Happy Thursday!

Things are good in Tampa this week.

We’ve got some updates about Florida's thriving port system and how Tampa is raising the bar with luxury real estate sales.

We are also taking a look at the latest data on how home prices have increased in the past few years.

—Sean

🛳️ Florida Ports See Boost in Cargo, Cruise Traffic

Driving the news: Florida's seaports witnessed remarkable growth in cargo and cruise traffic last year, setting new records as the world moved past the Covid-19 pandemic restrictions.

This upswing is attributed to strategic positioning amid global supply-chain challenges and a revived travel enthusiasm.

Details: The Florida Ports Council's annual Seaport Mission Plan highlighted that the state's 10 port facilities managed over 114 million tons of cargo in 2023, a 1.5% increase from 2022.

On the cruise front, Florida ports welcomed 19.4 million passengers, surpassing the previous high in 2019.

The big picture: Florida's proactive approach in redirecting ships to its ports during the pandemic's peak demand for goods has paid off.

The state's ports, well-connected to other transport infrastructures, have effectively capitalized on global shifts, including rerouting to avoid conflict zones.

Between the lines: The resurgence in cruise traffic underscores a pent-up desire for travel post-Covid, with the industry rebounding from a significant downturn in 2021 to record numbers in 2023.

What’s next: Expectations for continued growth are high, with new ships like Royal Caribbean's latest addition to PortMiami's fleet poised to boost passenger numbers further.

Additionally, the Florida Ports Council is advocating for increased legislative funding to enhance port capabilities and infrastructure.

The bottom line: Florida's ports are on an upward trajectory, with cargo and cruise traffic hitting all-time highs.

This success story reflects strategic adaptability, significant economic contributions, and promising prospects for further expansion and development in the state's maritime sector.

🏠 Own A NEW Tampa Home For $349,900

🚧 Currently UNDER CONSTRUCTION, this 3-bedroom, 2-bathroom gem with a 1-car garage is a modern oasis in the making.

Here's a sneak peek at what's to come:

🔨 Exterior Features:
🏗️ Solid Concrete Block Construction with Stylish Stucco Finish
🚪 Fully Textured Garage Interior with Storm-Rated Door & Opener
🌿 Landscaped Front Yard with Bermuda Grass
🛠️ Vinyl Backyard Fencing, Ring Doorbell Camera & Security Lights

🏡 Interior Highlights:
🚪 Insulated Fiberglass Front Door & Double-Pane Low-E Glass Windows
🚨 Battery Backup Smoke Detectors for Safety
🌊 Waterproof Vinyl Plank Flooring
⚪ White Cabinets, Quartz Countertops & Brushed Nickel Fixtures
🚿 Ceramic Tile Shower in Master Bath
🚽 Elongated Commodes for Added Comfort
🍽️ GE Stainless Steel Appliances
🧺 Washer/Dryer Hookups with Shelving Above
❄️ High-Efficiency HVAC & Tankless Hot Water Heater

Don't miss out on the chance to own this stylish and energy-efficient home!

Contact us today for more information and to schedule a viewing.

📍 4619 Courtland St Tampa, FL 33610

✨ Tampa Bay Luxury Home Sales Exceed National Average

Driving the news: The U.S. luxury home market is booming, with Tampa Bay leading the charge.

Prices in this segment have soared to unprecedented heights, outpacing the growth of non-luxury housing and surpassing national averages.

Details: In the last quarter of 2023, luxury homes in the U.S. sold for an all-time high of $1.17 million, marking an 8.8% increase from the previous year.

In contrast, Tampa Bay's luxury homes outdid this figure, fetching a median sale price of $1.38 million, a 2.7% uptick, accompanied by a significant 30% rise in active listings.

The influx of new listings in luxury home markets is noteworthy, particularly in metros like Phoenix (42.3%), Tampa Bay (41.6%), and New York (31.6%).

This trend indicates a growing inventory that may balance the market dynamics.

Why it matters: The disparity in price growth between luxury and non-luxury homes underscores a widening market divide. Non-luxury homes nationwide saw a more modest increase of 4.6%, reaching a median price of $340,000.

