Today I was prompted to give a market update for our area. Instead, I want to tell you why it’s impossible to discuss real market trends in this way.
Today I was asked to talk about our current market, but I actually want to make something clear: markets are local. In fact, markets are even more local than the weather.
You can say that the temperature in the United States is an average of 70 degrees Fahrenheit, but this doesn’t mean much on a personal level to the people in Michigan or the people here in Florida. The same is true about our market.
In the Tampa Bay area, we’ve got many markets. We’ve got the waterfront market, the condo market, the single-home market, and more. Even within a single zip code, there are too many neighborhoods and areas to pin down accurate averages.
As a result, when you talk about the market, you can’t think of it as “the” market. The truth is that there is no such thing as a single market for a wide area. The market is always changing. A trend may be affecting one area or another in different ways, so it’s hard to say what is truly going on across the board.
Keep in mind that if you want to know what your specific local market is truly like, I am always here to help. You can always reach out.
One thing that does apply to our entire area is that Hurricane Irma did slow things down. September 2017 had fewer closings than we saw last year, but some of those closings were actually pushed into the month of October instead.
But this slowdown hasn’t been permanent. Things are beginning to pick up steam again.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.