The Tampa Florida real estate market continued to show consistent improvement in February, 2011 with 1,591 homes of all types sold versus 1,427 sold in January. The average sales price also improved from $133,426 to $135,140.
This trend, if it continues as it surely appears it will, will accelerate the return of the Tampa real estate market to equilibrium during 2011.
There were improved sales volumes across all types of homes with 1,141 single-family homes and villas sold in February versus 1,016 in January. There was also good news in condos and co-op sales with 405 sold in February versus 370 the prior month. In other categories, there were 45 sales versus 41 in January.
Perhaps, most significant as a predictor of a future trend, the inventory of unsold homes on the market in Hillsborough County dropped from 15,152 or an 10.6 month supply down to 13,948 or an 8.8 month supply. This means that at the current rate of sales all existing homes on the market would be sold in 8.8 months. A real estate market is considered to be in equilibrium between buyers and sellers when the months of supply reaches about a 6 month supply. Things are clearly moving in that direction at this point giving us reason to feel very positive about a Tampa real estate market recovery in 2011.
Home prices here in Tampa Bay are now at levels lower than they have been in many years, but as the statistics above reflect, the real estate market is improving. Prices will not stay this low for much longer.
If you have been wondering whether you should buy a year-round or seasonal home or condo here in Tampa Bay before you head back North this year, I invite you to call me at 813-263-6808 while prices are still depressed.
I would be pleased to listen to your wishes and then show you homes here in Tampa Bay that will meet your every wish at prices you will find very attractive. Then next year and for years after that, you will get to enjoy the friendly, sunny Tampa Bay lifestyle in a home of your own.
I would enjoy helping you make that dream come true.
