Tampa Listings Break Through The 9000 Level

July 24th, 2007 categories: Tampa Real Estate, South Tampa, Tampa MLS, Tampa Market Conditions

While it’s no big increase, it is significant. The number of residential listings in Tampa started the year around 7200. Shortly thereafter the sellers came on strong and drove the number of listings up to around 8800, where they eventually stabilized by the first of May.

But a quick check of the number of active listings in the City of Tampa this morning shows 9011 of them. Not a big increase, since we were at 8987 back on June 29^th, but significant nonetheless, especially since the number of pending listings (under contract to be purchased) has begun to decline somewhat. Pending listings had been stable at around 1500 to 1600 for a awhile but as of today they are at 1343. Granted these are not big changes but what is significant is that the difference between the two numbers is the greatest it has been since the the roller coaster began its downward run in late 2005. There is a large gap between sellers and buyers or supply and demand.

So what does all of this mean? It means that supply is still creeping upwards while demand for homes in Tampa is waning even more. For sellers, generally speaking of course, it means things are not getting any better and in fact they may be getting worse. Add to that the fact that we are approaching the slow season around here, where buyers will be even fewer and farther between. Sellers must be aggressive in making their property stand out in the crowd. Pricing and packaging are most important, and offering incentives and being flexible with any prospective buyers is a must.

For the buyer who has decided now is the time to buy, there is plenty of room to roam and much to see. For example, let’s say you’re looking for a single family home between Kennedy and Gandy boulevards, at least a 3/2 with a 2 car garage, and priced between $300k and $400k. Two years ago, it was hard to find anything in that area with a 2 car garage for under $500k. Today you’ve got 12 of them to choose from. You’ve got another 20 with a 1 car garage. Garage not important? Well then take your time in sifting through the 81 homes on the market that may fit your needs. Oh, and 12 of them have a pool if that’s important. Those 81 homes have been on the market for an average of 106 days. 

So while the market as it relates to supply and demand has not seen a major change, the advantage to the buyer is becoming slightly more pronounced and will most likely continue to do so as we move through the second half and end of 2007.

Data used is from the Mid-Florida Regional MLS for residential properties where city = Tampa.

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This entry was posted on Tuesday, July 24th, 2007 at 10:58 am and is filed under Tampa Real Estate, South Tampa, Tampa MLS, Tampa Market Conditions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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