Tampa Bay Real Estate Market Update | October 2020

Posted by Jillian Jamison on Friday, October 23, 2020 at 1:09 AM By Jillian Jamison / October 23, 2020 Comment

Hi there! Jillian Jamison here with the Jamison Team at Lipply Real Estate, and I'm here with another Tampa Bay real estate market update.

The Florida REALTORS® just released statistics for single family home sales throughout the entire Tampa Bay area for September, 2020. This includes Pinellas County, Hillsborough, Pasco and Hernando Counties.

Not a whole lot has changed over the past couple of months, it's just getting more extreme. So there's a couple of things I wanted to hit on. The median sales price in September 2020 was $282,000. That's about what we saw in August 2020. But compared to 2019, that is about a 13.7% increase, so prices have been increasing quite a bit this year.

One thing that I found really surprising is that the median percentage that homes sold for compared to the list price was 99.2%. So basically that means that buyers are paying pretty close to the asking price, on average. That was a pretty surprising stat that I saw.

The median time to contract has been 11 days, which is super fast. That means that sellers are putting their home on the market and they're accepting an offer with a median time of within 11 days of putting their home on the market. So that's super quick.

Inventory is still very low, it keeps going down lower and lower. The number of active homes on the market at the end of September 2020 was 5,550 and that's compared to almost 10,500 in September 2019. We are down to 1.3 months supply of inventory. Anything under six months supply of inventory is considered a sellers market. So we are still sitting at a pretty strong sellers market right now.

Now, if you're a buyer, don't let this scare you off because interest rates are historically low right now. You can get mortgage interest rates in the 2% range. So it's definitely still a fantastic time to buy and leverage that buying power. So you might be spending a little bit more for a home but your interest rate is so low that helps even out how much your payments going to be.

If you have any questions at all that are real estate related, please feel free to reach out to us. My husband Keith and I work together as a team and we're always happy to help. Please use us as a resource. Have a great day!