Market Update Tampa Bay

This study is a comparison from the same time period last year, not a month to month comparison as the market is cyclical. 

Number of home sales are up by 4% year over year.

Property values increased by 3% year over year.  Slow yet steady appreciation is ideal for a strong economy.

There is a 4 month supply of inventory.  That means if time stood still and no other homes came on the market, how long would it take to deplete all active inventory based on the number of homes selling each month.  A 4 month supply is considered to be a balance between supply and demand.  It unusual yet refreshing to have equilibrium.

Marketing time is only 70 days.  That is for the homes that are successful in obtaining a contract which ultimately closed.  There are numerous over-priced homes on the market that will never sell. 

Sale-to-List price ratios are 97%.  This means homes are selling for 97% of the list price.  Negotiating room for the buyer is only 3%.  It’s nice to see homes are selling for close to what sellers are asking.