Our Tampa Bay market is so hot it’s breaking records. Where is the dividing line between buyers and sellers, though?
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The numbers are in for the month of March, and it was a record-setting one for our Tampa Bay market. Two very important year-over-year statistics prove how well we did compared to March 2016.
First, there were 3,283 closed sales, which was an increase of 22%. To put that into perspective, our market traditionally averages between 2,200 to 2,500 sales per month. Across the market, prices were up roughly 8.7%. Depending on your neighborhood and price range, however, this figure can vary.
What do these statistics mean? We have a clear dividing line where we switch from a seller’s market to a buyer’s market. In Tampa, that dividing line is right around the $500,000 mark. Under that price point, we have less than a six-month supply of inventory. Over that price point, the inventory starts to climb.
To get a more in-depth look at the latest statistics our spring market has brought, click on this link.
Who do you know who might need help buying or selling? As a friendly reminder, our Referral Rewards Vacation contest is taking place again this year, and there is still time to refer your friends and family who have real estate needs. Our winner will be drawn in December. If you have any questions about our market, don’t hesitate to give me a call. I would be happy to help you.