Hillsborough County Residential Market Overview

IMG_4133We have presented an overview of the national, state and Hillsborough County Residential Market.  Statistics don’t lie.

National and Regional Single Family Market Statistics

According to NAR, existing single family homes sales have increased with projected annual sales of 5,470,000 units in January 2016 versus 4,930,000 units in January 2015.  Statistics in the South have increased slightly with annual sales in January 2016 of 2,240,000 versus 2,120,000 in January 2015.

NAR Existing Home Sales

 

As of January 2016, there was a 4.0 month supply of inventory available, which was down 11.11% from the previous year, nationwide.  Most economists consider a balance market when there is at least 5.5 to 6 month supply in the market that allows buyers enough homes to choose from..

Meanwhile, the median nationwide existing single family home price was $223,900 in January 2016, which is up 8.2% from a year ago.  The median price in the South was $184,800, which was up 8.5% from the previous year.

The average nationwide existing single family home price was $257,500 in January 2016, reflecting a 4.8% increase from a year ago.  The average price in the south was up 5.6% from the previous year.

NAR Sale Price of Exxisting Homes

Florida Single Family Market Statistics

The following data was prepared by the Florida Association of Realtors (FAR).  As can be seen in the following charts, sales of single family homes increased in 2015, compared with 2014 numbers.  Sales in Fourth Quarter 2015 were 63,305 compared to 62,080 in Fourth Quarter 2014.  This represents a 2.0% increase.

FAR Closed Sales

STATE OF FLORIDA HISTORICAL CLOSED SALES FIGURES

FAR Closed Sales Chart

Along with increases in the number of sales, pricing has also increased in 2015, up 11.4% from the same time period in 2014.

STATE OF FLORIDA MEDIAN SALES PRICE FIGURES

FAR Median Sales Prices

FAR Median Sales Prices Chart

Tampa Bay Single Family Market Statistics

The following data was prepared by the Greater Tampa Association of Realtors (GTAR).  As can be seen in the following charts, sales of single family homes have generally increased in 2015 over 2014.

GTAR Closed Sales

TAMPA AREA CLOSED SALES FIGURES

GTAR Closed Sales Chart

Pricing of homes has stabilized with a median sales price in January 2016 of $194,000, representing a 21.3% decrease from January 2015.

GTAR Median Sales Price

TAMPA AREA MEDIAN SALES PRICE FIGURES

 GTAR Median Sales Price Chart

 CONCLUSION

The Tampa Bay MSA area experienced large growth in residential housing during the residential “boom” period of the early to mid 2000’s. Since the beginning of 2013, the market has shown increases in both pricing and sales figures.  These figures continue to show improvement.  However, Hillsborough County is becoming more built out with less vacant land available for development

Thinking Featured imageof buying or selling real estate?  You 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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