Tampa Bay Real Estate Market Update | June 1, 2020
How is the Tampa Bay Market doing after the May recovery? Keith goes into the updated sales and showing time numbers while also reviewing some of the new Zillow data released on Friday!
What is up, everybody? Keith Jamison with The Jamison Team here at Lipply Real Estate. It is Monday, June 1st. And I'm here for your Tampa Bay area real estate update. Like we've done every week, let's jump right into the sales and compare them a week over week. So you can see new listings and pendings both were down slightly, still at much higher levels than we were this time last month. And we have seen solds now are starting to pick up steam, which makes a lot of sense given they go back 30 days, but up from 963 to 1,057. So all good news on the numbers.
Now, if you're thinking, "Well, Keith, these are lower than the previous week. What's up with that? We should be getting better every week." I do want to show you this report from Zillow. So month-over-month, And this is nationwide, but up 40.8% month-over-month on newly pending sales and up 37.8% on new listings. And then they go on further to say that the economists expect sales volume, Zillow's economists that is, reach its bottom in early April and expect sales going to rebound strongly in May. Sales are forecasted to recover almost fully by end of year. So you might be thinking, "Well, that's Zillow, they're into selling houses." Of course, they're going to predict that. Well, I want to remind you on May 4th, they made a lot of news and some even national news by predicting that home prices would drop 2% to 4% and that we might not get a recovery this year. And now they've already, it's not even been a month and they've completely flipped the script, calling for our recovery and that their projections were almost 50% off in terms of how quickly the pendings and the listings came back.
So that is positive news for real estate, as it is just really everything that's been happening as of late, it really has proven to be one of the industries that's come back the quickest in really leading the charge. Now, like what we've been doing too, I want to pull up ShowingTime and just show you everybody's out and about. For showings, we can see since really May 17th, we've kept almost similar showing volume as we've had the beginning of the year, pre all the COVID worries and things of that nature. We're still making sure that all of our buyers and sellers are safe in terms of PPE, gloves, all sorts of the protections that we can provide while showing homes. But it is still a time that a lot of people are out and about, rates continue to be low, inventory is low. So buyers are trying to take advantage of rates. And sellers, it's a good time to take advantage of not nearly as much competition as you had this time last year.
Well, I hope this helps in that you're enjoying these updates. If you do have any questions, please feel free to reach out to either myself or Jillian. We'd be so happy to answer. So once again, my name is Keith Jamison, The Jamison Team at Lipply Real Estate and we're opening door to your next home. Take care and see you next week.