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Tampa Bay homes are too cheap, report says
Florida real estate crash means Tampa Bay homes are too cheap, report says
Tampa Bay area homes are too cheap. You read that right. According to IHS Global Insight, a economic forecasting company based in Lexington, Mass., our real estate is undervalued.
IHS took a measure of our depreciated home prices, population density, household income and historical attractiveness and insists our median home price of about $131,000 is 16.9 percent too low. Three years ago, when a typical home sold for $186,400, IHS deemed us 30 percent overvalued.
Florida's most stressed real estate region, Cape Coral-Fort Myers, was among the 10 most undervalued among 330 markets examined by IHS. Overvaluation remains a problem in places like the Pacific Northwest, south New Jersey and North Carolina.
Clearwater real estate is also surprisingly low priced. Just sold a gorgeous place on Clearwater Beach this week for less than $200 per square foot.
Plus sales have really rebounded. They were up 6% in April.
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