Back in 2008/2009 after the Real Estate market crashed, economic and Real Estate experts were repeatedly forecasting a 6-7 year recovery period. They all highlighted 2015 as the year we would see resurrection in the housing market. Well that prediction seems to be coming to fruition now! We are seeing many positive reports and trends from late 2014 to early 2015.
We are starting to see the rebound all around Florida, but extra activity in Tampa Bay. The excitement/enthusiasm is building here and our team here at SI Real Estate is noticing.
Normally home sales in January are expected to be lower than in July or August. However, this month the Home Sale Data is showing that buyers are confident again. Tampa Bay has surged in January with 4,700 homes sold so far. That is 23.5% better than December ’14 and 22.8% better than January of ’14. Buyers are aggressively purchasing, and homes are selling instead of sitting. From January of 2009 to January of 2015, there’s been a huge change in median sale price. Nela Richardson of redfin.com says “More people listed their homes for sale in December than in any other December since 2008. That led to a 4.8 percent year-over-year increase in total homes for sale heading into January. That much-needed inventory paired with strong buyer demand led to a solid increase in home prices in January compared with last year.” This is great news for the Real Estate market, especially here in Tampa Bay which was lagging behind nationally.
On the resale side, inventory is still low meaning that homes are selling at a faster rate than we’ve seen in quite some time. Supply and demand have finally evened out and stabilized in the past 6 months or so.
Interest rates are staying low (for now) and PMI reductions are helping more people become buyers. Our seasoned agents here at SI Real Estate are preaching that now is the time to buy, before Real Estate prices come all the way back. If you haven’t thought about buying yet, it is time to get serious. Do not be late to the party, get in while there are still deals to be found. There are many properties affordably priced and 2015 may be the last year interest rates and home prices will be this incredibly attractive.