The Greater Tampa Association of Realtors just released December’s sales statistics and there are signs that the Tampa real estate market is improving. For example, in December there were just 14,570 homes in inventory (for sale) – this is the lowest figure we’ve seen in inventory in over 5 years, since the end of 2006 which many consider to be the tail end of the real estate boom. In November, for comparison, there were 15,335 homes in inventory.
The average list price for homes in Tampa for December was $162,830 and the average sale price was $154,016 – meaning that many homes are selling for an average of 95% of their asking price. 1,806 people bought homes last month, up from 1,403 buyers in November. The average number of days on market for homes was 101 – just a little over 3 months.
I’ve said it before, and I’ll say it again – we are on the way towards becoming a balanced Tampa real estate market – neither drastically in swayed in favor of buyer or seller. Interest rates are slowly creeping up, and people are buying up all those foreclosure steals out there so inventory is decreasing – and thus home values will slowly start to appreciate and sell at market value. I am in these homes daily – and the nice homes not in major disrepair that are priced right sell fast. If you have been on the fence about buying or selling, now may be the time! Contact us for a market analysis to find out what your home might be worth in today’s market.
Awesome news! I think our market is bottoming. Tampa/St. Petersburg is so large that it is hard to paint the entire market with one statement. I bet the more desirable areas have bottomed.