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Tampa Real Estate Market Conditions
June 22nd, 2007 categories: Mortgage Rate Watch, News on Interest Rates, Tampa Florida Real Estate, Tampa MLS
The Greater Tampa Association of Realtors, of which I am a member, has been running an ad lately that points out why now is a good time to buy residential real estate in Tampa. One of the points the ad makes is that there has never been such a great choice of properties available for sale. And right they are. In fact, there are almost 3000 more properties for sale in the City of Tampa than there were 12 months ago. But at the same time there are over 800 less properties under contract to be purchased as compared to June of 2006.
So yes, with respect to availability, now is a great time to buy a home in Tampa. And while sales are down as compared to recent years, buyers are buying. The City of Tampa alone has had 3420 brokered sales of residential properties year-to-date. Hillsborough County has had 6175 sales. Pinellas has had 5197 brokered sales since January 1st 2007.
In the last 7 days, 124 transactions for properties in the City of Tampa have closed. (Report, sorted by price). These properties were, on average, purchased at about 96% of the list prices (not factoring in any previous price reductions).
Tampa’s residential real estate market can be summed up as follows:
- Fairly stable and historically low mortgage interest rates
- Increasing inventory
- Decreasing demand
This all points to advantage: BUYER. So while all buyers of residential real estate have differing situations, this is a good time to purchase generally speaking. There are very few buyers “in the store”, prices have been slashed, money is cheap, sellers are willing to deal, banks are willing to deal (see: short sale), and the shelves are stocked full.
Data used is from the Mid-Florida Regional MLS and does not include private sales/listings.
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