I hope you are staying healthy during these difficult and strange times. I just want to update you on what has been going on here in the Tampa Bay area.
Much like yourselves in the UK we have been under a general ‘stay at home’ order. As I write we are being told that order is going to be lifted (with some restrictions) on May 4th. The beaches will re-open and most businesses including retail and restaurants will be permitted to open allowing 25% occupancy and maintaining social distancing guidelines.
Although somewhat apprehensive, I am sure this will come as a relief to many small business owners who are struggling to stay afloat during this time with no income coming in. Time will only tell if this is the right time to begin re-opening for business.
Here in Florida we have been fortunate that the number of hospitalizations and deaths has been lower than many of the other states in the US. The Miami area was by far the worst hit area in Florida and as you can imagine the nursing and care homes were hit the hardest. Over the past 14 days we have seen a decrease in the numbers and the governor decided it was time for the state to begin to re-open. Miami will continue to be under a ‘stay at home’ order until their numbers decline further.
During this time home sales were considered to be an essential business here in Florida and therefore real estate transactions continued. Although we have seen a significant slowdown in sales and new listings coming to market, prices have continued to remain steady and we have not witnessed sellers making any significant price drops. I am sure it will take some time before we see the true impact on our housing market. However, the general consensus of most real estate professionals and economists in this area is that once restrictions are lifted the market will take up where it left off and we should see little or no decrease in values. At this point the general outlook for this area remains optimistic.
The latest sales figures for March have just been released and they are quite encouraging although we are expecting to see a significant slowdown when the April figures are released. Here are the numbers for March 2020 compared to March 2019.
Single family home median price increased by 8.3% while inventory decreased by 23%
Condos and Townhomes median price increased by 10.6% while inventory decreased by 15%
While we continue to see the low inventory rates and record low mortgage rates, we should see prices continue to at least hold steady.
Until next time, stay safe!
Kevin Welland
Much like yourselves in the UK we have been under a general ‘stay at home’ order. As I write we are being told that order is going to be lifted (with some restrictions) on May 4th. The beaches will re-open and most businesses including retail and restaurants will be permitted to open allowing 25% occupancy and maintaining social distancing guidelines.
Although somewhat apprehensive, I am sure this will come as a relief to many small business owners who are struggling to stay afloat during this time with no income coming in. Time will only tell if this is the right time to begin re-opening for business.
Here in Florida we have been fortunate that the number of hospitalizations and deaths has been lower than many of the other states in the US. The Miami area was by far the worst hit area in Florida and as you can imagine the nursing and care homes were hit the hardest. Over the past 14 days we have seen a decrease in the numbers and the governor decided it was time for the state to begin to re-open. Miami will continue to be under a ‘stay at home’ order until their numbers decline further.
During this time home sales were considered to be an essential business here in Florida and therefore real estate transactions continued. Although we have seen a significant slowdown in sales and new listings coming to market, prices have continued to remain steady and we have not witnessed sellers making any significant price drops. I am sure it will take some time before we see the true impact on our housing market. However, the general consensus of most real estate professionals and economists in this area is that once restrictions are lifted the market will take up where it left off and we should see little or no decrease in values. At this point the general outlook for this area remains optimistic.
The latest sales figures for March have just been released and they are quite encouraging although we are expecting to see a significant slowdown when the April figures are released. Here are the numbers for March 2020 compared to March 2019.
Single family home median price increased by 8.3% while inventory decreased by 23%
Condos and Townhomes median price increased by 10.6% while inventory decreased by 15%
While we continue to see the low inventory rates and record low mortgage rates, we should see prices continue to at least hold steady.
Until next time, stay safe!
Kevin Welland
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