Statistics Show That Tampa Real Estate Is No Longer a Buyer's Market - as Supply & Demand Tightens

TAMPA, Fla., July 13, 2011 /PRNewswire/ -- The state of the real estate market in Hillsborough County, Florida and throughout the Tampa area is healthy and continuing to become stronger, despite ongoing signs of trouble in other markets in the state and around the country. There are quite a few consumers who look at real estate in Florida after having heard reports that the state is flooded with distressed properties; and while there are indeed such properties on the market in the greater Tampa metropolitan area, this is certainly not the whole picture.

As a matter of fact, the growth in traditional home sales, as opposed to distressed sales has been rising, growing from 57% of sales in Hillsborough County to 63% between March and June of this year according to the Mid Florida Regional MLS. The number of homes actively for sale in the Tampa area continues to decrease, and while the percentage of homes listed as traditional sales has risen, the total number of homes listed for sale has gone from 6,412 to 5,281.

In terms of actual homes that have sold over the past months, the trend has been moving away from distressed sales to traditional sales as well, declining from 43% to 37% of total sales between March and June. Further signs that this is no longer a buyer's market is that the month's supply of inventory on the market continues to decline - from 5.6 months to 4.5 months between March and June, down from a high of close to 23 months in 2008. In fact, many homes are receiving multiple offers.

As the statistics show, the real estate market in Hillsborough County and the rest of the Tampa area may not be filled with distressed property at bargain basement prices which media reports have led many consumers to believe. However, buyers and sellers alike should be encouraged by the increasing strength of the market in the area, since it is an important indicator of the growing economic strength of the Tampa area and of the desirability of Hillsborough County, Florida as a place to work and live - and for anyone interested in buying or selling a home in the area, that's certainly good news.

Lance Mohr is a Tampa real estate expert that specializes in Tampa REO homes and Tampa luxury homes. If you want to learn more about buying or selling a home in the Tampa area, please visit: http://www.tampa2enjoy.com.

Media Contact:
Lance Mohr
Keller Williams Realty 
Tel: (813) 317-4009 
Email: [email protected]
www.Tampa2Enjoy.com

SOURCE Keller Williams Realty