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Jackie Colson-Miller

Jackie Colson-Miller
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Homeward Real Estate
3401 Henderson Blvd
Tampa, FL 33609
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South Tampa Housing Market Update…Don’t Kill the Messenger

The South Tampa Real Estate market is showing signs of recovery, but there is still plenty of inventory out there! Sellers are frustrated! It helps to compare this year vs. last year to see the change from a Sellers Market to a Buyers Market. This is very similar to the Real Estate market of the early 1990sI worked that market and it was not unusual for a home to be on the market for over a year!

Here are the statistics for sales in South Tampa for 2006 vs. 2007

Residential Sales 2006 2007 +/ %

January 146 132 - 10.6

February 175 117 - 33.1

March 239 139 - 41.8

April 167 132 - 21.0

Total Sales 727 520 - 28%

Average Monthly Sales 182 130 - 28%

Current Inventory In South Tampa 1607 Residential Properties

Average number of sales per month 130 Residential Sales

Average number of months on the market in 2007 12.3

SupplyThe Simple Law of Supply and Demand is illustrated here. If the number of buyers in the market remains the same, the average home in South Tampa can be on the market for 12 months in 2007. What can you do to shorten your market time?

1. Price your home 10% below the competition. Buyers are looking for the best-priced home in a neighborhood. Think Stein-Mart vs. Neiman Marcus.

2. Internet marketing is essential. Over 80% of all buyers are looking for homes on the internet, not in the newspaper! Multiple photos and good descriptions of the property are very important, especially for out-of-town buyers. Read the description on your listing and see if it is geared toward an out-of-town buyer. Sign Calls are also critical. Be sure your agents direct number is on your sign.

3. Reassess your pricing every 4 6 weeks. Look at the recent sales and work with your agent to continually reevaluate your pricing in the market.

4. If you get an offer, try to work with it. The last contract that I negotiated took more than a week! In a buyers market, sellers need to be patient and try to be as reasonable about price and terms as possible. The longer a home is on the market, the lower the sales price will ultimately be. If you would like any additional information about the Tampa market, please contact me here.

Graph courtesy of flickr

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This entry was posted on Wednesday, May 16th, 2007 at 7:22 pm and is filed under Buyers, Florida Real Estate, Sellers, South Tampa, Tampa Real Estate Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

4 Responses to “South Tampa Housing Market Update…Don’t Kill the Messenger”

  1. Mary Pope-Handy Says:
    May 16th, 2007 at 10:24 pm

    Sounds like great advice, similar to what I’d give to folks here in Silicon Valley.

  2. b kent Says:
    May 17th, 2007 at 12:02 pm

    good job

  3. Mary Ann Says:
    May 17th, 2007 at 12:10 pm

    You nailed it, Jackie. The Tampa Tribune ran an article today reporting that new construction applications took the sharpest dive since 1990.

  4. Derek Burress Says:
    May 17th, 2007 at 2:26 pm

    Where were you about three months ago when my professor in microeconomics were talking about consumer/producer surplus and dead weight loss (the red area)? Seeing your chart makes things so much easier to understand.

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