SI Real Estate Tampa and The Beaches

If you heard that housing starts increased 12% from November to December 2012, you would probably think that it sounds like good news.   If you learned that housing starts increased almost 37% from a year ago, you may stop to think, just how significant are those numbers? The national 2012 year over increase shows that newly constructed homes totaled 954,000; a hefty increase from the previous year, which only recorded 697,000. Not only are new houses being built for current and future home buyers, but they are also being completed at a much higher rate.   About 80,000 more homes were completed in the last year compared to 2011.   A contributor to these upticks includes the authorization of building permits, which are also up close to 200,000 units from the previous year.   So what..? Clearly the housing starts are indicative of real estate market that is showing impressive signs of growth. These home starts show that builder confidence is at a peak and...

Real Estate inventory could not keep up with the demand for homes during the month of July. This is now the fifth month in a row we have seen a correlation between supply and demand that is favorable to a thriving real estate market. The National Association of Realtors reported that the national median home price is up 9.4% from a year ago at this time, which is the strongest gain since January 2006! Our local Tampa, Florida real estate market has seen gains even higher than the national average and boasts a 12.4% increase in median sale prices from a year over perspective. Sales of existing homes are also up 10.4 % from this time one year ago. Chief economist for the NAR said, “Mortgage rates have been at record lows this year while rents have been rising at faster rates. Combined, these factors are helping unleash a pent-up demand.” The demand stems from a 23.8% decrease in listing inventory from a year ago and looks like it will continue to fall. Not only are homes being sold ...

The housing inventory is moving quickly in the Tampa Bay area, a definite change from previous months. Buyers who are looking for rock bottom prices are finding their search to be more difficult than originally expected. Multiple offers, fewer days on the market, and a rise in home sale prices are all evidence of this new market shift in the Tampa Bay area real estate market. For example, three months ago the Mid-Florida Regional Multiple Listing Service reported over 600 bank-owned properties in Tampa Bay. This number has now been reduced to fewer than 370, as the inventory continues to be quickly absorbed. In 2008 we were looking at a vastly different real estate inventory with a much higher number of bank-owned and short sale homes in Tampa, giving buyers a wide selection to choose from. In our current condition, buyers who are looking for a “best buy” need to be ready to act fast. With multiple offers being placed on low-priced real estate, sellers are now receiving offers at even ...