Tampa Home Sales Remained Strong through the Normally Slow Summer Months

Despite the trend downward that normally occurs as our snowbird friends head back up North, the Tampa and Tampa Bay real estate markets have remained strong right through the summer months this year. Why should this interest you ?   Tampa Bay is a wonderful place to live whether you are a young professional, a family raising kids or retirees, Tampa offers you clean air, good schools, excellent health care and a year-round warm, sunny climate as well as easy access to some of the best beaches in the country.  In addition, you'll find endless recreational activities including boating and fishing on both Tampa Bay and the Gulf of Mexico and, of course, golf plus family-oriented amenities like the Florida Aquarium, Lowery Park Zoo, the Museum of Science and Industry and Busch Gardens. Homes are continuing to sell at a rapid pace.  July, 2012 alone, there were 1,971 closed property sales (1,519 single-family homes and 452 townhomes and condos), 9.2% more than in the same month in 2011. Pending sales (properties under sales contract, but not yet closed) rose in July to 2,279,  24% above the level at this point last year.  “The Tampa real estate market remains one of the bright spots in Florida and the nation,” said noted Tampa Realtor, Cheryl Stimac.   “The second quarter of 2012 was better than we expected and significantly ahead of the pace last year," she added. Asesult of the increased sales, median sale prices are also rising. The median sale price of single-family homes in July was $145,000, a $10,000 increase over this point in 2011.  Townhomes and condos showed an even larger year-over-year median price increase rising from $72,000 last year to $91,000 this July.  Part of the reason for this is that the number of distressed property sales (foreclosures and short sales) is at the lowest level in years. There simply aren't many distressed property single-family homes left on the Tampa real estate market at this point. The available inventory of single-family homes on the Tampa real estate market dropped to a new low of 6,447 versus 9,439 homes available at this point in 2011 and 11,781 homes in 2012 according to statistics published by the Greater Tampa Association of Realtors.  The July figures show only a 4.2 month supply of single-family homes (versus 6.9 months in 2011 and 9.0 months in 2010). The inventory of townhomes and condos dropped again in July to a 3.2 month supply (versus a 5.9 months in 2011 and 9.9 months in 2010.  The lack of inventory at this point, particularly in the lower price ranges is already substantially limiting buyer. “Competition for attractive properties has become noticeable in the past few months,” said Cheryl Stimac, “and that inevitably leads, as we’re seeing already. to increased prices.” If you have been considering buying a home or condo in the Tampa Bay area including Hillsborough and Pasco Counties either for your use today or as your retirement home, you may be on the verge of being "too late to the party." I'd be pleased to help you find that one home, townhome or condo here in Tampa Bay that fits your needs and desires perfectly.   But, hurry, the time to come to the Tampa Bay area and pick out your “Place in the Florida Sunshine” is now. If you'd care to comment on this article or any other facet of Tampa real estate, please E-Mail Me or visit my Tampa real estate website. For a more immediate response, call me directly at 813-263-6806.