Tampa Bay’s September 2013 Single Family Residential Market Update

Florida Map with CountiesThe Tampa Bay Single Family Market (comprising Hillsborough, Pasco, Hernando, and Pinellas Counties) remains 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 September 2013, the following Tampa-St. Petersburg-Clearwater MSA chart depicts 4.6 months supply of Inventory versus 5.4 months a year earlier (indicating a 15.5% decline in months of supply of inventory) as well a 19.2% increase in the median sales price to $155,000 during the same time frame.  The average home price is $199,143 versus $174,741 a year ago.

September 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.  Over the last three months, there has been a slight increase in inventory resulting in a slight decrease in the median sales price.  As depicted in the chart below from the Mortgage News Daily, it should also be noted that interest rates were increasing during the last three months.  However, some mortgage rate experts expect interest rates to decrease after the government shutdown. Fed representatives have been unified in suggesting that this fiscal uncertainty and the unknown impact on the economy from the shutdown likely means that any decrease in Fed asset purchases is on hold for the next few meetings (in other words the tapering gets pushed into 2014).

Mortgage Rates Oct 2013If you are interested in buying a new home or an existing home, please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511) and I can help you find a new home in the Tampa Bay Area.  My email address is alanlane66@gmail.com or call me at 813.205.9280.  If you are just starting your search, you can search the MLS for homes on my website at this link.

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