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Andrew Duncan talks to David and Arnie Diaz of Waterstone Mortgage about the latest local Real Estate statistics according to The Greater Tampa Association of Realtors released every month.
There has been a bit of a slowdown in the market which is normal around this time every year. In July, there were 3,065 homes sold but in August, it dipped to 2,704. The average sale price dropped to $220,679 from $221,000 which is the first time in several months. The average days on market crept up a little bit to 69 days from 64 last month. There are 7,937 homes on the market which is 2.9 months of inventory, a slight change from last month's lower 2.8 months of inventory.
Overall, not a lot of change although there was a bit of drop in sales which is part of the seasonal dip that seen every year. It's pretty stable across the board compared of August of last year. David adds though there has been a dip of 18% in sales from June this year, it's still better than it was last year.
Andrew says that 2.9 months of inventory is really low and comparable to markets like San Francisco and in his personal opinion, this lack of inventory is a combination of homes being less affordable due to the increase in payments and rates plus investors not getting into the market as much compared to previous years. Investors were able to get about 10%+ return on investment before but now rents have not increased as much as prices have. So the loss of investor audience and a pool of buyers helped contribute to the lack of inventory.
Another factor might be because there are some investors who haven't decided to unleash their inventory yet like Blackstone, Colony Capital and some of the large Hedge Funds. They own thousands of homes in Tampa Bay and other parts of the country. Though they've sold those homes off in other places, they haven't done so in Tampa Bay because aside from rents being so high, they feel that the market is not at the peak yet. They feel that there will be more appreciation to come so they are holding on which keeps the inventory low.
Also, there are a lot of sellers who are still sitting on the fence which might be a mistake most of the time because as the value of their home goes up, so are the values of the other homes. They're actually losing money by holding on. There are some home owners who think they are still under water and don't realize they have equity on their homes because of appreciation. Andrew and his team have helped people in the same situation as they have shared in their testimonials for The Duncan Duo.
Another market that's starting to do better is the condo market. The luxury market is still really saturated but doing better than a year or two ago.
If you're curious to see what your home is worth, check out www.HouseValues.com. Also check out our Youtube channel to hear how we've helped other home sellers and buyers.
Overall, not a lot of change although there was a bit of drop in sales which is part of the seasonal dip that seen every year. It's pretty stable across the board compared of August of last year. David adds though there has been a dip of 18% in sales from June this year, it's still better than it was last year.
Andrew says that 2.9 months of inventory is really low and comparable to markets like San Francisco and in his personal opinion, this lack of inventory is a combination of homes being less affordable due to the increase in payments and rates plus investors not getting into the market as much compared to previous years. Investors were able to get about 10%+ return on investment before but now rents have not increased as much as prices have. So the loss of investor audience and a pool of buyers helped contribute to the lack of inventory.
Another factor might be because there are some investors who haven't decided to unleash their inventory yet like Blackstone, Colony Capital and some of the large Hedge Funds. They own thousands of homes in Tampa Bay and other parts of the country. Though they've sold those homes off in other places, they haven't done so in Tampa Bay because aside from rents being so high, they feel that the market is not at the peak yet. They feel that there will be more appreciation to come so they are holding on which keeps the inventory low.
Also, there are a lot of sellers who are still sitting on the fence which might be a mistake most of the time because as the value of their home goes up, so are the values of the other homes. They're actually losing money by holding on. There are some home owners who think they are still under water and don't realize they have equity on their homes because of appreciation. Andrew and his team have helped people in the same situation as they have shared in their testimonials for The Duncan Duo.
Another market that's starting to do better is the condo market. The luxury market is still really saturated but doing better than a year or two ago.
If you're curious to see what your home is worth, check out www.HouseValues.com. Also check out our Youtube channel to hear how we've helped other home sellers and buyers.
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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