How’s the Real Estate Market in Tampa, Fl? That’s a question I am often asked by clients looking to relocate to our wonderful Bay area. The facts are revealed in this article that was published in The Tampa Tribune. It is hard to believe that The Tampa Bay area is number two in the nation for foreclosures. Yes, now is the time to buy!
Where Business Is Booming
The region’s real estate market has been among the hardest-hit in the nation. The Tampa-St. Petersburg–Clearwater area had 4,773 foreclosure filings in May alone, or one in every 271 households. That was up 15 percent from April and 29 percent from the same month last year. Nationally, the foreclosure rate is one in 483 households.
Along with the construction of homes, the foreclosure spike is contributing to a housing glut that has depressed prices. The median sales price in the area was $176,100 in May, down 16 percent from $209,300 a year earlier.
The Greater Tampa Association of Realtors says there is a 15-month inventory of homes on the market in this area, compared with one to two months in 2004-05. One key to a housing turnaround would involve removing a big chunk of the 19,800 listings on the local market.
Economists report that new housing starts are down, which can bring alarming headlines but is good news for the bloated Bay area market. A reduction in the number of foreclosed homes on the market would also provide a shot in the arm.
Thinking about buying or selling real estate in the Tampa Bay Area? Have a Real Estate question?
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Rae Catanese and Michelle Jordan Realtors.
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