Tampa Real Estate Market Update

I just finished looking over the new statistics for the housing market in Tampa Bay and the numbers are looking pretty good.

We judge the market is based upon "months supply of homes". That is, at our current rate of sales, if no more homes go on the market how long would to take to sell off all the current inventory. This number was at its highest January 2008 at 25 months worth of homes. Since then we have seen a huge decline. So much so, that Tampa Bay is at the lowest we've seen since June 2006.

To get to a good transition point we need to be at a 4-6 month supply. For the month of May (we trend a month behind), we were at a 7.3 month supply. That shows that the Tampa Bay housing market is heading in the right direction.  In the coming months our inventory will probably go up some but that is typical. The lowest supply of homes is typically around June or July but this is still a great trend to see in the market.

Figures are for Hillsborough, Pasco and Pinellas Counties and includes all residential home sales (single family houses, townhomes, condos, villas and mobile homes).