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.
Click here to see the full July Real Estate Report from GTAR
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.
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