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Wednesday, February 15, 2012
Tampa Real Estate Market on the Move: February Update
Every once in a while we like to examine data compiled from Trulia about the local Tampa Bay real estate market.
Real Estate Facts: Tampa has seen a 6.1% increase in median home sale prices from November 2011 to January 2012 compared to this time last year. Also increasing is the price per square foot in Tampa which is up 19.3% from this time last year. High demand and popular communities that are seeing more activity than others are Tampa Palms, Bayshore Beautiful, Old Seminole Heights, Hunters Green, and Ballast Point.
Increases are nice to see in areas such as the ones listed above, but declining numbers also show signs of a rebound in some aspects. Research done by CoreLogic shows that foreclosures decreased by 8.4% in 2011. More stringent credit conditions helped these numbers drop as much as they have. Additionally, there is more caution being shown by lenders who have been scrutinized in recent years for the way loans and foreclosures were handled in the previous years. Banks are lending a hand in these decreasing foreclosure numbers by enabling borrowers to modify home loans more frequently, expediting short sale processes, and liquidating bank owned assets at fire sale prices.
Clear Capital released a recent report stating that Florida will experience a bounce back this year as well. At one point Hillsborough County’s supply of unsold homes was cited at 25 months worth of inventory. With the increasing number of short sales and the declining number of foreclosures, this inventory has dropped to only 6 month’s of real estate inventory. They also predicted Tampa, Florida would be in the middle of the housing rebound nationally with a 7.4% increase in home sale price. Other Florida cities such as Orlando, Miami, and Jacksonville also top the national list of areas expected to see such increases.
If you or anyone you know wants to further examine these real estate trends, kindly contact SI Real Estate today to learn out how we can make your real estate goals your reality. In this very long and forever memorable real estate correction, we are now well past the bottom of the market. And, if you strike now while the iron is hot, you can be one of many who derive benefit from solid information and the shift in the market. SI Real Estate: Your Tampa Source for Real Estate Updates, Trends and News.