We’ve been talking about a shortage of quality residential properties for some time. It’s true that new construction is taking some of the pressure off the re-sale housing market but, for those buyers looking to purchase and move-in right now—there is a shortage of properties and the purchase price is increasing on a steady and monthly projection.
Listed inventory is at it's lowest point in 30 years. There is a two month supply of resale housing. In terms of new construction, to build the same house as five years ago is 36% more today. There are fewer and fewer under $200K housing starts today. While TampaBay is considered to be one of the most affordable markets in the state, there is steady upward increases. New construction is expected to rise by close to 12%.
So, wrap all the indicators up and include the growth in the multi-family dwellings in Central Pasco and the Real Estate market is is strong and growing. New home median pricing is expected to increase by 4.3%. Bottom line, if you are thinking about Buying and/or selling— you should seriously consider acting now. There is demand for resale homes of all sizes and prices and if you are buying new construction the property you want today will be higher next month and the month after that. We can provide you with an accurate pricing analysis for your home.