Tampa Real Estate Statistics April 2016 compared to Sarasota – median price, inventory

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Andrew Duncan, Tampa Bay's #1 Realtor and expert talks about the Tampa and Sarasota April 2016 statistics from the Greater Tampa Association of Realtors (GTAR). He has David Diaz of Waterstone Mortgage as guest on The Duncan Duo Real Estate Show on 970 WFLA.

In Tampa, there were 2,836 sales last year compared to this year of 2,894. In the past few years, we have seen considerable increase in the number of homes sold year over year. The average sale price this year is $233,975 versus last year of $216k which had about a 5-6% increase. And 2.6 months of inventory.

They talked about inventory shortage not only in Tampa Bay but across the nation which is driving home prices up. They also discuss how this lack of inventory is creating bidding war scenarios.

For Sarasota, single family homes in Manatee county have fewer home sales but higher prices. When you get into town homes and condos, the prices are higher and had slightly higher home sales in April this year compared to last year. Sarasota County town homes and condos have about 12% less sales today than a year ago but 10% higher prices. Single family homes in Sarasota county has about 5% fewer home sales but 10-12% higher prices. Home prices are higher across the board but fewer home sales.

The market is still very competitive but not in every price range. As prices go higher, so does the saturation rate. The luxury market has been seen to be weakening across the country. As you go above $1M, the inventory starts to balloon, the inventory is starting to saturate, homes are selling for lower prices. Although this is already seen happening in Tampa, it's not in Sarasota yet which means it's still doing well.

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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