Hillsborough County SFR November 2015 Market Update

Granada-II-Kitchen.jpgThe most recent market statistics for single family residences (SFRs) indicate that the Hillsborough County’s (in Florida where  the county seat is Tampa) residential housing market is improving.  The following exhibit shows a brief summary of market statistics for single family residences in the Hillsborough County market:

November 2015 SFR Stats

SOURCE: GTAR (Greater Tampa Area Realtors)


Hillsborough County SFR Statistics Summarized

Here is a brief summary of some of the reasons that the Hillsborough County SFR residential housing market is still improving:

  • The number of listing has deceased to 3.4 months supply of inventory.  Most economists believe that a healthy market should have enough months supply of inventory to allow buyers an adequate amount of listings to choose from.
  • The median days on market has decreased 21.8% to 43 days, which also indicates an improving market.
  • Additionally, there has been a significant decline in homes paid for cash that might indicate the lack of investors in the market and the majority of the below market deals might have been purchased.
  • Although the November Year-To-Date figures from 2014 and 2015 for the closed sales are about the same, both the median sales price has increased to $210,000 (or a 20% increase) and the average sales price increased to $247,691 (or an 11.1% increase). The following exhibit depicts the increase in the higher priced homes that sold in 2015 compared to the SFR sales in 2014:November Year-To-Date figures

November 2015 SFR

SOURCE: GTAR (Greater Tampa Area Realtors)

With interest rates still at or near historical lows, this is still a good time to purchase homes.  According most experts like economists with Marcus and Millichap, the housing construction demand still falling short and low energy prices should fuel a boost in housing demand.  Additionally, there is anticipated significant increase in apartment rents in 2016.

Thinking of buying or selling real estate?

KW1784102f20KW_thumb.jpgYou should consider using a realtor.  If you are interested in buying real estate (new home, existing home, or commercial property), please contact me (Alan Lane with Keller Williams Realty at 2119 W Brandon Blvd, Brandon, Florida  33511).  As a life long resident of Central Florida, I can help you find the right property for you whether it is in Lakeland or as far south as Sarasota.  The Keller Williams offices of  ”Suburban Tampa” include the offices in Brandon, Plant City, Fishhawk Ranch, and our newest office in Valrico.  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 real estate opportunities on my website at this link.

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