Although the Tampa real estate market faced many obstacles and experienced many struggles in 2009, many real estate experts believe that there are signs that the Tampa real estate market is set to make its recovery in the coming months.  Recent increases in the home sales and the slowing decline of the median sales price in Tampa provide real estate experts with optimistic views of the Tampa real estate market’s future.  Realtors believe that the general affordability of housing in the area, low interest rates, and the federal first time homebuyer’s tax credit are all major incentives that will play a large role in influencing the future recovery of the Tampa real estate market.

According to the St. Petersburg Times, Tampa Bay has suffered many real estate losses over the past year as a result of the economic recession that began in 2008.  Tampa Bay has suffered from high foreclosure rates, which have contributed to the 40 percent loss in housing values throughout the area.  Unemployment has been a major concern for many homeowners, and it has been one of the leading causes for foreclosures in the Tampa Bay area.  Home sales were also down by 90 percent in 2009 from the peak reached in 2005.  Real estate development has also been slow due to the bankruptcy of numerous construction companies in Tampa.  However, despite the past struggles that Tampa Bay real estate has faced, many experts believe the market still has everything it needs to make a full recovery in the near future.

Tampa Bay Online has recently reported the significant gains made to the Tampa Bay real estate market.  According to Tampa Bay Online, the region posted a 34 percent gain in home sales during the month of November.  Median sales prices have also been reported to have stabilized, declining much more slowly than it has in previous months.  Realtors have also posted a 46 percent gain in home sales from the month of January, but sales are still down 10 percent from the peak reached in 2005.  Nevertheless, real estate experts are hopeful that these are signs that the Tampa real estate market is gaining the momentum it needs to begin its recovery.