Tampa Real Estate Market Looks To Be Getting Stronger
Date: Tuesday January 6, 2009Posted in: xn--nqv032a89i.com edit
Economic indicators for Hillsborough County brought forth positive news in the second quarter of 2007. Chief amongst these strong economic indicators was that associated with employment and the employment outlook in the county.
Nearly 3,800 new jobs were added in Hillsborough County during the second quarter of this year. The net effect of this significant number of new jobs created in the country was a substantial reduction in the unemployment rate from 3.2% in the first quarter of the year to 3.0% during the second quarter.
The employment situation in Hillsborough Country is expected to boost the Tampa real estate market in the immediate future. Experts agree that the solid employment climate will increase demand for home sales noticeably.
Another positive change noted during the second quarter were generally favorable interest rates when it comes to home mortgage loans. This fact, combined with strong employment trends, is expected to favorably impact the Tampa real estate market throughout the remainder of the year.
The average home price in Hillsborough County actually also increased significantly from the first to the second quarter of this year. The average home price in the country during the first quarter of the year was $258,000.00. During the second quarter, the average home price in the country rose to $273,000.00. The trend is expected to continue into the third quarter with the average price of homes in Hillsborough County again increasing, likely at a similar rate.
There has also been a significant increase in the number of homes sold from the first to the second quarter of 2007. During the first quarter of 2007, 2,120 homes were sold in the Tampa real estate market. During the second quarter, that number climbed to 2,576. During the first quarter, there were 13,426 homes on the market for sale. As of the second quarter of 2007, there were 14,342 homes for sale. The average day a home was on the market for sale during the first quarter as 90. In the second quarter of the year, that number had risen slightly to 97 days, with more homes actually selling as has been noted.
Despite a great deal of bad news on the housing and lending front throughout the year including the growing number of mortgage loans in default or foreclosure and the tightening of credit more generally the housing market in Hillsborough County has continued apace. Home sales prices continue to climb and more homes are being sold with each passing quarter positive developments across the housing market itself.
Although the mortgage industry likely is not set to stabilize any time soon, the housing market in Hillsborough County has avoided many of negative consequences of the mortgage lending industry problems that have been felt (and strongly so) in many parts of the country, including in different areas in the Sunshine State. That trend is expected to continue throughout the remainder of the year and into 2008.
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