June Statistics for Tampa Real Estate Market Shows Dramatic Increase

An email I just received from GTAR (Greater Tampa Association of Realtors) shows the following in the Headline:

(1) EXISTING HOME SALES UP A WHOPPING 76% SINCE  JANUARY, 2008
(2) INVENTORY DOWN 5.5% SINCE JANUARY 2008
(3) MONTHS OF INVENTORY DOWN 54% SINCE JANUARY 2008
(4) AVERAGE SALES PRICE DOWN TO $227,565
(5) AVERAGE DAYS ON MARKET UP FROM 124 IN MAY TO 152 IN JUNE

This is excellent news for the Tampa Real Estate Market in both home sales and Tampa Foreclosures.  The main reason for the drop in average sales price is due to Banks accepting their loss on either property they own thru the Foreclosure process or losses they have accepted due to the Short Sale Process.  These properties when they close, regardless, set new comparatives for the market which will drive the price down.

I get asked almost daily about the current Market, and the people that ask always seem confused when I tell them that the Tampa Market is going like gang-busters.  One of the best areas for deals right now is the Brandon Real Estate Market.  It just goes to show you that perception is reality, regardless of what the statistics say...but at least those people that are buying aren't listening to the hype.

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