What will stabilize home prices in Tampa? A more balanced market between buyers and sellers will for sure. Since early 2006 and through early 2008, the disconnect between Tampa home buyers and sellers had been growing. By my records the gap between buyers and sellers peaked in February of 2008. That’s when the difference between the number of active listings on our MLS, and the number of pending listings peaked at 8,289. Since then, the gap has slowly declined, and by the end of 2008 had been reduced to 7,477.
But the 1st quarter of 2009 has brought a much speedier reduction in active listings, along with a healthy increase of pending listings. That difference now stands at 5,477, the lowest level since September of 2006. The number of active MLS listings in the City of Tampa as of today is 7155, down from 7750 in early January. That’s a trend that hopefully continues along with the increasing demand from buyers we’re seeing. The caveat is that 60% of residential properties under contract to be purchased is distressed, either a pre-foreclosure short sale or a bank owned property. That 60% figure has stayed steady for a few months now.
The chart below represents active and pending residential listings in the City of Tampa over the last 6 months ending 4/28/09:
Data used is from Mid-Florida Regional MLS, all brokers/agents included, City of Tampa.
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