We have presented an overview of the national, state and Tampa Bay County Residential market.
National and Regional Single Family Market
According to NAR, existing single family homes sales have decreased with projected annual sales of 5,380,000 units in June 2018 annually versus 5,500,000 units in November 2016. Statistics in the South have increased slightly with annual sales in June 2018 of 2,250,000 versus 2,240,000 in June 2017.
As of June 2018, there was a 4.3 month supply of inventory available, which was up 2.4% from the previous year, nationwide.
Meanwhile, the median nationwide existing single family home price was $276,900 in June 2018, which is up 5.2% from a year ago. The median price in the South was $237,500, which was up 2.7% from the previous year.
The average nationwide existing single family home price was $314,900 in June 2018, reflecting a 3.8% increase from a year ago. The average price in the South was $276,100, which is up 2.1% from the previous year.
Florida Single Family Market
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 at its height (in recent years) increased in the second quarter of 2017, compared with second quarter of 2016 numbers. Sales in Second Quarter 2017 were 79,888 compared to 77,023 in Second Quarter 2016. This represents a 3.7% increase. Recently, sales of single family homes have decreased slightly to 60,204, but remain higher than the First Quarter of 2016 (57,779) and First Quarter of 2015 (57,676), and slightly lower than the First Quarter of 2017 (60,733).
STATE OF FLORIDA HISTORICAL CLOSED SALES FIGURES
Although there was a slight decrease in the number of sales, pricing has increased in First Quarter of 2018 to $248,000, up 9.7% from the same time period in 2017 at $227,000.
STATE OF FLORIDA MEDIAN SALES PRICE FIGURES
Tampa Bay Single Family Market
The following data from the Tampa-St. Petersburg-Clearwater MSA (includes Hernando, Pasco, Pinellas and Hillsborough Counties) was prepared by the Florida Association of Realtors (FAR). As can be seen in the following charts, sales of single family homes have generally remained stable in 2016 over 2015 to a high in the Second Quarter of 2017.
TAMPA AREA CLOSED SALES FIGURES
Pricing of homes has stabilized with a median sales price in the First Quarter of 2018 of $225,000, representing an 8.4% increase from First Quarter of 2017 of $207,500.
TAMPA AREA MEDIAN SALES PRICE FIGURES
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.
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