Tampa Bay ~ First Signs of a Balanced Real Estate Market

In their monthly "Marketplace Analysis", the Pinellas Realtor Organization released some figures announcing the first signs of a balanced market in one price range.  According the PRO, "there's been a slight shift in reported MSI (Month's Supply of Inventory) as of March 2008.  MSI is the number of months it would take to sell all the homes on the market at a given price range for any given point in time".

They report that for single family homes:

MSI of 9 to 14 is considered a balanced market

MSI of 17 to 20 is considered a buyer's market

MSI above 23 is an extreme buyer's market

Sales figures for March 2008 are showing that single family homes priced below $120,000 and up to $150,000 are within a balanced market.  According to President Ann Guiberson, many Brokers are beginning to report multiple offers on well-priced homes. Certain areas are selling better than others and well maintained homes are the first ones to sell.  According to the analysis, the Tampa Bay areas that seem to be selling the best for single family homes are Seminole and North St. Pete.  Condos on the otherhand are selling better in Dunedin and St. Pete Beach.

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