Tampa Bay Real Estate Market Update | February 2020

Tampa Bay Real Estate Market Update | February 2020

Are you wondering how the Tampa Bay real estate market is going? Well I have your monthly market update. My name is Jillian Jamison, and I'm with the Jamison Team at Lipply Real Estate. I'm looking at the most up to date statistics from the Florida REALTORS® for January 2020, for the entire Tampa Bay area. This includes Pinellas, Pasco, Hillsborough and Hernando counties.

Overall, the market is still going really strong right now. When looking at the number of closed sales, we saw about a 14% increase in January 2020 compared to January 2019. So homes are definitely moving off the market, which is always great news.

However, inventory is still extremely low. At the end of January 2020 there were 9386 single family homes currently on the market and that's compared to almost 12,000 homes last January. So that's a huge drop in numbers. When looking at condos, there were 3865 on the market compared to 4658 last year. So, again, another big drop there.

For single family homes, the months supply of inventory is about 2.2 months, and then for condos, it's 2.7 months. The normal, average months supply of inventory is about 5.5 months, so anything below that is typically considered a seller's market. We're currently quite a bit below that 5.5 months supply of inventory. So if you're thinking about selling, now is a great time. If you are thinking about buying the good news is interest rates for mortgages are still extremely low. This has a major impact on your buying power and can really help you right now.

If I can answer any real estate questions, please don't hesitate to reach out. My name is Jillian Jamison and I'm with the Jamison Team at Lipply Real Estate, and I am opening the door to your next home. Have a great day!

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