If you are thinking of selling your Tampa Bay Beach property soon.....Don't delay.
Real estate prices, like everything else, is about shifting supply and demand. In real estate supply is represented by sellers and demand is represented by buyers.
I will use the "mid-Tampa Bay Beaches" to illustrate the overall beach market. These central beach communities are representative of the overall beach market here.
Going back 5 years:
In November 0f 2008, during the real estate crash and mortgage market meltdown:
There were 723 properties for sale....only 21 sold in that month.
This is a classic "Buyer's Market"....an imbalance on the sell side. Prices decline as sellers compete unsuccessfully for few buyers.
A year later in November of 2009:
Frustrated sellers took their homes off the market to wait for the promised "turnaround".
552 properties were actively listed for sale, and 33 of them sold....mostly to cash buyers as mortgage money had dried up.
In November of 2010:
The Tampa Bay Beaches had a "second crash" brought about by the BP Gulf Oil Spill.
Prices declined even more forming a panic bottom.
551 listings were actively for sale......only 24 sold overwhelmingly to cash buyers.
In November of 2011:
More sellers took their property off the market as it was now advancing in price after the panic bottom after the 2010 oil spill market bottom.
381 listings for sale....38 were sold.....we were moving into a "seller's market"....declining inventory and increasing demand.
In November of 2012 :
We were in a full scale seller's market with rapidly declining inventory of property for sale along with an increase in demand.
268 listings.....42 sold.
The ultimate shift in the market can better be illustrated by looking at monthly numbers instead of annual.
In June of 2013 :
216 properties for sale.....54 sold!
In July of 2013:
225 properties for sale.....57 sold.
In August of 2013:
229 properties for sale....42 sold
236 properties for sale....39 sold
274 properties for sale.....39 sold.
In the past 3 years since the final seller panic post the Gulf Oil Spill, many of the buyers of properties at that time have doubled their money! Even now prices are still well below their post crash heights.
Expect "Supply" to increase with demand continuing favorable....a "buyers market" in the months ahead. Don't expect the rapid rise in beach real estate properties to continue going into 2014.
Long term, inflation and the intentional devaluation of the US Dollar will lift "all boats"....that is hard assets like houses and condos will rise in dollar terms. But the long term is.....LONG. If you plan to sell, do it now.