Tampa Bay continued to be one of the most popular Florida real estate markets in the first half of 2012. The Tampa Bay counties, Hillsborough, Pinellas, and Pasco continued to be among the most popular places to buy a home, condominium or town home in Florida.
Hillsborough and Pinellas County were both in the top 10 in home sales for the first six months of 2012 with Pinellas County ranking fifth and Hillsborough County ranking seventh among 67 Florida counties tracked by the Florida Association of Realtors.
But Tampa Bay does not appeal only to citizens of the United States. An interesting fact is that, based upon a study by the National Association of Realtors (NAR), the state of Florida again topped all other U.S. states in sales of homes to international buyers. Florida accounted for 26% of all U.S. home sales to the international market during the first quarter of 2012 surpassing the second most popular market, California, by 15 percentage points.
Canadians, accounting for 24% of all foreign-resident home sales, prefer Florida because of its warmth, sunshine and delightful beaches, Residents of China were the second most popular source of buyers accounting for 11% of sales, while an increasing number of Germans are also investing in properties in Southwest Florida. Interestingly, the average price of homes bought by international buyers was $400,000, considerably higher than the average price of homes sold to residents of the United States.
The three top reasons why international buyers purchased a home in Florida this year, as in previous years, has been first, to use the home as their primary residence, second, as a vacation property, or third, as a investment/rental property.
Specifically, In June 2012, 3,751 homes were sold in Tampa Bay with a median price of $125,000 compared to 3,404 homes sold during the same period in 2011, a 10% increase. At the current rate of sales, there were only 13,897 homes for sale in Tampa Bay compared to 21,350 at this point last year, a 35% decrease in the number of homes available. When the inventory of homes on the market is more than a 6 month supply, it is considered a “buyer’s market” where the buyer has more leverage. But, when, as is the case now, the inventory of unsold homes falls below a 6 month supply (it’s currently at a 4 month supply) , the market is considered to be trending toward a “seller’s market where prices will begin to rise. As happens in a seller’s market, attractive homes, attractively priced are beginning to receive multiple offers.
What does all this mean to you as a person or family considering investing in a home in Florida? It means simply that thanks to both domestic and international buyers, the Florida real estate market, and Tampa Bay in particular, is finally recovering and is returning to its status as one of the most popular places in Florida to buy a home. It means that those who fail to act quickly, will be facing increasing prices on that home or condominium that you’ve pictured as being “Your Little Piece of Paradise” in Florida.
I would be delighted to show you Tampa Bay homes and condos that meet your specific needs, wishes and dreams. I would also be happy to answer any questions you may have about Tampa Bay if you'll complete my brief Request for Tampa Bay real estate information form. You may also E-Mail Me. For more immediate action, call me at 813-263-6806. I'd be delighted to hear from you today.
1 comment:
Here's hoping your real estate market continues to recover as well as oura. Both our markets (and careers) have been underwater for too long.
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