I was just reading the; Survey of Market Conditions, 4th Qtr 2008 by UF Berstrom Center for Real Estate Studies. This survery covers all real estate activity in the State of Florida. I focused on Tampa-St Petersburg areas. My RE/MAX South Shore Realty Office is located in Riverview Florida which is part of the South Shore Area of Hillsborough County Florida.
After reading the results of the survey I felt comfortable about the 4th Qtr Statistics for my market area. We had a 10% decline in single family home inventory in 2008. We are seeing a higher percentage of forclosure and short sale sales over traditional home sales. Contract days has increased because of the number of short sales in our area. First time buyers with good credit are using FHA and USDA loans. Foreclosures are driving more people into the single family rental market. All in all 2008 was a very good year for my office and the Tampa-St Petersburg area.
2009 is even looking better. Number of homes on the market is still in decline. Contract pendings are up over same time last year. Lots of great deals out there and interest rates are still below 6%. I see 2009 as the year of turnaround for the housing market in the Tampa-Bay area.