Tampa Bay Best Realtor talks about March 2015 Home Sales Stats, Statistics about Home prices and inventory

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Andrew Duncan, Tampa Bay's #1 Realtor and Expert, talks about the local Tampa Bay Real Estate market and some of the statistics on The Duncan Duo Real Estate Show on 970 WFLA.

He talks about the local Tampa Bay Real Estate market and some of the statistics from the Greater Tampa Association of Realtors' article on the Tampa Bay Times that talked about how March was the best real estate month we have seen in nearly a decade with the number of home sales, prices and inventory.

Andrew compares the statistics now to previous years to have a really good understanding of how the market has changed through the years.

There were 2,688 home sales in March 2015 which is the most number of home sales in nearly a decade. 2,022 sales in 2014, 2,277 in 2013 and 1,974 in 2012. There was a 20-40% bump over the last few years.

The average sale price in Tampa Bay was $210,054 which is not an astronomical higher number compared to prior months. In March, it was only 193,000 but it hovered between 210,000 and 212,000 mid year last year and at the end of last year. Prices hasn't risen dramatically within the past year, just a lot more sales.

The months of inventory is a crutial indicator for you to know whether there are more homes on the market in a price range and area you're looking to buy. The fewer homes on the market, the more competitive it is - prices can be driven up, there could be bidding wars, and not as many options to pick from.  Andrew shares that when he started out with the radio show, he had almost 20 months of inventory, now it's at 3.2.

Although the market is heading to a lot of good directions, there are challenges with not having enough inventory - buyers miss out to investors, buyers not being able to find what they want, buyers settling, missing out or losing on offers because there aren't as many opportunities.

They go on to talk how today is a seller's market. Sellers have more advantage right now because the inventory is low. The buyers will tend to offer closer to the asking price, agree to terms given by the seller and they have to compete with other buyers, too.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.

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