The big picture: Tampa Bay's luxury market not only boasts higher prices but also quicker sales.

Luxury properties in the area spent an average of just 24 days on the market, far below the national average of 50 days.

What’s next: According to Redfin Senior Economist Sheharyar Bokhari, the increase in luxury listings is expected to moderate price growth.

This equilibrium could benefit all market participants, with sellers receiving fair prices, buyers enjoying a wider selection, and overall sales potentially rising.

The bottom line: Tampa Bay's luxury home market is a microcosm of national trends, yet it stands out for its rapid price growth and quick sales.

This local boom, alongside an increase in listings, points towards a dynamic and evolving luxury housing landscape.

📊 Housing Market Data Shows 5.5% Annual Increase in Home Prices

Driving the news: CoreLogic's latest Home Price Insights (HPI) report for February 2024 reveals a steady 5.5% increase in home prices year over year as of December 2023.

Notably, this period saw no states experiencing a decline in home prices.

Details: The report, which includes data up to December 2023 and forecasts through December 2024, shows a slight month-over-month decrease in home prices by -0.1% from November to December 2023.

However, CoreLogic anticipates a modest month-over-month decline of -0.2% from December 2023 to January 2024, with a year-over-year increase of 2.8% by December 2024.

Why it matters: The continued growth in home prices underscores a strong housing market buoyed by a robust job market.

With the U.S. Bureau of Labor Statistics reporting 353,000 new jobs in January 2024, demand for housing remains high amidst a low supply.

The big picture: Northeastern states led the charge with the highest annual gains, reflecting a market recovery with no year-over-year declines reported for the first time since late 2022.

This resilience is attributed to a strong job market and constrained housing inventory, despite potential seasonal impacts from last winter's mortgage rate increases.

By the numbers: Rhode Island, New Jersey, and Connecticut topped the list of states with the largest annual home price increases, boasting gains of 13.3%, 11.3%, and 10.5%, respectively.

On the metro level, Miami led with a significant 10.7% increase.

Between the lines: CoreLogic's Market Risk Indicator points to certain areas, such as Spokane–Spokane Valley, WA, facing over a 70% probability of price declines in the next 12 months, signaling potential market adjustments ahead.

What’s next: Despite projections of slowing appreciation, home prices are expected to reach new highs as we get into the spring buying season, driven by pent-up demand and ongoing job and wage growth.

The bottom line: CoreLogic's HPI report offers crucial insights for understanding current trends and future projections in the housing market, serving as a valuable tool for stakeholders looking to navigate the evolving landscape.

📊 Our Current Local Market Data: 

The Tampa and Pasco markets are staying somewhat competitive as we get closer to the spring months.

Homes in Tampa receive 2 offers on average and sell in around 35 days. The median sale price of a home in Tampa was $414K last month, up 15.0% since last year. The median sale price per square foot in Tampa is $274, up 3.8% since last year.

The median sale price of a home in Pasco County was $350K last month, up .0% since last year. The median sale price per square foot in Pasco County is $197, down 2.0% since last year.

On average, homes in Pasco County sell after 34 days on the market compared to 35 days last year.

I am happy to help you create a real estate strategy that will allow you to navigate the current market.

If you ever have questions, don’t hesitate to ask.

If you’re curious how much your home could sell for now, then reply “What’s my home value” or you can get an estimated value here.

Or if you’re just curious about how the current market affects your situation & what’s going on in your specific neighborhood, just reply & ask.

📰 In Other News:

• Florida’s Clearwater Marine Aquarium announces major revitalisation project

• Panthers wrap up 3-game trip in Tampa Bay aiming for 11th straight road win

• Tampa-St. Pete's Cross Bay Ferry offers free kids tickets starting next month

That’s all for today, I hope you have an amazing week!

If there’s ever anything you need:

• a custom market or home value report

• a home services list for a reliable contractor or services professional

• feedback or a professional opinion on a home project

Just let me know! We’re here to help with all your home needs.

Talk soon,

- Sean, and the Bello Home Team 

Was this forwarded to you? Sign up here.