The number of brokered residential listings in Tampa continues to slide as it has for most of 2009. We saw a small increase of inventory in February, but since then it has been all downhill. As of today we have less than 5700 active listings in the City of Tampa. The last time we’ve had this few listings was back in early May of 2006. This current level represents 62% of the peak of inventory in February of 2008.
So what’s this mean?
Well, if you’re a Tampa homeowner trying to sell or considering a sale, you’ve got much less competition, generally speaking. If you’re a Tampa homebuyer, you’ve got a lot less to choose from.
How is the decrease explained?
Sales are up in 2009 for all property types. Much of the inventory has been sold. Other listings expired or were withdrawn as many sellers could not find a buyer, or come to terms with the buyers that made offers. Many would-be move-up sellers just could not make the numbers work to pay off existing loans and purchase their next home. Other sellers faced negative equity and did not wish to, or couldn’t bring money to closing to payoff a loan (or loans).
Along with the decreased supply there is increased demand for Tampa homes and condos. The number of pending listings, those that are under contract, has also risen throughout 2009. In fact, the number of pendings today equals that of May, 2006, the tail end of the sellers’ market. The caveat is that about 60% of those pending listings in Tampa are also short sale listings. The median list price of those pending listings is about $116k.
In other news:
Looks like the push to extend the first time home buyer tax credit is gaining traction. There is no doubt the tax credit has been successful in getting first timers off of the fence. But for how long and at what cost? There are a few scenarios being discussed and this should got to a vote soon. For now, buyers must close by November 30th, 2009 to qualify for the up to $8k subsidy from the government.
Data used is from MFRMLS for the City of Tampa, all brokers/agents included.
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