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Monday, January 23, 2012
The State of the Real Estate Market in Tampa Bay, by SI Real Estate
The net sum of a great deal of graphs, much raw data, and more information from economic and industry trends analyzed by experts, and first hand experience of a professional, is that the Tampa Bay Real Estate Market is making a visible turn. There is a obvious uptick in the prices of homes overall, prices per square foot of real estate, days and overall time on the market, and even new construction starts. To recognize this trend and real estate market, it is our opinion that one must have been a vigorous professional when it was trending up, when at the peak, when at the bottom and even worked at the bottom of this market for the many years the bottom existed. We are no longer at the bottom! It is official! In fact, we have been moving away from the bottom of the market over the past year of 2011. The news is positive, the facts are affirmative. Are you ready for a full real estate recovery? What is your opinion? Here are some highlighted facts for your careful review!
The average listing price for Tampa homes for sale on Trulia was $305,882 for the week ending Jan 11, which represents an increase of 4.9%, or $14,407, compared to the prior week and an increase of 3.5%, or $10,474, compared to the week ending Dec 21. Average price per square foot for Tampa FL was $97, an increase of 11.5% compared to the same period last year. Popular neighborhoods in Tampa include Tampa Palms, Old Seminole Heights, Sun Bay South, Davis Islands, Ballast Point, and Cory Lake Isles. If you have questions about real estate, we have answers!
These optimistic looking figures are not only applicable to the Tampa Bay area. Nationally, mortgage rates have continued to fall further over the last 2 months. This time last year the national average was 4.74%, currently it sits at 3.89%, reported by Freddie Mac. Not only are mortgage rates down but so are delinquency rates on those mortgages. We have experienced a drop of 7.7 % from December of 2010. Lender processing Services, a company who monitors these figures, says we still have a long way to go and will report 2012 figures within a week or so.
Another aspect we tend to look at when analyzing the market are those people without jobs. Jobless claims fell to an all time low in four years, which surprised many analysts because they did not predict such a plunge. The Labor Departments adjusted numbers displayed a drop in jobless claims to be in the ballpark of 50,000. A clear sign that the economy escalating, and employment development is strengthening.
While local statistics in Tampa Bay related to listing prices, price per square foot, and number of days on the market are all on the upswing, it is comforting to know that other relative national figures are falling. If jobless claims, mortgage rates, and delinquency rates keep diving, we may find our way out of the housing crisis sooner than expected. At very least, we can remain positive that times are changing for the better and the Tampa Bay real estate market is due for recovery. After years of negativity, we don’t think we could be more delighted with the piqued optimism in real estate.