Far and away the Number #1 question I am asked is, “Marsh where is the housing market headed?” or some variation thereof. While I am have always freely given my advice when asked, often contradicting the conventional wisdom (see housing bubble and burst), I have been encouraged to more widely disseminate my views. Contrary to the typical prognosticators in the industry, I perform valuations and market analysis daily. I have my ear to the ground and can recognize pivot points before they are revealed in the national press. Perhaps more important is that my analysis is focused on the Tampa Bay market only. I do not pretend to know what is going on in Las Vegas, I know what is going on here.
Current Trends in Pinellas County as of June 2012
As you can see by the graph above, inventory is continuing to decline. There has been a sharp decline in inventory since December 2011. Average selling price has slightly increased since last month but for the most part has remained fairly steady over the past three months.
The graph above shows that monthly sales are following the same trend that they do every year. The number of sales has decreased since last month and are expected to decrease even more in the months to come.
The average number of days on market has been decreasing since March 2012. Months inventory has remained fairly steady since March 2012.