Starting the new year with happy thoughts about the Tampa real estate market is the way to go. Thoughts of a bountiful, healthy and happy 2012 coupled with goals and action plans will help in making this 2012 a better year than 2011 in terms of real estate sales.
Here are some great Tampa Bay real estate statistics going into the new year, as sourced from the Greater Tampa Association of Realtors, the Florida Realtors and the National Association of Realtors:
Increase in sales of Tampa-area residential sales over the year
Sales of housing units increased year-over-year for 10 months out of 11 months in 2011. In November 2011, a total of 1,523 units were sold, marking an increase of nearly 7 percent from 1,421 units in November 2010.
Continued drop in housing inventory
From 21,073 units in December 2007, the housing inventory continued to decrease month over month and year over year to drop to only 9,779 in November 2011. This marked a total decrease of 54 percent. The substantial drop can be interpreted in a positive way as an indication of a continued demand for homes for sale in Tampa. A smaller inventory can also mean an increase in home prices, as a rising demand for a diminishing inventory would push prices up.
Decline in average days on market (DOM)
In 2011, the highest average DOM was 117, which was in June. The DOM continued to drop month over month until it reached only 103 in November. The drop means that homes are not staying long on the market and are getting sold faster.
Tampa Bay real estate market is the 7th most searched online in the U.S.
The Tampa-St. Petersburg-Clearwater metro area was the seventh most searched real estate market online in November 2011, according to Realtor.com. Compared to other Florida metro areas, the Tampa area was the most searched. The closest Florida markets were the Orlando area, which ranked 11th nationwide, and the West Palm Beach-Boca Raton area, which ranked 13th.
Tampa existing single-family homes for sale are the most in demand in Florida in 2011
From January to October, the Tampa real estate market sold more existing single-family homes than any other market in Florida. It was only in November when Orlando had more sales by only 9 units. A total of 2,050 existing single-family homes were sold in November, with the most sold so far in March when 2,782 units were sold.
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