Here is a quick update on what’s going on in our real estate market.
Today we’ll cover what’s happening in the Tampa Bay real estate market.
In a normal market, there’s a six-month supply of inventory. If no new homes came onto the market, it would take six months to sell all of the existing inventory. Right now, we only have about two weeks of single-family homes on the market. We’re also seeing an influx of buyers from the northeast, the midwest, and even the west coast. We’ve seen more California buyers in the last 12 months than ever before.
Because of this low inventory, sellers are getting more money and selling quickly. Median prices are up 17.9% year-over-year. The average sale-to-list price ratio in our market is 99%, but our team is averaging 105%. Interest rates are still at historic lows but, if you’re not in the market, you haven’t even missed out yet. Economists are predicting another great year for real estate in 2022 with 16% appreciation.
If you’d like more specific information on your house or the local market, don’t hesitate to reach out to us. We’d love to help you.