National and Regional Single Family Market
According to NAR, existing single family homes sales have increased with projected annual sales of 5,810,000 units in November 2017 annually 2017 versus 5,600,000 units in November 2016. Statistics in the South have increased slightly with annual sales in November 2017 of 2,340,000 versus 2,250,000 in November 2016.
As of November 2017, there was a 3.4 month supply of inventory available, which was down 9.7% from the previous year, nationwide.
Meanwhile, the median nationwide existing single family home price was $248,000 in November 2017, which is up 5.8% from a year ago. The median price in the South was $216,200, which was up 4.8% from the previous year.
The average nationwide existing single family home price was $289,900 in November 2017, reflecting a 4.8% increase from a year ago. The average price in the South was up 3.1% from the previous year.
Florida Single Family Market
We relied on the data prepared by the Florida Association of Realtors (FAR) to provide an overall health of the Florida single family market. This data is as follows:
As can be seen in the following charts, sales of single family homes at its height (in recent years) increased in 2015, compared with 2014 numbers. Sales in Second Quarter 2017 were 79,888 compared to 71,723 in Second Quarter 2016. This represents a 3.7% increase. Recently, sales of single family homes have decreased slightly to only 67,811, but remain higher than the First Quarter of 2017 and Forth Quarter of 2016.
STATE OF FLORIDA HISTORICAL CLOSED SALES FIGURES
Although there was a slight decrease in the number of sales, pricing has increased in Third Quarter of 2017, up 6.7% from the same time period in 2016.
STATE OF FLORIDA MEDIAN SALES PRICE FIGURES
Per FAR figures, the overall median sales price continues to increase. However, the last two quarters have remained the same at $240,000.
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, median sales price of single family homes have increased in 2016 over 2015 to a high in the Third Quarter of 2017.
TAMPA AREA CLOSED SALES FIGURES
As can be seen in the above exhibit, sales volume dipped slightly to 12,198 single family homes from the Second Quarter of 2017.
TAMPA AREA MEDIAN SALES PRICE FIGURES
Pricing of homes has stabilized with a median sales price in the Third Quarter of 2017 of $225,000, representing a 9.8% increase from Third Quarter of 2016.
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.
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