With a new month comes changes in the real estate market. Northwest Tampa area expert realtor Joe Lewkowicz analyzes the state of the market, focusing on home supply, with price point and zip code specific analyses in his latest blog.
The total Northwest market median price increased by 5.8% in the last year, going up from $257,000 to $271,900. Sales increased slightly from 497 homes sold to 506 homes sold. This report does not include new construction or foreclosed homes in in order to keep the data consistent.
Months of inventory is a term real estate economists use to determine the strength or weakness of a market. Generally a six-month supply of inventory is considered a balanced market. Four months or less of inventory is becoming a seller’s market and prices tend to rise in this type of market. An eight-month supply of inventory starts to become a buyer’s market, where homes either stay on the market for an extended period or drop in price.
There is only a one-month supply of homes in the under $200,000 price range, a 1.81-month supply from $200,000-$300,000, a 3.17-month supply in the $300,000-$400,000 price range, and a 4.11-month supply in the $400,000-$500,000 price range. These would all be considered seller’s markets, with the lowest price very strong.
At $500,000-$700,000 the market softens some to a 8.11-month supply. At the $700,000-$1 million price range, the month’s supply is 12.64, and at above $1 million there are 20.6 months of available homes for sale. There were no sales closed above $1.6 million in the last 90 days.
The strongest zip code by months of inventory was 33624 with a 1.18-month supply of homes. The coolest market is zip code 33559 with a 6.5-month supply. However, with this low of a supply of homes, every zip code is seeing prices continue on an upward trend.
The market for resale homes built after 2010 is very tight, with only 28 active homes for sale in the entire market area.
Overall the Northwest Tampa market is moving up in price with inventories remaining tight.
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For any questions pertaining to the current state of the market or on buying or selling in the Northwest Tampa area, contact real estate agent Joe Lewkowicz today. Remember, no-one works harder to sell your home!