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!”
Comments