As winter fades and the days grow longer, the real estate market begins to awaken from its holiday slumber. Spring is just around the corner, and it’s an exciting time for both buyers and sellers in the Greater Tampa Bay Area. The market is shifting, and understanding the December market stats  is key to getting a jump on the upcoming spring season.
 
As a seasoned agent in this area, I've seen firsthand how the market evolves with the changing seasons. While the holidays may have slowed things down a bit, spring is where the action picks up. Now is the perfect time to start preparing for what’s to come. The December market stats reveal important insights about where the market stands and how it’s poised to shift as we head into the busier months.
 
Picture this: You're a homebuyer eyeing the perfect property, but you're wondering if you’re jumping in at the tail end of a lull or right before the market heats up. Or perhaps you're a seller thinking about listing, but unsure if now’s the time to get the best deal. That’s where understanding these stats comes in handy—it’s your roadmap for navigating the spring season.
 
Let’s break down the trends and get you ready to hit the ground running as we head into the spring market!

The State of the Market: What the December Market Stats Tell Us

Before we dive into the nitty-gritty of real estate strategies, let’s take a quick snapshot of the December market stats in the Greater Tampa Bay Area. When evaluating the market, the most important number to keep an eye on is the months of inventory. This tells us whether we’re in a seller’s, buyer’s, or neutral market.

• 0-3 months of inventory = Seller’s Market: Fewer homes available, and buyers are competing for what’s out there.
• 4-6 months of inventory = Neutral Market: There’s enough for buyers and sellers to find common ground.
• 6+ months of inventory = Buyer’s Market: More homes than buyers, so prices may drop, and buyers can afford to be picky.

So, where do we stand this December? Let’s dive into the details for Pasco, Hillsborough, and Polk counties:

1. Pasco County

• Months of Inventory: 4-6 months
• New Construction Sales: 1 out of every 3 homes sold is new construction.
• Average Days on Market (DOM): 70 days to contract, 106 days to close.

1. Hillsborough County

• Months of Inventory: 4-6 months
• New Construction Sales: 1 out of every 4 homes sold is new construction.
• Average Days on Market (DOM): 62 days to contract, 99 days to close.

1. Polk County

• Months of Inventory: 4-6 months
• New Construction Sales: 1 out of every 2 homes sold is new construction.
• Average Days on Market (DOM): 78 days to contract, 112 days to close.

December Market Stats: A Deeper Dive

Now that we have a broad overview of the December market stats, let’s take a closer look at what these numbers mean for both buyers and sellers.

For Buyers: Timing Is Key

With 4-6 months of inventory in the market, we’re in a neutral market, which means buyers still have some options, but the clock is ticking. If you're looking for new construction, the market is especially favorable in certain areas:

• Polk County stands out with 1 in 2 homes sold being new construction, which provides plenty of brand-new options.
• Pasco and Hillsborough counties are also seeing a significant percentage of new construction sales, at 1 in 3 and 1 in 4 homes sold, respectively. This trend is expected to continue as we move into the spring.

If you're a buyer, here’s what you should know:

• Competition: It's still a good time to buy, especially if you're eyeing new construction homes. While the market may feel neutral, you’ll want to act quickly on your ideal home to avoid missing out on the best options.
• Price Reductions: There’s a notable number of price reductions happening in the market right now—9,675 listings in the past 7 days alone. This indicates sellers might be more motivated as we move toward the new year, giving buyers more negotiating power.

For Sellers: Know Your Numbers

If you're thinking about listing your home, December’s market stats suggest that now could be a good time. While the neutral market means there’s no rush to sell at a premium, there’s still demand, especially for homes in desirable locations and with good value.

• Price Reductions: There were 25% more price reductions than new listings in the past 7 days, with an average of 102 days on market. Sellers who are pricing their homes too high may be experiencing longer waits.
• New Construction Advantage: If you're selling new construction, you’re in luck—new homes are in high demand in the Tampa Bay Area, with new builds making up a significant chunk of total sales in Pasco, Hillsborough, and Polk counties.

Spring Is Coming: Get Ready for More Activity

As we approach the spring selling season, the market will likely heat up. Here’s what you can expect:

• More Listings: The number of new listings will rise, but so will the competition. Homes priced well and in good condition will move fast.
• More Buyers: People often wait for the new year or spring to make a move, so you’ll see more buyers entering the market in the next few months.

Key Takeaways from December Market Stats

To summarize, here’s what you should remember about the December market stats:

• Neutral Market: With 4-6 months of inventory, the market is in a balanced state. Buyers and sellers can find common ground, but it’s important to move quickly and be realistic with pricing.
• New Construction: New builds continue to be a hot commodity, especially in Polk County, where 1 in 2 homes sold are new construction. If you’re a buyer or seller with a new home to sell or buy, you’re in a great position.
• Price Reductions: More sellers are adjusting their expectations as homes linger on the market, giving buyers leverage to negotiate.
• Spring Preview: Expect more listings and buyers as we enter the spring market, but be ready for increased competition.

FAQs About December Market Stats

Q1: What does it mean when inventory is between 4-6 months?

It means the market is balanced, where neither buyers nor sellers have a clear advantage. Buyers have options, but sellers still have the potential to secure favorable deals if their homes are priced right.

Q2: How long does it take to close on a home in the Greater Tampa Bay Area?

It varies by county:

• Pasco: 70 days to contract and 106 days to close.
• Hillsborough: 62 days to contract and 99 days to close.
• Polk: 78 days to contract and 112 days to close.

Q3: Should I buy or sell in December?

For buyers, it’s a good time to negotiate price reductions, especially as inventory is relatively balanced. For sellers, it’s crucial to price your home competitively to avoid long days on market and price reductions.

What’s Next in the Real Estate Journey?

As we look ahead to the spring market, no one has a crystal ball to predict exactly what’s in store. The last quarter of 2024 brought its share of challenges—two hurricanes, an election, holidays, and more disruptions. That’s why, if you’re thinking about making a move, it’s crucial to stay informed about what’s happening in your hyperlocal area. Understanding the market dynamics at a local level can make all the difference. If you’d like a deeper dive into the numbers for your neighborhood, don’t hesitate to reach out. Our team of experts is ready to dig into the data and guide you on your real estate journey. Let’s make sure you’re prepared for whatever the spring market brings!