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

There are so many reports out there that it is hard to make sense of it all.  According to the statistics put together by the mid-Florida Multiple Listing Service and the Greater Tampa Association of Realtors, there are definitely  indicators that point to an improvement in the local housing market.  We all heard that homes sales increased in April due to the tax credit deadline and that there was a decline in sales in May.  Although there was a decline in the number of home sales, it was not as drastic as one would be lead to believe.  The number of home sales in April was 1951 homes.  The number in May was 1851.  If you look closer, inventories were down in May.  So, proportionately, the number of home sales was stable.  One of the factors that is looked at is the number of months inventory.  That is how many months it would take to sell all of the current inventory.  For April and May, the number remained the same at 7.5 months of inventory.

Now let's look at June.  The number of homes sold was 2069 with only a 6.5 months inventory.  Traditionally, a 6 month supply is considered a normal market.  We have not seen numbers like this since mid 2006.  At it's worst, there was over 2 years of inventory with only 850 home sales a month.  The most glaring difference from 2006, however, is average sales price.  In 2006, it was around $270,000.  Last months average sales price was $170,000. Nevertheless, the average sales price has increased steadily in 2010. Another major difference is days on market.  In 2006, it averaged around 50-60 days.  Right now, it is 102 days. 

So, are we about to recover.  I wish I had a crystal ball.  There are definite signs that are pointing to a recovery---inventories are low, prices are stabilizing, record low interest rates.  If you have been thinking about buying or selling, now may be the time.

If you'd like copies of reports or an analysis of your particular area, just let me know.  Recovery???  Maybe!!!