Not long ago we never dreamed that Tampa real estate would be the good news. Two years ago we were wondering if we would ever see the bottom. A year ago prices were still on the decline. But recently an article in the Wall Street Journal declared, “The housing bust is over.” Nationally, Case-Schiller has reported that in May we saw the first month that prices and sales both increased since it all started going downhill in 2007. New construction jumped 26% across the country, and inventory is down to 2005 levels. These are convincing numbers that are leading economists to declare an end to the great decline.
South Tampa’s Real Estate market has been racing ahead of the national curve. We’ve seen steady increases in the Number of Transactions since hitting bottom in 2009. The June numbers are up 30% from June of ’09 and 11% ahead of June of last year. The Average Sales Price jumped 13% from a year ago, marking three straight months of year-over-year price increases. The Average Price Per Foot, the real barometer of value, has seen six consecutive monthly increases; the number for June is up 12% over last year. And the Median Sales Price is moving upward as well, up 14% over last year.
This is how we have defined recovery all along: sustained growth in the number of transactions coupled with sustained increases in price. So I’ll agree with the Journal: the housing bust is over. For now.
By: Bruce M. Tigert, Bayshore Title
You can download the full South Tampa Real Estate Market Report here for South Tampa zip codes: 33609, 33611, 33629 and 33606
With inventory at its lowest levels in years, sellers should be considering listing their home for sale now. Contact your South Tampa Realtor for a free market analysis today, or search all homes for sale in South Tampa here