Tampa Palms, Westchase, Carrollwood and Tampa Bay Real Estate News From Jeanne Prigitano

There is still a decline in November inventory (number of properties for sale) in the Tampa Bay area but, once again, it may be due to the halt on foreclosures. Some of the foreclosure sales were allowed to proceed and some of the foreclosure inventory was released to market. So, the current months inventory (number of months it would take to sell all of the houses currently on the market) has remained steady from last month. Since November and December are notoriously slow, it is not all bad news for the Tampa Bay region. The average sales price was a little higher. That may be due to the fact that some foreclosures were not listed for sale.

Year to date, sales are still better than last year. Right now, we are about 2.5% ahead of last year YTD. The condo market is showing the biggest increase in sales. Most of those sales are by investors who are paying cash and then renting. It does help the housing market and prevents properties from sitting vacant and going into disrepair.

I believe that what most have to realize is this is our new normal. We have been in this situation for a few years. Inventories have been steadily declining and, although, the average sales price is lower than this time last year, it is higher than February of this year and comparable to October of last year. Yes, it is still a buyer’s market and the competition is tough when selling. But people are still getting married and having babies and still want and need to buy houses. Don’t wait to buy or sell because of market conditions. Live your life!