Happy New Year to you! May all your wishes come true. 2009 was a rough year in our industry and the economy, to say the least
However, the real estate market is starting to show some positive signs of improvement. In our New Tampa luxury market, there are only 17 active listings (eight to ten less than other quarters!). The average list price per square foot is $210. There are four pending transactions at an average price of $160 per square foot. Eight luxury properties have sold in the fourth quarter at an average of $183 per square foot, compared to only three sales in the previous quarter and five sales one year ago.
These statistics and the overall market performance are making me quietly optimistic. The first quarter of 2010 will give us a great indication of what to expect for the rest of the year. I don’t foresee a recovery in pricing yet, but at least the market is more dynamic.
Interest rates are still very low! The tax credit has been extended and expanded which should stimulate the market and entice buyers to purchase properties before the contract deadline of April 30. The biggest potential downfall of our recovery would be an excessive inventory of short sales, foreclosures and bank owned properties.
For more information, please contact us at info@casafinarealty.com.
For more information, please contact us at info@casafinarealty.com.
