Property values are rebounding in the Tampa Bay area according to a recent article in the Tampa Bay Times. Hillsborough, Pasco and Pinellas counties are expected to have their fourth consecutive year of rising taxable property values. These steady increases in tax values is a good indicator that the real estate market has returned to normal after dropping so drastically as a result of the Great Recession. Property values continue to rise, but at a slower, more steady pace - unlike the giant gains seen in the years proceeding the housing peak in 2007 when the bubble burst. People who were upside down are now able to move without short selling, but there are a few homeowners - those in homes valued at $300k+ who are still looking to regain their original purchase price from that time period.
Cities on both sides of Tampa Bay saw steady increases in taxable values. This growth is a result of less foreclosures on the market
and a drop in the current inventory of homes for sale. A balanced market is when there is a 6 month supply of homes, and right now with fewer homes for sale - about a 3 month supply - it's a sellers market. Bank owned properties currently make up about 4% of the market - so they are no longer dragging prices down like a few years ago as well. In the New Tampa zip codes of 33647, 33543, and 33544, homes prices have gone up between 5 - 12% since 2004. Overall, the Tampa Bay area is as healthy as any market in the state and continues to offer some of the most affordable housing in all of Florida.