The Tampa Bay Business Journal posted an article today on the current national housing market stating that “Existing Home Sales Fall for the first time in the past 5 months.” This was likely due to investor activity in the real estate market decreasing. Home sales declined nationally at 1.8%. The median price actually rose 4.8% from the same time last year. Stats were compiled from the National Association of Realtors which says that investor purchases fell from 16% in July to only 12% in August.
This is great news for first-time home buyers as levels of inventory are creeping back up, giving them less competition and decreased chances of “bidding wars” and all cash purchases.
It all sounds good for buyers, but the national stats are not consistent with our local Tampa Bay Regional statistics. Our region actually saw an increase in price, and another decline of inventory making August the lowest month of inventory for the entire year at 3.9 months. Tampa Bay’s average sales price in August rose from July 2014 by $3,427.00.
If you have been thinking of selling your home, now is the BEST time to get it on the market while inventory remains low. Contact me here to request a market analysis and find out what your house is really worth.
You can see all Tampa’s MFRMLS_Stats_Tampa_2014_August here.
Watch Bloomberg Housing Market Video here: http://www.bloomberg.com/news/2014-09-22/sales-of-previously-owned-u-s-homes-drop-as-investors-retreat.html