Not that it’s a big drop, but the inventory of Tampa homes for sale has experienced its biggest decrease in quite some time. We have to go back to mid-September when we last had an inventory at the current level. What’s this mean? Not much really. Many listings expired at the end of the year and if we look at pending listings, that number has dropped as well. Less available for buyers and less contracts pending a closing. Welcome to January in the world of residential real estate.
However, I’ll be watching these numbers closely through the first quarter of ‘07 to try and get an indication of where we are going. Nationally, there are plenty of stats showing that the market has stabilized. Locally, the rising inventory of listings stabilized in late October and the drop in pending contracts stabilized about the same time. Balanced, I believe, would be a good description for our demand and supply currently.
[...] So much for thinking the inventory of residential properties for sale in Tampa was on its way downward. Last week we saw a big drop in inventory as we moved into the new year. [...]