The first figures of the new year are in! Expert realtor Joe Lewkowicz puts his Northwest Tampa Knowledge and market savviness to use in his first market report of 2017. Learn from Joe how price increase and inventory levels will affect the market moving forward.
Prices have continued to increase. The median price increased from $225,000 in December of 2014 to $300,500 in December of 2016. Sales remained stable but were slightly less in 2016.
There were 663 homes for sale as of Jan. 12, which is a 2.89-month supply of homes at the current sales rate. At under $200,000 there are only 88 homes for sale, with 124 sold in November and December.
The most active price range is the $200k-$400k range with 237 homes on the market and 231 sold in November and December. This is a one-month supply of homes for sale, with demand outstripping supply, causing prices to increase. The $400k-$600k range has 160 homes for sale with 77 closed in November and December. It begins to be a more balanced market in the $600k-$1m market, with a seven-month supply of inventory. In that price range there were 34 homes closed in November and December and 119 in inventory. In the $1m and above price range, there are 68 homes in inventory with 11 being closed in November and December. This is around a 10-month supply of inventory, which is about half of what it was last year at this time.
The market still has a low inventory of homes available, causing prices to increase. New construction is picking up some of the slack but time for permitting is causing delays to final construction. If this trend keeps up, look for prices to continue to increase unless there is a dramatic rise in mortgage interest rates.
For trusted real estate information and any Northwest Tampa specific market questions, contact Joe Lewkowicz at 813-908-7293 or request a consultation today! Remember, “no-one works harder to sell your home!”