Wow – the July real estate sales stats from the Greater Tampa Association of Realtors just came in and these numbers are interesting! We are at a 4 year record low for inventory – the number of houses on the market in Tampa Bay. Back in 2008, we had a record 25 months worth of inventory, or 21,323 homes for sale. Now, in July 2011, we are down to a new low in the last 5 years of 10,225 homes for sale in all of Tampa Bay, only 5.5 months of inventory. In real estate, they say that 6 months of inventory is a “balanced” market, meaning neither a buyer or sellers market, and we are teetering just into becoming a Seller’s market, although prices are still low, so the market is remaining balanced. We are also seeing an average “list to sell ratio” of 95% – meaning many Sellers are getting 95% of their original asking price for their home. Our average number of days on market is at 107 in July. If you’ve been involved in the home-buying process lately, you know that often times the most desirable, well-priced homes are going under contract before you can even get an offer in, especially in the under $300,000 price ranges.
However, the higher end luxury homes are another story completely. If you look at GTAR’s July Stats, check out the 2nd page. This page shows a breakdown of how many homes sold in each price range in the month of July. If you look at the category for homes over $1,000,000, you’ll note that only 8 homes sold in all of Greater Tampa, and on page 7, it shows you that there are currently 294 homes listed over $1,000,000 and we have 36.8 months of inventory in this price range. Many Sellers with luxury homes who have faced a hardship are now turning to a short sale to try to move on with life. Those that have equity are having to really price their homes correctly with the help of a Realtor in order to become one of only 8 that sell each month.
Thinking about selling your home and wondering if now is the right time? Click here to find out what your home is worth in today’s market.