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Andrew Duncan talks about the local real estate statistics from the Greater Tampa Association of Realtors for the month of July on The Duncan Duo Real Estate Show on 970 WFLA.
The average sale price of homes in Tampa has gone up from $207,000 last month to $212,000 (about 2.5% rise) this month which is the highest sale price seen in more than 5 years. From $181,000 in January, each month the average sale price has gone up. 2410 homes have sold in July according to Greater Tampa Association of Realtors with an average ratio of sale to list price at 97%. The average days before a home went under contract is 71 and 4 months of inventory.
There has been inventory problems for people looking to buy entry level or first time buyer homes. It's a real challenge since there are not a lot of options available in the market.
In a nutshell, home values are going up, homes are selling more quickly and less inventory means it's more of a seller's market which makes it very competitive in certain price ranges.
He goes on to say, the statistics support what he had said before that if you want to buy, NOW is the time. The longer you wait, the more money it will cost you with the rising prices of homes nowadays. The average price of homes in Tampa has gone up 31,000 since January.