We have presented an overview of the Tampa MSA and Hillsborough County Single Family Residential market.
National and Regional Single Family Market
According to NAR, existing single family homes sales have decreased slightly with projected annual sales of 4,690,000 units in June 2019 versus 4,770,000 units in June 2018. Statistics in the South has remained the same with annual sales of 1,980,000 between June 2019 and June 2018.
As of June 2019 there was a 4.4 month supply of inventory available, which was down 2.3% from the previous year, nationwide.
Meanwhile, the median nationwide existing single family home price was $288,900 in June 2019, which is up 4.5% from a year ago. The median price in the South was $254,900, which was up 4.5% from the previous year.
The average nationwide existing single family home price was $323,600 in June 2019, reflecting a 3.2% increase from a year ago. The average price in the south was up 3.2% from the previous year. Since the average sale price is significantly higher than the median sale price, there is a significant amount of higher end product being sold.
Florida Single Family Market
The following data was prepared by the Florida Association of Realtors (FAR). As can be seen in the following charts, sales of single family homes increased in 2019 from 2018 numbers.
Along with increases in the number of sales, pricing also increased in 2019.
Tampa Bay Single Family Market
The following data was prepared by the Greater Tampa Association of Realtors (GTAR).
As can be seen in the following charts, sales of single family homes has increased in 2019 from 2018 numbers. Sales in the first six months of 2019 decreased 1.6% from 2018. However, the months supply of inventory decreased 3.6% during the same time frame.
MONTHLY SALES FIGURES
Both in the first six months of 2019 over the same time frame in 2018, with the median sales prices increasing 2.0% and the average sales price up 2.9%. It should also be noted that the prime time to sale properties in the summer months.
TAMPA MSA MONTHLY MEDIAN SALES PRICE FIGURES
TAMPA MSA MONTHLY AVERAGE SALES PRICE FIGURES
The Tampa Bay MSA experienced large growth in residential housing during the residential “boom” period of the early to mid 2000’s. Since the beginning of 2014, the market has shown increases in both pricing and sales figures.
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