Recent positive economic news has been motivating more and more people to get into the real estate market. There has been a notable increase in the Tampa real estate activity, such that it now makes more sense than ever to own instead of renting a home.
It is now more cost effective to buy a home instead of rent with the average monthly rent at $1,371 and local median sales price of $129,600. The average monthly payment on a $129,600 home is $1,012 per month, including taxes and insurance. Tampa home affordability is at a record high with reasonably priced homes and record-low mortgage interest rates.
Month over month trends show that the average home sales prices have increased by 6% from January 2012 ($144,152) over January 2011 ($134,856). There is a 4% increase in home sales when comparing the number of homes sales in the 2011 4th quarter (6,679) to the 2010 4th quarter (6,426). Another factor to consider is that the number of months of inventory has dramatically decreased by 40%. The number of months for Tampa inventory for January 2012 was 6.7 months with January 2011 being 11.2 months, with over 60% of the single family homes (not including condos, townhomes, or villas) on the market for 90 days or less.
Don’t delay in making your decision now when home sales are up, prices are rising, and our inventory is decreasing.
Contact me for your real estate needs.
Feel free to begin searching the MLS for your home.
Selective Homes Realty, LLC Joslyn Morales, Realtor Phone: (813) 263-7686
National Association of Realtors, 4th Qtr Market Trends Report
Greater Tampa Association of Realtors, January 2012 Tampa/ St. Petersburg/ Clearwater market trends report.