Did everyone see the recent 2012 Clear Capital Real Estate Market Forecast?
The Tampa Bay Area Real Estate Market is forecasted to gain a 7.4% price increase in 2012! According to the predictions, we are now number 6 in the U.S. to see positive growth and stability in our housing market. The significant change in our market can be a result of several factors, including being hit especially hard in the downturn. You’ve heard the old saying “what goes down must come back up?” Well, we have a solid year of pricing that has continued to increase, so it’s safe to say the forecast is bright and the upward trend is hear to stay.
The facts are in from the latest Greater Tampa Association of Realtors Report:
- January 2011 in the Greater Tampa Bay area had an average sales price of almost $135,000. 00. The latest report released in December, shows that our average sales price is now just over $159,000.00. So you don’t have to get out your calculator, that’s a $24,000.00 increase in sales prices in 1 year.
- Our inventory went from 11.2 months to 5.3 months in the same time period.
Although I’m still getting the calls saying “I want to buy a million $ home for 200K and take advantage of someone’s misfortune.” I suspect the “dreamers” will be dwindling down just like our inventory. Maybe they haven’t read the news? Maybe people have been so accustomed to the bad news, that they just haven’t caught up with reality. You may want to buy a home for half of what the list price is, but the statistics show homes are selling for only 5% below list price on average.
Other Florida cities to make the top 10 list include Miami at number 5 and Orlando is at the top at number 1.
Here’s the video for the 2012 housing market forecast by Dr. Lawrence Yun, National Association of Realtors® (NAR) chief economist and senior vice president of research.
Lawrence Yun’s video forecast includes the following news:
- -recent developments in the housing market (national and local)
- -the direction of home prices in the next 12 to 24 months
- -comparisons with past housing cycles
- -shadow inventory and foreclosure impact
- -economic backdrop
- -forecast of economy and housing market