Sales of homes in Northwest Tampa had a significant increase from both the previous month and the previous year at this time. June closings for all prices above $200,000 were 416, which was 85 more closings than in May and 50 more than June of 2019. This represents a 14% increase in sales from the previous year. Prices have also increased with the median price rising from $351,000 last year to $365,000 this year, a 4% increase.
The major component of the price is increase is the lack of inventory available for sale. In June of this year, there are 516 homes actively for sale and under contract. There were 390 new listings in the last month. By comparison, last year, there were 951 active listings and 418 new listings in June of 2019. This meant that last year there were three months of available inventory for buyers to choose from. That is compared to 1 month of inventory this month of July 2020. Of course, the higher the price range, the more available homes for sale, but it is still a slimmer market than it has been in some time. Usually, a 6-month supply of inventory or less indicates a seller market with fewer months available being a stronger market.
Low-interest rates have been driving sales. Lack of inventory has been causing the prices to rise. Many homes may have difficulty with an appraisal since they tend to lag the market and only look at homes that have sold. However, my rule of thumb is to sell the house first and worry about the appraisal afterward. The buyers have to like the house first and make an offer to start the process.
I look forward to next month’s quick market update. Remember, no one works harder to sell your home!
To watch the full July 2020 Market Update, click here: Youtube
Stress is one of the largest concerns when selling a home. Staging, managing finances and documents, and simultaneously juggling the rest of your life can be completely draining. However, one thing is certain about selling your home: it’s a lot easier when you have a solid real estate agent to handle it. Remember, No-One Works Harder to Sell your Home more than Joe! Contact Joe today visit Joe Lewkowicz.