February is commonly just behind January as far as lowest number of sales. This January’s sales were not only higher than any January in the past 11 years, it was up over last January’s by about 15%! But then February’s sales came out to be slightly lower than those of last February so we are seeing a continuation of the trend that began last summer where we will have a month with a decrease from the same month in a previous year followed by a couple months with higher sales. What appears to be causing this is a continuing strength in demand but a pronounced shortage of inventory.
We are still at 11 year lows for inventory even though January and February are normally the highest inventory months. If the trend continues we will have a much more severe shortage this year than last year and it will definitely start to slow down the sales numbers.
This can be a very tricky and difficult market to enter either as a seller or a buyer, so if you want advice on how to approach this market the right way, either as a buyer or seller, please don’t hesitate to call me at 727-687-1160 or email me at firstname.lastname@example.org.
Here are the sales and inventory graphs so you can see what I mean:
(Information for the charts was taken from PRO/Suncoast MLS from Jan 2007 thru May 2011 & from the MFRMLS for May 2011 thru February 2017. This information may or may not include all listed expired, withdrawn, pending or sold properties of one or more members of the My Florida Regional Multiple Listing Service.)