Tampa Real Estate Market Update – June 2015
The overall real estate market in the Tampa area during June 2015 was the best since the bottom of the market in 2011.
Some of the highlights were:
Number of single family homes sold: 2,386
Total number of homes for sale: 5,797
Properties under contract but not yet closed: 4,522
The median sales price was: $205,175
Homes sold for an average of 95% of Listing price
On average a home took 65 days to sell
The overall Greater Tampa area market absorption rate for June was 2.43 which signifies a very strong Sellers Market, which means that if no new homes came to market they would sell in about two and on half months. Sellers currently have the upper hand, and well priced homes are selling fast, with multiple offers for those in excellent locations and have been maintained.
On contributing factor is a relatively low level of home inventory, although Active Listings have improved somewhat current level are hardly keeping up with demand (see chart below).
The current levels of very low interest rates are also helping home affordability.
One very good news is home prices keep improving, and in June hit the highest level since the real estate recovery began (as seen in the chart below)
To recap: the real estate market in the Tampa area remains strong and in an upward trend and as long as interest rates remain subdued the trend should continue, barring any unforeseen surprises.
Reminder - this report is based on overall market activity. Every house is different and every neighborhood in different, and can and often will behave as such.