The Greater Tampa Association of Realtors (GTAR) continues to report higher volumes of home and condo sales each month across Tampa and Tampa Bay. Nearly 2,900 homes sold in October, a 35% jump over the same month last year, And, the median sales prices rose by 9%.
In the first 10 months of 2012, in both Hillsborough and Pinellas County, 9% more homes were sold than for the same period in 2011. In Pasco County there were 11% more homes sold this year, and in Hernando County, 2012 sales for the first 10 months are ahead of the 2011 rate by 17%.
As reported here earlier, there was no real seasonal drop-off this summer. Local Realtors have been reporting that traffic at open houses continues to be heavy with lots of serious buyers. Part of the reason for this level of activity is the continuing decline in the number of properties for sale in the Tampa Bay real estate market. In Hillsborough County, for example, the inventory of homes available for sale dropped to 7,000 listings in October, fully 5,000 fewer than a year ago according to GTAR statistics.
At the current rate of sales, those 7,000 listings in Hillsborough County would be sold in less than four months. In a real estate market considered to be in equilibrium where neither buyers or sellers have an advantage, there is usually about a 6 month supply of homes on the market. Comparing the current less than a 4 month supply with the bottom of the housing bust when the inventory surpassed a 20-month supply and it becomes clear that the Tampa and Tampa Bay real estate market has become a seller’s market once again.. S
ellers in Pinellas, Hillsborough, Pasco and Hernando have seen their homes sold and closed quicker than at any time in several years and they are selling at higher prices than just a few months ago. On attractive homes, attaractively priced, multiple competing offers have once again become the norm.
And, it's not all distressed properties (foreclosures and short sales) being sold for less than the homeowner owes on a mortgage, that are accounting for the home and condo sales volumes. Currently, Only about40% of sales in 2012 year to date have been "distressed" home sales and that percentage is sdropping consistently.
Across the United States, home prices are continuing to strengthen, according to the CoreLogic Home Price Index (HPI). The index showed that home prices increased by 4.6% last month, the biggest year-over-year increase since July 2006. Tampa Bay Florida, being one of the most attractive places to live, work and retire, is simply leading the way back to a healthy real estate market.
In summary, the Tampa Bay real estate market has recovered and is no longer a "buyer's market" where prospective buyers are at an advantage. There are still attractive homes attractively priced in Hillsborough, Pasco and Pinellas County but they are being snapped up quickly. There is admittedly still a slightly higher than equilibrium number of condominiums on the market, but those, too, will be bought up soon at the current rate.
The message about the Tampa Bay real estate market news is unambiguous and clear. "If you have been thinking about investing in a Florida home or condo, especially in the Tampa Bay - St Petersburg - Sarasota Sun Coast area, the time for consideration is at an end. It’s time for action," says one Sarasota real estate agent. Whether you are considering a seasonal or a permanent home, a modest home or condo in a traditional or golf course neighborhood, or a luxurious golf course or waterfront home or condominium, Tampa Bay includes that dream home you are looking for, today, but not for much longer, at a price you’ll appreciate. I would be delighted to show you homes and condominiums that fit your needs and desires anywhere in the Tampa Bay area.
Visit my Tampa Bay Florida real estate website for even more information on why Tampa and Tampa Bay is so attractive to so many. If you'd like to know more about any facet of the warm and sunny lifestyle offered here in Tampa Bay, feel free to E-Mail Me or for more immediate service, call me at 813-263-6806.
