Tampa Bay Real Estate Market Update | July 2020
Are you curious how the real estate market is going in the Tampa Bay area? Well, I am here to answer that question. My name's Jillian Jamison, and I'm with the Jamison team at Lipply Real Estate. The Florida REALTORS® just released statistics for June 2020, for the entire Tampa Bay area. We're going to be looking at single family home sales for Pinellas, Pasco, Hillsborough and Hernando counties. Overall, the real estate market is really strong in our area. We did see an increase in closed sales in June 2020, compared to June 2019. We saw a 4.5% increase in the number of homes that sold. We also saw quite a big jump in pending sales. Pending sales means that the sellers have accepted an offer on a home, but they just haven't closed on it yet. We saw a 16.8% increase in pending sales, which is quite a big number. I think that we saw these increases because we did see a slowdown a few months ago due to COVID-19, and now the market is rebounding, so we're kind of making up for that time right now, so that's all good news. Median sales prices also increased. We've been seeing this trend month-over-month with the median sales prices increasing. In June, the median sales price was $269,000. If you compare that to June 2019, the median sales price was $250,000, so that's quite a big jump in home values, which is excellent news. Then inventory is still extremely low right now. We have 1.6 months supply of inventory on the market. Anything less than six months, is considered a sellers market, so as you can see, we are quite a bit below that six month mark. At the end of June, we had 6,582 active listings on the market. And if you compare that to June 2019, we had over 11,000 active listings on the market. So that's almost half. Inventory is incredibly low, that's driving prices up because buyer demand is high with the mortgage interest rates being so low. We've been seeing mortgage rates in the low threes and even some rates in the twos, so these are historical low rates right now. One thing we have noticed is that it is taking a little bit longer to close mortgage loans, mostly because the banks are just inundated right now with refinances, because so many people are wanting to take advantage of these super low rates that we have right now. We're looking at typically 45 days minimum to close on loans right now, so nothing crazy. It's just a little bit longer than your typical 30 day close time. I hope this information helps. If we can answer any questions, please don't hesitate to reach out. Again, my name's Jillian Jamison, and I'm with the Jamison team at Lipply Real Estate, and we are opening the door to your next home. Have a great day!