Chalk it up to an economy on the upswing paired with extremely low interest rates and housing affordability at all times highs. The St. Petersburg-Tampa housing market is not only showing signs of stabilization, but real growth is reappearing.
According to a recent Tampa Bay Times article, median prices for single-family homes in Pinellas and Hillsborough counties, plus parts of Pasco and Hernando counties, rose seven percent in the last year. Indications are that sales through June of this year could be at their highest in many years. The supply of single-family homes is down while demand is increasing. This could be the good news for which our local housing market has been waiting.
Conventional Tampa Bay Real Estate Sales on Rise
One of the reasons conventional sales rose so dramatically is that the foreclosure and short sales markets have fallen, in some areas dramatically. According to the Times, the flood of foreclosed properties has begun to dry up. And in an improved economy with record low interest rates, buyers are increasingly seeking homes in areas outside of those hit hard by foreclosures.
At Chris Hounchell & Associates, we’re experiencing an upswing in the number of buyers actively looking for single-family homes, condominiums and waterfront property throughout the St. Petersburg-Tampa area. While we continue to experience strong sales of distressed properties, i.e. short sales and foreclosed properties, conventional sales are definitely increasing.
Thinking of buying? We are the leader in residential real estate, pre-foreclosure, short sale and foreclosure markets in the Pinellas County area. For more information, contact Chris today at 727.642.9107.