Tourism Up in Tampa Bay Area

Tampa Bay enjoyed a 5.5% increase in tourism during the first 3 months of 2012. Over 1.4 million people visited Tampa Bay for an overnight stay. The Republican National Convention is expected
to attract over 50,000 visitors in August.  Tourism, like real estate, are both enjoying a come back in
the Tampa Bay region.

Pinellas real estate showing improvement in March

Pinellas County real estate statistics for March 2012 showed the single family market was still gaining
strength. Through March, SFH sales are up +32% and the median sales price is up +$12,000. The condo
market was up +21% in March and +54% year to date. However, the median sales price in condos dropped -6.5%  and is at a minus -11%  year to date. Short sales continued to surpass forecloures for the past 10 straight months. Of 481 distressed property sales in March, 58% were short sales and 42% foreclosures. For perspective, in March 2011, foreclosures amounted to 70% of distressed sales. In March, Pinellas County Realtor Organization reported a first time happening where their was less than one home for each buyer. Home inventories in March were down -34.23%  over 2011 at 6985 vs. 10,621 homes. This trend is lending support for prices on existing homes to rebound in 2012.

Non-distressed properties sought after

Properties that are not distressed, in good condition, and between $100 - $300,000 are attracting multiple offers in today's market. There is less than 2 months inventory supporting this segment of
the market. This small supply, coupled with an increasing number of home buyers looking to finance at these historical low rates, is fueling this condition. It is not uncommon for nice homes to have 2 -3 offers chasing it. This is a good sign for the market as it begins recovering.

Short Sales Larger Than Foreclosures

The Tampa Tribune reported on 4/18 that short sales in January surpassed foreclosure sales for the first time. Banks were more willing to take less against an outstanding mortgage than proceed through
the entire foreclosure process. Short Sales accounted for 23.9% of home purchases in January as compared to 19.7% for foreclosures. Last year, short sales were 16.3% and foreclosures at 24.9%.

Foreclosures Increase in 1st Quarter

Writer Shannon Behnken, of the Tampa Tribune, reported in an article on 4/12,  that foreclosure activity rose 26% in Florida, and 24% in the Tampa area during the first quarter, according to Realty Trac. In metro Tampa, there were 10,437 foreclosure filings, default notices, scheduled auctions, and bank respossessions...up 17% from the same period in 2011. Nationwide, there were 572,928, down 2% for the quarter. In 26 states where judges must approve foreclosures, activity increased. Although the Tampa bay area increased 17%, Pinellas County declined 17%, Hillsborough was up 13% and Pasco increased 68% during the quarter.

Low Housing Inventory Spur Multiple Offers

If there is a really nice home for sale, that has been updated, and is priced right...look to see mulitiple offers, and a quick sale. Homes listed in the $100 - $300,000 range like this, are selling very rapidly, and many are attracting mulitiple offers. One home recently drew 6 offers, and wound up selling at $50,000 over listing price. The inventory of homes meeting this description is less than 2 months supply. A normal inventory would be 6 months. This low inventory, and ever increasing supply of buyers, is putting pressure on prices.

Prudential Tropical Realty Transactions Equal 2005

A report on the first quarter of 2011 shows Prudential Tropical Realty enjoying unit sales volumes equal to the 2005 boom times. Unit sales are virtually equal to 2005, but prices are down which produces less revenue on this level of sales. All in all, 2012 is starting off with optimism, as buyers enter the market looking to take advantage of the lower prices and cost of money, both of which will rise sometime in the not to distant future,

Florida Economic Trends showing improvement

Prudential Tropical's weekly report shared this good news on Florida Trends:

·       Florida's unemployment fell again in February, dropping to 9.4 percent, a three-year low

·      Visitor counts are up from the Panhandle to Miami

·      The supply of homes for sale is approaching more typical levels

·      Companies are hiring, expanding and relocating throughout the state

·       Consumer bankruptcies are down — in most regions by double digits

·      Manufacturing is getting stronger

These are encouraging trends to support a recovery in the housing market.

Tampa Bay home sales up 2.3% in first quarter 2012

A review of Hillsborough, Pinellas, and Pasco home sales for the period January thru March show 9145 sales in 2012 vs. 8938 in 2011. This is a 2.3% increase. Encouraging signs show up as unit sales have increased each month from 2627in January to 3462 in March. March saw a 4.1% increase over 2011, the best showing of any month in the quarter. There is a general feeling among agents in the market that 2012 will be a better year, home prices will stabilize, and perhaps begin heading back up at moderate rates. This is a good time to buy with such good mortgage rates along with attractive home prices.