Buying or Selling a home in Tampa Bay? Keep a finger on the pulse of the real estate market with our dashboard. These stats come directly from the MLS and are updated in real time on our website. Click on the link below and bookmark it.
Because statistics are meaningless unless we interpret them, here is a quick overview of what every stat on the dashboard measures and what it means.
1. Months of supply - this stat shows how long it will take to sell all listed homes at the current sale pace if no additional listings come on the market. Right now, it will take only 2.6 months. Seller market is 4-5 months of inventory and below.
2. Active listings - this is self-explanatory.
3. Median sale price - this is not average price but a midway point. For example, if 200 homes were sold during the time period measured, 100 will be above median and 100 below. This statistic can best be viewed over a longer time frame and not month-to-month and it's a better measurement of the health of the market than the average sale price.
4. Median days on market - this measures midpoint and not average. Very useful stat for measuring the direction of the market. When buyers start resisting list prices we will see a slowdown and days on market will grow.
5. Average sale per sq.ft. - I don't use this stat very much but I know some people use it. It measures the price per sq.ft.
Real estate prices don't change overnight. If you watch these stats you will never be surprised. This is the best way to stay up to date with the market and it's completely unbiased.