Tampa Real Estate Heats Up, Builders Start Construction to Keep Up
Over the past few months, the Tampa Bay real estate market has seen its busiest spring selling season in years leading to an uptick in home sales and a decline in inventory. That decline in inventory has led Florida home builders to start new construction as inventory falls below a healthy six-month supply in the Tampa Bay area.
Statewide, the Florida housing market has seen 16 months of year-over-year price gains with home sales increasing 17 percent. In the Tampa Bay area, nearly 3,200 homes were sold in April, a dramatic difference from the barely 1,000 homes sold in January 2008. Additionally home prices increased by 15 percent year-over-year in April with the typical Tampa Bay home sold for $150,000.
While the increased buyer demand is a positive sign for the housing market, it can make the home buying process frustrating because there are not enough homes. Tampa Bay home builders have answered by breaking ground on nearly 1,500 new homes in the first three months of 2013, a 46 percent increase from this time in 2012.
At Highland Homes we offer beautiful Florida real estate in communities throughout the Tampa Bay area including the recently announced townhome community, Oakwood Terrace, and single-family home communities, Covered Bridge Estates and Palmetto Estates. With more than 40 floor plans to choose from and homes affordably priced from the low-$100,000s, buyers are sure to find the home that meets their wants, needs and budget. To make purchasing a new home even more affordable, qualified buyers can purchase their home for just $99 down.
Affordable pricing and low mortgage rates make now the right time to purchase a new home in Tampa Bay. For more information on our Tampa communities, as well as our new homes in Orlando, Lakeland and Winter Haven, visit the Highland Homes website.