We’ve received more questions and comments about last month’s South Tampa Real Estate Report than any we’ve published in the past. It’s an affirmation of our culture’s keen interest in the important topics affecting today’s volatile world. FYI, Bruce Jenner was the Olympic decathlon champion in 1976 and still holds the record for appearing on the most boxes of Wheaties. His third wife is Kris Kardashian, had four children by her previous marriage to O.J.’s lawyer. Their fame today comes from their trashy E! Reality series, “Keeping Up With the Kardashians.” Now you know. Let’s move on.
November sales echo the trend that we’ve been following for some time. Activity continues to outpace prior years. Checking the Year To Year Comparison, we see an increase of 18% over the prior twelve month period. November’s gain compared to last year was a modest 7%, but we have seen steady and sustained growth in the number of transactions.
Prices are holding still. That’s great news considering where we’ve been. Both the Average and the Median Price Per Square Foot mirror last year. Those are my favorite indicators of value. When you look at the Twelve Month Trend, you see a lot of ups and downs, only to end up right about where we started.
Inventory is down. Take a look at the Sales By Price Range. The Absorption Rate on everything below $1,000,000 is half of what it was a year ago. The number of listings has dropped by 30%. Considering that probably half of those listings fall into the “chronically un-sale-able” category – i.e., overpriced, undesirable properties that have been on the market forever – that tells us that the other half, the good properties that are strategically priced, are moving at a very rapid pace.
It’s a good time to sell your home, but it has to be priced competitively. The Buyers are smart, and they won’t even slow down when they drive by a home that is overpriced. It’s a great time to buy, but you can’t hesitate to pull the trigger. Get your loan commitment before you go shopping. Don’t wait thinking the price will go down. Be ready to act when you find the right property and ask yourself…are you “keeping up with the Kardashians in real estate?”
And it’s a good time to write this report. It sure beats writing about the doom and gloom of the last five years. Thanks for reading.
Courtesty of Bruce Tigert-Bayshore Title