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).
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.
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