Since Meridian Trust recently opened an office on the West Coast of Florida, we thought we’d highlight a new area of Florida’s Southwest real estate market investors may not be familiar with.
Real estate experts and economists believe recent figures point to rising prices and increased sales, for Tampa Bay’s housing market. They base their optimism on the following:
• The inventory of homes for sale has fallen to levels not seen for years. The lower the supply, the stronger the market. The area has less than a six-month supply of unsold homes, meaning it would take about six months to sell the houses currently on the market.
• Real estate professionals see more people inquiring about putting their homes on the market. The owners are not in distress, and their houses typically sell faster because the homes have not been neglected.
Gains in prices and sales are good news in a state decimated by foreclosures and falling values since the housing market imploded.
Although lenders tightened borrowing standards, some sales could be attributed to mortgage rates hovering at an all-time low of about 4 percent.
As the inventory of unsold homes continues to drop to levels not seen in more than five years, median prices are also climbing. The average single home sales price over the past year has been $308,151 while the average median sales price has been $215,288.
Scott Brown, chief economist with Raymond James in St. Petersburg, said home prices and sales should rise gradually, as long as the economy doesn’t take on any major ripples.
“We have a long way to go before a full recovery, but we are on our way,” he said.
If you are interested in investment opportunities on Florida’s Gulf Coast contact our Tampa Office at 813-675-0572.
Meridian Trust has been making successful real estate deals in the South Florida marketplace with buyers and sellers at all levels for over a decade. Our business continues to grow and flourish despite the challenges the real estate market has experienced. Our clients can consistently count on us to find the best deals, close on those deals and get the property ready to rent or resell, i.e. making return on their investment.
Article summarized from: http://www.tampabay.com/news/business/realestate/are-stars-finally-aligning-for-tampa-bay-housing-recovery/1211089