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Florida Real Estate Market Showing Signs of Stabilization


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scritto da: slc - Visite: 0 - Numero di parole: 453 - Data: 26 Jan 2012 - Ora: 10:15 PM 0 commenti




The Florida real estate market continues to see signs of stabilizing as prices and sales increase. Sales velocity and the median price rose for both existing homes and existing condos for August. Home sales were up 15% when compared to August of 2010. Sales totaled 16,206 across the state, up from 14,131 the year prior. Likewise the statewide median sales price was up two percent from August of 2010, with a median list price of $137,500. In August of last year, the median statewide price for an existing home was $134,900.

Condo sales from a year-to-year standpoint also told a similar story. Sales increased 17% with 7098 units sold compared to 6041 from August 2010. Median sales price rose 12% to 91,000, up from 81,500.

Many markets across the state have begun to stabilize and with that a new trend is emerging: Optimism. No longer in the doldrums of a rapidly declining market, nearly 22% of agents in Florida expect prices to rise this year; which in many markets it has. Overall, fifteen of Florida’s metropolitan statistical areas showed higher sales for both homes and condos. According to Realtor.com, Florida cities have shown the highest year-over-year increases in average list prices. Not only that, but Florida takes up nine out of the top ten spots for listing price increases. Nationwide the average list price is up 2.36%.

Like many others, the Tampa real estate market continues to under-perform because of the downward pressure placed on home prices by distressed sales. Adding to the mix are banks who have tightened lending standards, and appraisers who face an increase in scrutiny over their reports. Ironically, affordability conditions are some of the best this country has seen since the 70’s. However with a shaky economy, and a smaller pool of bank approved buyers, our housing recovery can only move along so fast. There is no doubt about it though, positive data has been coming in over the last few months to indicate recovery in the Tampa Bay area.

When listing or buying a property it is essential to have a Realtor who knows the community, understands the Tampa real estate and can price a home correctly. If you are interested in buying or selling real estate , I would love the opportunity to work with you. Please call me 813-924-4468 or use the contact form on the left side of the page.

 



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