I am fortunate to be a real estate correspondent for Bay News 9 and appear every few months to give a market update.
I am scheduled to tape with Bay News 9 tomorrow morning and was putting together my stats today and the results, again, were quite shocking as they were the last time I did them!
For reference – “Inventory” is the number of homes available for sale at a given time. Typically 6 months of inventory is considered a balanced market – neither a seller’s nor buyer’s market. Above 6 months is a a buyer’s market and below 6 months is a seller’s market.
We are at the lowest inventory numbers we’ve seen in over 12+ years since pre-housing boom – so an extreme seller’s market***. I say this with a *** for a reason. Homes under about the $500,000 price point are flying off the shelves. However once you start getting over $500,000 – and even into the $1,000,000+’s – there is a lot more inventory. And I do mean A LOT. I would say above $1,000,000 we are in a buyer’s market, below $500,000 in a Seller’s Market – and in between – well – more of a balanced market. In the stats below, Closed Sales are down in Hillsborough and Pinellas, I believe, because there are so few homes available.