Tampa Bay’s July 2013 Single Family Residential Market Update

Location in Florida

Location in Florida (Photo credit: Wikipedia)

The numbers don’t lie.  The Tampa Bay Single Family Market (comprising Hillsborough, Pasco, Hernando, and Pinellas Counties) appears to be a seller’s market.  In other words, there is not enough inventory available for potential home buyers.  According to FAR (Florida Association of Realtor) statistics, there are not enough homes available in the current residential housing market.  The statistic used to measure the available inventory is months supply of inventory, which means an estimate of the number of months it will take to deplete the current inventory given recent sales rates.  As of July 2013, the following Tampa-St. Petersburg-Clearwater MSA chart depicts 4.2 months supply of Inventory versus 5.9 months a year earlier (indicating a 28.6% decline in months of supply of inventory) as well a 26.9% increase in the median sales price to $165,000 during the same time frame.  The average home price is $208,000 versus $178,688 a year ago.

July SFR Sales Figures

As depicted in the chart, there has been a steady decline in inventory since the end of 2010 with just a recent increase in median sales prices over the last year.  With low inventory, this trend is likely to continue into the foreseeable future.

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