The Tampa-St. Pete-Clearwater metro area had the seventh greatest decline in US residential* inventory for sale in May, 2012 compared to a year ago according to Realtor.com, with a -39.76% decline in inventory. This compares to a -20.07% average decline for the US. The Tampa-St. Pete-Clearwater metro area had the greatest inventory decline in all Florida metro areas.
Additionally, Realtor.com reports that the median list price of homes in the Tampa-St. Pete-Clearwater area increased 11.11% from a year ago compared to 3.17% nationally.
The inventory decline in our metro area is creating bidding wars on listings and buyers are shocked to find themselves in a very different market than they were expecting. (See my blog post from yesterday for additional info regarding the reasons for the low inventory.)
*Single family homes, condominiums, townhouses, and co-ops.