Monthly Market Update - July 2018
In the Tampa Bay area real estate market almost $1.5 billion of residential real estate was sold in Hillsborough, Pasco, and Pinellas combined in July 2018. There were 6,540 new listings added to the market and currently 13,712 active listings, down from 15,033 this time last year. In July, the total number of residential home sales combined in Hillsborough, Pasco, and Pinellas counties was 5,690 - a decrease month-over-month of 5.9% and a slight increase year-over-year of 0.3%. Hillsborough county had 2,543 of those sales, Pasco had 1,171, and Pinellas had 1,976.
In the tri-county area, the average home price decreased 4.9% month-over-month and rose year-over-year by 3.8% The average sales price was $$285,099 in Hillsborough, $211,285 in Pasco, $280,908 in Pinellas, and $$259,097 overall. All three counties saw decreases in sales prices month-over-month, but Pinellas county saw the biggest drop (a $20,000 average decrease). As home prices still rose year-over-year by a healthy amount, the month-to-month fluctuation in home prices is nothing to be alarmed about.
In July 2018, the median time homes were on the market before going under contract was 23 days, up 5.1% from July 2017 and June 2018. As has been the case for the past few years, homes that are priced right are moving quickly as there are plenty of buyers ready to purchase. Naturally, homes that are overpriced sit longer and require either price drops or contract negotiations, as even though it is a seller's market, homes that do not appraise for the asking price are rarely purchased above market value. Currently, homes are selling for around 98.3% of their list price (meaning if the home was listed at $250,000, on average it sold for $245,750).
Mortgage rates stayed pretty steady throughout July and are currently hovering around 4.6% (according to FreddieMac.com). This continues the upward trend we have seen since the begining of the year. The Fed has also announced we will see two more rate hikes this year, so now is the time to buy if you've been thinking about it.
While the amount of inventory currently available is still at only a two month supply (making this as a strong seller's market), access to down payment assistance programs and still-low mortgage rates mean that buyers are still in a good position to buy.
Whether you are thinking of buying or selling, I would love to help guide you through the process. There are a lot of steps to take on either side, and it helps to have a local and knowledgeable Realtor guide you through the process.
Remember, real estate is hyper-local and what's happening in your neighborhood could dramatically differ from someone else's. If you're looking for a customized analysis of your home's current value or help in deciding whether it's the right time for you to buy in your dream community, contact me directly and I'd be happy to provide local, expert advice.
Philippa Main 813.317.5556 PM@YourMainAgent.com Keller Williams Tampa Properties 5020 W Linebaugh Ave #100 Tampa, FL 33618