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He starts off my comparing the current stats to prior years. The number of home sales in February 2015 is 2073, compared to 1800 sales in Feb 2014, 1800 in Feb 2013, 1700 in Feb 2012. The trend is that they are selling more than 10% more homes per month comparably than in previous years. The market is definitely coming along with a lot of great activity.
The average price in Tampa Bay is $196,000 which compares favorably to the average price of last year where it was at $181,000.
Other statistics discussed - 4.3 months of inventory, average number of days on the market for the home to go under contract is 81 days. For the first time in a while, the average list to sale price (how much the home is asking for and how much it was sold for) dropped to 96% from 97% for seven months running. The average sale price of $196,206 which went up considerably from February and quite a bit from January but it is down from their peak season or mid level month. Last year, Andrew's team got about $200k.
Though these numbers are good, if you work with Andrew's team, they tend to beat those statistics pretty significantly. Their numbers are up 2.5 times from last year. They even joked around about how Andrew's taking the "unfair share of the market."
Andrew again stressed that these statistics refers to the general market and the numbers could vary depending on neighborhood to neighborhood, price point to price point. It takes a really strong agent to give you the right numbers and correct analysis of the market.
Andrew further shares his analysis of the market trends right now. He says that the reason why the homes are selling for less is because of over saturation. Those who have decided to wait to sell their homes in the past have now started to go back into the market. Another reason is that there are a lot of new and old agents who are now going back into the business of Real Estate. There are a lot of them who advice their clients to take the first offer they get as oppose to stronger negotiators who can get you more money for your home. David adds that if homes are on the market for less than 6 months, prices should be going up and not down.
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