Okay – let’s talk about the latest real estate stats and how they pertain to when you should sell your Tampa Bay home.
Above are the latest statistics from December 2019. In plain English, inventory = # of homes actively available on the market. 6 months is a balanced supply. Below that, and you are in a Seller’s Market, above 6 months and it’s a Buyer’s Market when there is too much supply. 2.3 months supply is the LOWEST I’ve seen since I’ve had my real estate license, nearly 15 years now – super crazy Seller’s market! The number of homes available is actually down 23% from last year. I am experiencing this first hand as I look for a home myself, and am not finding much – it’s tough out there. So what now? Well – supply and demand. Supply is low, demand is high – which drives pricing up. In fact, as you can see the median sale price is up 8.4% over last year. The Spring selling market has hit early this year and it’s the busiest January I’ve had in years.
Last week I had a Gulfport investment property for sale and got 30 offers on it. YES 30! And while I can’t disclose the final sale price yet until we close, suffice it to say it will be way, WAY over asking price. My seller was crying tears of joy over the phone when I told her the news. Food for thought. 🙂
If you are considering selling a home – don’t wait until March/April when there will typically be more homes coming on the market and i.e. more competition. Sell while inventory is LOW and you are likely to get top dollar for your home. Call/text/email me if you’d like an analysis to find out what your home might sell for in today’s market.