How Is Real Estate Market Doing Right Now?
February existing-home sales down 7.1% month to month to a seasonally adjusted annual rate of 5.08 million units.That is as a huge mess but the wall street was looking for down barely 2%. Is this also bad for Tampa Bay real estate for sale? Realtors Chief Economist saying that is very unusual to see this kind of month-to-month drop the last time we did was last November and that was only because of those new mortgage rules that went into effect and push closing from November to December. We are slightly higher 2.2% than a year ago but February of last year was exceptionally low this is the slowest since November of last year and it is a much larger than normal swing. So will this also effect Clearwater beach real estate? Realtors saying considering all the momentum lately sales are quote "seeing more than usual lower inventories and pricing inventory down 1.1% to 1.88 million homes for sale". That's just a 4.4 month supply and we're supposed to be in Spring were supposed to see a lot more supply coming on or not seeing enough. The median listing home price $210,800 that is up 4.4% year over year and it is the highest February median price since 2007 that is barely short of the record hit. Realtors saying we are now seeing resistance to higher prices and again just not that much for sale. With that said if you're looking for waterfront condos for sale in Clearwater Florida these days? Investors are all-cash and distressed sales actually stepping up in February investors making up 18% even if you're that first time buyer still at 30% should be up around 40%. Buying Tampa condos on the beach for sale? Statistics show condo sales down by 6.6% single-family down by 7.2% regionally sales down across the nation. Worst in the Northeast but still pretty bad down 3.4% month-on-month. And the west is too expensive to live also with real estate sales in February down 7.1%. Experts saying this is a very unusual drop!.