The Tampa Housing Market

The Tampa Housing Market has gone from a seller's market to a great buyer's market in a short amount of time.

In July 2007, 1,693 homes were sold in the Tampa Bay area with a median price of $230,000. This compares with 2,431 homes sold during the same period last year which translates into a 30% decrease in the number of homes closed.

During 2006, the Tampa Bay area experienced a significant change from a red hot sellers market (1 month inventory) into a more normal real estate market (6 month inventory) with some great opportunities for buyers and investors.

Our area continues to attract a large number of families and professionals. The weather still attracts retirees.

Tampa's median sales price has dropped 6% - from $243,000 to $230,000. Tampa is still affordable compared with other metropolitan areas in Florida because the state median price is $243,200.

Forbes magazine is stating that the Tampa Bay area is the #1 place in the country to buy a home. Because of our area's overall strong, growing economy and comparably modest housing prices, Forbes calls Tampa-St. Petersburg-Clearwater a prime bounce-back market. I have noticed since this positive announcement by the media, the housing market has picked up quite a bit. Offers are slowly starting to come in as smart buyers are getting bottom of the barrel pricing still due to the amount of inventory currently available. Buyers, this great opportunity will not last forever!! I think we have a few more months at this bottom level pricing and then early next year the market will begin stabilizing with an upward trend.

In the past few years, supply was low and demand was high. Realtors could list a home and it would sell immediately. Prices were going up so fast that investors could buy a home and it would be worth more at closing. Thus we had MANY investors. It was a seller's market.

Today we have a buyer's market. The amount of inventory created by the investors and the slow sales market has made sellers have to be accomodating to get the job done. We are seeing Lease Options and Lease Purchase agreements like we have not seen in years. A savvy home buyer working with a good

buyer's agent should be able to make a very wise purchase and watch the value go back up in 2008.

If you are considering a purchase in the Tampa area, please give me a call on my cell phone at 727 744 5796. I will be glad to help you with information.