The second quarter of 2019 has a much different look compared to Q2 of 2018. In this post, we can see what’s been happening in the single-family home market in Hillsborough County and South Tampa. Notice there’s quite the difference between each type of respective market. Here’s what you need to know. 

Hillsborough County Real estate 2019

Hillsborough County – Real Estate Market Update; 2019 Q2

First, let’s look at the single-family home data for Hillsborough County.  The number of units sold increased by 3% from Q2 of 2018. The average sale price increased by 2.3% from Q2 of 2018 with a current sale price average of $318,920. The current supply (at the time of this article publication) of single-family homes is 2.1 months of inventory. Six months of inventory is considered a balanced market.

 

South Tampa Real Estate 2019

South Tampa – Real Estate Market Update; 2019 Q2

There’s a much different story with the real estate data for South Tampa compared to Hillsborough County. The volume of units sold was way down by 8.1%, the average sale price was way up by 16%, and the current months of inventory are about the same compared to Q2 of 2018.  Before you ask yourself, “Is my home worth 16% more now than it was worth last year?!” or “will I have to pay 16% more now than if I had purchased last year”?! The short answer is “No” and here is why… 

Looking at the past sales by price ranges, you will see that there were about 25% fewer homes sold in the price range under $250,000 and about 17% fewer sold in the $250,000 to $450,000 price range. Simultaneously, the price range that had the largest increase in units sold was $1,000,000 and over. (see spreadsheet below). The average sale price per square foot increased at a normal rate for most price ranges. 

South Tampa Home Statistics

Summary

There’s currently very little inventory in the lower price range of single-family homes. There is a healthy demand and market for the high-end price ranged single-family homes. As specific as this looks, there are always submarkets performing differently than others. Consult with a real estate professional when considering making an offer on a home or selling a home. 

 

Notes: 

The second quarter is from April 1st to June 30th. Data was researched in CoreLogic via the Stellar MLS. This data does not include properties sold off-market or not on the MLS. For expert representation, call Kris Kennedy 813-947-3509 or contact us here