Moving or Relocating to Tampa Bay? How is the residential market doing? One indicator of residential single family residential market health is the number of closed sales. The closed sales in the Tampa Bay Single Family Residential Market have started to increase over the last year as sale prices increased. The largest increases have been in the $400,000 to $599,999 and $250,000 to $299,999 ranges with recorded increases of 15.6% and 14.3%, respectively. However, home sales in the $100,000 to $199,999 range still comprise the majority of the single family residential market. The following data is compiled from the Greater Tampa Association of Realtors (GTAR):
Another indicator of the residential market health is the months of supply on the market. This is an indication of the time in months that the current inventory will be depleted at the current sale rate. A healthy market with have a six month supply. A higher number of months of supply indicates a buyers’ market versus a lower number indicating a sellers’ market. As of June 2014, there is a 4.6 month supply of inventory. Thus, we are in a sellers’ market. The following data is compiled from the Greater Tampa Association of Realtors (GTAR):
The housing market in this area is still in high demand! There are more buyers than available homes (in most price ranges). It does not look that the inventory of available listings are going to increase anytime soon. Due to this high demand, buyers should also consider new homes. New homes have allot of advantages (i.e. lower insurance costs due to higher building standards imposed by government agencies, home warranties that cover almost everything, etc.) As Realtors, we can show you new homes and probably get additional seller incentives from home builders for you (i.e. more closing costs, refrigerators, blinds, garage door openers, fences, etc.). Since the seller (builder) would pay for my services, why not let us find you your dream home today?
If you are interested in buying real estate (home (new or preowned), or small investment property), please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida 33511) and I can help you find a new home in the Tampa Bay Area. As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota. The Keller Williams offices of ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico. My email address is firstname.lastname@example.org, or call me at 813.205.9280. If you are just starting your search, you can search the MLS for real estate opportunities on my website at this link.