How’s the Market?
Agents are asked all of the time, “How’s the Market?”. I wonder if people really want to know or, if it’s just a conversation starter like “How’s the Weather?”. The infamous “How’s the Market?” question is really very vague. There are so many variables that apply to the answer that most Agents reply with, “Great” or “Bad” and leave it at that. To really answer the question would require asking questions – a lot of questions.
Statistics based on Area
If an Agent is in Pasco County Florida and someone asks, “How’s the Market?” – is the answer based on Pasco County Florida? Florida? Or, the entire United States? To answer the question, the Agent would need to know exactly what the inquirer is hoping to know. Areas can (and do) have very different market statistics. Here are a few examples related to the Greater Tampa area of Florida.
Hillsborough County Active Listings & Closed Sales
How many active listings are currently in Hillsborough County? According to this chart, there are about 400 fewer properties on the market this June (2018) compared to a prior five-year average.
How many closed sales in Hillsborough County? According to this chart, sales have exceeded the five-year average by over 200!
So, Hillsborough County, How’s the Market?
If you look at these two pieces of data exclusively, it appears the market is very good for Sellers. The Active Listing count is low and the sales are high – Demand is higher than supply!
The next time you really want to know the answer to the “How’s the Market?” question, be sure to be a bit more specific. And if the person you are posing this question to, responds with “Great” or “Bad” – you know why.