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Currently, there is 2.1 months of inventory which is a drastic seller's market. What it means is that homes are selling fast. There are not as many options as there used to be. There are bidding wars. There are more buyers than there are sellers.
According to GTAR, 3,670 home sales is the most number of home sales in a month that has been recorded for more than a decade. It beat last May's 3524 home sales which was the 2nd best month last year. May of 2018 has been the best month we have seen in a long time. May's sales is up from 2900 in April and has an average sale price of $265k.
Homes in the mid to upper average price points are selling fast. Buyers need to be prepared as there are not a lot of options for buyers as there used to be. This can also be seen trickling down to the higher end market, too, as there are more sales than there are inventory.
Tampa is still considered one of the most affordable housing market.
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.
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