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Tampa is included in one of the hottest markets for home price increase at 14.6%. Miami came in at 15.2%, Birmingham was 17%. Portland at 14.5%. Inventory of homes for Tampa is at 2.6 which is a healthy market, definitely a seller's market.
The median sales price nationally is up considerably year over year, about a 14% increase. Days on the market, homes are selling faster.
Based on the statistics from the Greater Tampa Association of Realtors (GTAR), there were 2,920 sales in 2016 as compared to 2,660 home sales last year which has an increase of 10%.
The average sale price is $239,000 while last year it was $290,000 which is about a 6-7% bump in year over year sale price average.
Inventory is about 2.7 months. This has been the lowest we've seen in years. The highest inventory month of the year was January and February.
Andrew and David discuss the trend and their observation on where the market is going in the next few months.
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 Sunday at 10 am.