Corelogic just reported that home prices across the U.S. have risen five percent in the last year which has been the biggest increase since the Tampa housing market boom in 2006. MFRMLS is reporting that Hillsborough County currently is seeing a median home sold price of $134,250... a 15.73% increase since last year and 3.23% since last month! Also, new home sales leaped last month to the highest annual pace in the past 2.5 years!
The increase is most likely fueled by low housing inventory combined with the aggressive purchasing by Tampa real estate investors trying to pick up as much inventory as possible at the bottom of the market before prices rise. Also we are starting to see the baby boomers start to move again finally being able to sell their homes up North.
The Tampa real estate housing market has almost seemingly converted to a seller's market due to the low amount of Tampa MLS listings available for sale. How long this will last I am not sure, but new home mls listings are receiving multiple offers usually within days of being on the market. We are also seeing buyers bidding above list price in an attempt to secure a contract on the home. It also seems like the banks are finally starting to loosen up their financing restrictions a bit which is opening the door for a lot of home buyers who having been waiting to secure home financing.
Tampa New construction home builders have been reporting record sales recently and workers are struggling to keep up with the demand for new Tampa homes for sale. A report about contractor shortage was recently published in the local paper where a drywall supplier was asking for workers to come back to Florida from up North to help out. If you know any contractors needing work, I would pass on this blog post.
Although there are signs that the Tampa housing market is finally stabilizing, we are still not back to normal due to all the clogged short sales under contract in pending status which could take up to a year to close. Also, the banks still are holding a major supply of Tampa REO foreclosures, otherwise known as "shadow inventory", which they have been holding on to most likely pending the presidential election. Depending on if the banks flood the market with these Tampa bank REO homes for sale or release them at a good pace will most likely determine if we keep that 5% appreciation over the holidays.
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