Continued signs of a market that is in recovery are being brought into light more and more nationally and locally. A recent study conducted by the National Association of Realtors showed improvement in 74 out of 146 areas as it relates to median sales price. The best performing district was in Cape Coral Florida, which is not too far from the Tampa, St. Petersburg, and Clearwater tri-city area. The Gulf Coast of Florida was amid the top performing markets in the U.S. The last quarter of 2011 showed 29 areas that displayed signs of improvement, so the year has started better than the last ended. The same report showed that at the conclusion of the first quarter, 2.37 million previously owned homes were for sale, which is down 22% from last year.
Real Estate inventory in many cities is dwindling. No longer are offers to purchase being accepted just because they were exactly at the listed price. “Highest and best offer” is a term that sellers may find themselves using more and more as demand increases due to mortgage rates remaining at an all time low, and employment increasing. Lawrence Yun, Chief economist of the NAR, reported a 4.1% sales increase of previously owned home in the South.
A more localized report reflects the average listing price for a home for sale in our Tampa, Florida market was around $305,288, which is also up from the week and month prior. Price per square foot was listed at $88, a gain of almost 9% from last year! Popular communities in the Tampa area remain to be Tampa Palms, Hunters Green, Davis Islands, and Tampa Heights and Historic Seminole Heights.
The Tampa Florida real estate market is hot and we are excited to see how the second quarter plays out. We are so busy with buyers, relocations, investors, and rental leads that we are still looking to hire new agents to share in the real estate recovery market, and lighten the load.
SI Real Estate offers highly personalized, multilingual, full-spectrum real estate purchase and sales services. We are a boutique for sophisticated investors, select owners or renters who may be upgrading locally, or those making traditional relocations. We also provide turnkey landlord and tenant management. Blending comprehensive insight into the Tampa Bay area with international perspectives for a worldwide clientele, we like to think that “SI Real Estate is Global Real Estate in Every Way!”
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