The Tampa Bay Single Family Market (comprising Hillsborough, Pasco, Hernando, and Pinellas Counties) remains a seller’s market. One of the primary counties in the Tampa Bay MSA is Hillsborough County, which Tampa is the county seat. this 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 October 2013, the following Hillsborough County chart depicts 4.0 months supply of Inventory versus 4.4 months a year earlier (indicating a 8.8% decline in months of supply of inventory) as well a 20.6% increase in the median sales price to $178,500 during the same time frame. The average home price is $223,353 versus $190,194 a year ago.
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. Most residential home sales drop off during the holidays with only the motivated home buyers and sellers in the market.
If 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 firstname.lastname@example.org 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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