Today the S&P/Case-Shiller Home Price Index has been released. For Homes in Tampa we saw a (-.1%) decrease from February 10/March 10. This was a nice increase from January 10/February 10 decrease of (-1.2%). In a year over year perspective in the Tampa Real Estate Market we saw a (-3.5%) decline.
At this point in the real estate cycle we are not surprised that prices are tending to stay flatten. This being said, we believe the expiration of the tax credit and belief that numerious foreclosures and short sales will begin hitting the market in the 3rd/4th quarters, we don’t believe prices will substantially improve in the near future.
More homes will be coming down the pipeline, particularly in newer development and less desirable areas. On the other hand highly desirable areas we see prices holding. If the area you are persuing is highly desirable and you see the property well price, don’t let it pass after it.
If you are selling homes in Tampa you need to price right to attract attention. We continue to see many homes that receive multi-offers if the agent properly prices the property to sell. For those sellers waiting on the sidelines or do not have to sell, we recommend waiting it out.