Tampa Bay Market Update
The Pinellas County stats for April 2024 were just released & they sure do reflect what we are seeing in general throughout the Tampa Bay Area.
There are three major stats that I want to touch on...
1.) Inventory YoY
April 2023 - 3,261
April 2024 - 6,369
That is a 95.3% increase in active inventory.
2.) New Listings
April 2023 - 1,837
April 2024 - 2,454
That is a 33.6% increase in new inventory.
3.) Pending Inventory
April 2023 - 2,280
April 2024 - 2,051
That is a 10% decrease in pending sales.
What does this mean to you, as a buyer?
With increased supply & lower demand (due to interest rates), you now have more leverage in negotiations. I feel it is a great time to enter the market, whether buying for investment, 2nd home, or primary residence. There are many unique loan options, & with a lot of real estate data platforms predicting interest rates to start decreasing come 2025, prices should start to rise again.
What does this mean to you, as a seller?
With the major increase in active inventory, it has become extremely important to choose your representation wisely & with much consideration. No longer will just putting a few photos on the MLS suffice. You need to work with an agent that is going to go above & beyond to market your property properly. Targeted marketing campaigns have become very powerful for getting homes sold.
As always, if you have any questions at all on any of this, please reach out!
P.S. I have officially expanded into the Manatee & Sarasota County markets as of today - June 1st, 2024!!!
