The 2016 numbers are in, and the North Tampa market impressed realtors, homeowners, and real estate industry experts yet again! On a continued streak of improvement, the market specifications for this year are broken down by standout realtor and North Tampa veteran Joe Lewkowicz below.
Both numbers of homes sold and the median price improved this past November, compared to both 2015 and 2014. There were 312 sales in the area roughly defined as North of Busch Blvd/Linebaugh and west of i-275 to the county line. This does include some areas of Land O Lakes. Median price increased from $278,000 in 2015 to $282,000 in 2016 in this same time period. Days to contract has consistently decreased from 51 days in 2014 to 38 days in 2016. Cost per foot has also increased from $118/ft to $135/ft.
Months of inventory is a very low 2.6 months of available homes. A normal balanced market is when inventory is 6-8 months of available homes. In 2008, for example, the inventory levels were running at 12-14 months of available homes. It begins to become a buyer market when the inventory levels reach 9 months or more. As can be seen, with this low inventory available, prices have continued to increase, being a boon to sellers of homes.
The homes for sale below $200,000 has been an exceptionally strong market. At this time there are 80 active listings on the market and 79 per month selling, This is an incredible 1 month supply of inventory. Prices in this price range have continued to escalate. The problem has been finding a nice home to purchase and with price increases, getting a mortgage company to approve the appraisal of the property.
In the market above $800,000 there is more available inventory, which is to be expected. Currently there are 107 available homes with just over 8 per month selling for a 13-month supply of inventory. However, this compares to 2013 when available homes were at 18-20 month supply.
Depending on many factors coming in the next several months the real estate market in Northwest Tampa should continue to remain strong. There does not appear to be a real estate bubble in this area of town and it should remain vibrant for the next few years.
Another year of improvement for the Northwest Tampa market, in which Joe Lewkowicz is considered the leading residential real estate source, is expected to bring good news for the future of the market. To keep up with the latest news and reports concerning North Tampa realty, visit josephlewkowicz.com today!