Friday, June 21, 2013
Tampa Real Estate Pulse: Then and Now
Every now and then it is prudent to analyze our real estate market pulse, both locally in Tampa and nationally, so we have an improved indication of what the market is doing and why it is behaving as such. Real Estate professionals and consumers have been inundated with reports and surveys that are demonstrating how the real estate market is now thriving. By taking a closer look, we can say with certainty that the real estate recovery is making more movement than ever before.
The month of May marked the 19th consecutive month that home values have risen. We have not seen measureable housing starts at this level since the summer of 2004. Home buyer traffic is also up above 29% from this time last year. Looking back on this time last year, national home values have increased by 5.4%. Our local Tampa, Florida market saw an increase of 15.5% from a year ago, which translates to approximately a $17,000 increase! Zillow projects home values to increase more than 4% through May 2014, allowing more underwater mortgage holders to finally sell their homes. The restricted property inventory levels also play a role in the appreciation of home values across the board, especially here in Tampa, Florida where the average number of days on the market is at approximately 49 days. NAR Chief Economist, Lawrence Yun says the recovery is strengthening and that we can expect inventory to remain tight for the remainder of 2013.
New home builders are stepping up the pace too. The rapid pace of new home starts has risen 28.6% from this time last year! The US job rate, low mortgage rates and an extremely tight supply of homes all play their unique individual role in the bigger picture of what home builders are doing to capture today’s home buyer. Equally encouraging news, for every new home built, three jobs are created. An estimated $90,000 in tax revenue is also created. Needless to say, the economy and the real estate market go hand in hand. Always have and always will.
If you want more information on how to get the most out of selling your home or increasing your buying power, call a real estate market specialist today. SI Real Estate is always available to answer your calls and your questions.
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!”