Take a look at the video about to view the latest Tampa real estate news and statistics for July 2014. This real estate market update will give you great insight as to what kind of market we are in. The data comes directly from My Florida Regional MLS. MFRMLS is the MLS provider for all Realtors in Central Florida.
Hi everybody this is Lance Mohr I’m getting these real estate statistics done early this month and the reason why I do this is for you the home buyers and home sellers in the Tampa area. Can you imagine going out and looking for a home and spending could be weeks or months and finally finding the perfect home you like after all that time, the nights, the weekends, and all the looking and driving around and not really understand what type of real estate market we are in and then you lose the home to another buyer? That’s really why I do this so you have a good idea not only where it is overall but where the real estate market is more specifically for your price range as well.
So let’s start off and go over and we will talk about the overview page. We are going to talk about the actives right here. We can see the active homes for sale have been going up. If you look back to October of 2013 they were 4,680 and now they are 5,225 so they have gone up quite a bit. We can go over to pending as you can see; they are really floating up and down but they are pretty steady around 3,300 in the low 3,000s and then you go down to the sold homes and as you can see we are on a good part of the year right now, the summer months which they are generally a little higher and in the May, June, July and even August timeframe as well and you will start to see a dip in September area.
Here’s the thing a lot of people don’t pay attention to is the pending homes as a percentage of the active. I know a lot of times I sort of skip through this but the higher the number, the more of a seller’s market it is. You can see right here 58% in June and now we are at 63%. You can see it has been basically in the 60s and 70s since about the beginning of the year even October of last year and then probably the most important statistic right here is the supply and demand; basically the health of the market. We are still under 4 months of inventory. As I say six months is a stable market and not really a buyer or sellers so if the average sales price is about $180,000 or so, you are looking at six months of inventory. So we are at a little under 4, at 3.76 months of inventory. It is definitely a seller’s market. Keep in mind when you also look at it you have to figure there is a certain percentage of the homes that home buyers are looking at and it is good for sellers to know this, but a lot of the homes are overpriced. You might have probably 50% if not even a little bit more of the homes that are actually overpriced and some of them are just going to be in really, really bad condition and then some of them are going to be in bad condition and then average, then good, then really good. Of course everybody is looking at the home that is a nice home in a nice area for a fair price and depending on your price range you are probably going to be competing with other home buyers. I just had one of my buyers this week we put an offer in at $150,000 home and unfortunately there were 37 other offers. That is not normal but still you don’t want to be in that situation.
So anyhow let’s take a little bit closer look at homes right here. As you can see I color coded these to make it a little easier on people; the active, the pending, and the sold. If we go down here to the inventory you can see even up to $500,000 the inventory is very, very low. 4.26 months from $300,000 to $500,000 is extremely tight inventory and it is low or anything below that. So anywhere from $500,000 – unless the inventory is very low. Now one thing keep in mind on short sales is you can see where we are at in short sales right now. If you look at the percentage of short sales on the market actively available you are looking at 9% of the market. Thirty-two, almost 1/3 of every home that has a contract and is in the MLS is having a contract on it is a short sale but 7% actually are selling. That’s about 21-22% of the homes are actually selling or closing that are short sales so you want to keep that in mind if you are going after a short sale and that is the avenue you want to go down.
I hope you like this information. I hope this helps whether you are a home buyer or home seller. I can’t tell you how many people over the last several years have been working with another real estate agent in Tampa and then they come to me and they realize the market that we are in and it changes everything. It is really important if your realtor is not up to date on the market and what is going on then you need to be. Hopefully they should be I know a lot of them are not but they don’t pull these statistics and get the information but definitely they should be and hopefully this helps you. If you have any questions please shoot me an email and give me a call. If you haven’t been to my website lately Tampa2enjoy.com and I know most of you have, definitely take a look. It has been completely revamped. Tons and tons and tons of helpful information; crime reports, school statistics, lifestyle search which is incredible; you can go in and you can find where health clubs are, where hospitals are, where restaurants are, where schools are all around where you live or where you want to live and of course I do the home buyer webinars. I have tons of educational videos on the website. Of course you can go to the website every month. I do these market updates so you can go back several months and look at these. Alright have a great day. If you know anybody looking at buying or selling please give me a call. If you like my website please like it on Facebook. I have a Facebook like button there and Google Plus. Have a great day.
Please visit my real estate blog for more Tampa real estate news. I do monthly statistics so you are kept in the loop. View June statistics: click here