Real Estate Market 90 Day Quick Stats
Analyze Trends Current 90 Day Trends
Understanding the real estate market trends for the past 90 days is crucial in Pasco, and Hernando counties for several reasons. First, it helps you determine the current market conditions and the level of demand for houses in your area. By analyzing the trends, you can identify whether it is a buyer’s or seller’s market, and adjust your pricing and marketing strategies accordingly to maximize your profit.
Set Realistic Expectations
Second, it enables you to set realistic expectations for the selling process. If the market is slow, you may need to be patient and wait for the right buyer to come along. On the other hand, if the market is hot, you may need to act quickly to take advantage of the high demand.
Understand Competition
Third, it helps you understand the competition. By knowing what other houses in your area are selling for and how long they are staying on the market, you can price your house competitively and make strategic decisions about how to market it.
Avoid Costly Mistakes
Finally, understanding the real estate market trends can help you avoid costly mistakes. For example, if you price your house too high in a slow market, it may sit on the market for a long time and lose value. By contrast, if you price it too low in a hot market, you may leave money on the table.
Overall, understanding the real estate market trends for the past 90 days is critical in the greater Tampa Bay area, Pasco, and Hernando counties because it helps you make informed decisions about how to price, market, and sell your house for maximum profit.
Pasco and Hernando County, Florida’s current real estate market trends and statistics for the last 90 days as of 4/24/2024 are as follows:
Closed Sales
The number of closed sales is 848, which shows a downward trend of 19%.
When you’re selling your house, it’s important to keep track of the number of closed sales in your area. This is because it tells you how active the market is and what kind of competition you’re up against. If there are a lot of closed sales in your area, it means there’s a high demand for houses like yours, which could help you sell your house faster and for a higher price. On the other hand, if there are very few closed sales in your area, it could mean that the market is slow or that there’s a lot of competition from other sellers. By keeping track of closed sales trends, you can adjust your pricing and marketing strategies accordingly to make your house more attractive to potential buyers.
Pending Sales
Pending sales are currently at 1,382, which is up by 12%.
The number of pending sales trends is also important to know when selling your house because it gives you an idea of what to expect in the coming weeks or months. If there are a lot of pending sales in your area, it means that there are many potential buyers actively looking for a house like yours, which could increase your chances of a successful sale. Additionally, if there are few pending sales, it could indicate that the market is slowing down or that there’s less demand for homes in your area. By monitoring the pending sales trend, you can adjust your pricing and marketing strategies accordingly and stay ahead of the competition. This information can be crucial in helping you sell your house quickly and for the best possible price.
Active Listings
Active listings have increased by 11%, with a total of 3,788 listings.
Knowing the number of active listings is important when selling your house because it gives you an idea of the competition you’ll face in the market. If there are a lot of active listings in your area, it means that there are many other homeowners who are also trying to sell their homes, which could make it harder for you to stand out and attract potential buyers. On the other hand, if there are few active listings, you may have a better chance of getting noticed and receiving offers quickly. By keeping an eye on the number of active listings, you can adjust your pricing and marketing strategies to stay competitive and maximize your chances of a successful sale. This information can be crucial in helping you sell your house quickly and for the best possible price.
Months of Inventory
The months of inventory have gone up to 4, indicating an increase of 50%.
The months of inventory trend is another important factor to consider when selling your house. This metric helps you understand how long it would take for all the houses currently listed in your area to sell based on the current rate of sales. If the months of inventory trend is low, it means that there are more buyers than available houses, which could result in a higher selling price and a faster sale. On the other hand, if the months of inventory trend is high, it could indicate that there are more houses available than buyers, leading to a slower sale and potentially lower selling prices. By keeping an eye on the months of inventory trend, you can make informed decisions about pricing and marketing your house, and potentially sell your house more quickly and profitably.
Average Days on the Market
The average days on the market is 50, which is up by 22%.
The average days on the market trend is an important metric to consider when selling your house. This metric helps you understand the average number of days it takes for houses in your area to sell. If the average days on the market trend is low, it means that houses are selling quickly, which could result in a higher selling price and a faster sale for your house. On the other hand, if the average days on the market trend is high, it could indicate that houses are taking longer to sell, which may require you to adjust your pricing or marketing strategy to help your house stand out from the competition. By keeping an eye on the average days on the market trend, you can make informed decisions about pricing and marketing your house, and potentially sell your house more quickly and profitably.
The Sale Price to List Price Ratio
The sale price to list price ratio is 95%
The sale price to list price ratio is an important factor to consider when selling your house because it helps you understand how well your house is priced compared to the actual selling price. This ratio is calculated by dividing the final selling price of your house by its original list price. If the ratio is close to 100%, it means that your house sold for almost the same price as it was listed for. A higher ratio indicates that your house sold for more than the list price, while a lower ratio indicates that it sold for less.
By knowing the sale price to list price ratio, you can adjust your pricing strategy accordingly and make informed decisions about how to price your house for maximum profit. This ratio can also help you understand the current market conditions and the level of demand for houses in your area. Ultimately, a high sale price to list price ratio can lead to a faster and more profitable sale of your house.
This puts the market left of center for buyers and sellers, if you are going to sell, now is the time to list your property, for buyers, the inventory is up but the prices are still holding for now.
Source of Stats: The West Pasco Board of Realtors (WPBOR)
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