A beautiful top of the line remodel in a deed restricted golfing community in Dunedin.
The Greater Tampa Association of Realtors report showed 6.7 months of inventory on the market for the month of January, a slight increase from December (5.6 months.) Single family homes priced correctly continued to sell quickly (often in less than a month.) What’s more are properties under 50 thousand continue to take up the largest market segment of activity. However I am seeing an increase in market share for single family homes priced between 100-140 thousand, roughly 9.5% of sales for the month of January, in the Tampa Bay real estate market. The month also saw a total of 1019 transactions, a 1.3% dip down from the same time last year (1033), which translates as market stability to me. Luxury real estate in the Tampa Bay area (half a million and up) took up the least amount of activity, less than 1% of market.
Condos faired a bit differently and sales were down around 22% from January of 2011 in the Tampa real estate market. Condos priced less than fifty thousand sold briskly, were predominantly cash deals and took up 28% of market activity. While single family home pricing and inventory has begun to show signs of stabilization the condo market continues to struggle. The banks are much stricter with their lending requirements in regards to condos in Florida and more specifically the Tampa Bay/St. Pete area. The fiscal health requirements of the home owners associations are under a much higher scrutiny then years prior, as is the building insurance etc.
Overall the greater Tampa Bay real estate market showed a 5% decline from the previous year to date. January of 2011 showed 1447 units sold while 2012 sold 1371.
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