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November Tampa Real Estate Market Conditions
November 16th, 2007 categories: Tampa Real Estate, Tampa MLS, Tampa Market Conditions
Here is this month’s snapshot of the demand and supply of Tampa Florida residential real estate MLS listings.
If you follow what I have to say here you know I like charts. Charts put into perspective what numbers have to say. So in looking at what’s happening with Tampa real estate recently, you’ll note that the number of listings available for sale has remained pretty stable over the last few months. But the chart will also tell you that the number of homes under contract has plummeted over the same period. This is a trend that is to be expected, as buying activity always wanes as we approach the holidays and the end of the year.
What’s really worth noting here is the difference a year makes. As of today there are 841 properties under contract or in pending status on our MLS for the City of Tampa. At this time last year there were 1682 properties in pending status. It doesn’t take a math genius to realize that the number of pendings has been halved. Or simply put, there’s 50% less buying activity currently as compared to this time last year, along with almost 20% more homes on the market.
So what’s it take to get a buyer’s attention in this market?
- Have your home inspected and make all necessary repairs before putting it on the market.
- Do anything you can to make your home stand out among the rest.
- Price yours below all other active comparable area properties.
- Offer incentives to your buyers such as closing cost assistance, interest rate buydown, etc.
- Maximum market exposure to potential buyers.
Data used is from the Mid-Florida Regional MLS for City = Tampa, all brokers/agents included.
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[…] How about supply? The number of homes for sale in Tampa has remained stable since I last reported a few weeks ago. But we still have a great supply of homes for sale with little demand for them, a fact that points to downward pressure on prices of course. […]