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The average sale price has bumped up to about $220k a couple of months ago in Tampa which is the first time they've seen the average sale price to be above $220k since the bust.
There are exciting things going on statistically. There were 2,975 home sales in July this year as compared to 2,506 sales in July 2014 which was an 18% jump. There were 2,034 home sales in July 2013, 2,051 sales the year before that which means significantly higher year over year home sales although he says that there was a month over month drop since the first month of this year like in June, there were 3,250 in sales while there were 2,975 sales in July.
Same thing happened with the price which softened from the average sale price of $227k to $221k from June to July.
As with previous reports, July has not been as good as June's but it's nothing to be concerned about. It's just that this is the time when kids are starting to go back in school, people wanting to get the homes done during the summer. Not that July was a bad month, it was just slightly less than June.
The inventory of homes went from 2.8 months of inventory to 2.7 which slightly improved. Less than 3 months of inventory is still drastically a seller's market wherein homes are selling quickly and bidding wars are on a regular. When compared to last year at this time, they had 4.5 months of inventory. The year before that it was 5, the year before that it was 6, and the year before that was 8.
Arnie Diaz of Waterstone Mortgage adds that 67% of the Single Family homes and Condos sold in 60 days or less. Andrew says they see a lot of them selling in just a matter of days.
Because it's a seller's market, Andrew shares that The Duncan Duo's business model is always the one to price homes property in order to move them quickly. They even have a program where they guarantee the home to sell in 29 days which means they're on the hook because they have to buy if it doesn't sell within that time. He also mentions that they have testimonials in youtube in the past few weeks from clients whose homes they bought through this program. The goal is to sell the property and get them more money and to do it quickly. The interesting part about that is since it's been always a part of their business model, they're used to navigate through the multiple offer situations, because it has always been a norm for their company the past several years.
However, because of the shift in the market, there are a lot of agents who are not experienced negotiators who don't do this a lot getting in a lot of trouble and making mistakes for their clients because either they don't follow their client's guidance so they don't they're not experienced to navigate through that.
The advice Andrew gives to those who are thinking about selling their home to look into is the resume of the agent they're hiring. "Do your research, do your due diligence. If you pick the wrong agent, even if the market delivers you a bidding war, they may not know how to handle them. You could be in the position of accepting an offer too quickly or dragging your feet too much... and losing some of the buyers who are ready to buy a home."
He also mentions that the million dollar market is still soft. Although they are not seeing 3 months of inventory but a lot more than that, the market does keep improving.
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.