How Many Homes For Sale In Tampa These Days?

September 16th, 2008 categories: Real Estate Market Reports, Short Sale Information

Without a doubt, an over-supply of homes for sale keeps downward pressure on prices. By over-supply, I mean supply that is much greater than demand, our current market conditions for sure. Until demand comes up or supply comes down or some combination thereof, we’ll have an over-supply.

I keep tabs on the number of homes for sale in Tampa on a regular basis. It’s been a while since I posted anything about our current inventory of homes in Tampa. That’s because that number has been pretty stable, relatively speaking, for some time. The chart below shows the changing levels of the number of listings in the City of Tampa, year-to-date.

You can see that there was a pretty steep increase of inventory in the 1st quarter of this year. That most likely relates to the steep increase of foreclosure notices that were filed in the 2nd quarter. Many of those 1st quarter new listings were short sale, pre-foreclosure listings. But as of late the inventory of homes for sale, much like the number of new foreclosure filings has started to retreat. August saw a 13% drop in the number of new foreclosure notices filed as compared to July.

Peak inventory year-to-date was in late February at 9104 residential properties for sale in Tampa. As of today there are 8571 residential listings in our MLS for the City of Tampa. How about demand? I use pending listings, those under contract, as an indicator of demand. As of today there are about 1134 listings in pending status, a number that has been steady since early July. Can you see the over-supply? Over 8500 homes available and only 1134 spoken for. That’s over-supply. But I will tell you that the difference between active and pending listings is the lowest it has been year-to-date. Supply and demand are moving in the direction of stability, not away from it. Let’s hope for more of the same……

What’s for sale and what’s selling in your neighborhood? Visit TampaMarketReports.com to find out.

Data used is from the Mid-Florida Regional MLS, all brokers/agents included.

This entry was posted on Tuesday, September 16th, 2008 at 4:25 pm and is filed under Real Estate Market Reports, Short Sale Information. 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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