Tampa Bay Market Update

We're half way through the year and have had lots of statistics to check out. After scouring over all the stats, there are some encouraging signs out there for the Tampa Bay area. We pull our numbers for the entire area for a better understanding of how our market is affected.

One of the major factors that indicates whether we are in a buyer's market or a seller's market is "Months Supply of Homes". Basically this means that if no more properties come on the market today, how many months would it take to sell off our existing inventory based upon the current rate of sales. Ideally you don't want the leverage to be too heavy for buyers or sellers. In the past few years it's obviously been leaning very much to the buyers advantage. The latest trends have the Tampa Bay market down to a 10.61 month supply of homes. While this seems like a very high number to most, it's fallen from 18.82 in January. It was on a strong decline for the first few months of the year and has tapered off some recently but has still been on a decline every month. This is very encouraging news and hopefully will continue on this same trend.

This doesn't mean we're out of the housing decline by any means. We still have a long way to go and there are indications of another wave of foreclosures on the horizon. All we can do is wait and see at this point and continue watching the numbers to see where we've been and where we're going.