Tampa Bay’s August 2013 Single Family Residential Market Update

Florida Map with CountiesThe Tampa Bay Single Family Market (comprising Hillsborough, Pasco, Hernando, and Pinellas Counties) still appears to be a seller’s market.  In other words, there is not enough inventory available for potential home buyers.  After several months of declining inventory, we have started to see an increase in the available properties for sale (listings).  However, there is still not enough inventory available.  Even the slight increase in the supply of available homes showed a direct correlation to a slight decline in median sales price after several months of increasing median sales prices due to pent up demand and lack of supply.

According to FAR (Florida Association of Realtor) statistics, there is still 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 August 2013, the Tampa-St. Petersburg-Clearwater MSA indicates a 4.4 months supply of Inventory versus 5.7 months a year earlier (indicating a 22.5% decline in months of supply of inventory) as well a 23.1% increase in the median sales price to $160,000 during the same time frame.  The average home price is $204,845 versus $178,132 a year ago.

August Sale 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 the available properties for sale (listings) over the last couple of months.  However, the median sales price is dropped slightly.  With low inventory, this trend is likely to continue into the foreseeable future.

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