Tampa's real estate recovery has surely been underway in 2009, with changes in the housing market taking place throughout the Bay area. Appropriately priced Tampa homes spent fewer days on the market this year, banked owned property inventory saw depletion, and new home starts began to increase in mid-2009.
The first-time home buyer tax credit gave way to significant results in the Tampa real estate market, with home sales soaring during the last few months leading up to its anticipated expiration date. Multiple offers were placed on discounted properties as many first-time home buyers hurried to take advantage of unprecedented deals. The Internal Revenue Services reported that more than 105,000 Floridians had applied for the credit prior to its extension.
This positive rise in real estate market activity was not restricted to the Tampa Bay area in 2009. The St. Petersburg Times reported in November that all 19 Florida metro areas reported year-over-year gains in home sales. Tampa, being one of Florida's largest metro areas, has seen a much welcomed increase in home sales and buyer interest.
As we near the end of 2009, Tampa Bay continues to be a buyer's market with homes for sale still reasonably priced. However, experts predict that the housing market will rebound in the next two years, translating to higher home prices and an increase in competition for what is available. Clearly, our local market is changing rapidly as we move towards steady stabilization.
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