The Latest Numbers From Our Market
What do the latest numbers say about our South Tampa market? Here are the key statistics from last December and how they compare to December 2017:
The number of total home sales increased from 93 to 97, which isn’t much of a change.
The median sales price increased 6% from $545,00 to $580,000. In November 2017, it was just $500,000, so it increased 16% overall since then.
Inventory dropped from 4.4 months to four months even.
Mortgage rates increased from 3.95% to 4.625%. Right now, jumbo rates are at 4.125% and conforming rates are at 4.5%.
What do these numbers mean for buyers and sellers?
In total, the Federal Reserve raised mortgage rates four times in 2018, and banks have adjusted to the mortgage industry in order to get more buyers ready to buy.
If you’re a seller, it’s a great time to sell because you’ll face less competition due to the drop in the number of homes listed. If you already have your home on the market but it hasn’t sold yet, try reducing your price—there are plenty of buyers out there who are anxious to buy a home, and we’ve seen a tremendous push so far in 2019.
Stay tuned for our next video, where we’ll share our predictions for the rest of 2019 and discuss some tips and tricks that will help buyers and sellers.
If you have any other real estate questions in the meantime, don’t hesitate to reach out to us. We’d love to help you.