Here we are in 2010 and buyers and sellers are wondering what is in store for Tampa Bay’s Housing Market. No matter where you look, you’re bound to find a doom-and-gloom story about the housing market – foreclosures at record highs, prices at record lows, but if you want to know the real story, look at a particular Metro Area like Tampa. Yes, it is true that Real Estate is LOCAL. All markets are not the same.
I found some great resources that state our housing market isn’t so bad.
The Tampa Tribune Reports: Home prices in the Tampa Bay Area rose 2.5 percent in the fourth quarter of 2009, compared to the previous quarter.
Tampa, Florida Metro Housing Market Report (Nov. 25, 2008 – Dec. 24, 2009)
Tampa Real Estate Market research by Clear Capital, reports Tampa makes the TOP 15 highest performing housing markets . In this month’s highest performing major market list, were among the lowest performing major markets one year ago. This volatility is largely a reflection of heightened REO influences that continues today.
The report sates that 25% of all homes sold in Tampa are Foreclosures/Real Estate Owned (REO) – Clear Capital calculates the percentage of REOs sold as compared to all properties sold in the last rolling quarter.
So what does all this mean?
The downturn is slowing in some areas, but economists expect home prices to keep falling nationally this year. In Tampa Bay, economists predict prices to decrease slowly this year through the third quarter.
The median sales price of existing homes in the Tampa-St. Petersburg-Clearwater metro area hit $139,100 in November 2009. It was $239,600 in June 2006.
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