Tampa Bay Real Estate Market Update | December 2020

Hey everybody Keith Jamison, the Jamison team at Lipply Real Estate. hope you all are having a great holiday season. I'm here to break down the newest numbers from the Florida Association of Realtors for October of 2020 covers Hillsborough Pasco Pinellas and Hernando counties, Single Family Homes. So one of the biggest things is the market is still on fire. We saw a 15.7% increase in closed sales from October, 2019 to 2020 keeping my 2019 was a good year in real estate with all these numbers. We also saw prices go up from 245,000 up to 285,000 a 16.3% increase and despite more sales and a higher price, the time to contract. So the amount of time from when it went on the market to under contract dropped from 27 days last October to 10 days this year, that's a 63% drop in time on the market. So you're getting more money in a shorter amount of time so it's phenomenal sellers market. And despite all of this and listings actually going up by 5.5% inventory dropped 44% because of how quickly things are going. And there's only 1.4 months of inventory available. So what does all this mean? It means if you are looking to sell your house or you had been thinking about selling your home the time is probably now. We'd love to talk with you in terms of what your home's worth. and if it makes sense for you right now? Should you hold on all those things Jillian and I would love to talk with you but here's the reality. A lot of this is caused by rates and the inventory going down. So if either one of those two things changes it could change the market. So if rates go up, which a lot of economic indicators are saying that they may it's not gonna be in a month, it's gonna be in a year all of that is up for debate but that could cause the market fire the markets under to cool down a little bit. Now you might be thinking as in I guess here's the other thing, if you are a seller, right? Why wouldn't you want your home to sell quicker and for more money? That that's kind of a no brainer. Now, if you're a buyer you go, is this the time for me to buy with those things in mind? And the answer is yes, while there is not a "great" deal out there most likely in price, the savings and the "great" deal you're getting is on your interest rate if you are needing to take out a mortgage and here's the other reality every time mortgage rates go up it changes your buying power a little bit. So even a small change could take you from your dream home to falling just short of it. So if you have any questions on any of this data or any of the other topics, Jillian would love to talk to you. So our information is in the details. You can find our phone number and our email. We're glad to assist you any way we can. So once again, Keith Jamison of the Jamison team and Lipply Real estate and we are opening the door to your next home take care and have a great holiday season!