June 2008 Real Estate Market Statistics

Well the June real estate market numbers are here, and they continue to show signs of strengthening.

The MidFlorida MLS reports that the Greater Tampa Association of Realtors closed 1,394 homes in June, up from 1,316 homes in May and up from 1,235 homes in April, and well north of the 791 homes sold in January. This is a little off of the 1,446 in June 2007 but higher than the 1,268 in July 2007, so we might see some press headlines that show the market is slightly off from the year ago period.

There are now 19,363 active GTAR listings, which is down from 19,758 last month and down from our height of 20,942 in October 2007. This is now the second time that we have dropped below 20,000 listings in 2008. In a very positive sign for our market, our months of inventory dropped to 13.89 from 15.01 last month. The months of inventory have not been this low since December 2006! In addition, the average list price is $242,261, which is down from $266,411 last month. The average sales price also decreased to $227,565 from $244,977 last month. Finally, the percentage difference between sell/list increased to 93.93% from 91.95% last month and the average days on market increased to 152 from 124 earlier.

What price categories sold last month? 196 of the 1394 homes sold in the $200,000-$249,999 price range, making up for 14.06% of the saleable market. I again would encourage all of our associates to target this range for listings and potential sales. Another range that is moving, which represented 11.19% of all sales, is the $140,000-$159,999 range, where 156 homes sold.

The $1,000,000 and up range had a solid month — 15 units sold for over $1,000,000, which is slightly off of the 18 units from last month but up from 11 in April and 10 in March. The upper end luxury market continues to hold its own, with over 70 homes selling for over $500,000 last month.

Hillsborough County continued its tidal wave of foreclosures with 1,659 in June, slightly off of the 1,671 in May, and up from 1,549 foreclosures in April. There were 615 foreclosures in Pasco County, down from the 733 in May and up from 593 foreclosures in April. Our neighbors over in Polk County saw a big increase with 888 foreclosures, which is up from 685 in May.

For more information, please contact me at info@buytampafl.com

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Tags: Real estate market, Tampa Real Estate