The Takeaway:

• For what is now the 62nd month straight, there was an increase in the median Existing Home prices. We are currently at a median $244,800.   This denotes an increase of 6.0% over last year.
• Existing and New Home sales decelerated, after a brief surge in March, partly due to a drop in available inventory.
• With the increase in prices, New Home builders seem to have started to looking at the possibility of marketing smaller, single family homes, in response to their lagging sales.
• Generally, a “Stable/Neutral Market” lands somewhere between 6 – 7 months of home inventory. Anything above that mark can be considered a “Buyer’s Market” and anything below can be considered a “Sellers’ Market”.  We are definitely in the latter.
• We have not seen 6 months of home inventory supply since August 2012!
• Due to the lack of inventory, it has become common place for Sellers to receive multiple offers on their property.
• With that being said, the quickest way for Buyers to lose their chance at owning their dream home is to submit a “low-ball” offer for the Sellers’ consideration.

As always, feel free to call or text me at 727.755.3434 for the right information to make informed decisions about the Wesley Chapel, New Tampa, Land O’ Lakes and Lutz local markets.

** Please note that data and statistics quoted above are based on a national level.  Always consult a competent real estate practitioner familiar with your local market, as real estate is geographically influenced **