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Tampa Real Estate Market Conditions Update
June 2nd, 2008 categories: Tampa Real Estate, Tampa Market Conditions
The chart provides a good indication of the recent supply and demand for Tampa residential real estate homes. Since the first of the year, the inventory of homes for sale in Tampa has risen but is trending downward since a peak in late April, a good sign for sellers. Hopefully this trend continues. On the demand side, the number of pending listings, those under contract, has been trending steadily upward over the last 5 months, another good sign for sellers.
From my perspective, buyer traffic is up in most areas. Showings on our listings are up, and inquiries from buyers are also much higher recently. However, with the explosion in buyer interest over the last few months, I would have expected the number of pending listings to have taken a bigger jump by now. The pent up demand is out there, but many buyers are still quite wary, while others fail to get qualified for financing. FHA loans have become quite popular, with the loan down payment (3%) requirement.
What about the trend for foreclosures? I reported on them last month and promised an update. In April there were 1684 Lis Pendens filings in Hillsborough County. I just did a search for number of Lis Pendens filed in the month of May and the results show “Maximum limit of 2000 records has been exceeded, please change the above criteria” Uh-Oh… In splitting the month up, I find that 2033 Lis Pendens were filed in Hillsborough County during the month of May, surpassing February’s high of 1734. There are still many troubled loans out there and the ARM resets will continue to make many of these new loan payments un-affordable. Refinancing is usually not an option, since the loan balance is likely more than the property is worth, although there may be options for some homeowners facing foreclosure.
Have a question about Tampa real estate? Considering a sale? A purchase? Give us a call:
Data used is from the Mid-Florida Regional MLS, all agents, brokers included, and the Hillsborough County Public Records.
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