Everyone tends to think when Realtor’s spout off that the market is picking up that we are all blowing smoke. But it’s true – the market continues to heat up in both Hillsborough and Pinellas Counties! I keep running into situations where there are multiple offers on homes and buyers are having to get aggressive with their offers.
Let’s look at the latest statistics courtesy of the Greater Tampa Association of Realtors and the Pinellas County Realtor Board.
The figures in Tampa are astonishing considering where the market has been over the last four years. We are down to just 3.7 months of inventory, the average price point is up, and we have entered a Seller’s Market in many price ranges – most under $350K. In price points over $350K, depending on what price point you fall into, if we are below a 6.0, you can consider it a Seller’s Market. Between 6.0 and 6.5 is considered a fairly balanced market. Above a 6.5 month supply is more of a Buyer’s Market. Certainly homes priced over $1M are struggling more because there is still an excess of inventory in that price range.
Now let’s take a look at Pinellas County‘s reports. When we look at May 2011 versus May 2012, again the median sales price is up over 23% and the average number of active listings is down over 32%.
If you are looking for a further breakdown in your specific zip code or community – I can provide that if you contact me or you can enter your zip code here for instant info. If you’ve been thinking about selling a home in Pinellas or Hillsborough County – now may be the time. Please feel free to contact me for a no obligation market analysis for your home!