Tampa real estate sales soar, as local officials say they need more help
A record number of homes sold across the United States in the first half of this year, with nearly 4 million sales, according to the New York Times.
Sales in the Greater Tampa Bay region have been booming, with the city seeing the largest increase in sales since 2008, with 6 percent of all homes sold in the city in that time.
The sales surge has been fueled by an economic boom that’s brought with it a new wave of jobs and the potential for more to come, including more condos, apartment buildings and commercial properties, the Times reported.
But the region is also experiencing a housing shortage, with many neighborhoods struggling to find homes and housing that can accommodate all of their residents, the paper noted.
The number of listings in Tampa’s commercial and residential real estate market was up 9.3 percent from the same time last year, according a tally released Monday by the city.
Sales in those segments of the market increased more than 6 percent, but the city said the overall trend was more encouraging.
“The number is still high, but I think people are starting to see the benefits of a real estate recovery,” Mayor Bob Buckhorn told the Times.
Buckhorn also said he expects the city to have another surge of demand in the coming months, noting that more condos are coming online and the number of people looking for housing has gone up, as well.
“If we’re going to continue to build, we’re also going to have to have more and more people,” he said.
The surge in demand is expected to lead to a rebound in sales in the future, said Brian McDonough, president of the real estate consultancy McDonagh & Co. in Miami.
The Tampa Bay area’s population has doubled in the past two decades and is expected continue to grow by an additional 30,000 people a year, McDonaugh said.
But McDonaugough said the number and pace of new housing construction is still relatively low compared to the rest of the country.
The real estate slump in the U.S. is the result of a lack of affordable housing and an economic slowdown, McDonaldough said.
He added that the surge in sales, which he expects will continue into next year, is part of the reason why the realty market has been booming in the last decade.
“This is one of the reasons why the market is thriving right now, because people are willing to pay more for a place, and you have more people willing to put in a deposit,” McDonogh said.