In what has to be considered a very good sign, Tampa area home sales were up 18.4% in November. Median prices rose 6.7% too.
Now you know things have been getting better slowly over the last few years, but this may mean something more significant. Perhaps the real estate market is really getting back to normal… whatever that is.
But all the factors are in line.
Not only were sales and prices up but some other significant statistics were looking good.
- Median home prices were up to $175K in Pinellas which puts it equal to Hillsborough which has traditionally had higher prices.
- Bank-owned homes were selling well which is goo for clearing up the foreclosure and short-sale backlogs. Bank sales were up 53% and median prices were up to $106K from $83K. Hillsborough foreclose sales were up even more to $125K from $93K.
- Of the 20 major Florida metropolitan areas, Tampa Bay was 5th highest in single-family home sales.
- Condo sales in Pinellas were up 15.4%
- Cash sales rose 13.4% in Pinellas indicating investors are still active in the market.
Compared to the nation as a whole, Florida looked mighty good with national sales rising only 2.1% in November nationally compared to Florida’s overall increase of 3.5%.
“The real estate market in Florida has settled into a nice sustainable groove,” said Florida Realtors Chief Economist John Tuccillo. “We are seeing gradual changes, mostly in the right direction, on all of our metrics.”
What Does It All Mean?
If you are an underwater homeowner, this can only be good news. Your “dry-out” is continuing and you just might get your head above water at some point.
For those who are behind on payments and might be facing foreclosure, it means banks might be a little more willing to negotiate with you.
And the option of a short sale is beginning to look less attractive, unless you are in a situation where you can get the bank to work with you. They clearly have less reason to sell low with a market where prices are on the way up.
It certainly means you want to have a good real estate attorney working for you. You need to have someone who understands the current market and can give you some clear options. Please contact Brown & Associates. We want to help you get the answers you need. Contact us here or call 813-289-8485.