What’s the best way to understand the condition of the real estate market in any area of the country? The statistics.
Certain statistics show what has been happening over a period of time and reflect a trend that can show an overall improvement or any overall worsening. Other statistics can give you an idea of what may be coming in the future.
These statistics shown mostly in graph form will help you understand how the real estate market is performing in various areas of the country and what is likely to occur in the near future.
Pending Home Sales
The pending home sales statistics shows residential properties under contract which gives an idea of future sales.
Sales – Comparing 2012 to 2011
These 2 graphics will show you the increase or decrease in sales from 2011 to 2012 for each section of the country for condos and then for homes.
This statistic has definitely been one to watch since it is the main one responsible for a shift from a buyer’s market to a seller’s market. This chart is a national statistics but it is pretty close to what we are seeing here locally too.
Home Price Index
This chart shows the increase in prices from 2011 to 2012 for 20 major cities (including the Tampa area). We saw a definite increase in prices last year but we’re about in the middle of the pack which is good (too fast and too big of an increase is not good in the long run).
Percentage of Foreclosures by Price Point
This isn’t as important to know to understand the market but I thought it was an interesting chart to show the price ranges that are experiencing the most foreclosures.