Tampa condos and Tampa real estate are shown to be steadily improving in terms of housing costs and sales since 2008. In 2010, sales of Tampa single family homes as well as Tampa condos increased compared to 2009. There was a low point in Tampa real estate sales in 2008 due to the first stages of the recession beginning and a lack of credit availability, but since then sales have been increasing. There has been a weak housing market throughout the United States as well, but in 2010 sales throughout the U.S. increased as opposed to 2009.
After home loans decreased along with other types of credit availability in 2008, purchasing Tampa condos and single family homes became substantially more difficult. The economy did not rebound as quickly as hoped throughout the United States. But, as more home loans and credit lines became available, and first time home buyer incentives were available, the sale of condos and single family homes began gradually increasing. Even after the recession, the interest rates for home mortgages are at historical lows.
Although the Tampa market was one of the hardest hit by the recession of 2008, the market has shown resilience since prices depreciated in 2008. The Tampa real estate market had some difficulties in 2008 and 2009 due to high resale inventories. Tampa condos and single family homes have improved in sales since 2008 but median prices have not improved as quickly.
In both 2009 and 2010, the Tampa market showed a gradual resurgence in sales compared to the drop off in 2008. Tampa condos increased in sales over 30 percent in 2010 compared to 2009. Beachfront condos maintained their relatively high price, but inland Tampa condos dropped in price. However, in 2010 the market rebounded with more listings and sales. In 2009, MLS sales also had a substantial increase with a 20 percent increase compared to 2008 sales.
Median resale prices have not improved in the market as quickly as some investors have expected. As the economy turns around in the area, the real estate market will continue to gradually improve. More improvement in the market will depend on whether or not the local economy continues to grow and whether or not job growth will continue. Consumer confidence affects the real estate market and affects pricing for Tampa condos and single family homes. If the market improves, the median price of Tampa condos will rise along with the price of single family homes.
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