Our June Real Estate Statistics are here, and we are excited to tell you about the developments in our market!
The Tampa Bay Real Estate Market continues to see a rise in year-over-year median sale price. The Median Sale Price for Single Family Homes was up by 3.2% from last year to $275,000 for June 2019. The Median Sale Price for Townhomes/Condos increased 1.8% to $173,000 in June 2019.
Single Family Homes Key Indicators
Median Sales Price ⬆️ 3.2% to $275,000 year over year
Closed Sales are ⬇️ 7.4% year over year
New Listings are ⬇️ a whooping 11% year over year
Considering the amount of sales are down from last year, the value of those sold are significantly higher. If we expand our view to look at this trend over the past few years it becomes apparent the steady and significant increases in value that we have seen since the 2008 recession.
Townhome & Condo Key Indicators
Median Sales Price ⬆️ 1.8% to $173,000 year over year
Closed Sales are ⬇️ 12.7% year over year
Inventory (Active Listings) are ⬆️ 11.8% from last year
Although we are still experiencing a seller’s market for all property types, buyers searching for Townhomes or Condos currently have more options than they had this time last year. This allows them to be a little more selective with their purchase as we see now some properties in some price points.
A local media outlet recently reported that the overall sales in several Tampa Bay Counties are down from last year, however this isn’t necessarily true for all home types or price points.
Closed Sales (the number of sales transactions which closed during the month) are one of the simplest—yet most important—indicators for the residential real estate market. As you can see below we are seeing that decrease primarily in the $150,000 to $299,999 range, however all price points above $300,000 actually have more inventory available than this time last year. This is welcomed news for move up buyers, trading up into the $300,000+ market.
All in all, if you are looking to sell, this definitely is the time to start planning. Remember that real estate is hyper local and every neighborhood is different.
If you are wondering how these figures and current market statistics affect your home’s value or future home purchase give us a call. We would love to setup a time to talk about what this means for you.
For a full version of the June 2019 Market Statistics check here.