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Tampa Real Estate Market Recap for 2006-2007

Published by Lance Mohr | Filed under Market Update

Click to listen to me talk about real estate market conditions in Tampa Bay

Click on the video image to hear about the market conditions for Tampa real estate.  I will be talking about 2006 market decline, what caused it and where we are now. I summarized some points below. Don’t hesitate to call me at 813-317-4009 if you have any questions. 

  1. Market was very soft in 2006. In fact, it was one of the softest in the nation with sales volume dropping by over 40%.
  2. Tampa real estate sales started to slow down in November / December 2005. Many believed that it was due to holiday season and market would pick up again in 2006.
  3. Around May / June 2006 home sellers started to realize that market had changed for the worse.
  4. Investors who bought new homes in Tampa Bay area on speculation started to sell.
  5. Payments went up for some of the interest-only and balloon loans, leading to market saturated with motivated sellers.
  6. Home values drop. 
  7. Number of homes for sale goes up, accumulating 18 months of inventory (compare to 6 months in a normal market and 3 months in a hot market).
  8. As of March of 2007, the Tampa real estate market is starting to pick up.

It doesn’t matter if you own New Tampa real estate or Tampa Bay luxury real estate, this is information you need to know about.

Don’t forget to save http://www.tampa2enjoy.com and http://www.tampa2enjoys.com/blog to your favorites section of your browser. I’ll attempt to always keep you informed as to the latest and greatest information concerning the Tampa real estate market and beyond.

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March 19th, 2007