master planned community sold 29 homes in 2011 in this community alone and did so while RAISING prices two times during the year. By the way, there are five other builders currently building in this same community.
Folks, housing affordability (the cost of home ownership when compared to income) remains at record highs with interest rates at historical lows. A perfect formula to take action if you are in a place to do so.
Until next month.
Pete
For more on the Tampa Bay housing market or if you are looking to buy or sell a home here in the Tampa area OR KNOW SOMEONE WHO IS, please give me a call at 813.760.1979 or email me at Pete.R@Realtor.com.
ZIP Codes: All, bay, area, zip, codes Approximate Location Boundaries: Covering Hillsborough, Pasco, Pinellas and Polk counties.
Location Characteristics: Great year around weather. Sandy beaches. Lot of golf. College and professional sports. The largest Performing Arts Center in the southeast. Only minutes from some of the world's greatest tourist attractions. Great schools. Low taxes. A great place to live and work.
About Pete Radeka:
Pete is a full service agent working for one of the most prestigious real estate firms in the Tampa Bay area, Florida Executive Realty. Pete combines high tech skills and resources with a strong hands-on approach. When you engage Pete's services, you get Pete full time. Pete will work hard to represent you throughout the process and beyond closing. Pete applies the basic biblical principle of the Golden Rule to every aspect of his life. Pete's primary source of business is through quality referrals. Pete's clients are so pleased with his efforts that they routinely refer him to family, friends, neighbors and co-workers. Give Pete a call today at 813-760-1979.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
