Friday, August 17, 2012

Housing Market: Mid-Third Quarter Snapshot

If you are still looking for reasons to buy a home, look no further. The reports have been released. Real Estate consumers are finally beginning to act on their instincts. A brief comparison of Tampa, Florida’s housing market versus this time last year shows great improvements that will eventually lead to an even more stabilized real estate market.

Home sales have increased about 8% since this time last year. Not a huge increase, but positive activity nonetheless. What is most encouraging when looking at year over reports of Tampa, Florida is the month supply of homes on the market. This time last year, Florida was sitting at a 6.5 month supply of homes compared to only a 3.5 month supply this year!

Prices are obviously adjusting now and moving upward. The number of homes in the Tampa Bay market is around 7,600 compared to last year’s figures of 12,000 plus! This is indicative of a seller’s market and is encouraging to see the gap between supply and demand shrinking. Not only does this dwindling gap help home prices, but it also helps with unemployment rate and the economy in general. For each new home that is built, 3 additional jobs are created and about $90,000 in tax revenue is generated. Builder’s permits have hit a four year high, and have seen monthly increases since April 2012.

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!”