Latest South Tampa Real Estate Market Report- 3 Trends You Should Know.
1. The increase in the number of sales is slowing down. We aren’t seeing the big jumps from last year like we have seen in the past, but that doesn’t mean sales are slowing down. It means that sales this time last year were very good. The Number of Transactions for July took a slight dip from last year, and the Year To Year number is just slightly ahead of the previous period, but the numbers are still very strong. You can expect this to continue; sales will remain brisk as long as interest rates stay low and the economy maintains its painfully slow but steady rebound.
2. Prices have taken a big jump. Compared to July of 2011, the Average Price jumped 20%, and the Price Per Square Foot is the highest we’ve seen in three years. The Median Sales Price is up almost 30% as more homes in the upper price range are moving. The Year To Year Comparison shows the average price is 15% above the same period a year ago, and the Twelve Month Trend reveals July numbers that are substantially higher than the twelve month average. Every indicator we look at shows substantial increases in prices. Expect to see prices flatten out as we head into the traditionally slower fourth quarter; we’ll continue to see prices well above last year’s bargain levels, but holding steady through the end of the year.
3. The recovery is universal. The increases in transactions and prices are across the board and are not restricted to any specific price range or area. This market is not driven by investors, foreclosures, or short sales. The strongest growth in the South Tampa Real Estate Market is in the move-up market, in the $400K – $800K range, and this is the segment that is pushing the numbers. As long as inventory in this segment is low, there will be pressure on prices to move upward. This is an indication of a healthy recovery; expect to see sales in the move-up segment continue to drive the market.
You can download the full 7 page South Tampa Real Estate report here compliments of Bayshore Title.