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Cyndi: Happy one week after Valentine’s Day! Stay tuned for–
Welcome to It’s the Market, where every month we answer your questions and give you up-to-date information on the real estate market in Tampa Bay and West Central Florida. And now, here are your hosts, the power couple of real estate, Vince and Cyndi Reina.
Vince: Hi folks! It’s time for It’s the Market. We’re back. We are going to be looking at Lakeland-Winter-Haven data first and this is for January. New listings are actually up. We had 693 new listings in December. We now have 1064 for January.
Yeah, that’s a good thing. Month supply is actually up. We’re 3.1 as opposed to Jan– December’s 2.9. Median time to contract has actually gone up to 46 days from 42 in December. Remember what we talked about as we go through all this data today.
As you see, the listings come up and the median time to come up, the median time to contract comes up. Be paying attention because the longer homes take to sell and the more homes that are out there, if you’re looking at listing your home, the more competition you’re going to have.
Now, if you’re a buyer, it’s probably going to be a little bit different story. You’re going to have less completion as there are more homes coming out on the market and you become more powerful. So as the sellers lose their power, the buyers gain theirs.
So, OK, median sales price has actually increased from January’s 188 to 192,900, a little bit above that and in January 2018. So that’s where we’re at for Lakeland-Winter-Haven.
Cyndi: I’m going to talk about Tampa Bay. Just want to remind you guys that the word “median” really is just another word for middle. So we’re talking about the middle of everything. So, in Tampa Bay, good news in Tampa Bay as well as the listings are up.
January, Tampa Bay’s listings were 4914 versus December’s were 3323. Month supply has gone up and just a little tiny, tiny bit. In January has 2.6. In February in the Tampa Bay market – forgive me. In December in the Tampa Bay market, the month supply was 2.5 months. When we take a look at median time to contract, again, it’s up for January, 35 days versus December’s 30 days.
Vince: Thirty days.
Cyndi: And then finally, when you take a look at the median sales price, we’re actually down a smidge. January is 217,000 whereas December’s, it was 225,000. So again, you’ve got that where it’s kind of a power thing. So it was the–
Vince: We’re in the middle of this transition guys.
Vince: There’s a shift coming. I don’t know whether it’s going to come this year, the middle of this year, the end of this year, sometime in 2019. But the shift is coming. People are starting to list their homes again.
Vince: We just need to be paying attention to it. All right, so Orlando-Kissimmee, new listings in December or at 2277. New listings in January have actually gone up to 3216.
Vince: Month supply has stayed about the same, 2.6. Median time to contract has actually gone up slightly from December’s 33 to January’s 37 and median sales price has gone down slightly. I’m going to call this kind of staying the same because it’s within about 5000. So December was about 255,000. January is about 250. So median sales price is staying close to the same, not really that much of a difference.
So that is this episode of It’s the Market. We don’t want to make these videos that long, so we’re trying to keep them short this week for you. Remember to like us on Facebook. Subscribe to our YouTube channel. Register on our website, YourMoveFlorida and get in there, do searches, do market reports, get a home value. Do all kinds of fun stuff.
Share this, share this on Facebook. Share it on YouTube if you’re a YouTube user. Let other people know that we’re providing this information to them and let them know that the information is consistent. We’re here every month with you guys. And so you guys have a great one!
Cyndi: And if you have any questions, like maybe there’s a real estate question you’d like us to answer, what have you, we would love to have that. So comment and let us know and we’ll make sure that we get that addressed. You all have a good one!
Vince: Take care.