As summer comes to an end, we take a look back to reflect on what has transpired over the last few months, especially in the Tampa Bay area real estate market.
On a national level, the real estate market saw an increase of 2.3 percent in existing home sales, while Tampa Florida experienced similar gains. Tampa, Florida saw an increase in median sales price of approximately $15,000 compared to this time last year. New construction home sales also saw a jump in the right direction, boasting a 25 percent increase according to a recent report by the Commerce Department. This increase can partly be attributed to the record low interest rates and shrinking home inventory the state has been experiencing this year. If the jobless rate continues to shrink as we have seen this year, the affordability rate will undoubtedly rise, causing more and more consumers to enter the home purchasing arena.
The National Association of Realtors reports a 9.4 percent increase in home prices compared to 2011. Even more striking, the 3.8 percent increase in home prices in July alone, was the largest since 2006! President and CEO of CoreLogic, Anand Nallathambi made a recent statement saying, “we are clearly seeing the light at the end of a very long tunnel.”
A very helpful factor that should not be forgotten is the shelf life that homes are experiencing. Compared to this time last year, there is nearly a 30 percent decrease in the average time a home stays on the market. Down from 98 to 69 days, this is a clear relationship between inventory supply and time spent on the real estate market.
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!”
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